How To Buy Like A Pro
Leverage the Power of the Internet
By using a combination of MLS search tools, including my personalized app called Homespotter, Collaboration Centre (ask me about this!) and preset property searches on sites like candyashdown.ca, realtor.ca and rew.ca, we can help you hunt for real estate bargains from day one.
These property searches will also help you get your finances in order, and get a better idea of the size of the mortgage you’ll need to live in the neighbourhood or area of your choice.
Find The Right Lender and Mortgage For You
Just like you would always get a second opinion from a doctor, you should always get a second (or third) offer for a mortgage loan.
Though interest rates from top lenders tend to be pretty similar, even a tenth of a percent in a fixed-rate loan makes a huge difference in the long run.
First time buyers - the right lender will help you see if you qualify for a number of government-sponsored programs geared for first-time buyers. There may be Provincial programs or Federal programs you could benefit from.
As always, I can help you find the right bank or mortgage broker to work with from my list of trusted professionals.
Be the first (or last) to make an offer
The phrase “You snooze, you lose” is especially relevant for real estate buyers.
That’s because the buyer that makes the highest offer doesn't always get the home. In many cases, it’s the one that makes the first offer.
If the seller is in a rush to sell, and the first offer is a good one, it’s quite possible the seller may simply accept the offer on the spot.
So when looking for a great deal, you must be ready to make the FIRST offer.
To make sure that happens, you MUST get your finances in order. Before you start making offers, make sure sure to have your pre-approved loan by the bank (and if you’re able to pay in cash, even better).
And once you’re pre-approved, don’t delay in making offers. Work with me, as your trusted agent, to establish the parameters for a good deal. And as soon as a deal that meets those requirements hits the market, make an offer on the same day.
Also, as you wait for a great deal to hit the market, we can keep an eye out for properties that have been stuck on the market for a long time. The owners of these homes could be more willing to sell at a reduced price than what they are listed at.
Shop during the slow season
Even if you don’t live in a place with a harsh winter, most home buying and selling activities take place during late spring and summer.
As a result of that seasonal increase of activity, home prices go up.
So if you’re willing to brave the cold and wait until winter, you may be able to capitalize on some amazing deals. People who are willing to list their homes in the middle of the holidays are typically very motivated to sell. This, of course, could lead to amazing deals for you.
On the other hand, there’s a downside to shopping for homes during winter: you’ll have fewer homes to choose from. And when making offers, you’ll have fewer recently sold comparable properties to help you calibrate your offers.
Look into new and pre-construction developments
If you’re not willing to look into fixer-uppers, another possibility is new and preconstruction developments.
Developers looking to finance the next phase of their development and are willing to offer homes and condos at a significant discount.
Of course, the catch is that you need to have access to pre-construction offers, and you need to have enough cash to make your down payments.
But there is usually negotiation room on pre-construction from everything in terms of price and deposit structure to upgrades and closing costs. Make sure to have a REALTOR® who is experienced in the industry and will be able to negotiate for you.
If you’re interested in finding pre-construction unit deals, Candy can help you find the best pre-construction deals in the area.
Hire an Amazing Real Estate Agent!
As a home buyer, you have absolutely NO reason why you shouldn’t hire the best possible real estate agent in your hyperlocal area.
Candy brings a wealth of expertise, street smarts and knowledge to find you the right home at the right price. She can use those skills to help negotiate a far better price than you could get on your own.
Candy's services offer a buffer of protection. Thanks to her experience and expertise, she can see toxic deals a mile away and can warn you against them. She can also help you avoid common legal pitfalls in real estate which you could stumble into on your own.
In Conclusion
Don’t believe the naysayers. It’s not just rich real estate investors and brokers that find the best real estate deals.
Though it may take effort and patience, if you work together with a knowledgeable and experienced real estate agent, and know where to look, you’ll also be able to find some of the best possible deals in the area.