We’ve written before about how hot the Niagara real estate market is. Between money pouring into the GTA, low mortgage rates and the increasing appeal of life in Niagara, we are certainly in a seller’s market. This can be daunting for buyers, who may think they have no chance of securing the right house for them, or won’t have the budget to make a competitive offer.
While market conditions currently favour sellers, that does not mean those looking at homes for sale in Niagara cannot find the right one for them. Here are some tips to keep in mind.
Be Prepared To Make An Offer
One major difference in a seller’s market is that those listing their home for sale have the luxury of being picky about details. For example, offers that do not have many conditions attached or that offer to close on the date of the seller’s choosing.
The best thing a buyer can do BEFORE making an offer is to be prepared. Budget is the most important detail to determine before making an offer. Are you pre-approved for a mortgage? Are you able to purchase a house without the condition of selling your current home, or is that a necessity? If competing offers are made, what is your absolutely maximum budget? How much money do you need for additional work or closing costs?
Other things to consider to be best prepared are conditions that are typically recommended for offers that you may want to forego to be more attractive. For example, can you be comfortable buying a home without a home inspection? Your Niagara realtor will be able to provide you with advice on how to get into position to be able to put together attractive offers quickly so that you do not miss out on your ideal home.
Target Major Details
With the plethora of information, and listings, available on the internet, it is easy to become fixated on finding the perfect home. The problem of waiting for the perfect listing to come along is that it rarely does. We’ve helped buyers purchase homes in every part of Niagara for a wide range of values, but we’ve never had anyone move in and not want or need to change something about the home.
With the right specialists recommended by your realtor, any detail in a house can change. It is important to not get caught up in things like colours, appliances or how the house is being currently used. One man’s office is another man’s master suite.
Make a list of your wants and needs with your realtor and target homes that match the major details. Neighbourhood, square footage and lot size are impossible, difficult or expensive to change. For other aspects of the home that don’t match your wish list, consider whether it would be within your budget to make the necessary changes to the home.
In a seller’s market, buyers can still find value and their dream home. All buyers need to do is be prepared, be precise about their wants and needs and, finally, be ready to modify an existing home.
And, as always, we are here to help! Contact us today to learn more about finding your Niagara home.