If you are hunting for a new home you may find yourself concerned about getting the home you want in this year’s competitive market. With fewer listings coming out this fall, you certainly wouldn’t find yourself alone with that concern!
To make things more difficult, if you add to this year’s lag in new listings a desire to live in a ‘hot’ neighbourhood; things get even more daunting. Regardless of whether the overall housing market is up or down, there can be fierce competition when it comes to buying a home in a desirable spot.
So, how do you gain an advantage in a competitive market?
Here are some tips:
- Schedule viewings of homes for sale in the neighbourhood as soon as they go on the market. Have you ever heard the expression, “The early bird gets the worm”? It’s often true.
- Arrange to get alerted, via email or text, to brand new listings the moment they are available.
- Make sure you have your financing pre-approved, so you can make a quick and credible offer right away.
- Prepare your current home for sale, so you can list it quickly (if it isn’t already listed.)
- Know how to make an enticing offer that a buyer will take seriously.
- Be flexible on the closing date.
- Do your best to keep conditions to a minimum. Try to deal with concerns you have about the property before offer night. If you want to do an inspection on a house, it’s a good idea to do so before an offer date (which is why it is important to be on top of houses as they hit the market!). If you are bidding on a condominium, check to see if the seller has a Status Certificate available before hand.
- Don’t let the competition pressure you into forgoing important protections. Just deal with them as quickly as you can!
- Even in a competitive market, you don’t want to end up overpaying. That’s why savvy offer preparation, presentation and negotiation are keys to getting the home you want.
- Don’t give up! It may take a couple of tries so do your best to not get discouraged.
