The current real estate market in Victoria BC can be a frustrating one, for both buyers and agents alike. Buyers are finding there is a severe lack of inventory to choose from and when they do find a property they love, it is likely there are several other buyers interested as well.
So, how do you even start as a new buyer looking at Victoria for your new home?
Focus on three things:
- Start your research early (take a look through Victoria MLS listings).
- Prepare yourself.
- Work with a Real Estate Expert you can Trust.
Familiarize yourself with areas in Victoria that you would like to call home. Take a drive or a walk and get to know these neighbourhoods. If you see something you like, take note of the addresses, even if not listed for sale, I can find sales evidence of similar properties, so you start to recognize what a property may be worth.
Start making your wish list. Three beds? Two baths? Secondary Suite?
Let me know these things and I can set up an auto email alert for you that will let you see new listings that fit your list as soon as they are posted.
Go to any Open Houses in the area, just to get a feel of the market, and research available properties using Victoria MLS listings.
Set up an appointment with your mortgage broker. You need to know exactly what your limit is when purchasing a home. Your broker will likely tell you that you are pre-approved up to a certain amount.
In this market be prepared to compete. Perhaps you love a home listed for $550K, but there are going to be multiple offers. Can you afford to go up to $555K? $560K? Know your ceiling and work within it. It is better to walk away from a home than go in over your head.
When you find the right home, you will need to move fast. By working closely together we can and be sure to secure you dream home.