Tips for Buying a Condo in the Spring

If you have been looking for that perfect condo and thinking about getting into the Coal Harbour real estate market, then now is the time.  The spring season offers the perfect opportunity to become a condo owner because of the large selection and choice of homes that are available.  As the premier real estate agents in Coal Harbour, we would like to offer you the following tips for buying a condo in the spring.

The Right Agent

It is important that you have the right real estate agent to help you find that perfect Coal Harbour condo.  Make sure that your agent knows the local real estate market and has a key understanding of the community as well as its neighbourhoods.  Other qualities that you want in your real estate agent include:

• Is respected and has a good working relationship with other real estate agents – this will allow you to view a wider range of properties.
• Is hard-working, honest and personable.
• Has sold or assisted in the buying process for other similar priced properties in and around the community.
• Has positive testimonials and references from other buyers or sellers.

Know your Limit

Before viewing any property, go and get pre-approved for a mortgage and see what your maximum price range is.  There is nothing more disappointing than finding that perfect dream condo only to find out that you cannot afford it.

Remember:

Make sure that you can afford the monthly mortgage payments.  You do not want the added stress of barely being able to afford your home.

Preparation is Key

The increase in choice and availability in the Coal Harbour real estate market also brings an increase in potential buyers and more competition.  Once you have found your dream home, be prepared to move fast and put in an offer.  The increased competition in the spring real estate market may also translate into you paying full list price for your home.

You can ask your agent to show you other similar properties that have sold in the neighbourhood as a comparison, but remember a seller can ask for whatever they feel is fair market value.

Here’s the deal:

If you find the condo of your dreams at a price that you can afford, do not get too caught up on the final price.  Whether you pay a few thousand dollars more or less for your perfect home will not matter over the course of your mortgage.

Know what is Important to You

When you start looking for that dream condo take into account the factors that are important to you as a home owner and remained focused on those throughout the house hunting procedure.  By staying motivated on what matters, you will be less likely to get distracted on unimportant details such as:

• Who is selling the house?
• Why is the house being sold – is it a foreclosure, a short sale or a traditional sale?
• Am I overpaying for this property?

A wider range of selection and home choice as well as motivated sellers make the spring season the perfect season to find your dream condo.  If you would like to see some of the newest, exciting Coal Harbour condo listings or are interested in buying in the neighbourhood, please contact us today.