Buyers
Since February 2022 the real estate market has been correcting. Affordability is still the biggest concern. Interest rate increases have kept carrying costs high despite the market decline. The bottom line is that there still isn’t enough listings in the “affordable” price ranges, and there is very little sales activity on higher end resale. We have unusual conditions for both Buyers and Sellers.
Here’s a how we handle Buyers in a market when interest rates and market pricing is subject to change. Buyers today should expect volatile market conditions for some time and plan on holding until economic conditions to stabilize.
Pre-Approval
Everyone qualifies based on the same criteria.
Service Ratios – Stress Test – Supporting Docs
Get in touch or visit your Banker or Mortgage Broker
*Get preapproved and put your Banker / Broker on speed dial. Get your supporting documents submitted and all your ducks in a row as you start.
Automated Email MLS Search
Start with a primary search in the preferred search area & structure type etc. Run a city-wide search as well on the same criteria, until listings build.
We also watch outcomes on other comparable properties in your area of interest, to make sure they also support our price expectations.
Communicate Interest Quickly
If you have an interest in a property, email, text call direct. Tell us you have an interest, and we will have a look, and profile the property for you, and if we need to move quickly, I will let you know. The quicker you get in to see a property of interest, the more time you allow yourself to consider.
What about risk during a correction?
No sleepless nights, and you will be ready to move forward if you choose, when inflation is down, interest rates are declining, and the market is better positioned to advance again.
Finaly, be patient and coachable. It’s a slow market after the last few years. But there is opportunity if you are organized and prepared. Buyers in today’s market need to be planning to hold for a period after purchasing to allow the market to reorganize & the economy time to sort out.