The current real estate market in Victoria can be frustrating at times, for both buyers and agents alike. Agents are noticing that there’s a severe lack of inventory available and, when potential buyers do find a home that suits their needs, oftentimes there are several other interested buyers all vying for the same opportunity. Maybe that’s a good problem for home sellers to have, but it’s not good if you’re a homebuyer being shut-out of a competitive market.
So, if you’re looking to purchase a home in the Victoria market in the near future, where do you even get started? Well, focus on three key things:
1. Start doing your research early. Have a look through the Victoria MLS Listings in order to get a good idea of what’s on the market and what you might be looking for.
2. Create a financial plan. If you’re taking on a mortgage, you’ll need to determine what you can afford, how much you’re willing to spend, and how you’ll come up with the initial down payment (not to mention all of the other fees that go along with buying a home). Start thinking about how you’ll afford a mortgage and how much you’re willing to spend.
3. Find a real estate agent you can trust. One big mistake many homebuyers make is that they go with the first real estate agent they meet. Imagine how unhappy we’d all be if we thought the same way about car dealerships! Don’t be afraid to shop around until you find the realtor who’s right for you.
During your initial research, try and decide which areas or neighborhoods in Victoria you’d like to call home. You might even want to drive or walk around and get to know some of these areas a little better. If you see a home that really catches your eye, feel free to take note of the address and present it to your realtor. Even if that particular home isn’t listed for sale, your real estate agent will be able to search for similar properties (and you never know, the owners might even be thinking about selling!).
It’s also a good idea to visit a few open houses in your desired location, even if the home being shown isn’t exactly what you’re looking for. This will help you get a feel for the market and what to expect when you really start looking.
Lastly, don’t forget to prepare yourself. Set up an appointment with a mortgage broker so that you can determine what amount you can get pre-approved for. Knowing your upper limit will be a big help during the negotiation process, especially if multiple other buyers are making offers at the same time. It’s always better to know when to walk away from a deal if the price doesn’t match your budget.
Searching for a home in the Victoria market will require a lot of patience, but there may also be times when things start to move really quickly, especially when it comes time to start putting in offers. Make sure you choose a realtor who’s trustworthy and will be able to assist and advise you every step of the way. Having an expert on your team will make all the difference!