Second Wave . . Buying Now

There is a lot of speculation that we may be experiencing a second wave of Covid 19.

Does that have an effect on your house purchase plans?
It should.
In the Kawartha's the market from a year ago has changed, and changed drastically.
Last year the average sale price was $397,500 and today it is $520,000.00
Homes were on average on the market for 45 days  . . and now just 16.  And there are less listings.
Have a peek here:

In the rush to purchase a house there are some things that still need to be considered.

1) COVID is still here.  There is no vaccine yet.  We have to protect ourselves. Masks HAVE to be worn, sanitizer is a must. I will not condone selfish behaviour when health and safety should be the number one concern.
DO NOT be surprised if your Realtor asks you to confirm that you have:
 a) viewed the photos, online floor plans and drove by the house! 
So many people are asking to look at this house and that house .. and then are saying "I didn't realize it was on a corner.". .  or "yard isn't big enough" . . or "I didn't realize that it needed this much work" . . .We have now done a face to face meeting AND the seller has vacated their property for an unqualified showing. STOP IT.  
Do your part ..  when your agent tells you that the Seller is holding offers - it is to allow you time to do all those things. 
b) In a Seller's market - when offers are being held until a certain date - they are looking for the HIGHEST dollar amount with the least amount of conditions.  It is EVERYONE'S best interest for time and knowledge to have your pre-approval/ qualification IN HAND in advance. 
How do you know if your lender has done this for you? Key questions and documents that they need (and are subject to change) are as follows:
  • Letter of employment
  • Most recent pay stub
  • 2018/2019 T4 
  • 2018/2019 Notice of Assessment  (for self employed, rental income, pension income or commission based income)
  • 2019/ 2019 T1 Generals (for self employed, farming, pensions etc.)
  • Photo of your Driver's License.
IF you are recently separated - your Lender will also need a copy of your separation agreement showing what you owe or what you should receive including Child support payments and spousal support payments.  They need to verify that income and or expense(s). 
Your mortgage specialist needs this information to verify that you have a job, that you make the amount of money you stated that you did, that your income can be verified for more than a year - showing stability to the bank, and that you do not owe Canada Revenue any money.  (Canada Revenue ALWAYS gets paid!) IF you haven't provided this information to them . . then you are not qualified.  Period.
The above probably should have been reversed by order of importance. 
 Don't be surprised to hear your Realtor say no to showing you any houses until these most important steps are done. 
I know how exciting it is to think you are ready to buy a house.. I know the butterfly feeling, the anxiousness, the hyper intensive feeling.. but trust me, until you have all your ducks in a row it will be a frustrating process.  Not just for you.  By being prepared ahead of time I can help elminate that and make the Buying experience less stressful.
                          Let's work together!

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