You’re in Competition for your Dream Home

In a market where inventory is low, and it is shifting towards a seller’s market, buyers more often find themselves competing for the same property as someone else. This can be frustrating and stressful, and seriously upsetting if you think it’s your dream home! How do you prepare yourself for this situation?

Firstly, make sure your real estate agent has explained the current market dynamics to you in your initial buyer’s consultation. It’s important you find someone who will represent your best interests and will explain the buying process to you. Educate yourself and be prepared! Before running out and start looking at homes, ensure you have a pre-approval commitment from a lender and understand the costs associated with purchasing. There are costs beyond just your down-payment (i.e. insurance, moving costs, home inspection, and condominium document review, just to name a few!). Your agent should be explaining the market conditions relative to your purchase price range and community you want to live in. Also initially, it can be helpful to drive by some homes you are interested in to get a good idea what to expect. If it is truly a fast moving market where homes are selling immediately, you should expect to write an offer fairly quickly once you found the one you can see yourself living in. It’s a shame when buyers wait too long and are disappointed when the property sells before they got a chance to write their offer.

Read the full article “Oh No! You’re in Competition for your Dream Home” by Royal LePage Benchmark

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