March 12, 2022 • Buying
Buying in a Seller’s Market
By Kate Barker
It’s a seller’s market, which means there are more people looking to buy than there are homes for sale. If you’re looking to sell your home, this is the time! But what if you’re looking to buy? Here are some ways to navigate buying a home in this seller’s market.
Know Before You Go
Make sure you have all your ducks in a row. Get your mortgage pre-approval ready, take a good, hard look at your spending, make note of where you can make sacrifices, and be honest about what you can’t live without. You may have to make some concessions in what your ideal home looks like, or you may want to consider different neighbourhoods or a smaller home. Sorting out these details ahead of time will ensure you’re looking in the right place at the right time.
Get Ready to Act
In a seller’s market, everything happens quickly. This is why it helps to know before you go. If you have everything lined up, you’re looking in the right place with the right budget, and you’re prepared to make a move, you can place that offer on the table that’ll wow the seller into taking the deal. Timing is everything, so make sure you’re ready to put down that offer as soon as possible.
Have a Plan B
You may get beat out by a better offer on the house of your dreams, or you may have to place an offer yesterday to make a seller’s tight timeline. It’s best to have a backup plan, or several, in case things don’t go your way. Don’t take it personally if your offer gets rejected, just move on with your Plan B and try again. Even in these market conditions, you can find the home of your dreams and successfully purchase it. It takes time, patience, and a great game plan.
Work with the Pros
You really need to have the right professionals on your side when buying a home, and even more so during a seller’s market. Having a pre-approval from a mortgage broker means you won’t run into any surprises when it comes time to make an offer. The right real estate agent will get you the inside track on the up-and-coming homes in this market. Do your homework and discover who’s best for you. With the support of the right team, you’re better positioned to buy your next home.