Key Takeaways The benchmark price for a home in Metro Vancouver was $1,261,100 in May 2022, a 15% year-on-year increase compared to May 2021.House prices have risen in Vancouver for 24 months until May 2022, where they dropped for the…
- Keep in mind that interest rates are rising so your mortgage payments may be slightly higher, budget accordingly.
- Summer 2022 will see that buying a first home may come at a lower price tag than recent years due to a decrease in prices.
- Have closing costs and fees in mind when considering the total payment at sale.
It’s that time of year again – summer! For many people, this means buying a new home. If you’re one of those people, there are a few things you should keep in mind. In this blog post, we’ll discuss 5 of the most important things to keep in mind when buying a home this summer, including the steps to buying a house that you should adhere to.
So, whether you’re just starting to look or you’re already in the process of buying, make sure to read on!
1) Inflation and interest rates are on the rise, so be prepared to spend more than you originally budgeted for when buying a house.
If you’re in the market for a new home, there’s one important thing to keep in mind: due to rising inflation and interest rates, homes are becoming more expensive. This means that you might have to spend more than you originally budgeted for. As such, it’s important to be aware of this and be prepared for it.
Of course, this isn’t to say that you should necessarily spend more than you can afford – after all, that would be a recipe for disaster. But it is important to be aware of the possibility that you might have to spend more than you originally anticipated.
So when you’re budgeting for your new home, make sure to leave some room for error. That way, if the price ends up being higher than expected, you won’t be caught off guard.
2) Competition is high during the summer months, so get pre-qualified for a mortgage and be prepared to move quickly if you find a home you like.
The summer months are a popular time to buy a home. If you’re thinking of buying a home during this time, there are a few things you should keep in mind. First, competition will be high.
This is because there are more people looking to buy homes during the summer months. To increase your chances of success, make sure to get pre-qualified for a mortgage and have all of your financing in order before you start looking at homes.
Additionally, be prepared to move quickly if you find a home you’re interested in. Because of the high level of competition, you may not have time to hesitate if you find a home you like.
Finally, be flexible with your budget and be willing to negotiate. As mentioned earlier, with so many people looking to buy homes during the summer months, you may have to pay more than you originally planned. However, if you’re prepared for these three things, you’ll be in a good position to find the perfect home this summer.
3) Don’t forget about closing costs and moving expenses when budgeting for your new home.
When you’re budgeting for a new home, it’s easy to focus on the big-ticket items like the down payment and monthly mortgage payments.
But there are other costs associated with buying a home that can add up quickly if you’re not prepared for them. Closing costs, for example, are typically around 2-5% of the purchase price of the home, so if you’re buying a $200,000 home, you can expect to pay $4,000-$10,000 in closing costs.
Moving expenses can also add up, especially if you’re hiring professional movers. So when you’re budgeting for your new home, don’t forget to factor in these additional costs. Otherwise, you may find yourself house-poor before you even move in!
4) Be flexible with your budget and be willing to move fast.
If you’re in the market for a new home, be prepared to move quickly when you find the perfect one. With competition being so fierce, it’s important to put your offer in as soon as possible.
This doesn’t mean that you shouldn’t take the time to inspect the property and make sure it’s everything you want it to be. But if you’re confident that this is the right house for you, don’t hesitate to put in an offer. In today’s housing market, the early bird definitely gets the worm.
5) Remember why you’re buying a home in the first place.
Finally, remember that buying a home is a big decision. Take your time and do your research to make sure you’re making the best decision for you and your family. Don’t just settle for the best priced home, remember your ‘why’ for moving. Whether it’s a second home or your first house, you have goals in mind. Don’t give in just to secure something that you’re settling with.
Buying a home can be a stressful process, but if you keep these five things in mind, it will help ensure that everything goes smoothly. For more help, and to secure a low rate guarantee on your mortgage — Call nesto mortgage experts at 1-888-369-5015 or start an application today!
Happy house hunting!
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