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What Should I Know BEFORE I Buy a Home in the Kitchener-Waterloo Area?
In recent years, the real estate market in Kitchener-Waterloo has seen unprecedented growth, and although predictions vary, there is consensus that there will continue to be a strong demand for residential housing for the foreseeable future.
If you are considering buying a property in the area, whether you are a first time buyer, or a current homeowner, there are many things to consider when choosing a Realtor to assist you in the buying process:
1. Determine how much you can afford.
2. Establish your Buying Criteria.
3. Identify your short and long term goals
4. Know the Current Market Conditions
5. How do I find a good Buyer’s Agent?
1. Determine how much you can afford.
Once you’ve decide to buy a home, it is recommended that you meet with a mortgage broker or lending institution to determine the amount of a mortgage for which you will qualify. This will be helpful to both you and your Realtor and it will save time by helping you focus on properties that you could purchase. It may be fun to look at other, more expensive homes, but often ends up in frustration and wasted time and expense. Your Realtor® should be able to provide a list of suitable properties for your consideration that meet your specific criteria.
2. Establish your Buying Criteria
One of the most difficult things about buying a home is to establish precise criteria for the type and location of home you would like to purchase. By determining important things such as style of house, location, age of building, lot size, proximity to schools, and so on, you can narrow down your search and begin the process. A good Realtor® will be able to assist in determining what is most important to you and to keep you on track during your search.
3. Identify you short and long term goals.
Many people buy their first home with the intent of living in the house for a specific length of time and then moving up to a larger home. Conversely, many established families may buy a home with the long term plan of downsizing once the kids have moved out of the house. Whatever your situation, it can be quite helpful to identify your plans for the length of time you expect to live in the home. Some styles of homes and some neighbourhoods may have a better resale value historically, so it is a good idea to become aware of these factors, prior to purchasing your home. One example could be an increased demand in the future for bungalows due to an aging population.
4. Know the current market conditions.
Market conditions can change for many reasons. In addition to seasonal changes, the current economy is in a constant change of change. Economic outlooks vary from month to month and real estate predictions can change as frequently as the weather. The manufacturing sector in Waterloo Region has taken a beating of late, with other sectors on the rise. The end result is a continued demand for new and resale housing in the area with CMHC predicting a moderate increase in property values in 2008 and 2009. Your Realtor® should be able to provide you with more detail on the market conditions in your specific area.
5. How do I find a good Buyer’s Agent?
Good Realtors® possess a very strong sense of the market and are attuned to its nuances and subtle changes. Their approach to their clients needs are well thought out and documented. They should be skilled in a number of areas that include; good interviewing skills to determine your precise needs and wants, local market knowledge and expertise, technical savvy to quickly identify and communicate properties of interest, reliability and customer-focused, strong negotiation skills to represent your best interests when presenting offers, proactive in his or her approach, highly organized, and they must also have the chemistry and integrity to earn your trust.
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