How homebuyers can tune out the noise and navigate a difficult housing market

The Mortgage Pre-Qualification Tool by CENTUM Financial Group for CENTURY 21 Canada helps buyers take the first step

It’s no secret that the housing market is currently going through its fair share of ups and downs, and prospective homebuyers are feeling the emotional rollercoaster. Buying a home is one of the biggest financial decisions of your life and many potential homebuyers are quickly overwhelmed.

“There’s no end to the alarmist headlines, from interest rate hikes to inventory stats to endless market analyses,” says Todd Shyiak, executive vice-president of the CENTURY 21 Canada real estate brand. “Naturally, anyone who’s thinking of entering the market is hesitant to make any big moves and we see the ripple effect of that throughout the industry.”

But there are ways for buyers to regain confidence, and a big part of that comes from knowing what they need and what they can afford. Reaching out to a mortgage broker is a good step, but one that a gun-shy buyer may not be ready to take. Still, even if they’re unsure how serious they are about committing to a search, they’ll only benefit from having a hard number to work with. That was the driving factor behind a collaboration between CENTURY 21 Canada and Centum Financial Group, which resulted in their cutting-edge Mortgage Pre-Qualification Tool.

“We realized there wasn’t anything for a consumer to do once they found a listing they liked, but didn’t know if they could afford it,” explains Chris Turcotte, president and CEO of Centum Financial Group. “We wanted them to have a strong idea of what payments they could expect to make and whether or not that fit their lifestyle. That way, when they were ready to reach out to an agent or a mortgage broker, they could have productive conversations and, if necessary, make quick decisions with a high degree of confidence.”

Mortgage pre-qualification isn’t a binding agreement, so if it turns out buyers aren’t ready to take that step, then they’ll have the advantage of a number in the back of their mind whenever they decide to return to that search. And as interest rates fluctuate or more inventory comes into the housing market, having concrete information will stave off the stress that comes from doomsday headlines or the next analyst trying to predict the future.

“At the end of the day, we can only make informed predictions about what the housing market will do, but we can’t make any guarantees,” says Turcotte. “If you’re in the market for a new home, take the time to know your numbers and take control where you can — more preparation means less stress in the long run.”

To search for listings and try out the Mortgage Pre-Qualification Tool, visit c21.ca.