Looking to buy a home in the current market? While Vancouver is currently in a seller's market, there are still ways to buy your dream home! In our newest vlog, we discuss our top tips on how to make this happen.
Don't Go House Shopping Until You're Prequalified
Don't start looking for homes until you've been prequalified for a mortgage. Call your banker or financial advisor, and find out what you'll be approved for.
Utilize a Local Real Estate Agent
Local real estate agents know the market best. A realtor who knows and sells properties on the local market will be able to help you determine the actual worth of houses you're interested in. Take them to viewings with you so you both have the best knowledge of the property possible.
Learn about the Local Real Estate Market
Learn about the local real estate market. This will help you recognize what homes are worth, and what to expect to pay in the areas you would like to live in.
Consider Booking a Pre-Home Inspection
Doing this can help you in making a good offer. Inspectors can help ensure you haven't missed anything and help you evaluate the price of a home on criteria you may not be thinking about (such as the plumbing or age of the roof).
An inspection will cost you about $500, which may be a loss if you don't win the bid. However, it's a much smaller amount than buying a home that may need unexpected, extensive repairs, and is well worth the peace of mind.
Find out the Seller's Terms and Conditions
Find out through your realtor what the seller's terms and conditions are for a sale of the property. What dates are they looking for? You may need to be flexible. The realtor should also be able to find out whether or not there are multiple bids on the property, and if there are, what your chances are.
How Do I get my real estate offer accepted?
With many offers on the same home frequently happening in Vancouver's seller's market, winning bids right now are often subject-free offers with bank draft deposits.
To play & win in the current market you need to be organized, you need to be aggressive, and you need to be able to offer the highest amount with the least number of conditions. Being able to offer a bank draft or cash deposit is also beneficial.
Any questions? Reach out to us at any time!
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