Spring is just around the corner, and we are happy to bid farewell to Jack Frost. If you’re planning on taking advantage of the spring real estate market, there are some important steps you can take to get a head start and become real estate ready. Whether you are looking to buy or sell in Muskoka this season, here are four ways to prepare for the upcoming market and be in-the-know.
Do your research
The housing market is constantly changing. In fact, there have been some big changes recently that could affect your ability to sell or purchase the home or cottage of your dreams. Firstly, interest rates have increased and may very well go up again in the near future. Not only could this affect the amount you have to spend on a new property, it may also affect the type of mortgage you choose (i.e. a fixed-rate mortgage vs. a variable-rate mortgage).
Get pre-approved
Once you have a better understanding of market conditions, you’ll want to get pre-approved for your mortgage. If you are planning on purchasing this spring, getting pre-approved provides you with a solid understanding of what you can actually afford, and what is outside the scope of your budget. Then you can base your house or cottage hunt on this number (and also avoid falling in love with something that’s not within your price range).
Find a great real estate agent
When it comes to buying or selling your home or cottage, you’ll need to find a real estate agent who is experienced, knowledgeable, and available. With the spring markets heating up, you want to make sure your agent has time for you. To find the best person for the job, feel free to set up an introductory meeting with potential agents. This meeting will provide you with the opportunity to ask about the agent’s experience in the field, their specific skills and whether they have a specialty or focus. During this meeting, you can also get a feel for the potential agent’s personality and decide whether you will jive well together.
Contact your real estate lawyer
After finding your agent, don’t forget to connect with a real estate lawyer as soon as possible. Working with an experienced real estate lawyer who knows the ins and outs of real estate contracts, documents and local bylaws will help to ensure the process of buying or selling your home is as smooth as possible. Your real estate lawyer also provides peace of mind – as it’s our job to ensure that your investment is protected against any unwelcome surprises that may crop up, such as previous liens against the property or title disputes.
If you are looking to buy or sell in Bracebridge or the Muskoka area this spring, connect with the Ares Law team. Call us today at (705) 645-8743 and set up an appointment so we can help you spring into the real estate market.
