3 Tips for Buying a Home in a Hot Real Estate Market
It’s no secret that the housing market across Simcoe County has been hot hot hot this spring. The average sale price of a detached property in Barrie increased by 17% last month, compared to April 2015, and Essa Township and Innisfil properties increased by 8% and 16%, respectively. (Data provided from the MLS® Database System of the Barrie & District Association of REALTORS® Inc.)
Even with these jumps in price, many homes are selling over asking price and some are sold before they even hit MLS.ca!
It’s never been more apparent that Barrie and area is an ideal place to invest in Real Estate, so whether you’re a first-time home buyer, downsizing, in the market for an upgrade or best yet, relocating to beautiful Simcoe County, here are 3 simple ways you can prepare yourself to be competitive when shopping for a house this spring:
1. Get a Mortgage Pre-Approval
Being a pre-approved buyer gives you real advantages when house hunting. You’ll gain an instant edge over the competition when you know what you can afford and can confidently put in an offer on the property in question. Mortgage pre-approval demonstrates to sellers and their Realtors that you are a serious buyer with solid financial backing, which can also help you negotiate your home purchase.
2. Lock in your Must Haves
Big backyard? Check. Eat in kitchen? Check. Finished basement? Bonus! One and a half bathroom… wait. You find a house that nearly has it all. What are you willing to compromise on? Is anything less than 2 full bathrooms a deal breaker? Often in a hot market you don’t have the luxury of taking time to mull over decisions for very long. To secure your dream home, determine your needs and goals well ahead of time so that if and when you find a home you love, you’re equipped to put in an offer without hesitation. It works the other way too- don’t compromise on an almost dream house and live to regret it later. Make a Need to Have list, and a Nice to Have list and stick to your well thought out plan so you make the right decisions under pressure.
3. Register for VIP Access
Available only through The Faris Team, this exclusive service allows our buying clients to see a hidden inventory of brand new listings before they hit the market. These are homes that are undergoing preparations like staging, videography and professional photography, and as a client of The Faris Team you are invited to view and potentially purchase any of these properties before the competition. All of our upcoming listings are uploaded to the VIP section of our website, and many include preliminary photos.
For more information on how to find your dream home before the competition, visit faristeam.ca/vip.
Happy house hunting from everyone at The Faris Team!