Although there is still considerable variability with respect to property types and location, in the last three months we have started to see buyers who have been waiting on the sidelines finally make a move.
Part of this may be the recognition that pricing – with a few exceptions – is holding firm. In addition, inventory has been steadily increasing. According to Fraser Valley President Darin Germyn “it’s been four years since buyers had this much choice … “
So if you have been thinking about buying or investing in the Surrey, South Surrey or White Rock real estate market we have created a four point guide to help families get their ducks in a row.
- Get your financials in order.
Do you have a home to sell first? Have you spoken to a mortgage expert or created a personal budget in the last few years? Do you know what type of home you can afford? Your personal finances will determine when it’s best to consider a move. In general, your savings plus your pre approved mortgage minus your closing costs equals what you can afford but to get a precise picture it’s important to consult with your banker, lender or mortgage broker. Do this before anything else … even before realtor.ca.
- Get a realtor who gets you.
It sounds cliche but your realtor really is the key to your success. Just like doctors, lawyers and accountants, real estate requires specialized knowledge and practice experience. Contracts, negotiations, market analysis and timelines are all crucial but of equal importance is finding a realtor you genuinely like and trust. Buying a home can be stressful so it’s super important make sure you take the time to find a real estate coach / guide who understands you and your families needs, goals and deal breakers. There are thousands of realtors out there but a good place to start is by interviewing the top three realtors in the area your are hoping to purchase.
- Get clear on what you want.
Realtor.ca can be a rabbit hole. Forgo browsing real estate listings for a family meeting. Write out your areas of interest, your space needs and your financial goals. Some things to consider include schools, parks, access to recreation and amenities, transportation and commute times. How many bedrooms and bathrooms do you need? Are there any parking or storage or mobility needs or requirements. Once clear on what you want, Take this to your realtor for his or her feedback. An experienced realtor will understand what’s hot and what’s not and be able to customize the search process to your family … ensuring your making educated decisions moving forward.
- Get the Coles Notes on contracts.
Having a good grasp on the fundamental components of an agreement to purchase real estate – before you find the home you want – can really help you feel more at ease with the transaction. Offers are much more that what your willing to pay and your realtor should be taking the time to review each item in the standard contact so there are no surprises on closing day. Some important elements include the closing and possession date, the agreed upon price and list of included items, the deposit amount, the conditions that will require your attention before firming up the deal and the deadline to satisfy those conditions.
A home buyers journey can be filled with many obstacles to overcome. We empathize with the overwhelming challenges buyers face to qualify and compete for a home. Getting a super star team of professionals together helps point your compass in the right direction.
Our neighbourhood city, Burnaby is also definitely a fun, growing community with new homes entering the city, attracting more people. Although there are many houses and townhomes, the number of Burnaby condos has been rapidly increasing with high rises entering the city. Therefore, Burnaby has many new developments, mainly condos which makes it a great investment, whether it’s for personal use or for rental income.
If you’re looking for an investment property, Burnaby Condo may be the perfect option for you. Search Burnaby Homes for Sale here