As peak buying season approaches, typically in June and July, you may find yourself competing with several other prospective buyers or dealing with limited inventory that’s quickly snapped up. Even in this fierce climate, you don’t need any special battle gear to succeed in peak buying season. Here are 5 tips to help you navigate the summer market and secure the home of your dreams:
Start Research Early
Research the market in your area ahead of time to become familiar with what’s available, what conditions exist, and what price trends are occurring. Look into the average cost of property taxes, land transfer tax, insurance, and maintenance fees so that you can have a realistic idea of the total expenses involved. This will help you make an informed decision when you do find a place you like.
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Get Pre-Approved
Have all your financing lined up, including a pre-approval from your lender and proof of funds letter showing you’re ready to buy. That way when you’re ready to make an offer you’ll have an edge over other buyers who may not have their documents ready yet.
Be Prepared to Move Quickly
Properties change hands fast during the summer months, so if you find a once-in-a-lifetime home, expect that others will want to jump on it too. Don’t hesitate on a home you love; you’ll want to make an offer as soon as possible.
Don’t Be Afraid to Negotiate
If you have the means, consider submitting a higher offer than what the seller is asking for. However, money is not the only factor that influences the seller. You may want to consider offering other favourable terms like a flexible move-in date to sweeten the deal.
Be Open-Minded
If you’re willing to compromise on certain features or qualities in a home, that will give you a higher chance of finding the right property for you faster. Consider which components are must-haves and which ones you’re willing to forgo. Amid intense buying conditions, it may take a few attempts to find what you’re looking for so being open-minded can facilitate the process.
Are you planning to enter the summer market? Our agents are here to help! Give us a call today to speak with a local real estate agent about summer market conditions in your area.
