The first step I recommend would be to talk to your financial institution or a mortgage broker and get yourself pre-approved. If you don't have a contact or business relationship I can provide options to you. Pre-approval is a thorough examination of your financial profile. Some documents taken into consideration include: employment history, pay stubs, bank statements, a credit history, and with this information your lender will provide you with a letter of approval which you can then provide to your real estate agent. Knowing what you can afford sets your home ownership journey up for success!

The definition of a seller’s market is more demand than supply and therefore the shortage drives up prices for the few on the market. In real estate, this typically results in multiple offers commonly referred to ‘bidding wars’ which result in and generate higher prices than the initial listing price for the seller. Drivers of demand can include such things as low interest rates, low housing inventories and a booming economy. Conversely, the opposite is a buyer’s market where supply outpaces demand and drives down prices giving purchasers an advantage over sellers in negotiations. Days on market increase and sales often happen at less than listing price.

Limited Joint Representation permits an agent to act on behalf of both buyer and seller but modifies the duties and obligations as follows:

- A duty to not disclose any information about the selling /purchase price motivations for purchase or sale and/or any personal or financial information about the buyer or seller

- A duty to disclose all known material latent defects about a property and

- A duty to disclose information on other listed and sold properties to the seller and buyer at any time

Both the buyer and seller must read, agree, and sign the Acknowledgement of Limited Joint Representation form provided by the agent.

The time it takes can depend on several variables within and outside of your control such as, financial circumstances, housing supply based on your criteria and possession date from the seller or home builder. However, if pre-approved or cash, with negotiable possession I have seen it take as little as six weeks and on the flip side, as long as two years or longer.

Working with a REALTOR® will help you get to where you want to go faster and more efficiently. Agents are connected to the MLS where you’ll receive access to more information and schedule viewings of properties, your agent knows you will be interested in as soon as they hit the market. Furthermore, as a buyer, you want to be represented and supported by your own representative just as the seller is represented by the listing agent or listing broker. Your agent represents you and your best interests, remove barriers, negotiates on your behalf while managing the offer writing process. Lastly, under normal circumstances, Buyers do not pay agents for finding and purchasing homes, the seller agent splits their share to the buyer’s agent.