This post is presented by Samantha Bell of Let’s Talk Real Estate

Have you noticed more sold signs popping up around your neighbourhood? The market is definitely heating up and we are in what you would hear as a “Seller’s Market”.

What this means is that we have a very low inventory of houses available and an abundance of buyers looking to buy. This puts the seller in the driver’s seat. So I have put together some simple tips to help you navigate as a buyer in a Seller’s Market.

1. MONEY TALKS

It’s so important to start the conversation with a banker or a mortgage broker at the very beginning of your home search and in fact before you start looking at homes. There can be many documents that you need to collect for review by the lender and by having this conversation early it will give you time to gather them all. You can also have a stronger offer with a shorter financing condition date and a pre-approval letter. Also knowing your buying power early will ensure you are looking at the right properties and not wasting your time on houses you may not be able to afford, mortgage rules are getting tighter by the minute so be sure to talk to a professional early!

2. WORK WITH A REALTOR®

Having someone in your corner is key, they are able to have their finger on the pulse, knowing what listings are coming up before they even hit the market. Be sure to ask your chosen salesperson how they handle multiple offer situations and what their success rate has been.

3. NO TIME TO SLEEP ON IT

You’ve got to be nimble as a buyer in this market, and be willing to make quick decisions. It can be helpful to prepare a list of questions up front to have answered even before you view the house, this gives you some information to base a quick decision on. Common questions we are asked include; heating/power costs, water & sewer expenses, age of roof/windows/heating systems, details on recent renovations, cost of annual property taxes). Don’t wait until someone else is interested, make an offer as soon as you can if you know it’s the one, multiple offers can end up in higher offers and less conditions that the seller is responsible for.

4. CLEAN UP YOUR OFFER

Remember when I mentioned earlier that the seller was in the driver’s seat? It’s important to think about how they will receive the offer, especially if you end up in a multiple offer situation. I’m not saying you shouldn’t protect yourself and certainly every situation is different so you must lean on the expertise of your Real Estate Salesperson. But try to keep your offer as clean as YOU comfortably can and ask yourself if you’re willing to lose the house, if not go in as strong as you can with the offer amount, this often is the deciding factor for a seller in a multiple offer situation.

5. WRITE YOUR STORY

Sometimes money doesn’t motivate sellers and another interesting idea I have experienced was the buyer writing a letter to the seller to give them an edge in a competitive situation. It was a unique property with a beautiful horse barn and the buyers actually owned horses of their own. The letter allowed them to share pictures of their animals and how they would be using the property with the seller…..and it worked! Those buyers are now enjoying the property as they had dreamed.

Don’t get discouraged – Finally, just remember that everything happens for a reason and although you may miss out on a house in this competitive market, the right one could be waiting around the corner.

Happy House Shopping!

Samantha is an award-winning salesperson with Exit Realty and has been a dedicated REALTOR® in the Fredericton and surrounding area since 2010.

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