Over the past year, we could feel the market heating up but I'm not sure we were prepared for what is going on! It seems every home listed has the caption..Not Reviewing offers until.... and with this the multiple offer bidding scenario keeps playing out. Lots of buyers are continually losing out on homes...so the question is how do you get an advantage over the competition? The following are a few of the steps that you should take.
Hire a LOCAL Realtor! This is of the utmost importance. A local Realtor understands their market. They know which areas are good or bad, school zones, the sale history of the property and lots of inside a details someone from another community would have no way of knowing. Have your Realtor set you up on prospect system which will send you NEW listings as soon as they are active. Realtor.ca can be on the slow side, this will give you the first opportunity to see new listings.
GET YOUR PREAPPROVAL! This is by far the most valuable thing you can do. Hot market or not you need to be certain of what you can spend and what you're comfortable with. In a hot market however the least amount of conditions you have the better the strength of your offer. Speak to your financial institute or a mortgage broker ( we can refer you) and get this piece of paper. If you already know the property you want to buy and they are holding offers this gives you time to get an actual firm approval on the home prior to the offer.
DO YOUR HOMEWORK! Chances are that prior to calling a Realtor and making your appointment with the bank you've been looking at homes on the internet. That's fantastic, but I suggest take it a step further, become obsessed with the housing market, read articles, go to lots of open houses..this way by the time you are out shopping with your Realtor you are somewhat versed in the market. You're starting to understand market values, seeing what homes are selling for etc. This step will help take out uncertainty when you make an offer..you're going to feel educated and confident you're making a great decision.
HOME INSPECTION! This one can be a bit tricky when faced in a multiple offer situation, but necessary as you are making one of the biggest purchases of your life. This is a Buyer Beware transaction and you need to being going into it eyes wide open. I'm actually surprised more agents are not having their sellers get the inspection and have the report ready for buyers..that's another topic. In a multiple offer scenerio I'd suggest having the inspection prior to making the offer. Again making your offer stronger.
BE CERTAIN! Buying a home is such an emotional experience and it can be tough to navigate those emotions when you're feeling pressure. Remember you drive the car, this is your future, your investment. Just because the market is hot, you do not need to jump on the first house you see in fear of losing an opportunity. I've said it for years..the perfect house will present itself at the perfect time, and when it's right it will be yours!!
HAVE FUN!!! This is gong to be a memory that sticks with you for life, make it a good one! Be easy about it, enjoy the process!!!
Hope these tips help! As always if you have any questions, I'm always available:)