Real Estate Tips for Buying in a Seller’s Market
Setup your own TEAM for success
I’ve said it before that every successful person has a plan. That plan should be to form a TEAM in order to win you that next home bid in a competitive housing market. This team would include your trusted advisors such as:
Realtor – has your best interest and ready to alert you when a new property is about to hit the market
Mortgage Broker – working with a trusted broker to establish your buying power and to have a pre-approval in your back pocket before you hit the competitive market
Home Inspector – who will be your GO TO person should you have the chance to do a home inspection with the submitted offer? It is best to talk to a local Home Inspector in advance to get a good feel for who you want to work with rather than scrambling within a 24 to 48-hour window when the seller is calling the shots!
Lawyer or Notary Public – once again, doing your pre-work and due diligence for which firm can help you with closing paperwork. Having the choice narrowed down in advance will save you the potential frenzy or anxiety in finding legal counsel should your offer be accepted.
Do the pre-work with online property search
With the pandemic the protocols for viewing homes or open houses has changed. By doing your research online, you can get a good idea of what’s available in your desired price range. Maybe you are looking for a 6-bedroom home but the comparable budget range online showcases 4 bedroom homes or vice versa. One of my favourite websites for online search is www.REW.ca. It’s super easy to navigate, shows large images and sometimes video tours along with a mortgage calculator tool to give you an instant snap shot for that question – can we afford this?! This website also allows users to save their favorite listings and to create a property alert so you can stay on top of new properties that match your wish list.
Get a mortgage pre-approval before you hit the housing market
In Metro Vancouver it’s all about Buying Power + Timing! Lately we are seeing homes sell the same day or week and the competition is fierce. Having a mortgage pre-approval will allow you to be in more control of the potential offer you are about to submit. When the seller understands that you are ready and have you financing in order, they could sway your way instead of waiting for another offer that is pending mortgage approval.
Be Smart and make a competitive offer
I have heard many stories from my Realtor friends of “low ball offers” which just aren’t successful in 2021, especially in the Metro Vancouver Real Estate market. Perhaps in previous years, a buyer could offer $900k on a million-dollar property and land the deal. Now these properties are selling for the asking price or over in many cases. By carefully planning your offer strategy with your Realtor, not only will you increase your chance of winning the bid but also save all parties time and money by showing you are a serious buyer and ready to do business. The era of low ball negotiations is over and it is imperative to understand how competitive offers work in this day and age. Be prepared with a smart, competitive offer and be ready to establish your maximum bid when you are ready to submit that next offer!
I hope you enjoy these quick tips as you get ready to hit the hot Real Estate market in Metro Vancouver. Having a solid plan will create peace-of-mind and put you in better control even when you are up against a seller’s market. Feel free to connect with me at anytime for further insights and tips.
All the best,
Sukh Sangha