2023 is a hot year for South Etobicoke real estate. First-time home buyers are moving in. Real estate values continue to increase Toronto-wide. The region as a whole, but especially South Etobicoke, remains one of the best neighborhoods in the GTA to buy a home in. For someone in the market to purchase a property, get in while it’s a buyer’s market.

If you want to buy your dream home in Etobicoke before the end of the year, here are the moves to make today.

Confirm Your Down-Payment

Someone buying a home this year should have their down-payment saved up, be ready to pay the 3-4% closing costs, and have their credit score as good as it can get.

Calculate Your Buying Budget

The minimum down-payment to buy an Etobicoke home is 5% if the property is selling for less than $1 million or 20% if it’s over $1 million. With this in mind, calculate what sort of price range you’re looking at. Mortgage affordability calculators can advise you of what you can expect for monthly payments.

Ensure Your Employment Is Steady

When applying for a mortgage, lenders will want to know you’re employed, your income is stable, and that you can pass the mortgage stress test. If interest rates rise, your income level has to demonstrate you can continue to cover mortgage payments.

Consider Your Ideal Home

Know what type of home you are looking for. How much space you need. How many bedrooms. What features matter to you. This will all be important to narrowing down to what the best real estate is to buy.

Find An Etobicoke Realtor

Before you start looking, connect with a South Etobicoke realtor who knows the area and can help you locate the best home for your needs. A realtor is your guide to the home-buying process. They are not only there to help show you homes but to negotiate on your behalf and provide counsel every step of the way.

Get Mortgage Pre-Approval

Mortgage pre-approval can be obtained from any mortgage lender. It is a commitment from a lender telling you how much they are willing to let you borrow at a given interest rate. This provides you, the buyer, an idea of what your budget is. It’s also a chance to lock in a mortgage rate during the pre-approval process.

Invest In Home Inspections

Any property you are seriously considering buying should have a home inspection done. This will identify potential problems with the home and evaluate everything from the electrical and plumbing to other factors influencing the home’s value.

Make An Offer With Your Realtor

Make an offer on your dream home before it’s gone! Move quickly with your realtor in tow. Talk about how much to offer and other details to put into the purchase agreement, such as what contingencies to protect you from additional costs.

Don’t Wait To Close On A Home

If you find the right home, don’t wait. Wrap up the deal. If you go slow, another buyer may swoop in and nab it for themselves. Even after your offer’s accepted, schedule a closing date and get to it. After the agreement is signed and you officially have the keys, you’re set!

A South Etobicoke realtor team like Adrian + Andrea can help you find the ultimate house! Before starting your search, send us a message. We know the neighborhood. We know the properties. We’ll ensure you get in on the right home for you as early as possible. Our team will help you prepare for every step to come.

Reach out today! Call us at (416) 319-6893 or email us directly at info@adrianandrea.com to get started.