When COVID hit Canada in March of last year, the real estate market slowed down until everyone could figure out what was going to happen. Now that we've been managing life during a pandemic, we've seen the real estate market pick back up throughout the rest of 2020; with no indication of slowing down for 2021.
This calls for preparedness when searching for a home! Below are some tips to help you navigate the real estate marketing at the start of 2021.
Pre-approval
Help speed things up by getting your financing figured out before continuing your hunt. Sellers are motivated and the last thing you want is any roadblocks popping up. Knowing how much of a mortgage you qualify for lets you focus your house hunt, and assures sellers and Realtors you are in the market to buy.
Read more about how mortgage processes have changed and banks have adapted to COVID-19.
New Process/Delays
Everyone is still navigating through the changing processes and health & safety procedures during COVID. There may be delays or unexpected extra steps to ensure everyone is kept safe while figuring out your purchase/financing.
Ask Questions
Now more than ever, clarity is a must! Especially if things are done virtually, make sure you're asking as many questions as you can to fully understand every aspect of your purchase. If this is your first home purchase, research, research, research! Know which questions to ask.
Get Your Contract Reviewed
Once you are ready to make an offer or sign an Agreement of Purchase & Sale, make sure to call your real estate lawyer. These are legal documents, so it's important to have a lawyer review it. At Phelps, we provide every purchaser with a 10-day cooling period after offer acceptance that allows you time to confer with your lawyer and make sure the APS is fully understood by all parties before the deal goes firm. If you are not ready to buy, you can back out without penalty.
10 Things to Consider when House Hunting
When you're looking for a house, it's important to identify the items that are a priority to you; things that you are less likely to want to compromise on.
Whether you're looking for a new construction home or a re-sale home, some items may not meet your requirements exactly. The best part is that you can take care of that once you start designing your home or moving in!
Read about the 10 things you should think about when looking for a home.
