OTTAWA MARKET ON FIRE AGAIN!
So far this has been an incredible year and the market in the Ottawa area just keeps on going. Even as the weather cools the real estate market continues to be hot, hot, hot!
Condos have been on fire for months now and buyers have got to move fast! For sale one day and sold within days. Town homes are another hot item. We don’t see too many good townhomes on the market for more than a few days before they are scooped up and are also selling considerably above asking price. Five, six, seven or more offers on a home is not unusually theses day.
Buyers are to say the least getting a bit frustrated with the process. Putting in offer after offer and not getting the home you want can really get under the skin of a buyer causing them to loose hope and sometimes their temper.
If you’re a buyer out their in this situation try to push through these disappointments. Many have just given up but if you need or want a home you have to be in the market to get a chance.
So, what do you do to give yourself the best chance? Here are some tips.
- GET PRE APPROVED FOR A MORTGAGE THROUGH A MORTGAGE BROKER OR BANK. Why am I shouting this? Because in a competitive market like it is now, you may loose to other offers that do not have a financing condition. So if you’ve done you homework and are pre approved you can try to offer on a home without a financing condition.
- Make sure you have your pre approval in writing. Savvy listing agents and their sellers will want to see proof that you can afford the home without having to put a financing condition in the offer. They will not just “take your word for it.” Look, they don’t know you. The seller has no idea if your honest or financially capable. Its not personal but when they have 4,5, 6 or more offers sitting in front of them, they want to make the right decision and if you can prove that you have your financing ready to go, that’s a big benefit to you.
- Consider a pre offer building inspection. Many sellers are not accepting offers for a few days after their home goes on the market. This has some benefit for you. It gives you a chance to arrange a building inspection before offering. This way you’ll know if there are any serious or just cosmetic issues with the home and judge if you; A) even want the home or B) can adjust your offer based on the work needed.
- Most importantly you need information. Only a real estate agent who has their finger on the pulse of the market can help you though this tricky market. So get yourself a seasoned professional. Ask friends, neighbours and relatives if they have used a real estate agent and whether or not they were happy with what that agent did.
Now you’re ready! You’re pre qualified, you are ready for a pre offer inspection. You can potentially make an offer without those two very important conditions and you have an agent helping you through the twists, turns, timing and pitfalls of a hot real estate market.
If you are interested in talking to us, please don’t hesitate to write, text or call. We have over 30 years each in the real estate industry and have seen hot markets, cold markets and level markets. We have our fingers on the pulse of Ottawa.
email@example.com. Call or text to 613-795-7982.
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