You may be one of the expected buyers that plan to look for a Windsor home this spring. From what we are hearing, the number of buyers is increasing this season from previous years. Of course, we will wait and see if this happens, but all indications point to a much improved spring as compared to the last seven or eight years.
Typically, the spring buying season is April, May and June. March can be a busy month as well. But if you plan to start looking in a few months, you will need to be ready to move on the house you want. If you find the property that fits your needs, then you need to be ready to make an offer. We are seeing increased bidding wars on good homes that are priced well.
So how can you get the edge on your competition?
1. Get Pre-approved:
This piece of paper could be what gets you your new home. If you present this to a seller, who is entertaining other offers from buyers without a pre-approval letter, chances are, they will take your bid, even if your price is lower. Why? Because they know you qualify for the home and there should not be any waiting for you to get approved by the bank. You’ve done that work already.
2. Concentrate on the house:
What does this mean? Look for homes that fit your basic requirements. Concentrate on location and don’t stray from your “must have” list. Be focused on what you want and don’t let any one convince you that you to settle for something that doesn’t feel right.
3. Hire a professional, local real estate agent:
Hiring a real estate agent that specializes in the area where you want to live can provide a wealth of information to you. Not only that, an agent that is well-respected and well known in the area will know if a home is overpriced, or if a property will be coming up on the market. This is a huge advantage in the spring buying frenzy.
4. Know the property’s value:
What this means is, ask your real estate agent to show you comp sales of other homes on the market to see if the listing price of the property you want is accurate. Focus on what the home is worth, not what the sellers are asking.
5. Be ready to negotiate:
Talk to your real estate agent about what else you can offer the seller that maybe other buyers cannot. Maybe you can close earlier than other buyers or you can give them more time to move out. Your agent should have ideas to make the offer sweeter.
The key to buying a home this spring is to be available when a home is listed. Chances are, many others will be looking at the same properties you will be. Some will be prepared, while others won’t be. In fact, remember that not all homebuyers will end up buying a home. The spring brings out, what we call in the business, the looky loos. They aren’t serious, they just want to see what’s available.
Finally, don’t feel stressed to buy a home if you feel any pressure. I mentioned this in a recent post that the last thing you want to do is buy a home that you do not want. Surprisingly, this happens. Buyer’s remorse is not a good thing to go through when you are sitting holding the keys to a home you don’t care about. And the mortgage payment? Who wants to pay that for a property they hate? Remember, there will always be homes to buy when you are ready.
My advice is to start looking online and discover what neighbourhoods, type of homes and budget you have if you are serious about buying a property this spring. Visit open houses, tour the community if you are moving to a new place and follow the steps above so you can ensure that you will be a homeowner by summer.