Being a Buyer in a Highly Competitive Market
Looking to purchase a home in a strong Sellers Market when almost every home sells with multiple offers? Let's take a look and understand some basic steps you can take to increase your chances of getting the home you love and can afford in this highly competitive market.
Know exactly what you want and where you want it
Get clarity on the location and type of home you are looking for: lot size, new vs. old, bungalow vs. two-storey, size, number of bedrooms, garage, parking, etc. Being crystal clear about the type property you are looking for will help narrow your focus on listings that are a good fit for you and your family.
Get pre-approved for financing
Don't leave it to the last minute, as getting your financing pre-approved will give you an advantage at offer time. Get pre-approved now - don't wait.
Be prepared as you may need to act fast
In a busy marketplace, good listings don't last long. When you see a listing that you like, schedule a showing right away after checking out all the available details online. If you feel it could be the one for you, don't delay as it may result in you missing out.
What is your No-Regret price?
In a sellers' market, good homes often receive multiple offers and sell over asking (list) price. Ask yourself, "What is the highest amount you are willing to pay for the property without regrets?" This will help you to not be disappointed if you lose out on a home for an amount you would have been comfortable paying. Be sure to run your numbers by your lender.
Touch sellers emotionally
Consider writing a letter or doing a video telling sellers how much you love their house and why. Most homeowners are emotionally attached to their homes and have many memories in every corner of every room. They take great pride in every upgrade and feature and want their home to go to someone who will love it as much as they do.
For more information or for a complimentary consultation reach out and connect to me here.
