It's the start of the home-buying season, but this year might be different. There are new rules in place that can make house shopping more difficult than ever before. The pandemic has brought in a new approach to property buying—one where buyers are looking for houses online.

Adding to all the changes, we currently have a seller's market that is extremely competitive, making home buyers feel that they will be unable to find a home. But you don't have to give up hope! Mortgage brokers at Empower Federal Credit Union want to help you get your foot on the property ladder by providing financial, and real estate guidance.

Expect Buying Prices To Go Up

With the supply of housing being uncharacteristically low, while their demand is high after the slump due to the pandemic, what are your options as a property buyer? Under such circumstances, don't be surprised if you end up paying well over the asking price for your dream house. There are many factors that go into determining a purchase offer's worth, but one thing is certain: homes in this market will sell fast and at or above their listed price. If you find a house that fits your needs and budget make sure to submit an offer as soon as possible; after all, once it's gone it may not come back.

Pre-Approval For A Mortgage

Loan pre-approval is the first step to buying your home. Having a pre-approval for your loan will help you know how much money you can borrow and where you stand financially before looking at properties or bidding on them at an auction. If you don’t want to be left behind this spring buying season but you're not sure what to do next, you can consult expert mortgage brokers who will provide you with guidance and support. So you don't have to worry about the time involved in the process or unexpected costs popping up down the line.

Your Broker Can Help Prepare You For An Auction

There are a lot of things to consider when attending an auction, but the most important is being mentally prepared. If you know what to expect and how it all works, then your chances of scoring some great bargains will be much higher. The first thing you need to do before attending an auction event is to review the contract of sale that will detail all of the legal obligations you are agreeing to when buying at an auction. Once you're clear on these terms it's time to bring yourself up to speed with the auction rules - all auctions have unique styles of operation so it’s helpful to attend rehearsal sessions to get a feel of how they work. Finally, on the auction day, bid within your financial limits, because it’s easy to get carried away by emotions and bid beyond your reach.

A Broker Will Help You Conduct Research For A Suitable House

When you want to buy property, brokers can give you information that is important in making an informed decision. Always opt for a broker who has all the tools and resources on hand to provide potential homeowners with accurate data about comparable properties for sale in the location they are interested in making a purchase. An ideal broker will have multiple open house inspections scheduled each week so that clients can attend as many as they need in order to find what they are looking for.

Be Prepared For Your Home Buying

Buying a home is a big financial decision that requires careful consideration. It’s not just the deposit and the mortgage repayments that you need to be prepared for when buying a home. There are other associated costs that can add up quickly, so it’s important to plan ahead. For instance, there is stamp duty, registration fees, and payment for a pest inspection. A broker will help assess you financially and give you tips to make sure you're prepared before going ahead with your purchase.

If you are thinking about purchasing a home this spring, it's important to research the market and your finances before making any offers. A good broker will explain how to conduct a proper search in terms of location, budget, and specific needs. They will also provide you with information about the auction process and the steps needed before making an offer. A big part of buying a home is being prepared for costs that may arise when purchasing the property. With this in mind, it's best to work with a broker who can help assess you financially so that you don't get carried away by emotions or find yourself scrambling at the last minute to raise extra funds.