Winning in a Seller's Market
Friday Dec 11th, 2020Share
It is possible to win in a Seller's Market, but it is tougher!
2020 has been even hotter than previous years, driven primarily by out of town buyers wanting to leave more heavily populated areas. This influx coupled with already low inventory levels has pushed prices up and up. This trend is expected to continue into 2021 as we continue to have a supply issue, low interest rates, and pent-up demand. Sure sellers are benefitting from higher prices, however they likely need to buy too so it's tough on everyone.
HOW CAN YOU WIN?
PREPARATION, PATIENCE AND PROFESSIONAL EXPERTISE
Finance Preapproval: you absolutely must have preapproval to even begin looking at houses.
Know Your Non-Negotiables: If you absolutely must be in a certain geographic area, or your home must have a separate work space then focus on your "needs" and be prepared to give up some "wants".
Understand Your Current Living Costs: Yes, you may pay more than intended, however if your rent is $2000/month and if it takes you 6 months to find a home and move in, that is $12,000 going to pay someone else's mortgage and not your own. That may make you more comfortable with your offer to purchase.
You will Likely Submit More than One Offer
Learn from Previous Offers: review what did and didn't work.
Be Patient and Move Quickly When You Find a House that Meets Your Non-Negotiables.
Work with a Professional
I Work In Your Best Interest: I work directly with all clients to ensure they are set up for success. I pride myself on personalized service and focus on your goals.
I Do The Homework: comparisons, explaining realtor "jargon" in common language, explaining offer process and legal forms are all steps I take early in the home buying process so you are more confident when you decide to offer.
I Help You Act Quickly: It is next to impossible to search for a home on your own these days. Please watch the market on realtor.ca to get an idea of the offerings while you are waiting for financing pre-approval. Then call me: it is tough to get in to see properties fast enough when doing it on your own because they sell so quickly!
Contact me if you have any questions or want to discuss your real estate goals!