New Year, Same Competitive Seller's Market. Here's how to navigate it!
Looking to buy a home this year, but you’re not sure how to navigate the competitive seller’s market we’re currently in? Then, you’ve come to the right place!
Buying in 2022 will look a lot like 2021 – meaning the market will continue to favour sellers and make buying more challenging. But don’t get discouraged – it’s still possible to buy in 2022 with the right steps and advice! That’s why I’m sharing my 5 best tips for buying a home in this year’s tight market – check it out!
Get Preapproved
I’m starting off with one that every expert suggests – getting preapproved for a mortgage before you start looking. I can’t stress enough how important this tip is, especially if you want to get ahead in a seller’s market.
A preapproved mortgage shows sellers that your finances and credits are in order, and you are ready to buy and move. This is an advantage in a competitive market as preapproved buyers are on the top of seller’s lists, making you more likely to get chosen over someone who is not yet approved.
However, don’t rush this process because you’re eager to see what’s out there – thoroughly compare loans and choose the best deal!
Hire an Experienced Local Realtor
In this hot market, expertise from a realtor who knows the area well is critical. Experienced local agents have complete knowledge of the area you’re looking to buy in and want to help you succeed. Many realtors may even refer you to another agent who knows a particular neighbourhood better.
Realtors also specialize in knowing the current market and what’s to be expected in the coming year. Yes, you can do your own research – like reading this article – but realtors have years of experience and thorough knowledge to help you navigate your buying experience and close on a house.
Have Realistic Goals and Expectations
A seller’s market can be extremely discouraging and frustrating to buyers, and a ton of disappointment could come out of the process. However, setting yourself up for realistic outcomes will make the process easier and more fun – the way buying a home should be!
If you understand the expectations and what it is you need to accomplish to get the best outcome, there shouldn’t be much disappointment. Some tips would be to start your search early, consider homes that could use some renovations, expect at least ten other offers on the home you want, and know that nothing is guaranteed until it is.
Figure Out How Much You’re Willing to Offer Beforehand
This one is again to prepare yourself for the competitive market. Having a plan beforehand will allow you to go into offers and bidding wars with confidence.
You should know the maximum amount you’re willing to offer and stick to that number. Going way over your budget for a house you really want could be tempting at the moment but can set you back financially for years.
Not only should you know what your maximum budget is, but you should think about how it will be structured and which terms you’re willing to negotiate because there will be negotiations.
To avoid going over your maximum offer, I suggest shopping for homes priced under what you’re qualified to purchase, so you have a good amount of room to negotiate.
Don’t Give Up & Stay Vigilant
Purchasing a home in 2022 will not be easy, but you shouldn’t get discouraged. Once you’re aware of the effort and time buying a house in 2022 will take, and you don’t give up on the process, it can be extremely rewarding. Just stay vigilant and trust your real estate agent!
It’s best to start sooner rather than later. Don’t wait until you think the market will slow down – I’m telling you it won’t this year, and it’s not likely to do a 180 anytime soon. Just give yourself a long lead time and be patient! It could take a week or months to purchase a home, but that doesn’t mean you wait or give up – this is your time. Good luck!
Call Zoie Conforti Today!
If you’re looking for an experienced realtor in the GTA area who knows the ins and outs of the current seller’s market, then call me today at 647.293.8773 and let’s achieve your real estate goals!
Real estate is in my blood! My entire life, I have been exposed to the intricacies and complexities of the real estate spectrum from resale and land development to pre-construction and closing. I not only can make your homeownership dreams come true, but I have the experience to get your home on the market and sold in no time!