6 Things to be prepared for Multiple offers.

So in case you didn’t notice, the GTA housing market is hot. There is no
shortage of buyers for a very tight inventory. What does this mean for you?
As a buyer in this market… you have to be ready to go and ready to offer
as strong as possible. Here are 6 things you need to do when you’re working
as a buyer in multiple offers.

1. Make Time!

Both you and your Realtor need to be available. The market is not waiting
for you to have a Saturday afternoon to go see property. If you want to
offer on something, please ensure you’re first through the door.

2. Be a Bully…

Have you heard the term bully offer? If you’ve identified a property of
interest, submit a bully offer that is compelling and strong for the
sellers to say no to. Let’s face it, no sellers want to be showing their
home for a long period of time. If you can, make them “an offer they can’t
refuse”.

3. Understand Future Value.

You and your realtor should sit down and talk about future values. What is
the cost of not paying September’s value in May? What is the opportunity
cost of missing this property? Projections based on statistics and facts,
should be available from your Realtor.

4. Have your offer ready for competition…

Your offer needs to be ready for a fight. Come in swinging. This means have
your deposit cheque with the offer, and if possible, remove all conditions.
A firm offer with cheque in hand always beats a conditional offer or offer
with no cheque.

5. Hire someone who knows.

Don’t just go with the Realtor you know. Go with the Realtor who knows. You
could potentially lose a lot of money or your dream home. Please Choose
Wisely.

6. Don’t be a sucker.

Don’t overpay. Seems weird for this to be the last point on this list, but
the truth is you need to make an informed and smart decision. Don’t get
caught up in the emotion of it all. Evaluate facts and know what you’re
getting in to. This is a major purchase and you want to be in a good place
afterwards.

As always, we’re ready to meet for coffee or chat real estate any time. =)

RS>