Trying to buy a property in a Seller’s Market can be frustrating, but you can be successful with these 6 tips:
1) Stay hopeful – Although it is new, we know what it’s like to be caught in a seller’s market on the Bruce Peninsula where it seems like everything is selling too quickly and for higher prices. Some buyers are going to open houses every weekend and seeing the same faces of other buyers, are feeling completely deflated because they can’t find anything they want, and the places they do like and want to see are getting snapped up quickly. But don’t give up because there are opportunities in a seller’s market and you just have to be ready for them.
2) Don’t go it alone—work with a professional – You are smart and capable of negotiating your own deal. But, trying to buy a property without a realtor is like representing yourself in court without a lawyer – you might muddle your way through but you will make lots of mistakes.
Realtors have the inside track on new listings, have real estate law training, have a successful track record negotiating and have substantial experience navigating the many risks and pitfalls involved in buying a home. There is just no logical reason to go it alone.
3) Sign up for automated alerts – Realtors have access to our real estate board’s database which is updated daily. So ask your realtor to sign you up for automatic real-time alerts of new listings with your criteria in mind to give you the added edge.
4) Be quick and agile – When you receive an alert for a new listing, drive by it the same day and if you are still interested ask get in touch with your realtor to go view the property as soon as possible. Once you see it and like it then ask your realtor to get as much information on the property as possible so you can be as prepared as possible going into go into making an offer.
5) Don’t be afraid of multiple offers – We are seeing some multiple offers in our region, but let that scare you away. You have just as good a chance as anybody else. Don’t assume that all offers are going to be over asking. There are so many variables in price, conditions and timelines that you might not face real competition from any other offers, so it’s not as scary as you might think.
6) Plan ahead and negotiate effectively – Your realtor can help you prepare and position yourself to be the winning bidder. If you really love a place and believe it will go to multiple offers, then, plan ahead how you can minimize the number and lengths of conditions. For example, consider getting final approval on financing so you can write in a very short duration for a financing condition. Your realtor has the ability to present an offer directly to the seller and has the skills to sell the merits of your offer. We’ve witnessed home sellers accepting offers that were not the highest in price, but were presented in the best light by the buyer’s realtor by convincing the seller that their buyer was the most capable of removing conditions and completing the deal quickly.
The Terri Hastings Real Estate Team has helped hundreds of buyers successfully navigate the Bruce Peninsula Real Estate market. Please feel free to contact us for free, no-obligation advice.