GTA Stakeholders' Report - June 2023

A Message From Our Founders

Dear Stakeholders,

In recent weeks, the real estate market has undergone a remarkable transformation, as multiple offers on listings have once again become the norm. This resurgence indicates a return to a seller’s market, where demand consistently exceeds supply, creating an ideal environment for homeowners who are considering a sale.

With stable interest rates announced in the past two updates, now is an opportune time to take advantage of the increased buyer activity and achieve a successful sale with the unwavering support of Kirby Chan & Co. As a trusted real estate agency committed to providing personalized services, we are dedicated to meeting your unique needs.

Reach out to us at Kirby Chan & Co. today to discover how we can assist you with your real estate goals.

P.S. Don’t miss out on the upcoming 8th Annual Thornhill Community Yard Sale - there’s still time to sign up! Act quickly and join us for another year of exciting community fun.

Warmly, Kirby and Carrie

Navigating the Competitive Market Why Mortgage Pre-approval Matters

If you’re looking to buy your dream home in a competitive market, it’s important to take advantage of every opportunity available to ensure a successful purchase. Having a mortgage pre-approval before submitting offers on homes can be a big advantage over other buyers.

So what is a mortgage pre-approval?

In simple terms, a pre-approval is a document that assures you of a specific mortgage amount and interest rate.

Here is the long answer (and the benefits):

When you are in the market for a new home, it is a good idea to get a mortgage pre-approval from a lender, usually through a mortgage broker. This is a preliminary assessment of how much money the lender is willing to lend you, and it is typically valid for about 60 days. The process for getting a pre-approval and an approval is similar, but the key difference is that an approval is tied to a specific transaction, whereas a pre-approval is not.

Here is why you should get pre-approved:

1. One of the benefits of getting pre-approved for a mortgage is that you will have a better understanding of your budget. This information helps you focus your search on homes that fit within your price range, which saves you time and prevents disappointment. Without pre-approval, you might waste time looking at homes that you can’t afford or miss out on homes that you could afford because you didn’t know your budget.

2. Getting pre-approved can make the home buying process faster. With pre-approval, you can promptly make an offer on a home you like when you find it. This is crucial, especially in highly competitive real estate markets where houses sell rapidly.

3. When multiple offers are common in the housing market, having too many conditions can prevent you from being chosen as the buyer. By removing the financing qualification condition, you can increase your chances of securing the property. Sellers want to be assured that the buyer can obtain the necessary financing, which is where pre-approval comes in handy. By providing a pre-approval, you demonstrate to the seller that you are qualified and capable of closing the purchase, giving you an advantage over other buyers without pre-approvals.

Securing a pre-approval before purchasing a home comes with several benefits. It provides you with a clear understanding of your financial limits and empowers you to make an offer without any hesitation. Moreover, pre-approvals are generally offered for free by brokers and banks. Ensuring that you get pre-approved for a mortgage is vital to ensure that you have a successful and stress-free home buying experience. Don’t miss out on the opportunity!

Josh (Yushuai) Cai Sales Representative Kirby Chan & Co.

For more real estate articles, scan the QR code and tap Blog or visit KirbyChanAndCo.com/blog

MASTER THE MARKET

Real Estate Trends & Tactics with Kirby Chan & Co.