3 Quick Tips For First Time Home Buyers Entering the Market

By: Marlene Boyle

3 Quick Tips For First Time Home Buyers Entering the Market

Tags: first time home buyers, home buying tips, how to buy a home, home buyer tips

There's no doubt that buying your first home can be stressful. Moving out of your parents home into a home of your own is scary! However, having a realtor to guide you can make the process a lot easier. Here are a few tips if you're a first time buyer trying to get into the market.

1. What to do when everything is being sold over asking

With such a hot market in Durham Region and surrounding areas right now, it's best to aim for houses that are slightly less money than what you're approved for, that way, your offer will be more appealing to the sellers, especially if it's over the asking price. Make sure you consider your wants and needs and remember that your first home likely isn't your forever home! 

2. Focus on getting into the market!

Focus on getting into the market first and building equity. If a home needs a bit of work, it's best to look into that rather than aiming for a brand new house that a lot more people will be competing for. Consider recruiting your loved ones to help you make some fixes here and there if a home needs a bit of extra love. Although it's a lot less stressful to buy a newer home that's in amazing condition, preparing to do a bit of extra work to make an older home your own might be your best option. However, always remember to get a home inspection so that you can feel confident that the home you're buying won't result in a bunch of unexpected and costly repairs.

3. You have a new advantage!

Despite the market and low inventory being low right now, first time buyers do have an advantage because of Covid-19. The pandemic has caused massive changes in how we work. A lot more people are working from home, permanently, as many employers have realized that renting an office isn't necessary when their employees are still able to do their jobs from home. If you're one of the people who are now working remotely, you're at a slight advantage because you no longer need to consider commute times when purchasing a home.