The unstable economic weather has meant that more people have stayed away from making big investments like buying properties and other investments in the real estate sector. However, experts now say it can be a good time to finally buy that property you have wanted to or to upgrade your home to a bigger one.
Mortgage rates are at an all-time low, and first-time buyers will find it a good time to purchase properties, real estate experts said. Further, interest rates are expected to increase in the future, which makes it more suitable to buy right away.
We spoke to a couple of real estate agents and experts and got their tips for sellers and buyers who are looking to make a deal.
Top tips for all buyers
Location is a prime factor in real estate investments. Whether you are buying a house, condo, or vacation home, choosing the right location is essential to reap most of the property. Understand that your property is an investment, and choosing a small house in a great neighbourhood could be a much better deal than a large house in a not-so-preferred neighbourhood. If buying a condo, try to choose a location that can make it easy for renters to travel.
Condominiums are a great investment.
Right now, there are many condos available for sale, and that can make it easy to find a quality property for a good deal. If you are buying this as a secondary home, you could consider leasing your condo for a couple of years. Condos are also relatively lower maintenance than full houses and can be a great investment for the future.
What is your credit rating?
Real estate buyers sometimes forget to check up their credit rating. To avoid getting a rude shock when you approach a mortgage provider, check your rating and your creditworthiness before you scout properties.
Have a price range in mind before you head out to view properties
The price range could be one that your mortgage can comfortably cover and fits in your overall budget. Having a predetermined price in your head before you see properties can help you know what to expect.
Don’t be afraid of heading out of the city.
Most real estate agents said that even now people can be slightly hesitant to move out of the city. Sometimes widening your scope of location can give you access to better properties in great locales. Not only can you get more for your money, but you can find a bigger property and a neighbourhood that suits your lifestyle.
Top tips for all sellers
Beautify your home
When you know you are likely to have buyers come over to view your house, it can be a worthy investment to get a professional home stager to come in. Potential buyers are more likely to buy a cleaner and better-looking house. Get rid of the clutter, buy some fresh flowers and consider spring cleaning the house.
Upgrade your home
A house need not be completely renovated before being put up for sale, but it can be a good idea to update some parts of the house that are old and can do with a revamp. Consider replacing carpeting or adding hardwood floors to make the home more attractive.
Price it right
Price your property at a price you actually expect to get. Please don’t go overboard and price it too high. Some genuine buyers may find it out of their budget and decide to stay away. Pricing is higher, and negotiating it down later is not always a good strategy.
Don’t worry about a closing date conflict.
This is especially relevant if you are selling your home and buying a new one at the same time. Most mortgage providers will approve bridge financing for around 30 days so you should not have any issues even if the closing date on the sale is 30 days later than the closing date of the property you have purchased. Speak to your mortgage lender before you proceed.
Choose a great real estate agent.
Don’t hesitate to shop around to find the real estate agent you are most comfortable with. It can be a good idea to use recommendations from friends and family. The whole process can become a lot easier if your estate agent is someone you trust and comes with proven experience in the field.