Kitchener Homes for sale -Advice for Home Buyers
If you are out looking for a new home this year and have experienced the pre-spring market, you will undoubtedly understand my views on what is happening out there.
We are definitely in a seller’s market once again. Everyday there seems to be buyers competing for lower than usual real estate inventory levels. With buyers flocking to new listings the same day they hit the market, the sellers out there seem to be enjoying the fact that there are too few of them to choose from.
I showed a home yesterday that came on the market the day before. By the time we managed to get through it and on the next one, I received a phone call from the listing agent letting me know that there were currently 2 offers being presented on the property in 3 hours. The buyer seemed a little shaken by this news and being a first time buyer just wasn’t ready to compete for the house.
My advice I would give to anyone that is in the process of looking for their next home would be as follows:
- When you find a house that fits the needs and wants of your family… BUY IT! Don’t wait … talk to your realtor, come up with a fair market value and do the offer. If you wait too long you will be disappointed
- Don’t be afraid of the list price when it comes to multiple offers. When there is more than one offer on the home at the same time, buyers end up competing for the house. The list price no longer becomes a factor and now you are competing with the other buyer and not the seller. If the other buyer(s) really want the home they could easily go over list price by as much as they deem fit. I have seen lately as much as $5,000 over the list price. So talk to your realtor, come up with fair market value and offer accordingly.
Time will tell how long this seller’s market will last, but while it is here, buyers need to understand the steps necessary to beat out their competition. Best of luck out there and happy hunting!
This entry was posted on March 7, 2010 by kevinbakerrealestate. It was filed under Local Kitchener Waterloo, Random thoughts, Video Blogs and was tagged with home buying, inventory levels, Kitchener waterloo, real estate, real estate investing, Remax.
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