Many people are putting their home purchases on hold over the uncertainty about the Halifax housing market. While we don’t recommend trying to time the market, it’s certainly understandable that some folks are a bit trepid right now.
Even though you may not be actively looking at a home to purchase right now, there are things you can be doing so that if the opportunity arises you can jump right into the market. Let’s take a look at three of those.
1. Talk to a lender
Most people need a mortgage to buy a home and you can get the process started by calling or visiting a lender. Family and friends, colleagues and real estate agents are good go-to sources for names of trusted lenders (we work with a few amazing lenders that can help you every step of the way!)
Although the initial consultation is typically quick and involves some number crunching and a list of paperwork you may need to submit, you’ll hopefully find a lender who will take some time to walk you through the process.
Some lenders can also counsel you on improving (or maintaining) your credit score over the next couple of months until you’re ready to buy a home.
Requesting loan preapproval offers real benefits, including saving time by not wasting it looking at a home you really can’t afford.
In addition, in this current market, Halifax home sellers are looking for pre-approved buyers, so finding out where your finances stack up is always a good idea, so this is an important step.
Preapproval from a lender is imperative, especially if you are close to being ready to buy a home.
When you call or visit a lender, ask all your questions, regardless of how basic you may consider them. This includes:
- Current interest rates
- What choice of loan is the best choice for you?
- Should you go with a fixed or adjustable-rate mortgage? If you don’t understand the difference between the two, ask.
- Which down payment assistance programs (if any) are available to you?
2. Talk to a real estate agent
It’s never too early to chat with a real estate agent. We are happy to offer you solid, professional (FREE!) advice on what to do right now to make you market-ready should the occasion arise sooner than you’d thought.
Sitting down with us briefly may give you insight into the current market, expectations for the future market, and other real estate-related topics you may not have considered.
Then, be sure to regularly visit our social media platforms and blog. We post a lot of educational content that you may not find elsewhere.
Some questions you may need the answer to when we get together:
- Which banks or lenders are best for the homebuyer
- Can you set up your home search criteria on the website so that you can regularly search for homes for sale?
3. Internet search
Speaking of searching, the sooner you start, the more familiar you’ll become with the process.
Internet searches can help you narrow down your choice of neighbourhoods, the prices there, and the types of homes.
Doing drive-throughs of neighbourhoods will also help you narrow down the choices. Then, when the time is right, you will have several neighbourhoods on which to focus and won’t waste your precious time on those you don’t like.
Three small steps with huge rewards when the time comes to buy your Halifax home.
Reach out if you’d like to set up a meeting or would like any information from us. We are always happy to help guide you in any way!
Richard Payne REALTOR®