How do I buy my first house?

Buying your first home is exciting, but it can also be a little overwhelming. A good first step is to begin saving for a down payment. Next, you’ll want to get pre-qualified with a lender and choose a real estate agent and begin the house-hunting process. You may have browsed homes by yourself online, but if you’re new to the home-buying process, an agent can help navigate you through each step.

If you're thinking of buying and would like some tips or assistance, reach out to us!

Thank you Gail & Larry for the glowing review! We love to hear feedback from our clients. It was such a pleasure working with both of you to sell your home. 

If you’re a past client of ours, we’d really appreciate your feedback too. Visit our website and click the review button at the bottom of the home page.

Congratulations to our Realtor's David Silletta & Agustin Torres. They have been recognized as one of the Top Producing Teams of RE/MAX Camosun for September 2022. They have both been putting in long days at the office this past month and their efforts do not go unnoticed!

Thank you to all our friends, family and clients for your continued support, it means the world!

Congrats to all the top producers!

Sales volumes are down nearly 50% from last year, while diligent buyers are finding some great deals available from eager sellers.

Victoria Real Estate Stats for the Month of September:​​​​​​​

•  A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1% fewer than in September 2021 and a 14.2% decrease from August 2022.
• Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold.
• Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold.
• There were 2,300 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2022, an increase of 7.6 per cent compared to the previous month of August and a 104.6 per cent increase from the 1,124 active listings for sale at the end of September 2021.

Where is the market headed?

With more inventory coming in and rising interest rates causing a drop in demand, we are moving towards a more balanced market. As we step into the fall market, sellers will need to consider a more in-depth marketing strategy in order to get top price for their home.

As the summer winds down, we are approaching the second wind for the Victoria market. That’s when we generally see an uptick in new listings and stable sales as the new inventory sells in September and October. 

After October, unsuccessful sellers that can’t afford to wait generally become quite motivated to sell before the market slows for the holidays. Because a greater percentage of the active listings in November and December are motivated sellers there should be a greater chance of getting a favorable deal as a buyer.

This does not mean that buyers should go out there and write low-ball offers. Instead, it means a better chance of buyers finding their new home at a lower listed price. 

If you have any questions about buying this fall, contact us!

So, you’ve got your heart set on becoming a homeowner in 2023?

Beyond the obvious—brushing up your credit score, ssavingy for a down payment, hearting online listings—what can you do right now to prepare yourself for buying a home?

Shop for lenders

Interest rates are high. So, if you’re getting close to launching your home search, and you want to increase your chances of getting approved, it makes sense to shop around with various lenders to secure the lowest rate for your mortgage.

Deposit any financial gifts ASAP

It’s becoming more common for first time buyers to shore up their down payment with a financial gift from family. If you’re fortunate enough that your family is helping with the down payment, get that gift now and deposit it. It will make things easier down the line as it will help you avoid more questions about the gift.

Crunch your numbers on a mortgage calculator 

Review your budget and determine what you are comfortable spending on a home. Once you factor in things like HOA dues, taxes, and an emergency repair fund, you very well could find that what you’re comfortable spending on a mortgage is less than what you’ll be approved for.

Keep important documents all together in one place

To secure financing you’ll need to prove that you have assets and income. Start gathering up documents that lenders will want, including tax returns and financial statements.

Research loan programs and first-time buyer grants 

If you’re a first-time buyer, you may qualify for down payment and closing cost assistance, or even special loan programs with lower interest rates.

If you're thinking of buying and would like some tips or assistance, reach out to us!

You know what they say about real estate; location, location, location. You may love the home, but have you thought about what’s happening on the other side of the fence? Thinking about the neighbourhood is a big factor that can sometimes be forgotten. 

Spend time in the area

You can’t really get to know a neighbourhood until you live there, right? Spending time in the neighbourhood gives you a glimpse of what your life may look like in the future. Visit on weekends, go to nearby restaurants, and walk around to get a feel for the area. Think about it in different seasons too – close to beaches or parks is a big draw in summer… but what about the other months?

Give your commute a test run

If you’ll be going back to the office soon, it’s worth seeing what your commute would be like. Google Maps can give you an estimate, but it’s a good idea to try driving it during the time you’d actually be going to work.

Think about what’s important to you

Just as you create a list of wants and needs for a new home, take the time to think about what you’re looking for in a neighbourhood. For example, if being close to restaurants or parks are important to you, then look for a community that has these amenities.

Talk to neighbours 

The neighbours can offer some valuable information about what it’s really like to live in that area. Take the time to walk through the street, approach some of the residents, and ask if they’d mind answering a few questions.

If you're thinking of buying and would like some tips or assistance, reach out to us!

With home ownership becoming more and more expensive, it’s no surprise people are looking for ways to become a homeowner without going bankrupt. Here are some tips to help you find a home you can afford.

Look at foreclosure lists, though there may not be much room to negotiate and there may be hidden fees as well. In terms of shaving off a bit of your mortgage payment, a credit score of at least 740 or 760 will get you the best interest rate, and a downpayment of 20 percent or more will help you avoid private mortgage insurance.

If you're thinking of buying and would like some tips or assistance, reach out to us!

When it comes to deciding where you want to purchase a home, there is a lot more then price to consider.​​​​​​​​

​​​​How long will the commute to work be?​​​​​​​​

​​​​​​​​If you have kids, are schools close and public transit an option? ​​​​​​​​

​​​​​​​​Are there grocery stores and other amenities important to you in the area?​​​​​​​​

​​​​​​​​Having this mind set will be very important when you begin your search and will help guide us to finding that perfect home for you. ​​​​​​​​

​​​​​​​​If you are unfamiliar with different areas on the island, we would be more than happy to help you decide what some of your best options are. ​​​​​​​​

If you're thinking of buying and would like some assistance, reach out to us!