Preparing for the Spring Market
From a seller’s perspective, this is the best time to sell with motivated buyers and a huge demand that may diminish as the Bank of Canada raises interest rates and governments work to increase supply. As always, it is important to ensure that you properly list and market any home you are looking to sell to attract the right buyers.
For buyers, it is likely that Spring is going to be somewhat hectic as most individuals will be anxious to get into their new homes before interest rates rise further. You will want to be as prepared as possible if you are looking to buy this season by keeping a finger on new listings, and being prepared to extend an offer almost immediately after a viewing if you found what you’re looking for so it is not snatched up.
Having your mortgages pre-approved during this busy market will become vital as not only will it indicate to the seller that you will not have issues obtaining financing (assuming nothing changes between now and purchase with your job, savings, etc.), but it will also allow you to lock in the interest rate for up to 120 days while you shop. Don’t get caught waiving financing conditions quickly and then have to scramble later!
Another key component to note if you’re looking to buy this year is to consider moving further from your workplace. With supply issues currently within the housing market, it might be hard to find that perfect home nearby. Fortunately, most employers are now allowing remote work a few days a week If this is something you’re open to, you’ll want to keep an eye out for potential office space in any homes you look at.
New home in your future?
If you are looking to purchase a home this Spring, download my app HERE to see what you can afford and don’t hesitate to reach out to me so we can discuss your goals and lock in your pre-approval for the best chance of success!
Tim Ward, Collingwood Mortgage Broker.
