The saying goes that “home is where the heart is,” but what if you are not quite sure what your heart wants? With a seemingly endless amount of property listings to go through, fluctuating housing trends to keep up with, and advice pouring in from all directions, figuring out what the “perfect home” really means can be harder than you might have previously imagined.
The key to narrowing down what to look for in a home is to focus on how you want to feel when you walk through the front door, rather than getting too caught up in finer details like square footage or specific types of countertops.
To determine the right direction for your search for the perfect home, it’s essential to momentarily set aside current trends and be honest with yourself about your lifestyle, as well as how your ideal home can accommodate it. As you do this, consider your daily routines, personal values, and the belongings you wish to have in your space.
Do you crave peace and quiet after a long day or the buzz of a walkable neighbourhood where the workers at the local coffee shop know your name? Do you need a space to host Sunday dinners with family, or just a sunny corner to read in peace? Do you have a creative knack and the desire to fix up an old gem, or would you prefer something that is move-in ready?
When you stop chasing someone else’s idea of a dream home and start thinking about the particulars of your own needs, the perfect home for you will become much more obvious.
Essential Tips for Finding the Perfect Home in a Competitive Market
Once you have an idea of your ideal home, next comes the truly hard part-finding it. Finding your home and acquiring it can pose a fair share of difficulties, especially in a competitive market, but with the right approach, you can overcome these obstacles.
Let’s explore some of the essential REALTOR® tips to keep in mind during your home search process to make this otherwise challenging process a little easier to manage.
1.Get your finances in order
The most essential step before undertaking a thorough home search is determining your financial standing, so you can get an idea of what you can realistically afford. To understand the kind of budget that you have to work with, meet with different banks and go through the necessary steps to obtain a pre-approved mortgage.
In addition to helping you orient your search within a specific price range, doing this will give you a competitive advantage when you are ready to make an offer on a home, as sellers often prioritize pre-approved buyers.
2.Enlist the services of a reputable real estate agent
When navigating a competitive real estate market, having a licensed and experienced real estate agent on your side can make a huge difference. Choose an agent who is familiar with the market in the area you are looking in, as they will provide valuable insights and help you find properties that meet your criteria.
Aside from helping in your home search for a property that is perfect for you and your family and providing realtor* tips, a skilled real estate agent can negotiate prices and conditions when you are ready to make an offer.
An experienced agent will also simplify the technical side of this transaction, handling the essential paperwork and ensuring everything is done in compliance with provincial real estate laws.
3.Look into first-time home buyer incentives
If you are buying a home for the first time, there are several programs in Ontario that you can take advantage of to ease the financial burden. By acquiring information about these programs, you can ensure that you make the most of them, which can end up saving you a lot of money.
The first-time home buyer incentive (FTHBI) is a federal program that will allow you to get a shared equity loan for 5% or 10% of the house’s selling price. The RRSP Home Buyer’s Plan allows you to take money out of your registered retirement savings to put towards the purchase of your home without paying taxes on this withdrawal, up to a total of $35,000.
4.Investigate off-market properties
Solely relying on property listings on public platforms will limit your opportunities to find the perfect home. There are many properties that are not included on Multiple Listing Service (MLS) websites. The only way to learn about these properties is by doing some serious networking, as they are usually only discoverable through word-of-mouth.
This is yet another reason why it helps to work closely with a solid real estate agent during your home search, as you can benefit from their network too, getting you one step closer to some hidden gems.
5.Put in bully offers
In a competitive market, sometimes the best way to increase your chances of securing the perfect home is to put in a bully offer, also known as a pre-emptive offer. This is what it is called when you submit an offer on the property you want before its scheduled offer date.
By catching the seller off-guard in this way, you may secure an advantage by starting the negotiation process early without facing bidding wars.
How Team King Can Simplify Your Home Search
If you would like to simplify both your home search and home purchase process so you can skip straight to enjoying the home of your dreams in as little time as possible, Team King can help.
Rather than sifting through hundreds of listings on your own, let us take care of all that for you. We will bring ideal listings directly to you that are sure to catch your attention. Our knowledgeable and experienced real estate agents will take the time to know your needs so we can put together parameters for our search and guarantee positive results.
We will gladly bring you to properties that meet your criteria, ensuring that you make it to new listings the moment they hit the market. For the homes you are interested in, we will provide the in-depth details needed to get the full picture of the property and all of its subtle features. This way, you have everything you need to know before deciding on whether or not to make an offer.
Once you are ready to pull the trigger, we will guide you through that process and negotiate skillfully on your behalf to help you get your perfect home without having to go outside your budget.
For more information about how we can ease your home search process, or to get some more critical realtor* tips from our experienced professionals, call Team King at (705) 988-1022 or contact us here.