Tips for Buying in a Hot Market

Squamish has been a seller’s market for a long time. The demand for homes in the area seems inexhaustible. In most cases, there simply are not enough available properties to meet the demand of the buyers. Home buyers in the region often become frustrated as houses, condos, and townhomes go pending within 24 hours of hitting the market.

However, with a few tips and a lot of patience, a buyer can score their dream property in the area. Here are a few pointers on buying real estate in a hot market like Squamish.

Price

Everyone wants to score a prime piece of real estate for a steal, but the reality is that in a seller’s market the homes are generally going to go for what they are worth or slightly more. In a hot market, a buyer cannot waste valuable time haggling over price. If you make an offer below list price the seller generally has a few days to consider accepting or declining the offer. In that time frame, another buyer is sure to swoop in and snag the property for the asking price or make an even higher offer.

Earnest Money

Beef up the earnest money. If a seller sees that you are willing to put a large amount of earnest money down on the home then the seller will know you are a serious buyer.

Don’t Nitpick

It’s easy to walk into a home for sale and start picking it apart. When you make the offer you might find yourself wanting nitpick over if the stove or dishwasher remain but in a seller’s market such a practice just might cost you the deal.

Have Proof of Funds or Pre-Approval Ready

When you submit an offer for the home, make sure your real estate agent attaches the letter of pre-approval or the proof of funds to the offer. A seller will be far more likely to accept your offer first if a comparable offer comes in but does not have such documentation. You want the seller to know that you are serious from the gate and that you have what it takes to get the property to close with little or no hassles.

Make an Aggressive Offer

If you know beyond a shadow of a doubt that you want the property then be prepared to make an aggressive offer. Make an offer above the listing price. This is not an uncommon practice in a hot real estate market like Squamish. An aggressive, high offer may land you the deal and quickly remove all other offers from the table. The more you offer, the more likely the seller will accept your offer above lesser offers.

Speed is the name of the game when buying a home in a hot market. You want to make your decision, swoop in, and snag the property. Any delays will cost you the property.