Are your home shopping expectations realistic?
There is no such thing as a perfect house. If you are pre-qualified and have been looking for a home for a long time, there will be one of four reasons you haven't found your dream home
You can't afford the homes you like.
- Either stop looking until you save enough money to purchase your dream home or be realistic with what you can afford. Your first home does not to be the forever home. Purchasing your first property is the first step to getting your dream home by building equity. However if you have found a few homes, which would only need a few touch-ups like a new kitchen, talk with your mortgage broker to see if it possible to add a renovation loan into your mortgage.
Chosen the wrong real estate agent to help you.
- The majority of Real Estate Agents in Edmonton and the surrounding area have access to the same MLS Data, but if there hasn't been anything which has caught your attention, you can either fire your agent and find one who will work harder for you, which may include knocking on doors in a specific area or making community phone calls to find you a suitable property. Or maybe you are just too picky.
- There are many people who prefer to rent. Every month, they pay for someone else's mortgage, helping the homeowner build equity. Or you have signed a long lease and are not in a position to buy. Or you may have a reason for not purchasing yet. If this is the case, stop looking until you are really ready. Every time you view a home, the seller must vacate the premises which means more cleaning and making arrangement to remove children and pets.
You are TOO cheap.
- What the asking price of a home is, is irrelevant to the purchase price. For example: if two identical homes are listed at $400,000 and the other at $375,000 and you are still "Low Balling" the less expensive one, you will never get a good price. A good real estate agent will complete a buyers CMA for you, which will indicate a fair value market price and if it is below, you've already made money.
BEST REAL ESTATE TIP: No matter what type of market we are in, the longer you postpone your purchase, the more money you will lose. Eventually, house prices will go back up in Edmonton, but so will interest rates!