Did you know that the majority of first-time homebuyers are Millennials? That’s right; those born between 1980 and 1995 now represent a 77 per cent of homebuyers purchasing for the first time. Here are five tips for those entering the housing market for the first time.
First-Time Homebuyers’ Tip #1: No Perfect Time to Buy
Many Realtors or agents will tell you Spring/Summer is the best time to purchase. Yes it may be the most convenient for a move, but there is no historical data that shows market prices are cheaper during the summer months over the winter months. In fact, the opposite, you maybe able to find a deal of a homeowner who needs to get out of their home due to job move, family matters or divorce. Search for houses for sale in Yorkton SK using the MLS.
First-Time Homebuyers’ Tip #2: Get pre-approved for a Mortgage
Start your house search having obtained pre-approval for a mortgage. This shows you’re a serious buyer, and lets you act quickly on a home you like without losing time applying after the fact. Mortgage pre-approval also helps narrow your search as you have your price range established. Additionally, if you find that perfect home/condo, go to put in an offer with condition of financing and another offer comes in without finance condition, guess whose offer is going to be accepted on that home?
First-Time Homebuyers’ Tip #3: Search the new neighbourhoods
Millennials are more committed to car-free lifestyles than the average Canadian. Accordingly, many condo developers have planned communities geared at diehard urbanites, with proximity to public transit, supermarkets, well-lit bike and running paths, dog-friendly green spaces and amenities such as bike lockers. Be sure to check out high-density condo communities to see what they have to offer for you.
First-Time Homebuyers’ Tip #4: Consider moving out of town
Many first-time homebuyers are trading big metropolises for smaller cities that are in the early waves of urban renewal. These emerging markets offer great deals, particularly on detached houses. For born-and-raised urbanites, these emerging cities can mean less culture shock versus heading to the ’burbs. Often these locations offer extensive public transit, a thriving cultural and retail scene, and easy access to the larger urban hub (which can be handy if you still work there).
First-Time Homebuyers’ Tip #5: Use social media to help find a home
Finally, don’t limit your house hunt to the MLS or real estate agent websites. The real estate market is a fascinating subject – as any HGTV junkie will attest! – and a number of bloggers are probably busy covering the very neighbourhoods in which you are house hunting. Googling “real estate blog” and your city, or specifically your dream neighbourhood, will yield a variety of options. They’re a great way to get sneak peek of exclusive listings and private sales, and to survey comparables and get a feel for your desired community.