Buying in a Seller's Market

The current outlook for 2021 is that Greater Vancouver will continue in a seller’s market. Although this can sometimes be worrisome for buyers, there are steps you can take to be successful and find a home you love, at a price within your budget. If you are well prepared, and work with a knowledgeable Realtor, you will avoid pitfalls, and get the home you want.

Below are some key points to consider to be confident, successful and make the process as worry-free as possible:

  • Don’t wait to make an offer. With more buyers than homes available, you need to be prepared to decide and act quickly. Make a checklist of the top criteria for your perfect home (location, layout, yard size, etc) so you’ll know when you see it, and you’ll be ready to move forward.
  • Get pre-approved. If there are competing offers, you will be better prepared to make an offer quickly, if you are already pre-approved. This will send a strong message to the seller that you’re a serious buyer.
  • Fewer subjects will put you in a stronger position. If you write in numerous subjects, the seller will view your offer as less appealing than one of similar value with minimal subjects.
  • Make a strong opening offer. We all want to buy for as little as possible but coming in below asking price in a competitive market may not be the best strategy. A knowledgeable Realtor will know if the home is accurately priced compared to similar homes in the area, and they will advise you accordingly. If you really want the property, come in with a strong first offer.
  • Submit deposit with offer. Submitting a deposit with your offer may look attractive to a seller weighing multiple offers. Consulting with a knowledgeable Realtor will help determine if this is a good strategy for your situation.
  • Leave closing dates open. Allowing the seller to select their preferred closing dates could put you a step ahead of other offers.
  • Be prepared for a bidding war. Don’t fear a bidding war, just be prepared. Set your search below your max budget to leave room for an over-asking bidding war. This will allow you to stay within budget and get that home you really want.

To ensure you don’t miss out on that special home you’ve fallen in love with, call or message me (604.365.2552) and let’s have a conversation. I’m here to help.

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