Secrets for buyer's direct from the horse's mouth!
First-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. If your an investor, a condo near public transit or a university is always good.
2. Know your credit rating.
Do not just assume your credit is in order. Before proceeding with a lender check your credit and make sure there are no outstanding issues that may hold you back after finding your dream property. In addition if there is a mistake with your credit from an old bill for example this can be easily rectified in most cases. You can call either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166 to check.
3. Don't rule out heading out of the city.
Young families are heading out to buy affordable and newer resale homes. Sometimes it pays to go further depending on what you're looking for. If you value the space more and have a strict budget then buying downtown Vancouver most likely wont do.
4. Know your true price range.
Meet with one or more mortgage lenders to get pre-approved and understand what your true price range is. Often times in this market especially under 1 million dollars Condos/Townhomes in the lower mainland, if you go to make an offer the odds are you will be in a competing scenario. A good tip with this market is if your budget is 500k for example then its not a bad idea to also look at properties priced around 50-100k under that budget. The harsh reality right now is that the majority of attached properties are all selling over asking & in some cases well over. Otherwise In a more traditional market it would be normal to look at properties above your budget and try to negotiate lower against no competition.
Also a good tip is when you are in that multiple offer scenario and trying to determine how much your offer should be, I tell all my clients to offer as high as your comfortable with and then use this exercise. Imagine the property sold for 10 thousand more then your highest offer price, Would you be upset and feeling afterward you would have paid that? If the answer is no then you have found your maximum offer for that particular property.
5. Get the best representation.
A home for most people is the biggest investment you'll make so you want to feel comfortable when you go to buy it or sell it. A good starting point is find an agent you feel you can trust and who operates in a sales manner that your comfortable with. Some prefer a more high intensity pressure type sales agent to represent them where as others prefer to work with someone a little more laid back. Regardless find an agent who has a solid marketing plan plus a proven track record of successful negotiated sales.