Is it a good time to buy a home in Halifax? After months of red hot market activity, it looks like we’re experiencing a bit of a cooldown. Mortgage rates are still quite low and inventory is up a bit, so this might be a perfect opportunity for you to enter the market and find the home of your dreams.
Of course, buying a home this autumn still requires preparation! As a buyer, you should know what the market looks like, and what you can do to get ahead of the game.
Fall into homeownership
Fall is a great season to buy a home. The colder weather usually brings a market cooldown as well, with fewer buyers and less competition for you. Autumn is also a perfect time to check out different neighbourhoods and see how they look to you. Since Halifax is a vibrant city with unique atmospheres in different areas, it’s a great idea to explore multiple neighbourhoods for comparison.
Although demand has slowed down a bit, we’re still seeing price increases across the Halifax Regional Municipality (HRM). That's why it’s important to get your pre-approval in place now so you can start house hunting as soon as possible. The sooner you can enter the market, the better chance you have of buying a home for a fair price!
Securing your pre-approval
Although it’s tempting, you shouldn’t start searching for homes before you get pre-approved. You don’t want to find your dream house and make an offer, only to find out later you don’t qualify for the mortgage you need. Save yourself time and stress now by getting your pre-approval in place.
If you’re confused about how pre-approvals work or how they fit into your home buying plans, don’t worry! You can schedule an appointment with a mortgage broker to discuss what a pre-approval does for you, and how you can use it to your advantage in this market. A pre-approval puts you one step ahead, and one step closer to buying your perfect home!
Keep up with the market
Of course, buying a home means you first need to find the perfect property. Between hiring a real estate agent and doing your own research, you should be able to create a list of neighbourhoods you’re interested in. You can visit these areas and see if you like their environment in person. If so, be on the lookout for new listings as they come up! You can also examine how much other homes in the area recently sold for to get an idea of what properties can cost. Remember, time is of the essence in a seller’s market. If you find a home you love, be prepared to make an offer as soon as possible.
Get in touch with an unbiased mortgage professional
Before you start house hunting this fall, be sure to contact a mortgage broker. A mortgage broker is your go-to guide for buying a home and helping you understand your options. They can answer all of your questions, and they will be by your side for the entire process. The best mortgage brokers believe everyone can be a home owner, and they will commit themselves to your journey.
Even as the real estate market slows down, buyers are still dealing with rising prices and a decent amount of competition. Being prepared and having the right professionals on your side can be the difference between finding your dream home and being out of luck. If you’re planning on entering the market this fall, this could be a great decision for you. Make sure you let an unbiased mortgage professional make your experience easier!
For additional information, contact Clinton Wilkins Mortgage Team! Give them a call at (902) 482-2770, or get in touch with them here.