How should I prepare to buy in a competitive market?
A competitive market, or hot market, is usually defined as one where there is a relative shortage of marketable properties coupled with an increase in demand for those properties. There are three things you need to do in order to buy successfully in such a market. First, you need to make sure you are up to speed with what your buying dollar will purchase. In other words, you need to be familiar with the Fair Market value for the type of property you want in the area that you are looking in, so you know a good buy when you see it. Secondly, you need to have all the financing preapprovals in place. Thirdly, you need to have a quality, experienced Realtor on your team to help educate you to the market, find the right property and position your offer to purchase for success. In this type of market it is not unusual to have multiple offers on the same property brought in at the same time.
A competitive market, or hot market, is usually defined as one where there is a relative shortage of marketable properties coupled with an increase in demand for those properties. This would describe the Grande Prairie market at this time. There are three things you need to do in order to buy successfully in such a market. First, you need to make sure you are up to speed with what your buying dollar will purchase. In other words, you need to be familiar with the Fair Market value for the type of property you want in the area that you are looking in, so you know a good buy when you see it. Secondly, you need to have all the financing pre approvals in place. Thirdly, you need to have a qualified, experienced Realtor on your team to find the right property and to position your offer to purchase for success. In this type of market it is not unusual to have multiple offers on the same property brought in at the same time. What’s a pre-approved mortgage? Is it better to look at financing bef
Buying a home, particularly a first home, can be stressful. It can be downright discouraging when prices are rising, buyers far outnumber sellers and listings are selling quickly, often with offers from several buyers. Some buyers shy away from making offers when more than one will be coming in. But remember, it’s usually the best houses that attract multiple offers. To avoid competition, you can put an offer in on a home that no one else wants, but this may not be your best investment. If you’re attempting to buy in a competitive market, you need to resign yourself to the fact that you may have to make several offers before you’re successful. Your quest will be easier if you work with a real estate agent who has been successfully representing buyers and sellers in the area where you want to buy. Such an agent will be able to educate you about the local market conditions so that you’ll know what to expect. Understand the risks of buying into a competitive market. One risk is that you m
Some buyers shy away from making offers when more than one will be coming in. But remember, it’s usually the best houses that attract multiple offers. To avoid competition, you can put an offer in on a home that no one else wants, but this may not be your best investment. If you’re attempting to buy in a competitive market, you need to resign yourself to the fact that you may have to make several offers before you’re successful. Your quest will be easier if you work with a real estate agent who has been successfully representing buyers and sellers in the area where you want to buy. Such an agent will be able to educate you about the local market conditions so that you’ll know what to expect. Understand the risks of buying into a competitive market. One risk is that you may pay a precedent-setting price. If so, you may have to own the property for years before you can sell it and break even. The reward, of course, is that you own the house and not someone else. But, if you’re not sure y
By: Dian Hymer Buying a home, particularly a first home, can be stressful. It can be downright discouraging when prices are rising, buyers far outnumber sellers and listings are selling quickly, often with offers from several buyers. Some buyers shy away from making offers when more than one will be coming in. But remember, it’s usually the best houses that attract multiple offers. To avoid competition, you can put an offer in on a home that no one else wants, but this may not be your best investment. If you’re attempting to buy in a competitive market, you need to resign yourself to the fact that you may have to make several offers before you’re successful. Your quest will be easier if you work with a real estate agent who has been successfully representing buyers and sellers in the area where you want to buy. Such an agent will be able to educate you about the local market conditions so that you’ll know what to expect. Understand the risks of buying into a competitive market. One ris
