The Ottawa housing market has been a major topic of interest lately, being unprecedentedly hot and turbulent. Inventory is scarce, demand is high, and low interest rates have made it easier than ever to borrow. This has flooded the market with a surge of prospective buyers that are scrambling desperately to claim the very few properties available to them.
Of course, this is less than ideal for some buyers, who thanks to these conditions, are forced to be as competitive and direct as possible in order to get the home they want.
Luckily, this isn’t a problem that can’t be mitigated through the use of the right strategy and approach, which we’ll detail in four easy tips through the following.
Build A List Of Priorities
A great way to simplify and therefore speed up the home buying process is to take a special effort in deciding and focusing on your priorities. Consider all of the things you value in a home, and which matter most to you as you search for your next property. Think of things like size, bedrooms, outdoor space and parking, and how important each is to you. Furthermore, be sure to consider location, keeping note of any places, spaces or facilities you’d like to be proximal to.
From here, list the items that you are and are not willing to compromise on. This will help guide you in quickly identifying the right property for your needs and one that you will ultimately be happy with.
Find A Great REALTOR®
Sure, you can start your hunt for your next home online, but you won’t be near as effective or fast as you would with the help of a good agent. Especially during unprecedented market conditions, REALTOR®S serve as an invaluable tool for buyers in leveraging professional expertise to their advantage. Their help can be of massive benefit when navigating turbulent waters, whether it be looking for that needle-in-a-haystack property or trying to win a bidding war.
They can also provide invaluable knowledge about specific areas and neighbourhoods that you may be interested in, as well as broader market trends.
Don’t be afraid to ask friends, family, or colleagues for referrals to good agents, as well as do your own research on potential local options. This will save you an immeasurable amount of time and money, as the right one can bring all the right things to the table when looking to get the best outcome possible.
Get A Mortgage Pre-Approval
Getting pre-approved for a mortgage is one of the single most productive things you can do as a prospective homebuyer looking to make the process of acquiring a property as fast and straightforward as possible. It serves as a validator for sellers, verifying to them that you’re serious and creditworthy, and therefore a serious buyer. Many REALTOR®S will not show homes to someone who is not pre-approved.
Once you’ve determined the quantity of your down payment and how much you’re comfortable spending monthly on a mortgage, get it in writing with a pre-approval letter that outlines what you can afford and what you can seriously offer.
Of course, there’s no getting around the fact that buying a home is a process that will require some amount of time. Keep in mind that every seller is different, so don’t be discouraged if some are unwilling to budge on their asking prices (especially in this market).
Try not to get caught up in the frenzy of the market and remember that a home is an investment that will last you many years. Remain rational and practical when making decisions throughout your search, and rely on the guidance of your trusted professionals, including your REALTOR® and mortgage broker. This will help ensure that you make the best decisions for yourself and your family, in what can be a very exciting but also overwhelming time.
Remain persistent and vigilant in your search and remember that Rome wasn’t built in a day. With some time, effort, and patience, you’ll be able to find the perfect home for your needs. If you’re considering buying or selling a home this spring, send me a message and let’s chat – let me guide you through the process.