How to Survive a Bidding War
Imagine walking through the front door of a home, and with each room you pass, you check off more and more boxes on your wish list until you realize this home has everything you have dreamed about and more. You can easily picture yourself getting the keys, and unlocking the door for the first time and immediately feeling at home in this space. The problem is that depending on the location of the home, it may not be as easy as putting in an offer and signing on the dotted line.
As we shared in our recently released 2016 Spring Market Trends Report, the competition in areas like Vancouver and Toronto has discouraged sellers from listing their properties, which has further reduced the inventory. Although sellers know that their home would sell quickly, it is entering the competitive market that has them holding back. Fortunately, we have the tips you need to survive a bidding war in a competitive market.
Listen to Your RE/MAX Agent
Your agent knows this market, and chances are they have helped other clients through a bidding war and know a few survival tips! Before placing your offer, make sure you have a conversation with your agent and determine a strategy that you all agree on before entering the potentially stressful bidding war. This way you will all stay level headed and avoid making any rash decisions you aren’t fully comfortable making.
Get Pre-Approved
When you begin your journey to home ownership, we can’t stress enough the importance of doing your homework, especially financially. Getting pre-approved will not only help you understand how much you’re able to borrow, it will provide boundaries and show you mean business. This way you can also have your deposit funds ready when you make the offer, which will show you’re serious about the offer and have fulfilled the requirements in advance.
Add a Personal Touch
Selling a home is difficult. On top of having strangers walk through your home, sellers have to come to terms with no longer living in the place they have called home. Sometimes it’s nice for them to know a little more about the new owners, which is why you could win them over with a personal touch in your offer. Write a letter or have your agent share what you love about the property, unique features you would like to keep, and what your family is looking forward to enjoying.
If you would like to learn more tips and information about successfully surviving a bidding war, make sure you reach out to your RE/MAX agent or a local RE/MAX office who will be able to answer all of your questions.
BLOG CREDIT: http://blog.remax.ca/survive-bidding-war/
