In this post I will go over a few simple steps that will help you buy a property in a competitive sellers’ market.
A sellers’ market is when there are relatively more buyers than sellers. This creates low inventory and competition for available properties. This type of market is usually accompanied by rising prices.
Ottawa is currently experiencing one of the most competitive sellers’ markets in the city’s history.
Following these steps below will help you secure a home while avoiding most of the unnecessary headaches.
- Make sure you have your down payment and mortgage pre-approval ready to go before you start looking.
- This step can be completed in about one to two weeks.
- Use a trusted mortgage broker.
- A sellers’ market moves fast and you will not be able to successfully purchase an in-demand property unless you have your financing set-up before you start making offers.
- Take some time to look around and decide on what you really want in terms of your future home and future neighbourhood. Make sure your wish list aligns with your budget.
- Drive around or take a walk in some of the neighbourhoods you are thinking of purchasing in. This will give you a realistic idea if the area is a good fit for your lifestyle.
- You can do this while you are getting your financing in order.
- Start viewing homes with your real estate agent. This will give you a lot more clarity. Do not rush this step. Once you find a home that you love, put in your best offer. Chances are it will take 1-5 offers to successfully purchase a property. Do not get discouraged.
- Make sure to work with a knowledgeable real estate agent. List prices mean little in this market. Some properties are listed at or near their expected selling price while other properties are listed significantly below their expected selling price.
- You will need a real estate agent that understands comparables and one who is able to accurately price homes in a fast moving market.
By taking some time to prepare, you will be able to act faster and with more confidence than other buyers. This will allow you to successfully purchase an in-demand home in a competitive sellers’ market.
I am always happy and available to answer any real estate questions you may have. Please feel free to contact me at 613.263.7883 or email me at firstname.lastname@example.org.