If you have been thinking about buying a home, then the Penticton spring real estate market is where to start. This time of year offers a larger selection of homes to choose from and renewed interest from sellers to make a deal. Penticton’s spring real estate market also brings added competition with many buyers all searching for their dream home.
As the premier agent for your Penticton real estate needs, I would like to share the following tips on how you can be prepared for the spring market and find your perfect home even with the added competition.
The key to taking advantage is being prepared. The better prepared, the better your chances are of landing the home of your choice. Here are the three most important factors to getting ahead of the competition this spring.
Before even beginning your home search, go to your local lender or bank and get a pre-approved mortgage. A pre-approval will give you an idea of what type of home you can afford and show you what your monthly payments are going to be on that mortgage. This number will help you narrow down your search and allow you to view homes that are in your price range.
Know What you Want
Take the time to make a list of things that are important to you. Now that you have a dollar figure, you should be able to realistically itemize necessities that you want in your dream home. This list can also include important factors outside the home such as:
- Location to green spaces, schools or community centres.
- Proximity to work, avoiding long commute times.
- Walkability scores.
Try to keep the list as realistic as possible and be flexible. You may have to compromise on some points.
Once you have found your perfect home, it is important to act quickly. In the competitive spring real estate market, rarely will you have time to sleep on a decision or get back to the seller in due time. Remember that there are many other potential buyers who are looking, so the longer you take, the less likely your home will remain on the market. By being prepared, you will have the advantage to make a timely offer and hopefully beat any others or prevent a bidding war.
Here’s the deal:
In the spring real estate market, expect to pay full market value for your home. Try not to get too hung up on overpaying a few thousand dollars. Over the course of your mortgage, this amount will seem very negligible.
These helpful tips will allow you to take full advantage of the wide selection of homes available on the spring real estate market. If you would like other home buying tips or are interested in seeing some of the new and exciting housing options available in Penticton right now, please contact me today. I look forward to working with you soon.