London, Ontario’s real estate market is hot. We’ve all heard about what’s happened in Vancouver, and then Toronto, and now, it looks like a frenzied market is coming to London, Ontario.
Homes are selling much faster, a number of them getting multiple offers. As Trever McKenzie, president of the London Home Builders’ Association, stated in a recent article: “resale homes are in a sellers’ market with a shrinking number of listings.” The President of the Simcoe and District Real Estate Board, Gail Bouw, reiterates these claims, “It’s definitely a seller’s market.” And according to analysts, it doesn’t seem like it’s going to be slowing down any time soon, at least not for the next year.
What does this mean for buyers looking to get into the market without overpaying – or over stressing – through the process?
With fewer homes on the market, you have to act fast—and competitively—and it’s more important than ever before to get a pre-approval on your mortgage before you start the buying process. A little known fact is that working with a mortgage broker can be invaluable in a seller’s market because they can help you be prepared for the unexpected in the negotiation process.
Sitting down with a mortgage broker who knows how to prepare your mortgage application to make you look attractive to potential lenders means that you can get the best lending rate as well as the highest possible lending amount. By working with a mortgage broker, rather than directly with a bank, you are much more likely to have a range of lending options, which can be particularly advantageous if you need to qualify for more in order to make a solid offer in this competitive market.
If you are interested in a home that looks like it will attract multiple offers, it’s essential to have a solid, reliable pre-approval for your lending all ready to go so that you can be sure to there aren't any surprises. You want to know exactly how much you can offer—and having an experienced mortgage broker on your side can help you cover all your bases, as well as inform you of what steps you might be able to take to see if lenders might possibly increase the amount that you can offer on the home you love.
Here at Summerside Mortgages, we work quickly and thoroughly to ensure that you can be fully prepared for what this seller’s market will bring you. We are dedicated to helping you find the home of your dreams—and being able to finance it, too. We understand that a seller’s market can make for a stressful home purchasing time, and we are here to alleviate our clients' concerns as well as help the process be as smooth and successful as possible.
If you're looking at homes and want to put your best foot forward when it comes to possibly entering into a multiple offer situation, get in touch so we can schedule an appointment to develop an effective strategy.
Thanks for reading,
Your London, Ontario Mortgage Brokers