House Hunting in Ottawa: Looking for your first home in the capital city
Buying a home for the first time can be overwhelming, especially in a dense capital city. It’s also very exciting, and we’re here to give you some tips to maneuvering the market with ease.
In an article by Nancy Benson from the Ottawa Business Journal, she highlighted the intense competition in Ottawa neighbourhoods such as Westboro or the Glebe.
She explained, “If you want to compete with other buyers, you need to be sure you’re ready, particularly if you’re looking in a neighbourhood that’s in high demand.” She went on to share some tips for competing with other buyers:
Educate yourself before you start shopping
“If you have time, even before you get a mortgage pre-approval from your lender and before you have contacted a Realtor to work with you, it helps to get to know our market and narrow down your search.”
Our Tip: No matter where you’re looking to buy a home, try not to be seduced by the new and the shiny. Buying a fixer-upper can save you money if you’re able to take on the renovations yourself.
Arrange your mortgage pre-approval
“Some first-time buyers, knowing they are on solid financial ground, think they can start looking at houses and then arrange a mortgage once they find something that appeals to them. But if you’re looking in a hot neighbourhood, the time it takes you to arrange that mortgage could be the time it takes the seller to accept an offer from someone who was prepared and pre-approved. Getting pre-approved for a mortgage is one of the most important steps you can take. It means you are ready to put in a serious offer.”
Be prepared to act quickly
“We Realtors see new listings a few days before they are officially listed on websites for the general public to see. This means I can alert you when new listings are about to be posted in an area you love, and we can arrange viewings immediately.”
Our tip: Be sure you’re ready to buy. You don’t want to end up heartbroken over a home you’re not ready for.
Trust your Realtor’s knowledge of the market
“I can let you know, for example, when an asking price has been deliberately set low to attract multiple offers, or when an asking price seems excessive, and I can show you why. I can show you actual sales transactions and recent selling prices to help you feel confident in your offer.”
Our Tip: You shouldn’t skip out on the real estate agent, they will save you time and fight to find you the best deal. Skipping the home inspection is also not the best idea – trust us, it’s worth it.
We’re here to help you every step of the way. Give us a call at 613-563-3447 or use our contact form.