Believe it or not, NOW is not too early…

By Kathy Schmidt, Broker/Owner, Schmidt Realty Group Inc.

As a busy agent in Edmonton working with lots of buyers, I have some experience that’s valuable for anyone starting out with the goal of buying their first home or upsizing to a bigger property. If you fall into the first-time or move-up buyer category, this blog is for you! If you’re thinking of moving in the next 12 months, you should be creating a solid plan starting today. Here are some reasons why…

• You might have good credit, but what if you could make a few simple changes in your financial life to move that from good to great! That could have a positive impact on your interest rate or whether or not your mortgage requires insurance from CMHC or another insurer. A mortgage professional can show you how.
• You might be waiting so you can save up a larger down payment to avoid CMHC or other insurance fees. You might not know that the amount of your down payment isn’t the only reason a lender might require you to purchase mortgage insurance. Business owners and other buyer groups sometimes are required to have their mortgage insured. Knowledge is power, so it’s best to find out now if your situation is likely to require insurance, regardless of your down payment amount. You might decide not to wait if you’re going to pay insurance fees anyway.
• By starting early you’ve got time to meet with a few REALTORS® to find the one that’s the best fit for you. You’ll be spending a lot of time together so it’s really important that you feel comfortable with the agent you choose.
• Your agent will help you estimate the costs involved in your purchase, from inspections to condo document reviews and tax adjustments. That way your plan will be realistic, without any surprise expenses coming up.
• The sooner you start, the sooner you can begin to gain real market knowledge in the market that you intend to buy in. Buyers tend to look only at active listings, but the information gained by watching listings hit the market and then seeing where they sell is invaluable! By following the sales in your favourite neighbourhoods you’ll be in a strong position to know good value when you see it when the timing is right for your purchase.
• If you’re buying AND selling in the near future, understanding the market for your current house is so important, as well as being aware of market trends for your preferred next home. Not all markets move at the same rate. Understanding the supply and demand dynamics of both your buying and selling markets will set you up to create a solid strategy for your move.
• If you’re intending to sell and buy in the next 12 months, you’ll also want to check with your current mortgage company to confirm if you’ll face any penalties when you sell, and if/how you can port your mortgage to your new property. Mortgage penalties can be in the thousands of dollars so having this information sooner rather than later is vital.
• And if selling/buying in the spring is your plan, the winter months are the perfect time to do everything to get your current home market ready. From cleaning out the basement and garage to painting and making small repairs, starting now will give you the time to make your home super appealing to buyers. Your REALTOR® can advise you on where to invest your time and money best*.

If this spoke to you, please reach out to one of our awesome agents at Schmidt. We’ll be happy to help you figure out when to get started and can refer you to excellent lenders to advise you. If you’re selling with Schmidt Realty Group, we’ll send a professional interior decorator out to see you. She’ll give you her professional advice on what will give you the most bang for your buck. Getting that kind of advice months in advance will pay off big time when your FOR SALE sign goes up! 😉

*I’m not a mortgage professional, I’m a REALTOR®. You should always consult a mortgage expert before making any financial decisions about your real estate.