In a tough seller鈥檚 market, homebuyers need to stand out from the crowd.

What鈥檚 your plan?

Send the seller a personal letter? Entice them with treats?

For money is the strongest motivator. It鈥檚 also the area where buyers most often make mistakes. Here are his top three tips for first-time buyers and re-buyers returning to the market:

1. A down payment is not enough

鈥淔irst-time buyers assume they have enough for a down payment, but they forget to check their credit,鈥� says Donhauser, PREC. Bad credit can carry over from big purchases like a car or a vacation, but it can also accumulate through something as simple as an unpaid phone bill.

鈥淲e鈥檝e seen deals collapse where people thought they had their ducks in a row but then they go to get a mortgage and find out their credit鈥檚 bad.鈥�

People re-buying after selling the family home may think their experience gives them an advantage, but the rules have changed a lot in recent years. 鈥淧eople forget about re-qualifying for another mortgage,鈥� says Donhauser. Canada鈥檚 new stress test and tighter mortgage laws may affect re-buyers in ways they don鈥檛 expect.

鈥淭alk to your banker, or better yet a mortgage broker.鈥�

2. Check early, check often

So how should you go about your house hunt? Should you explore the market first? Make a list of dream neighbourhoods? When should you talk to a mortgage broker?

鈥淚t鈥檚 the very first thing you should do,鈥� says Donhauser, 鈥淭hen check back periodically as you continue your home search.鈥�

Until you鈥檝e looked at your budget, you won鈥檛 know how much house you can afford.

3. Make yourself the easy choice

鈥淲hen the market鈥檚 tough like this, the seller is definitely going to favour someone with their ducks in a row,鈥� says Donhauser.

Think of it this way: if you had to choose between a buyer with financing in-hand and a buyer whose offer is subject to the sale of another property, who would you choose?

鈥淚 had one client recently who lost three deals because the financing fell through,鈥� says Donhauser, 鈥淵ou see it on their faces. People get disheartened.鈥�

Save yourself the heartbreak and . If you鈥檙e looking for a home in the Okanagan, get in touch with , an independent member broker with RE/MAX 琉璃神社. Email garthclickforhomes@gmail.com or call (250)212-2838.