The real estate market right now is red-hot. There are numerous buyers actively searching, but the number of listings is low. This imbalance is creating fierce competition for the properties that do hit the market, leading to multiple-offer situations and increasing home prices. If you’re planning to buy in this environment, it’s important to set realistic expectations and be fully prepared for the challenges ahead.

How Can Buyers Be Prepared?

1. Get Pre-Approved and Have Your Finances Ready

Before you even start shopping for a home, securing mortgage pre-approval is crucial. This not only helps you understand what you can afford but also demonstrates to sellers that you’re a serious buyer. In a competitive market, a strong financial position can be the difference between having your offer accepted or missing out. Work closely with your mortgage specialist to ensure all your financial documents are in order so you can act quickly when you find the right home.

2. Understand That List Price Does Not Equal Purchase Price

In this competitive market, properties often sell for well above their listing price. Many homes are receiving multiple offers, and buyers are frequently bidding higher to secure a property. This means you may need to adjust your expectations and budget accordingly. It’s important to work with a knowledgeable real estate professional who can guide you on making strong, competitive offers while staying within your financial comfort zone.

3. Stay Determined – Your First Offer May Not Be Accepted

One of the biggest challenges buyers face in this market is rejection. With so many competing offers, it’s unlikely that your first bid will be successful. It’s important to stay patient and persistent. Some buyers go through several offers before finally securing a home. While it can be frustrating, understanding that this is a normal part of the process will help you stay focused on your goal.

Final Thoughts

Buying a home in a seller’s market isn’t impossible, but it does require preparation, flexibility, and perseverance. By having your finances in order, understanding pricing realities, and maintaining determination, you’ll be in the best possible position to find and secure the right home for you.

If you’re looking to navigate this market with confidence, let’s connect! The Penner Team is here to help you every step of the way.

Buying your first home is an exciting milestone, but it can also be overwhelming if you don’t know what to expect. Many first-time buyers make common mistakes that can cost them time, money, and unnecessary stress. The good news? These mistakes are avoidable!

Here are the top pitfalls to watch out for—and how to make sure you’re setting yourself up for success.

1. Not Getting Pre-Approved Before House Hunting

Many buyers start shopping for homes without first knowing how much they can afford. Getting pre-approved for a mortgage helps you:
✅ Know your budget
✅ Show sellers you’re serious
✅ Avoid disappointment if you fall in love with a home that’s out of reach

How to avoid it: Connect with a mortgage specialist early in the process. At our Home Buyers Event on March 13th, we’ll have Brendan MacPherson from Castle Mortgages sharing insider tips on mortgage approvals and financing options.

2. Not Understanding Closing Costs

It’s not just about the down payment! Many buyers forget to budget for closing costs, which typically range from 1.5% to 3.5% of the home’s purchase price. These include legal fees, land transfer taxes, home inspections, and more.

3. Skipping The Home Inspection

In a competitive market, some buyers are tempted to waive the home inspection to make their offer more appealing. But this can lead to expensive surprises down the road. A home inspection helps you uncover potential issues with the property before you buy.

How to avoid it: We’ll have Adam Clement, a professional home inspector from A Unique Task, at our Home Buyers Event to share what to look for in a home inspection and why it’s so important.

4. Making Emotional Decisions

Buying a home is exciting, but emotions can sometimes cloud judgment. Falling in love with a house and stretching your budget can lead to financial strain. It’s important to stay practical and stick to your budget.

How to avoid it: We’ll walk you through how to set realistic expectations and make smart decisions when buying your first home.

Join Us on March 13th for Our Free Home Buyers Event!

If you’re thinking about buying your first home, don’t do it alone! Our Home Buyers Event is designed to give you the knowledge and confidence to make informed decisions.

📍 When: March 13, 2025
📍 Where: Bronx Park Community Center
📍 Featuring: Mortgage specialists, financial experts, home inspectors, and The Penner Team

🎟 Free to attend! Plus, enjoy food from Cottage Bakery & win prizes!

👉 Reserve your spot today! https://www.eventbrite.ca/e/1244053159489?aff=oddtdtcreator

The start of a new year is the perfect time for reflection and setting goals—especially if homeownership is one of your top priorities. Whether you’re planning to buy your first home this year or just beginning the journey, making a few homebuyer resolutions can help you stay on track and make the process smoother. Here are five resolutions that will set you up for success in your home buying journey in 2025.

1. Improve Your Credit Score

Your credit score plays a major role in securing a mortgage and getting a competitive interest rate. A higher score can save you thousands over the life of your loan. Take the time this year to review your credit report, identify areas for improvement, and make a plan to boost your score. This might include paying down credit card balances, disputing any errors on your report, or setting up automatic payments to avoid late fees.

2. Establish a Realistic Budget

Before you start browsing homes, it’s essential to establish a clear budget. A budget doesn’t just include your down payment—it should cover monthly mortgage payments, property taxes, home insurance, utilities, and maintenance costs. Take a close look at your income and expenses, and use a mortgage calculator to estimate how much you can afford to borrow. Aim to set a budget that leaves room for savings and unexpected expenses, ensuring that you don’t stretch yourself too thin financially.

3. Save for a Down Payment (and Beyond)

While many first-time buyers focus on saving for the down payment, there are other costs to consider when purchasing a home. Closing costs, inspection fees, and moving expenses can add up quickly. Make a resolution to save consistently for these costs throughout the year. Even if you’re starting with a smaller down payment, consider looking into first-time homebuyer programs or government-backed loans that can help with down payment requirements.

4. Get Pre-Approved for a Mortgage Early

One of the most important steps in the home buying process is getting pre-approved for a mortgage. A pre-approval letter shows sellers that you’re a serious buyer and gives you a clear picture of how much you can afford to borrow. This is the time to meet with a mortgage lender, review your financials, and get pre-approved for a loan. Having this step done early will help you act quickly when you find your dream home, giving you a competitive edge in today’s market.

5. Start Researching Neighbourhoods Now

When it comes to buying your first home, location is just as important as the property itself. In the new year, make it a point to research different neighbourhoods that match your lifestyle and budget. Consider factors such as commute time, schools, walkability, crime rates, and future development. Researching neighbourhoods early will help you identify the areas that best suit your needs and give you a better understanding of where you’d like to live.

Bonus Resolution: Stay Informed and Work with an Expert

The home buying process can be complex, especially if you’re a first-time buyer. Stay informed by reading blogs, attending webinars, and speaking with a trusted real estate agent who can guide you through every step. Having an experienced professional by your side can make a world of difference, from navigating contracts to negotiating a fair price.

Conclusion

As you make resolutions for the new year, consider how these homebuyer goals can help you achieve your dream of homeownership. By focusing on your credit, budgeting, saving for a down payment, getting pre-approved early, and researching neighbourhoods, you’ll be well on your way to finding your perfect home in 2025. The earlier you start preparing, the easier it will be to make this year the one you finally become a homeowner.