Do's and Don'ts for buyers in a busy spring market
The spring market is in full swing here in the lower mainland, and what your view is of our frenetically busy market, depends on which side of the fence you sit on!
First off, let's state the obvious... if you are a homeowner and you are thinking about selling - this is practically, "Klondike Gold Rush" time right now. Sellers who have been in their homes, particularly detached homes in Vancouver and the immediate suburbs - can potentially become instant millionaires, and as real estate investors and owners - it's hard to imagine a better scenario or investment than this.
For buyers however, the reverse is happening - it can feel like a kid stuck outside of the sweet shop, face pressed up against the glass & straining to catch a glimpse of that prize-winning cake. Demand for land in the lower mainland is unwavering, and supply is thin and rare, which makes for a very competitive & challenging market out there for buyers. On the most desirable properties, multiple offers are fairly common, and homes often go for above the asking price.
There is good news for buyers though - there are strategies which you can successfully employ to help you get what you want!
The following tips will help you have a good purchase experience:
1) Have a Realtor represent you! Buying a home is the most significant & important financial decision for most folks - how often do you spend hundreds of thousands of dollars! So why not have a professional whom you like and trust to help you navigate the process and help you get the best results!
2) Don't get caught up in a buying frenzy. Real Estate is an emotional decision as well as a financial one, and it's easy to get swept away with the current market's fast-moving pace. Do get an inspection, and don't do a subject-free offer (unless you have good professional advise) - the consequences of subject-free offers can be extremely serious!
3) Be clear about what you want & need, be patient and don't jump at the first thing that looks great, a better option is often right around the corner, sometimes literally!
4) Get your financing pre-approved. Unless you plan on purchasing a property and paying for it in full, you will likely need a mortgage. Knowing how much you can afford to spend, before you go shopping.... is the best use of your time and energy, and ensures that when you find the home you love, you can secure it with confidence.
There are many additional sub-strategies that professional Realtors such as myself employ to ensure client success for both buyers and sellers, and I would love to put my expertise to work for you! Drop me a line and let me know how I can help...... and good luck out there!
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