Buying Your Dream Home in a Hot Market.
Imagine finding the perfect home, only to discover there is serious interest from at least a dozen other buyers. It’s like scrambling for the last piece of cake at a buffet!
Fortunately, there are things you can do to help get the home you want, even in a highly competitive market. Here are just a few ideas:
• Only view a few ideal properties at a time. If you see too many, and thus spread yourself too thin, you risk homes slipping through your fingers.
• Be realistic about price. Focus on finding a great home that you can afford, rather than trying to find a bargain.
• Consider homes that need some work. They get less interest than perfectly staged properties, yet can turn out to be a dream home.
• Be prepared to make an offer with as few conditions as possible. An offer conditional on passing inspection is usually fine, but in a competitive situation, offers with other conditions will likely be turned down flat. Many offers are coming in these days with NO SUBJECTS, and a bank draft attached to the offer.
• Make your decisions quickly. If there are likely to be other interested buyers, you want to get your offer in early.
• Make the right offer. To win the deal, you want your offer to be as enticing as possible to the seller — especially when it comes to price.
Its best to buy first and sell second, in a rising market, obviously, (if you9 are able), especially when prices are going up 5% per month. Although this can be tricky, as bank rules have changed some policies on mortgages and bridge financing etc. Always chat with your mortgage broker beforehand, and maybe get yourself preapproved.
Yes, it can be tough finding the ideal home in a hot market, but I can help. Give me a shout or a text message and we could chat. Talk soon.