Hop to it! How to Be a Savvy Buyer in our Spring Market:
by Dave Koszegi
on Friday, April 14th, 2017 at 11:51am.
Buying a home is one of the most rewarding experiences many will experience in our lives- but it also comes with its challenges. In Port Alberni, and on the island in general, we have lots of qualified buyers looking to purchase homes, but we’re stretched for inventory. Last month, the Vancouver Island Real Estate Board (VIREB) reported that inventory of single-family homes on Vancouver Island has declined 36 per cent from March 2016. (Read all of the VIREB March statistics here). In Port Alberni, the price of a benchmark home is $217,800, an increase of 12 per cent from one year ago. In today’s market, you can expect that a well priced home in good condition will have multiple offers and move quickly.
There is no doubt these circumstances can be frustrating and even intimidating for buyers. At the Dave Team, we’ve been working very hard to find our buyers great homes – because it’s a great time to get in to the market! To help buyers continue to be successful, we’ve outlined our helpful hints to be a savvy buyer:
In this market, you can’t sit around and wait to view a home. Your experienced real estate team will set you up with alerts when houses in your area for your desired price range and specifications come up. If your team is really on the pulse, they’ll know about homes that come on the market even before they hit the MLS – giving you the ultimate advantage. You want to try to be the first in the door for a showing! A great team will be on the ball and will oftentimes have your showing booked before you had time to check your email!
When it comes time to put an offer in you want to be prepared. Make sure you and your agent are on the same page when it comes to backup offers and your terms and conditions. When a deal is on the table in this market, it moves fast, and sellers are eager for a quick response.
Coming out on top when there are multiple offers
We’ve seen it before, and we will see it again…multiple offers on the same property is more common now with low inventory. If you find yourself in this situation, the best you can do is be prepared and stay calm.
Do your homework – Sellers want to know the sale will be smooth, so do all the legwork before your put in an offer. Know your budget, get preapproved and have your preapproval letters ready.
Stack your team – In this market, a professional real estate agent is key to success. They come with the market experience and negotiating power. Your real estate agent should be respectful your budget and be able to guide you when it is time to counter offer or walk away. If you are ever feeling pressured to making an offer you are not comfortable with, consider working with a different agent who understands your goals.
Show your serious side– When you and your real estate agent are drawing up your offer, consider flexibility with certain terms and conditions, as a quick closing for example. In this market most deals will end up as multiple offer situations, so to stand out you want to make your offer as appealing as possible.
Get the brownie points– Add a personal touch by writing the seller a letter about why you want to purchase their home and include a picture of your family. These personal aspects could hit home with the seller and move your offer to the top of the pile!
We are here to help make your home buying dreams come true. If you’re looking to buy in the Port Alberni area this spring, please get in touch with us at 250-723-7653.