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Cheryl Woolley

Tips for Buying in a Tight Market

Anyone who is looking to purchase a property in the Greater Victoria area in the last few months is bound to have noticed how quickly homes are being snapped up, and the rise in instances of multiple offer situations.
I've pulled together the following information to help you increase your chances of homeownership in our hot market.  And remember, I am always just a phone call away if you have ANY questions.
 Tips for Buying in a Tight Market

Increase your chances of getting your dream house in a competitive housing market, and lower your chances of losing out to another buyer.

1. Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and your offer will be more desirable to the seller.

2. Stay in close contact with your real estate agent to find out about the newest listings. Be ready to see a house as soon as it goes on the market — if it’s a great home, it will go fast.

3. Scout out new listings. Check your email notifications daily, and drive through neighborhoods you like to spot  For Sale signs. If you see a home you like, write down the address and your real estate agent will schedule a showing.

4. Be ready to make a decision. Spend a lot of time in advance deciding what you must have in a home so you won’t be unsure when you have the chance to make an offer.

5. Bid competitively. You usually only have one chance to make a bid. You may not want to offer  the absolute highest price you can afford, but don’t go too low to get a deal. In a tight market, you’ll lose out.

6. Keep contingencies to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. Talk to your lender about financing options if you have a home to sell.

7. Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy it. And even though you want to make your offer attractive, talk to your real estate agent about which conditions would be okay to waive and which you should keep in each situation.

Published Friday, February 26, 2010 1:33 PM by Cheryl Woolley

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January 30, 2018 4:49 AM

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