Advice for First Time Home Buyers in Edmonton
I'm going to start off this post with a fun fact: Did you know that the majority of first time buyers are Millennials? Thats right! Canadians born between 1980 and 1995 now represent 77% of first time buyers.
So with that being said here are our top tips for those first time home buyers out there.
Tip One: PRIORITIZE your home hunt. Sit down and prioritize needs and wants you (and your partner) may be looking for in a home. Go through MLS and take to some realtors or if you've already found one then bring your wants and needs forward to them so they can narrow down the field for you.
Tip Two: Get PRE-APPROVED because it is beneficial to start your house hunt having already obtained pre-approval for a mortgage. This makes you a serious buyer and allows you to jump on a property quickly to make an offer without losing anytime applying after and waiting for the banks. It also helps you narrow down your search as your price range is already in place.
Tip Three: Search through the hottest neighbourhoods. Millennials are more likely to live a car-free lifestyle than the average Canadian. Many condo developers have planned communities within proximity to public transit, supermarkets, bike and running paths, and dog friendly green spaces. Make checking out high density condo communities a must in your list just to see what they have to offer.
Tip Four: Consider moving just outside of the main city. First time home buyers are starting to now trade big metropolises for smaller cities or communities the are in the early wave of development. These emerging communities offer great deals especially on detached homes. These locations offer extensive public transit, thriving culture and retail, and easy access to the larger hub of the city.
Tip Five: And.... here it is tip five.... none other than using social media to find a home. Now a days social media is blowing up and basically taking over the world, finally you don't have to limit yourself just to MLS or s realtor for your house hunt. The real estate market is slowly becoming a lot more involved in social media as many real estate blogs have developed with helpful tips from home buying, building, selling, and general lifestyle. Social media or blogs are a great way to get a sneak peek of exclusive listings and private sales as well as to analyze comparables and get a feel of your desired neighbourhood.
And there you have it five useful tips to get first time home buyers started. If your interested in purchasing your first dream home let District Realty Solutions guide you through the process!
Contact us today to get started!
Happy Sunday and as always thanks for reading!