As many of you already know, the real estate market has been completely bonkers in the last few months. Almost all listings have bully/ multiple offers, and most are being sold way over what a few weeks ago was considered to be a “normal price”. While this market is amazing for sellers and listing agents, it has left many buyer’s feeling helpless and discouraged. So, here are my tips on how buyers can take some control in a notably, seller’s market.
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1. Waiving an inspection is a very brave move that can help buyers in getting the house they really want. Although I wouldn’t advise doing this in all cases, especially if we are dealing with an older home, it’s a definitely a move that makes an offer more attractive and thus increases its’ chance of being a winning offer (in a multiple offer)
2. Getting a pre-approval is the best thing that buyers can do if they are ready to buy. In this market, not being pre-approved almost automatically eliminates buyers from the process.
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Sellers just don’t want to waste time on individuals who may not be financially prepared, which means that getting a pre approval, is the surest way to be in control.
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3. Offers are more than just about the price. Often times, buyers who are willing to negotiate and are very flexible win over those who offer a higher price but have high demands, are not flexible and or don’t have a deposit cheque. Although having a deposit cheque ready at the presentation is often not a requirement, having it ready, can in some cases make the offer more appealing.
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4. An unfortunate byproduct of a seller’s market is that sellers often believe they don’t even have to make any updates, or clean and tidy before showings and open houses. They believe their homes will sell regardless, and this is in fact, often the case. My advice for buyers is to try to look past the messiness or all the little things that may not be appealing, because those things are generally easily fixable. A house that is absolutely perfect will probably be harder to buy, as it will have more people competing for it, so trying to look past the little things is crucial if someone is serious about buying in a sellers market.
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5. Another tip for buyers is to not drag their feet and act quickly. This is a hot market and houses are disappearing quickly.
This means that if buyers wholeheartedly love a house, they should act fast and make an offer, because houses are being snatched quickly. That is of course, if they truly love the house.
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6. Another tip is “not to submit a lowball or a conditional offer”. By doing so, the buyers will only experience disappointment and be discouraged from buying, even if they weren’t that serious about that specific house.