Multiple Offers on Condominiums and Townhouses the "New Norm"
Many condos jumped 25% or more year-over-year in 2017 and that strength is continuing in early 2018. “Demand has been increasing for months and supply is not keeping pace. This dynamic is causing prices to increase and making multiple offer scenarios the norm," says Jill Oudil, Real Estate Board of Great Vancouver (REBGV) president. What does this mean for first-time home buyers or those who are trying to get into the market?
Know exactly how much you can afford or how high you can go; this includes being pre-approved for a mortgage so it shows the seller you are serious about the offer you are making. Research the market and know exactly what is within your budget.…