This is it! You are finally ready to make your real estate dreams come true. With the white-hot state of the market, the key to nabbing that desired property is to be proactive during the purchasing process.

How? We will tell you everything you need to know to ensure you are the one who will be going before the notary and moving into the house you have set your heart on!

1.   The First Step: The Preapproved Mortgage  

Because this is currently a sellers’ market, buyers must absolutely obtain a preapproved mortgage. Having a mortgage in hand will accelerate the purchasing process and will help you skip ahead of other buyers who must wait on their bank’s answer. Moreover, today’s climate means that certain visits can only be scheduled with proof of financing. It is therefore an essential step when it comes to demonstrating to sellers how serious you are.

2.   Know the Market

What are comparable properties selling for in the various neighbourhoods you are considering? How low does it typically take for the sales to close? Are there public works projects underway in the area that may affect residential values, such as a commuter train station or the construction of an affordable housing building?

Keeping abreast of the real estate market will let you stay one step ahead of your competitors (the other buyers in your category). But don’t put too much pressure on yourself: your real estate broker is aware of such matters and can guide you through the process.

3.   Set the Inspection Date Right Away

Most real estate professionals recommend that buyers not remove the prepurchase inspection clause when buying a home. During a housing shortage, this clause may put off certain sellers and they may be tempted to accept unconditional offers. Nevertheless, this way of doing things comes with potentially enormous risks for buyers. There are two options open to you to protect yourself while making your offer as appealing as possible:

• Set a property inspection date and include it in your offer. The sellers will see that you are serious, and that the transaction can proceed smoothly.
• Visit the house with a qualified building inspector. To save on the cost of a regular inspection, they can give you an oral report of foreseeable renovations and risks. You can then confidently strike out the inspection clause from you offer to purchase.

Don’t waste time! Think about your must-haves before you start looking over potential homes.

4.   Be Quick!

When house hunting in a sellers’ market, bidding wars frequently erupt over the most sought-after homes. Be ready to say “yea” or “nay” fairly rapidly following the viewing, as there is often no time for a second visit. Keep a mental list (or a paper list) of the key features you are looking for and of any questions you have for the real estate broker. This will help you make an informed decision despite the accelerated rate of the process.

5.   Ally Yourself With a Real Estate Broker

The real estate broker is certainly in the best position to determine how you should formulate your offer to purchase. They are knowledgeable about the value of comparable properties and how many days these stayed on the market. This professional can also take you on a tour of off-market homes. Plus, some brokers know of certain tricks buyers can use when presenting an offer to purchase, such as a gift for sellers, a handwritten letter introducing your family and explaining why you particularly like the house. They can equally advise you on the amount to offer for the property, which will probably be above the listed price. But by how much? Should it be round number like $10,000, or maybe a little more, say $12,000 to stand out from other similar offers? Let this expert be your guide.

With the market the way it is right now, one must think outside the box. RE/MAX real estate brokers are well placed to coach you as you navigate this process and to make your life easier. Call to schedule an appointment with one today!