01 Feb Buying in a Sellers Market
The signs were there. Fall 2013- I had been involved in 4 consecutive multiple offers, inventory was tight and spring was going to be worse. January 31 the reality sank in. It is going to be one of those spring markets where houses come on the market, we line up to show the house then get it line to present an offer. That’s of course the best case scenario. Sometimes you can’t even get in to see the house before an over list price unconditional offer is accepted.
So how do you prepare yourself to buy a home in this market? First of all, you must be 100% ready to buy! There is absolutely no point in lining up in the first few days to see a house if you cannot write a competitive offer. A competitive offer is NOT conditional on your house selling. If you need to sell your house in order to buy, you need to get in on the market and get it sold. Worried about being homeless? I’ve yet to have anyone live on my basement or camp in my field 😉
Ready to buy? Mortgage broker has given you the green light to go shopping? Then make sure ALL your documentation is with your mortgage broker- pay stubs, confirmation of where the down payment has come from, letters from employers, confirmation that loans have been paid off etc (This is where one of my mortgage brokers jumps in a offers a blog post!!). Many mortgages can be approved in 24-48 hours- it’s the conditions that usually involved your documentation that delay approval.
And if you don’t get the house you really wanted- there will be others. I have yet to have anyone say, “I wish our offer had been accepted that other house was so much better than the one we ended up buying”.
Wish me luck! This weekend I’m working with buyers in Okotoks and Calgary. Offers are being presented at 7pm Sunday. I’m prepared, are you?