6 Steps to Buying in a Hot Ottawa Market

Posted on July 16, 2010 
Filed Under Buying Your New Home, Valerie Zinger

 

 

When looking for a home in locations where the average Days on the Market is low and bidding wars are common, a prudent Buyer needs to be prepared. This is a Sellers’ Market and a Buyer needs to be ready. 

 

  1. Get your financing pre-approved. Visit a mortgage broker and your bank. Know what the financial lender is willing to provide, roughly how much it will cost and how quickly the lender can make the final approval on a mortgage.  Know your financial limits. 
  2. Identify a lawyer and a home inspector. 
  3. Spend time identifying your “must haves” such as locations, school districts, minimum number of bedrooms and baths, and any other essential features you must have.  
  4. Get as much market information as possible from your agent about the current housing situation and prices.
  5. Search for your new house and, when you have one identified, bid. Look at all the comparative house information provided to you by your agent to help determine what you will offer. This will help inform you about the values in the neighbourhood.  In your offer, eliminate as many purchasing conditions as possible.  You could do a home inspection before putting in the offer.
  6. To avoid being caught in an emotional bidding session.  Keep in mind what you have decided as the value of that particular house. Bidding wars are competitions that you may not want to be emotionally caught in participating.

Finally, if you get the house, congratulations are in order. If not, then start the process again.

Photo credit:  Red Hot Market @ http://www.flickr.com/photos/tsarkasim/3899340088/

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