Is it time for you to make your move?
Young people throughout Georgian Bay are being asked this question as the prices of local real estate skyrocket due a shortage of listings and many people migrating north to avoid GTA lockdowns. When faced with the decision to start your next life chapter, consider these key guiding points to make your next home purchase a success -- even in a pandemic.
First, it’s important to understand what’s causing this housing price surge. The condominium market in many areas of Toronto has slowed down, which has caused growth to take place at an alarming rate in communities in - and around - Collingwood. Many listings are selling over the asking price with multiple, unconditional offers. Knowing that we are currently in a seller’s market (where those owning properties hold more pricing discretion) can help your family see the value of being fully prepared.
So, how does one prepare for an uncertain real estate market?
To start, it is imperative that you get pre-qualified or pre-approved to have a clear picture of your financial health prior to the purchasing process. This is the time to gather all your current assets and liabilities, gauge your net worth and factor in all current financial monthly commitments. Credit score will play a major part in how you obtain financing, so be sure to source out your current status. This will allow you to identify any red flags and address them before you seek out a mortgage. One positive aspect of our current situation is that interest rates are at an all-time low, meaning the cost of financing isn’t going to be most buyers’ biggest concern.
Get Experience on Your Side
Next, it will be beneficial to connect with an experienced mortgage broker. This is all the more relevant if this will be your first home purchase. An experienced broker can act as your guide to finding the best mortgage for your unique situation. Many mortgage professionals have gone through other trying periods in Canadian financial history, giving them a more balanced perspective on current events following the COVID-19 outbreak.