how do i compete in a competitive msrket
Blog by Robin Lear | February 24th, 2014
A question I get from buyers lately is about whether we should buy in an active market, or is it better to wait? And the answer is quite simple. There are a few factors when buying a home, Firstly our mortgage rates are the lowest they've been in 50 yesrs, so theres that. It's clear, rates will go up in Canada in the next year or two, for sure. Secondly, if you can find a house or condo that makes sense, its still a better option than renting with premium rents that many are paying. 3rdly, make sure you are pre-approved, snd not just a phone call to a brother's dog's friend who is a mortgage broker, who PRE-APPROVED you without taking ANY copies of t-4's or pulling credit, or any secondary verification, of income. If you get into a competing scenario you need to know exactly what you will be approved to, and what you won't. Last minute phone calls to your mortgage broker on a Saturday night, llikely won't be returned until MONday and that's too late. In an active market you have to be READY, that if you see something you like, you may have to act fast...with a cheque in your back pocket snd ready to roll. For insight into your own personal situation feel free to drop me a line.