First-time homebuyers should never limit your home search to only the MLS or Realtor websites.

Do you even realize that most of the first time home buyers are Millennials? Exactly; Canadians born between the year 1980 and 1995, now today constitute the 77 percent of first-time home buyers. If you know you can face the challenge, then get ready for the competition as we go into the year’s greatest real estate month. We have 5 top tips for the first time home buyers.

 

Tip #1: Prioritize your house (or condominium) hunt.
The busiest month for real estate transactions in April. The MLS is on peak; by this time your real estate broker would be sending you messages continuously, and prospective buyers will be fully available. If you want this, now is the best time for you to have some personal leave period for your house hunt. Discuss with your partner and sort out some priorities, so you would be on the right track when it comes to searching for a home. And once you find a good one, be ready to act fast.

 

Tip #2: Get pre-approved
It is quite important to have a pre-approval for a mortgage; this would indicate you are a real buyer and would let you find the right type of property you are interested in without even wasting time if the strategy is properly applied. Mortgage pre-approvals assist in narrowing your search because you have listed your price range. You can use our handy Financial Planning Calculators to have a view of how much mortgage you have budgeted or that you can afford.

 

Tip #3: Search for the latest neighbourhoods
Most of these Millennials tend to be more devoted to a car-free lifestyle compared to an average Canadian. Consequently, lots of these condo developers have organized communities aimed to gear communities at diehard urbanities, with the locality to community transit, stores well-lit bike and walkways, dog-friendly spaces and facilities like bike lockers. Make sure you consider the high-density condo areas to know what they have to offer.

 

Tip #4: Consider moving out of town
Most of the first time home buyers are going for big metropolises in place of the smaller cities that exist in the early waves of urban developing. These growing markets have better deals to offer, especially in detached houses. For the born and raised urbanities, such growing area means less culture and going to the ’burbs. Sometimes these areas provide great public transit, a growing culture and retail area, and easy accessibility to the large urban hub (which may be useful if you still work there).

 

Tip #5: Use social media to find a house
Lastly, you should never limit your home search to only the MLS or Realtor websites only. If you search Google for “real estate blog” and your city, or particularly your dream location, you will come across many different options. They are great ways to sneak look at the exclusive listing and personal sales, to review comparables and find an idea for your preferred area.

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