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. When multiple offers are the "norm", do not expect to find a good deal. And don't get sucked into the "this is all I can afford so it will have to do" thinking; at the end of the day, you are investing in a home and not something easily disposable. Be sure you have found what you are looking for and be confident about the offer you make. Work with your realtor and trust him/her when making your offer.
The timing of your offer is everything. If you're working closely with your realtor, they'll be able to let you know right away when something that's right for you comes onto the market. Make an appointment to see it early, chat with the seller's realtor, think about it, all before making an offer.
Try to be flexible with your offer and anticipate the needs of the seller. Do they need more time? Do they want to move right away? These are things that the seller will be thinking about when making a decision on whose offer to accept. Sometimes it's not always about the highest bid. Be flexible.
Best wishes with getting into the market! We are always available for any questions that you have. If you're ready to buy or sell, don't hesitate to give us a call! (778) 869-8778 Brad or (604) 562-8887 Theo or email us.