Remember my new client’s, Peter and Krista, from last month’s newsletter? To summarize, my new clients came to me early-Spring looking to get approved for their first condo in Metro Vancouver. They have steady employment, earn a modest income, have a 5% down payment saved, and have $425,000 to purchase with, but were struggling to find their dream condo in Metro Vancouver.
After being outbid several times, Peter and Krista felt discouraged and decided to take a break from housing hunting to step back and reassess their home buying strategy. We all sat down to discuss alternative mortgage options. My advice to them was “what’s the rush”. The stars will align in the future and everything will work out as intended. It could be this week, month or next year, you just have to be patient.
Sure enough, shortly after our sit down, Peter received an unexpected promotion which included a salary increase, and I was able to qualify them for a higher purchase price at a lower rate.
First-Time Home Buyer
As luck would have it, Peter and Krista got back out into the market to shop within a new price bracket. Fast forward a few weeks later and Peter and Krista put an offer down on a condo in their current neighbourhood within walking distance to both their work. Under their old qualifying amount, they were looking at properties between 20 and 50 kilometres outside the neighbourhood where they currently live. To secure the property, they put down an offer slightly over asking, subject to financing and a home inspection along with a heartfelt offer letter to the sellers. This time around, they were up against four other would-be buyers.
Against all the odds, and although there were higher offers on the table, the sellers accepted their offer. The listing agent said the heartfelt offer letter really resonated with the sellers. I couldn’t be happier for my clients. They can cease renting and remain in the neighbourhood where they grew up in and remain close to their family and friends.
Watch this space for more inspiring stories like Peter and Krista’s to learn how we work together to make our clients dreams a reality. If this story inspired you to take the leap into homeownership, the best way to get started is to get in touch or by deciding if homeownership is right for you.
