5 Tips to buyers from a Real Estate agent

As we reflect on the first six months of 2013, we see historically low mortgage rates, that have been encouraging buyers all over the nation to invest in the selling and purchasing of property. This window of opportunity has proven to be brief, as the economy has strengthened and is recovering fully to normalcy in the near few months. Banks are once again more cautious with qualifying buyers for mortgages and the home sellers in the market will be suffering from lack of buyers. 

Still .. this is a wonderful time to buy! Mortgage rates are still much lower than what is predicted for the new year, and with the annual drop of prices after summer time, it is a fantastic time for first-time buyers, investors and existing homeowners to start the process of buying a new home. Below are tips for buyers from real estate professionals and experts. I hope you find them useful.

TIPS FOR BUYERS:

1. Location Location Location!

In order to make a great investment, location is extremely important in the growth potential of your property. Consider geographical amenities like public transit, grocery stores and shopping centers, entertainment locations, schools, community centers and places of worship. Acknowledge the positive as well as the negative. For example, cemeteries, fire stations, and rail roads are considered to negatively impact property value. 

2. Consider Condos

2013 has offered a surplus of inventory in the condominium market. This means you can negotiate and find a very good deal when buying a condo. Pre-construction condos offer a flexible down payment, as well as incentives offered by the builders i.e. free parking, free upgrades, credit and cash backs, etc. If you don't mind waiting a few months, then you can buy a new built condo with upgrades, custom details, and warranty that covers the new built unit.

3. Work with Industry Professionals 

It is important to understand that selling or purchasing a home is for most people the largest transaction of their lives. You will need to speak with a mortgage broker, real estate lawyer, home inspector, an appraiser, and many more professionals through out the process. A real estate agent works hard to ensure that your best interest is kept in the forefront through out your journey. Their expertise and management skills will be an asset to your experience no doubt.

4. Stick to Your Budget

One of the first steps in your journey is to speak with a mortgage broker to obtain a pre-approval mortgage before you start house hunting. Knowing how much you can spend will help you in narrowing down your choices. This will also cut down on a lot of time and trouble as you won't want to risk loosing time, when you have finally decided to put an offer on a home that you love! 

5. Move out of the City

While still considering location and geographical amenities, many families have been heading out of the city where homes are more affordable and communities are growing. For example the town of Oakville has had wonderful growth in the last few years as many people have relocated from Toronto to this close-by city that is booming. It is important also to understand that often it is not possible for new and small families to live down town Toronto in a house, thus, moving a little bit farther away widens the circle of prospective locations and homes options while still following the budget.