It is no secret that we are dealing with a hot seller’s market in 2021. Especially here in Whistler!
Here are some tips and advice to head to when trying to buy during this kind of real estate trend.
Don’t Be Shocked to Pay More Than the Asking Price
Most likely, you will need to make the best offer to your ability if you are serious about a specific property, and that may be over the listed asking price.
Geography Affecting Pricing May Be Less of a Factor
Typically the location of your home to your workplace and workplace epicentres like city centres, had a large impact on the property value. As there has been a large shift in working from home in industries where location of the work being done isn’t as important, you may see communities that were once lower valued based on geographical location, will raise in value as buyers geographical requirements change as well.
Here are some additional strategies for buying in a hot market
- Get mortgage preapproval- This is important in any buying market, but especially important in a hot market.
- Look for homes under your budget so you have room to bid up. Wiggle room is key in these negotiations.
- If you are borrowing money for any part of the buying process, have it secured and in your possession before you’re ready to present an offer.
- Get the best real estate agent possible. An excellent real estate agent is every buyer’s secret weapon. They’re not only great negotiators and have a solid understanding of the neighborhood you’re interested in, but they also have terrific connections, which will benefit you.
- Don’t fall in love with just one house, or at least try not to! In a hot market there may be many offers presented and not accepted. Keep your options open that if the one you’re hoping for doesn’t work out, there is another one out there that is meant for you!
- Expand your search. You may have your heart set on a specific area or location, however there may be the perfect property for you located just out of that area. Have an open mind and a wide search location.
Ok, that’s all I have for today, stay tuned for more tips on hot seller’s markets coming soon!