Preparing For The Spring Real Estate Market
Spring is almost here in Burlington and the GTA! As your Burlington mortgage broker I have put together some important tips to help you get prepared for the Spring market. Regardless if you are buying or selling, here are some valuable tips and info to keep in mind this spring.
Selling this Spring? Here are some great tips for those of you looking to sell your home this Spring!
- Hire an Experienced Realtor: Before preparing your home for the Spring market, you will want to hire an experienced realtor! A good realtor will serve as your guide through the entire sales process, helping you get your home ready for listing, showing potential buyers and finalizing the eventual sale. This is even more important given the changing landscape in relation to additional safety protocols with viewings and even virtual viewing options. Now, more than ever, the expertise of a realtor will help you navigate the sales process.
- Prioritize Repairs and Improvements: Before listing your home, it is important to go through room-by-room and address any issues such as chipped paint, small holes in the wall, broken fixtures, old appliances, etc. Correcting these minor issues will help your home truly shine when buyers walk through.
- Clean and Stage Your Home: Now that you have made the necessary minor repairs, you can start staging your home! Start with the exterior of your home and ensure you tidy up the yard, remove any junk and wash your windows! When it comes to the interior of your home, you will want to declutter and do a deep clean (a professional cleaning service can come in handy for this!). Once your home is decluttered and clean, your real estate agent can help you stage it so that it appears spacious and inviting.
- Consider a Pre-Listing Inspection: Once you are ready to list your home, it can be a good idea to consider a pre-listing inspection. The inspector would conduct a complete visual inspection of all interior and exterior elements (including HVAC systems, wiring, ceiling, chimneys, gutters, etc.), which would help put prospective buyers at ease.
Organize The Paperwork: There is a lot of paperwork when it comes to selling your home. Having all of these documents organized and together for potential buyers will help to speed up the process and allow them to address any questions before the deal is finalized. Permits, renovation or repair receipts, warranties, rental agreements and copies of your utility bills are all good records for potential buyers.
Looking to Buy This Spring? If you want to enter the real estate market this Spring, there are some things you should consider - especially if you are a first-time home buyer!
- Get Pre-Approved: One of the best things you can do prior to starting your home search, is to get pre-approved for a mortgage! A mortgage pre-approval is NOT an approval, and does not commit you to a single lender, but it can give you a leg up on your home ownership journey. Pre-approval helps to determine your price range and budget, as well as guaranteeing the interest rate for 90-120 days while you search for that perfect home. Having a pre-approval also lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in!
- Manage Your Expectations: When it comes to house hunting, it is important to understand and manage your expectations right from the start. All potential buyers should have put together a budget, which will assist in understanding what is affordable - and you must stick with it. You also need to be realistic about what you require in a home, versus what you want in a home.
- Prepare Your Down Payment: If you have been thinking about purchasing a home, odds are you already have a down payment ready or have at least started saving. Once you have determined your budget, you will be more equipped to calculate the down payment amount. Keep in mind, a down payment can come from funds gifted by an immediate family member and first-time homebuyers can also utilize their RRSPs up to $35,000!
- Hire an Experienced Realtor: A realtor is your best tool when it comes to the housing market. They often have access to listings that are not available publicly yet, in addition to understanding the processes around purchasing a home.
- Don’t Forget the Inspection: Once you find a home you think you are ready to buy, make sure not to skimp on the inspection! A proper inspection is important for buyer security as they can uncover potential issues that may cost you money down the line.
Whether you are looking to buy or sell, it is important to work with a trusted real estate and mortgage professional to ensure the best outcome for you and your family! If you’re not sure where to start a mortgage professional, such as myself, has contacts in the industry and can recommend a few options for real estate agents to you - and vice versa!