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5 THINGS I WOULD WANT TO KNOW IF I WAS BUYING A HOME IN THIS MARKET

Wednesday, February 14, 2024   /   by Ameil Gill

5 THINGS I WOULD WANT TO KNOW IF I WAS BUYING A HOME IN THIS MARKET

5 THINGS I WOULD WANT TO KNOW IF I WAS BUYING A HOME IN THIS MARKET


Embarking on the house-hunting journey in today’s market can be both exciting… and challenging. Sellers continue to hold an advantage in many areas due to the lack of inventory, and the higher interest rates are here to stay.


If you’re considering buying a home in 2024, here’s what’s happening out there and how to prepare:


 


1.Hire a good real estate agent


A good agent is every buyer’s secret weapon, especially in a competitive landscape.


Your agent is not just there to help you find a home — they are also there to educate you on the home buying process and current market conditions, negotiate on your behalf, guide you throughout the transaction so that you stick to deadlines, recommend trustworthy lenders and inspectors, and ensure you are protected throughout the entire process (just to name a few).


2.Stop following the advice of headlines in the media


What you see about the housing market in the media is not necessarily what is happening locally.


News flash — the media is NOT your local market expert! Connect with a trusted agent who can guide you based on your unique needs and situation.


3. Look a little lower


In a competitive market, expect that you’ll have to pay over the list price. A good strategy is to search for homes below your max budget — this way, you have room to bid up without dipping into savings or going outside of your payment comfort zone.


Focus on your non-negotiable list. There’s no need to give up your wish list entirely, but in today’s market, you’ve got to be realistic.


4. Don’t be afraid to walk


Whether it be an overwhelming inspection (or you simply cannot come to terms with the sellers), title issues, or just “cold feet” because you submitted an offer 2 hours after walking through the home for 15 minutes — If it doesn’t feel right, it probably isn’t.


Understand what contingencies are in place to protect you before you submit an offer. This is likely the largest purchase of your life, and the last thing you want is to get stuck in a home you don’t love.


5. It’s not just about price


If you find yourself in a multiple-offer situation, it’s important to remember that there may be terms or conditions that are more important to the seller than the highest price. A good agent will find out what (beyond the price) is important to the seller that might give you an advantage.


Have questions about our current market? I’m always here to help, just shoot me a message!

REMAX Realty One Inc. - The Gill Team
Ameil Gill
50 Burnhamthorpe Road West Sussex Centre Ste #102
Mississauga, ON L5B 3C2
416-884-1359

Information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS®. Copyright 2024 Last Updated July 13, 2024
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