House Hunting in a Hot Housing Market

Real estate in the Cambridge Ontario area is in high demand. Whether you are looking for the perfect new home in Cambridge or in another surrounding community like Kitchener, Waterloo, Guelph or other areas, you may be wondering how you can be successful with your house hunting efforts in a hot real estate market. These tips can help you to enjoy a smoother, easier process when searching for a home in a popular market.

Get Pre-Qualified for a Mortgage

One of the first steps you should take is to get pre-qualified for your mortgage. Pre-qualification helps you to determine how much house you can afford, and this can narrow down the scope of your search. A pre-qualification letter can also be provided to a seller to strengthen your offer.

Hire an Experienced Realtor

The next step you should take is to hire a very experienced and reputable Realtor. In this market, you cannot afford mistakes or missteps from your Realtor; you need a person who is very knowledgeable about the area and the current market. Greg Dewar has been serving home buyers in the Cambridge Ontario area for years, and he is the Realtor you want representing you throughout your home buying process.

Make a List of Needs & Wants

It is also helpful to make a list of needs and wants for your new home before you begin your search. This list can help your Realtor locate the best homes that meet your needs and budget. In addition, it can be easy to fall in love with a home that looks fabulous but that is not quite right for your needs. You can refer back to your list when home hunting before you make a final buying decision. This can help you to stay on the right track.

Be Ready to Act Quickly

In a hot real estate market, you often must be decisive yet flexible. Many of the best homes on the market may be snatched up within a few days or less. In some cases, you may fall in love with a house only to find out soon afterward that the home is already under contract with another buyer. In other cases, you may find yourself in a bidding war with other buyers for a wonderful home. When involved in an intensive bidding war, trust your real estate agent to help you create an offer that the buyer will accept. In this market, you will likely have to write an offer with few or no conditions. Know your maximum budget and be ready to pay over asking price.

Be Ready to Try Again

The current market is extremely competitive. Many buyers put in offers on several homes before they get an offer accepted. While loosing your dream home is undoubtedly disappointing, there will be another house. Exercise patience and persistence and be ready to act when the next perfect house comes along.

While it can be tricky to find the right home in a hot market like Cambridge Ontario, you can be successful in your effort. Put these tips into action today to begin the house hunting process.

Contact Dewar Realty

Posted by Greg Dewar on September 10th, 2021

The Real Estate Blog