How to Buy in a Seller’s Market
In today’s market, selling your home is easy. Pick up your phone, call me, and we’ll have your home sold in no time. However, trying to buy in a seller’s market is a little more difficult. The first step is the same, call me. However, in a Seller’s Market you will need to take some extra steps to arm yourself for this market. The more prepared you are before you try to purchase a home, the better chances we have of getting you a home, and getting you the best price as possible.
Get Yourself a Pre Approval
After making your decision to purchase a home, and speaking with me your first step is to get a pre approval. Go talk to three lenders, and shop for your best mortgage. Important things to consider when shopping for a Mortgage: Interest Rate, Terms of Mortgage, and your Mortgage Representative. Make sure each lender does a full preapproval including credit check. If you are ashamed of your credit, improve it, or don’t buy a house. If you want to buy a house, make sure a credit check is performed.
From there, we will find you a home. I place all my buyers on automated emails to ensure that they receive listings of homes tailored to their needs the moment each home is listed. My clients will receive homes for sale before any home are listed on realtor.ca.
Making a Strong Offer
Now, to the important factors how to buy in a seller’s market. The Offer: There are important factors to realize to strengthen your offer in a Seller’s Market. In this market, competing offers are common. To win your competition, you will need to follow these steps: offer the best price possible, pick the closing date most appealing to the seller, offer the highest deposit possible, and include the least amount of conditions possible. This last part is all about risk assessment. It is also to acknowledge each condition you include will help protect you when purchasing, but it also costs your money. I have seen conditions cost buyers $5,000-$10,000 per condition on occasion.
In summary, this is how to buy in a seller’s market. #1. Call me. #2. Get a legit pre approval from a trusted Mortgage Representative. I know many, so ask me if you don’t know one. #3 Find the home you want. #4 Make an strong offer with your best price, seller’s closing, a big fat deposit, and keep your conditions clean.
Want to know the homes I currently have listed? Check em out here!