A sellers market exists when there are more buyers than the number of homes for sale. Over the course of the last year, this area has been seeing numbers like never before. You may have heard it’s like the wild west and London’s Real Estate Market is the hottest it has ever been for home Sellers. It’s almost like the Spring Market started last spring and didn’t end. For all of those who are looking to buy a property this year – do not fret! We have some great tips for buying a home in a Sellers market. One might choose to be negative and feel defeated before they even begin their house hunting journey but we have recently helped many buyers successfully buy homes and guess what… many didn’t have to pay asking or over asking to secure a home.
- STAY IN CONSTANT CONTACT WITH YOUR REALTOR – have your Realtor set up an automatic search for you so that you get new properties, that meet your criteria, emailed to you on day of list. These properties can come to you as a link in your email instantly as they become active listings, at 12 noon or at 5pm daily. Having this advantage will allow you to get in early to view potential properties and have an early offer to the Sellers. Notify your Realtor as soon as you see a home that peaks your interest. Be ready to see the house on short notice. You may need to sneak out of work on a lunch break to view a property or change evening plans to make a showing work. If its a good home in a sought after area – it might go quick. A few months ago, a condo in the in London’s Northwest was listed at 9am, buyers and I viewed it on a lunch break and had an accepted offer by 5pm the same day! Mike and I work as a team for our buyers and make ourselves available for showings with little notice. We also are paperless and can write offers from anywhere. We have written offers on our ipads pros in a coffee shop, our car and even in the property we are viewing. Hiring the RIGHT Realtor(s) can give you a competitive advantage.
- GET PRE-QUALIFIED FOR A MORTGAGE – If your ducks are in a row you will have the option of including a very short term financing condition or not needing a financing condition at all. Offers without financing conditions are very attractive to Sellers.
- GET A PRE-OFFER INSPECTION – Yes, you might be out some money if your offer isn’t accepted but it may be worth the risk for you to complete your inspection prior to an offer. I have recently chatted with a home inspection here in London and he told me that he is doing a lot of home inspections for people who are going to be putting an offer in on a property so that they can “have their cake and eat it too”… have the peace of mind that the home is structurally sound – no surprises – and be able to have a stronger offer without it being conditional on a home inspection. Typically Sellers are happy to allow a pre-offer inspection as long as the buyers or sellers agent is present and that the individual inspecting the home is insured and qualified.
- KEEP IN MIND THAT THERE ARE NO PERFECT HOMES – In this market, prices are on the rise. Set priorities and determine what is most important on your wants and needs list.
- SOMETIMES THE RIGHT HOME IS MORE IMPORTANT THAN THE RIGHT PRICE – This is not a time to shop for a deal. If you find the “right” home – it might be worth being more competitive with your offer price to win the bidding war. With that being said, get advice from your Realtor on neighbourhood comparable sold properties and feel confident that your offer price is what you are willing to pay for the right home. Loosing the right home over a few hundred or even a few thousand dollars might leave you with major regrets.
- KEEP CONTINGENCIES TO A MINIMUM – If the Seller needs a 30 day close or if the listing states a closing of MARCH 17, 2017 and you can make it work – give the Sellers what they want as a way to make your offer more appealing. Your Realtor could inquire with the listing agent for their Sellers preferred closing date.
