First Time Home Buying Made Easy
First Time Home Buying – Hot New Trend with Gen Y
As a new Gen Y Realtor, I get to work with my peers and other young professionals who are looking to invest in real estate in Mississauga, Milton, Oakville, Hamilton, Kitchener, Waterloo, Guelph and Cambridge areas. It has been a few months into my new role as a Sales Rep with RE/MAX, and I am enjoying the job.
I now work for Amit Kalia’s team and under his mentorship I am not only learning from one of the best in the industry, but also working for the largest real estate brand – RE/MAX. It is a good time to be doing real estate!
I have to say, that the first few sales are always most admirable, especially to a rookie. I want to share my experience working with a young couple and helping them buy their first home. First time home buying is considered to be a very stressful decision, and process. However, more and more young adults are choosing to become home owners rather than renters. It often starts as simple curious questions from them: “So you think I can buy a condo or home?”, or “What does it take to buy a condo or home?”
The good news is that it is quite easy to become a first time buyer. In fact, the government throws in incentives to promote first time home buying. The important thing is to do the math, figure out your budget based on your financial situation and get a mortgage pre-approval. Once you know your budget range, and the area, neighbourhood or condo building you’d like to buy in; it becomes very easy for you and your buyer agent.
First Time Home Buying – Meet the Young New Home Owners
Sooji and Jeff were walk-in clients that I met while I was working as an agent on duty at the RE/MAX office I currently work at. It started off as a friendly chat with this young couple, and by the end of the conversation the three of us zeroed in on the types of home and area we wanted to explore together. Right off the bat, I referred them to a reputed mortgage broker, who was able to pre-approve them for a certain amount within a day! Within two days of house hunting, we had our eyes set on a freehold townhouse in Milton. I did my due diligence by comparing the value of similar sold properties in the area and presented my price recommendation to Jeff and Sooji.
We were the first to register an offer on the property, but there were more offers after us. After our first offer presentation, we were told that we had a “very similar offer” and we were asked to improve our price a bit to beat the competition. We certainly did, but well within the comfort of my clients and by the end we walked out as the winners!
Nowadays, buyers often find themselves in tricky situations. Homes are selling well over the asking price and banks do not necessarily appraise the value of the home at the sold price. The result is that buyers have to come up with the difference of $10,000-$15,000 from their own pocket as their mortgage will not cover it. So, if you are willing to submit an offer over the asking price, make sure you stay within your comfort level.
In our case, our strategy was to have a small buffer that my clients could dip in should such a situation arise. However, I had done my homework and had submitted an offer which was close to true value of the home. The proof was in the pudding as there were no issues at all with the appraisal!
I just want to congratulate my first time buyer clients and good friends Jeff and Sooji, as they are now proud owners of a freehold townhouse in Milton.
We had the pleasure of working with Pratham, a member of Amit’s team when purchasing our first home. As it was a very big decision for us, both Amit and Pratham took time to educate us on the entire process and were extremely thorough. They referred us to a great mortgage broker, lawyer and home inspector. Pratham is a hard working professional who worked around the clock despite his busy schedule. He listened and knew exactly what we wanted in a house that would best accommodate our family. Knowing our price range and desired area Pratham found several suitable homes for us. We picked our #1 from this list and he made sure we got it! The entire process took just over a week. Pratham was very efficient, we highly recommend him and Amit’s team!