How does this affect you, the buyer, or seller?  It can be a stressful process to buy and sell a home under normal conditions, so given the market we’re in, what can be done to help calm the nerves?

First of all, it is important to work with professionals who are exposed to this fast paced market.  House values change by the week, and the available products and services are responding just as quickly.  To ensure you buy and sell at the right price, a real estate agent is able to monitor these rapid values on your behalf. A mortgage specialist will also help you become a better prepared buyer.

Due to supply and demand, there is often little time to make decisions about a purchase- which is why it’s important to be fully organized before you shop.   This includes knowing what amount you qualify for, having your credit reviewed and a clear understanding of the requirements of your mortgage approval. Knowing what is expected for a deposit, what your legal costs will look like, and what time line to expect are other factors to pay attention to. If you are selling a home and building a new one, you will want to have a good idea of your available equity and decide when the sale should take place.

There can be several competing offers on one property, and the least prepared buyer may miss out on the opportunity.

Whether you are a first time home buyer or experienced in these transactions, this is an unpredictable market, and the more up to date information and advice you have access to will ensure you shop with confidence and ultimately make the right choice.  NL

--

Jacqui Mulikow is a Professional Mortgage Agent with Mortgage Intelligence. For more information please visit:
www.mortgageintelligence.ca/jacquimulikow