Multiple offers! Great for sellers, however, it can be stressful and challenging for buyers. Here are 5 steps to help prepare yourself for this competitive market:
- Make sure you have a good mortgage adviser and meet with them prior to looking for houses to get pre-approved. Ask all questions, do not be shy or embarrassed. This is a major purchase! Be prepared! Avoid the disappointment of having your heart set on a home that you may not be able to afford. Know your budget before you start looking!
- For your realtors we hope you choose Kimberly Miller and Alan Saad of Manor Realty. 😉 However, we understand that you may already have an agent or a family friend or relative that is a realtor. In any event, a good agent is so important as superior knowledge and advice along with quick action is essential to increase your chances for a positive outcome especially when facing the possibility of competing in a multiple offer situation. Research your agent, view their website and read their reviews. Ask family and friends if they have heard of them or know anyone who has dealt with them. There are many good agents!
- Listen to your agent(s). They will advise you what to offer based on comparables and how many competing offers there are. Your agent(s) will have access to information such as recent sales of comparable homes in the area that you otherwise would not have. They will advise you of what price to go in, what to ask for and what not to ask for in the offer as well as different options pertaining to conditions that will be presented in your offer. Multiple offers can be very competitive. Your agent(s) will encourage you to put your best offer forward as there is no opportunity to negotiate. The best offer will get the house. In many instances it is the highest cash offer. For those who are wondering, a cash offer does not literally mean the seller is paying cash. It means that they do not have any conditions in their offer such as financing or home inspection. Your agent will guide you through the process to help you come up with the best offer that you are most comfortable with. There are many variables. Trust your agent(s) advice!
- Do not be discouraged if you are not successful the first time. Sometimes people are unsuccessful in a multiple offer situation and feel discouraged. It is understandable but just know that many people go through the ups and downs of an active market. Most people end up being successful and end up buying a home. Hang in there, it will all work out if you have a good agent that you trust.
- Above all, enjoy house hunting. It can be really fun if you have a positive attitude. Look at is an opportunity to get ideas for your own home in terms of decor and layout. You will not know what you truly like until you have been in at least a few different homes. Our favourite part of our job is viewing many different homes and occasionally getting new ideas for ours. You will not buy many homes in your lifetime but will create many memories in each one. Embrace the process, trust the professionals and enjoy the ride! Best of luck! If you do not already have an agent, this Husband and Wife Team would love to hear from you! Call Kimberly and Alan at 519-560-1546!