If we can relate to a first-time homebuyer in Guelph who makes the biggest investment of their lives on an impulse, then sure, some gambles do pay off handsomely. However, realistically, those buyers who buy a home without getting some advice regarding local property market conditions, frequently purchase the wrong property at the wrong time! The result can be a severe long-term financial setback.
When the time is right for you to start looking for the home of your choice, the first action to take is to get as much qualified advice as you can regarding the market you intend on entering! This will especially apply if you’re a first-time homebuyer in Guelph when it’s crucial to know if the local market favours you as a buyer or the sellers! It should be kept in mind that buying a home in a “seller’s market” although not the ideal time, there is the possibility of negotiating a great deal. In this respect, consult a mortgage broker and take advantage of their local knowledge and experience.
Defining a “Seller’s market”
A “seller’s market” is generally recognized as a situation in which there are fewer available properties for buyer selection. In effect, it means there are fewer homes available, and accordingly reduced options for buyers. The result can be increased competition for the available properties that will create challenges for a first-time homebuyer in Guelph and a market environment of demand exceeding supply!
In a situation such as this, it is wise to discuss your home buying ambitions with an experienced mortgage broker who is familiar with the local market conditions. Whilst it’s appreciated that it can be a frustrating obstacle and creates anxiety, it must also be acknowledged that it can be the cause of desperation, which may lead to poor decision making!
Bidding contest temptation
In certain instances, there is the potential for a first-time homebuyer in Guelph to become involved in a bidding contest, particularly if a property is involved that you especially like. It’s a situation whereby offers are made above the list price and can develop into cash proposals, and the sacrificing of home contingencies. If you do find yourself involved in this type of contest, seek the advice of a professional before the waters get too deep!
As a buyer, you are seeking to make a life changing decision. Therefore, it’s worth having a qualified plan of action and acting on that plan, so, speak to the Mortgage Guys!