Purchasing Your First Home?
With a market as hot as Ottawa’s right now, homebuyers need to be ready for multiple offers and higher prices. But don’t let that deter you. There’s a lot of opportunity still out there for first-time homebuyers. Learn how you can increase your chances of finding a home you love and winning the bidding war when purchasing your first home.
Start by Getting a Pre-approval
The biggest advantage you can have when going into a bidding war is to have a pre-approval for financing. This document can be obtained by speaking with a mortgage agent or your local bank branch. It’s not a guarantee for funding, but it will provide you with valuable insight into how much you can afford to purchase, and what your payments would be. Knowing how much you can afford can really help your real estate agent figure out the properties in which you will have more negotiating power and how far over asking you can go without stretching yourself too thin. This document also tells the seller that your finances have been vetted and that there will be less risk of the deal going south before closing.
Know What You Want
When people lose a few bids, they become tired and frustrated with the process. This often leads to buyers submitting offers on properties they would have never considered beforehand, and at prices that are much higher than their budget. On the flip side, some buyers are not willing to be flexible at all, leaving them with few options and a multitude of disappointments. In a seller’s market, it’s essential to have a nice balance between the two. That’s why it’s a good idea to make a list of all the things you absolutely cannot live without and some of the things you’re willing to sacrifice. For instance, you might not be willing to budge on the location, but you might be willing to sacrifice on square footage. Remember that your first home doesn’t have to be your forever home. Once you’ve built up equity you will have more options available to you.
Hire the Right Team
The team you choose to represent you can make all the difference. You want a team that will be available when you need them, who will be honest and transparent, and who will be fully dedicated to helping you find the perfect home. Not all agents are like this, so it’s important you take some time to find the right fit.
Purchasing your first home is a big decision, and we want to ensure that you buy a home that you love. As Ottawa’s top real estate agents, our mission is to arm you with all the information and tools that you need to put in an offer that will win the bid. Contact our real estate team today!