"HOME SWEET HOME" SPECIAL SECTION TECH BY TES
Goodbye Cold Weather, Hello Hot Real Estate Market By Bekim Merdita
The Windsor Essex region is looking forward to shiny days again in the outdoors, after a long winter. While snow piled on the ground, one thing stayed red hot — the housing market. According to the Canadian Real Estate Association, the average home sale price in Windsor Essex was $492,480, in January. That was 31.4% higher compared to January of last year. I believe the huge home price growth is driven, in large part, by the intense homebuyer demand outpacing the number of homes on the market. There is nothing to indicate this trend will slow down any time soon. So, here are some things you can do to prepare yourself. 1. Get pre-approved by a mortgage broker. Be sure that the pre-approval is solid. If you haven’t provided a full financial picture of income, assets and liabilities then
you’re putting your deposit on the purchase at risk. A firm pre-approval allows you to shop with confidence and make your offer stand out. 2. Hire a great Real Estate Agent. Find a local agent who understands the market and can help you win in a bidding war. Traditionally, the strongest offer will get the home but — in this hot real estate market —speed, the right presentation and the agents’ relationship can tip the scale in your direction. 3. Continue saving. For current homeowners, the transition from one property to the next isn’t too difficult since the equity in one home can be used as down payment on another. First time homebuyers, on the other hand, will need a down payment. That cost isn’t as high as some might think — and can be as little as 5% — but it’s important you also have savings for all that
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comes with being a homeowner. Appliances seem to break just when you need them most! 4. Enjoy the journey. Buying a home can be stressful, but it is also a lot of fun. Set realistic expectations, look at homes that fit within those parameters and be ready to place an offer when you find the place you would like to call home. I am associated with a company helping homebuyers through a unique digital mortgage approach, right from downtown Windsor. We are working to digitize and streamline the mortgage experience. All that is needed is basic information, an electronically signed application, securely uploaded documents, and a mortgage can be available. Thanks to technology, it’s everything you need to win in the hottest local real estate market in history. “Tech Bytes” is powered by WEtech Alliance (WEtech-Alliance.com). The author of the article this issue, Bekim Merdita is a mortgage industry leader with 15 years of experience managing teams across Canada and the U,S. He is the Vice President of Sales and Business Development for Edison Financial. His passion is disruptive fintech that will enhance the client experience with financial products. For more information, please visit: EdisonFinancial.ca.