Is 2020 Your Year to Get into Real Estate?

Finally, got that job promotion you’ve been waiting for? Maybe you and your partner and ready to start a family or take the next big step — could this be the year to buy into the real estate market?

A few things you should consider when looking to buy a home in 2020 are:

Don’t be afraid to look at multiple listings and to make various offers. Some newbie homebuyers think that they have only to put an offer in one house at a time. False, you can put as many offers in. The one thing to be cautious about is if you start getting selected; therefore, consider the homes you put offers in. Are you likely to get chosen over another potential buyer? Or is this home one where there will be a bidding war? Consider this and remember, it’s okay to place multiple offers on different listings.

Don’t be discouraged if the home you “wanted” get bought by someone other than you. The market is hot right now, and sometimes, realtors selling will price a home low to start a bidding war. Don’t be discouraged if that lovely two-car garage with the home theatre system gets purchased above asking because chances are there is another home for you about to enter the market.

Know your budget and STICK TO IT! Sometimes we think that we can make accommodations and work a higher mortgage into our budget. As a homeowner and one whose friends have also bought homes — don’t fall into this trap. Do you want to buy a home and find yourself “house poor”? Or do you want to buy a home within your budget and not have to worry about money constraints?

The real estate market is one that requires patience, understanding and resilience. Don’t be discouraged if your first home isn’t exactly how you envisioned your home being — buying a home is a great way to build equity and invest in your future long term.