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Ben Sage, Moving Woodstock

6 Proven Tips for Buying a home in a Sellers market

Posted on February 1, 2016 by Ben Sage in Buyer, Woodstock Ontario Real Estate

bidding war

 

Well, we have been entrenched in Sellers market conditions now for a while.  I am personally been working with several buyers for a few weeks to over two months, and I have learned a few things about how to navigate a sellers market:

1. Be Positive – I know it’s difficult when the home of your dreams is listed on Tuesday and wrapped up by a conditional offer by Friday, but you must keep the faith that another home will come along that is just as good, if not BETTER than the one(s) that got away!

2. Be Prepared – do you have your mortgage pre-approval completed? Does your lender of choice have all the paperwork necessary to expedite a mortgage approval? Sometimes the only difference between yours and another offer is how many days you need to get your financing approved.  If you can offer 5 days, and someone else is offering the same terms but needs 7 or 10 days, who has the edge?

3. Pre-plan your appointments – Have your REALTOR® pre-book showing appointment. During extreme seller conditions, I coach my buyer clients to pre-book appointments every few days. For example, we might have a standing appointment on Tuesdays, Thursdays, and Sundays. If no appropriate listings are posted for sale in the couple of days leading up to our appointment, we cancel and resume with the next pre-scheduled appointment.  This allows us to be nimble, and gives us quick-enough access to the newest listings as they hit the market.

4. Get a Home Search Account – Is your preferred agent sending you the day’s listings that meet your search criteria from the MLS® system? Why not? If you’d like, I can add you to my database and start sending you preferred listings today.  Click here to sign up.

5. Be prepared for Multiple Offers – If it’s truly a hot market, you will see listings that are priced at or perhaps below market value. Don’t be scared! They make TV shows out of this stuff!! Trust your REALTOR® to coach you through multiple offers. My clients will benefit from a FULL CMA of any property we are going to make an offer on. This allows you, the buyer, to determine if your offer is below, at, or above market value. We can also discuss other strategies to get you the winning bid, even if it doesn’t mean paying over asking.

6. Buy ’em a nice dinner. If you’re in multiple offers, once you have settled on a price to offer (not too low, not too high), add $500 to the offer price. It’s amazing, in multiple offer situations, just how close some offers can be. So instead of offering $300,000 on a $299,900 listing, consider $300,500.  It might just be enough to put your bid in front, and that five hundred bucks is a drop in the bucket on a mortgage payment.

I have other strategies to help navigate this difficult market, but those are reserved for my clients! If you’d like to find out more about how I can help you navigate this difficult Seller’s market, contact me today and we can chat about your plans to purchase a home.

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