Across Canada the housing market has been on fire this year. The reality, however, is that regardless of whether the overall housing market is up or down, there can be fierce competition when it comes to buying a home. Especially if your dream home is in a desirable neighbourhood!
So, if you find yourself shopping in this “hot” market or desirable area, how do you gain an advantage? Here are some simple tips that can really help!
Tips For Shopping For A New Home In A Hot Housing Market
- 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. This is especially important right now during the Covid crisis, as mortgages are taking longer to arrange.
- 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.
- Pick a closing date that the seller wants!
- Decide where to compromise. Not every home will be a perfect fit, check out yesterday’s post for some thoughts on this.
Even in hot housing market, you don’t want to end up overpaying. That’s why you need to prepare as much as possible before you go hunting for your dream home. Savvy offer preparation, presentation and negotiation are keys to getting the home you want.