Is your new years resolution to buy a home in 2021? We give you a list of things to prepare for your home buying experience this year below. Niagara’s 2021 real estate market is anticipated to be a strong seller’s market increasing average home values. This may be intimidating for a buyer, but there are several things you can do to make sure you go into the process confident and prepared.
Save Your Down Payment
Saving more upfront is a great way to ensure you are prepared when that perfect home comes along. While 5% of the purchase price is all you need for a down payment, saving more can help when it comes to mortgage rates, financing, negotiations and may provide you with additional options when it comes to what you can afford.
Prepare Your Finances
Doing a deep dive into your finances is important before you buy. Understanding your true income and whether it will fluctuate, your monthly debt payments (school, car, credit card, etc) and what expenses may arise when you have purchased (repairs, furnishing, additional bills) will go a long way in determining what you can afford. You should do a complete diagnosis of your finances before buying a home so you can be fully prepared for what you can and cannot afford.
Write Out Your Wants and Needs
Everyone has different expectations about the function, style and qualities of their home. Get to know the areas you want to look in and decide what you can and cannot compromise on when it comes to buying. Browsing listings will help you to educate yourself about what you can expect at certain price points. Make sure to be honest about which things on your lists are just wants vs needs, having too may non-negotiable traits may limit your search causing you to miss out on a home that may be perfect for you.
Get On A Search So You Can Act Quickly
Buying a home in the 2021 market might feel intimidating at first but if you have the right realtor helping you along through the process, it will feel a lot easier. We anticipate 2021’s real estate market to be competitive. By speaking to a realtor early in the process, they will make you aware of listings that may be of interest to you first and .
Buying a home is serious but it should also be fun! Be excited about it! When buying in a Seller’s Market, you need to stay positive throughout the process as it will be competitive. By establishing and educating yourself with the above points, you will be able to approach offers confidently. The more confident you feel in the process, the more you will enjoy taking this next step in your real estate goals.
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