Your Checklist: 7 Steps to Buying a Home in Competitive Market

“I know how challenging and overwhelming today's real estate market can feel. Intense competition, rising prices... it's easy to feel lost. That's exactly why I created this guide—to give you a clear action plan and the confidence you need at every step. Let's navigate this journey together. — Larry Hann, Realtor®

The 7 Essential Steps to Your New Home

1: Secure Your Financing First

This is non-negotiable. Before you even look at a single house, have a full mortgage pre-approval letter from a reputable lender in your hands. This defines your budget and proves to sellers that you are a serious buyer.

Pro-Tip: As of April 1, 2025, the Mortgage Brokerages and Brokers Act is in effect in Newfoundland and Labrador, requiring licensing for all mortgage brokers. For first-time buyers, programs like the provincial FHP and the federal 30-year amortization option can significantly help with affordability. We break down these programs in detail in our comprehensive First-Time Home Buyer Guide.

2: Find Your Local Expert Agent

In a market where homes sell in days, you need a fast, experienced local professional. Your agent should have a track record of winning in multiple-offer situations, know the reputations of other agents, and hear about new properties before they even hit MLS®.

3: Define Your Priorities & Be Flexible

Create two lists: "Must-Haves" (e.g., 3 bedrooms, specific school zone) and "Nice-to-Haves" (e.g., a garage, a finished basement). In a competitive market, a "10 out of 10" home is rare. Knowing your non-negotiables allows you to make quick, confident decisions on great "8 out of 10" homes that others might miss.

4: Be Ready to Act Immediately

In today's market, speed is your greatest advantage. The most sought-after properties—especially those under $400k in desirable school zones—can receive offers within just 2 to 5 days. You must be prepared to view a home the same day it's listed. Discuss your availability with your agent and stay in close communication.

5: Prepare for a Multiple-Offer Scenario

Assume you will be competing, especially on well-priced homes. Discuss your strategy with your agent before you make an offer. What is your absolute maximum price? Are you willing to be flexible on conditions?

6: Conduct Smart Due Diligence

Waiving a home inspection is risky. In Newfoundland and Labrador, the standard practice is still to include a "subject to home inspection" clause in your offer. To make your offer stronger, you can shorten this condition period to 3-4 business days and have your preferred inspector ready to go on short notice. A "pre-offer inspection" is a less common strategy that requires the seller's permission but can be an option in some cases.

7: Navigate the Closing Process

Once your offer is accepted, the work isn't over. In NL, a lawyer is required to handle the closing of a real estate transaction. You'll coordinate with your lawyer, mortgage broker, and insurance provider to complete all paperwork. The typical closing period is 30 to 60 days. Be prepared for closing costs beyond your down payment, such as the provincial Deed Registration Tax (0.4% of the property value) and any applicable legal fees.

Your Next Logical Step

Feeling more prepared? The next step is to see what homes are currently on the market. Choose the search method that works best for you:

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