Searching around for a good house can take up a lot of time and effort. For the past month or so, I have been searching around so much that I’ve lost count of the number of houses that I’ve viewed. And once I’ve found a decent house that I was looking for, the offering stage turned out to be quite competitive. I did not realize at first that I could be in the middle of a seller’s market, at least not this early in the season.
I started searching around for a house to buy for about a month now. My girlfriend, my brother and I have been looking up listings on realtor.ca and visiting countless open houses. We’ve even put in a few offers but so far, no luck in securing that new houses.
A couple of months ago, I was pre-approved for a mortgage with my bank. The amount that I was approved for was a lot lower than I had expected. My account manager ran some numbers and said that I could get a $160,000 house. I was expecting something along the $250,000 range so I am not sure exactly why that number was so low. I thought that my credit rating might be the cause but my credit report showed nothing that would be of great concern. A coworker recommend that I contact a mortgage broker and see if that number can increase. After contacting the broker and crunching some numbers, I was pre-approved for a $280,000 mortgage. This allowed me to expand on my property selection. You can’t get much for $160,000 these, or at least nothing that caught my eye.
I found a few houses that I was interested in so I put in an offer. Little did I know that these properties were in high demand. Most of the properties that I placed an offer on were selling for more than asking price. At the time of writing, I am awaiting the results of a property where I put in an offer over the asking price. There are two other offers in place as well so I have a feeling that I may not get this either.
This property has a good size, four bedroom, kitchen with an eat-in dining room, finished basement, one and a half bathroom and a pool. It falls within my price range and it meets most of my criteria. If this one falls through, I might just hold off until the market is less saturated with potential buyers.