We want to take a moment to share some of the frequently asked questions we have received from our clients recently. The housing market has shifted quite intensely over the last two years and that can seem daunting to many. However, if you remain informed and work with a team of professionals, no task is ever impossible!
1. As a homebuyer, what can I expect when there are many competing offers on a home?
- You can expect to pay over the asking price and you must be ready to jump right in with your best hand. In this market, we often don't get a second chance to "better" our offer, so it is important to go in with a strong one from the get-go. This is something our team is very experienced with.
- During a bidding war, the Listing brokerage must disclose the number of registered offers on the property, with some further details about whether the listing brokerage is representing any of them, or if any of the buyer's agents have reduced their commissions that the seller would pay. This information would be consistently communicated to you by your realtor.
- The seller can accept or reject your offer, make a counter-offer, or even give one or more buyers the opportunity to "improve" their offers before making a decision.
2. We are first-time buyers frustrated by the current real estate market. What advice or tips do you have for us?
- Work with an experienced realtor who has your best interest at heart and really knows how to work a sellers market. Ask lots of questions so you understand the ins-and-outs of purchasing a home and what is involved. It is less stressful when you fully understand the process.
- Manage your emotions. Losing out on a home (sometimes more than once) can definitely get you down. But it's important to stay focused and optimistic. Something will give, in time. We have never not been successful in finding our clients a place to live!
3. In this pandemic, how can I protect myself while viewing homes?
- Brokerages and sales people must follow all public health guidelines and safety protocols when showing a home. Many brokerages offer virtual showings to assist in limiting the number of people through and also to allow those who are weary, a safer way of viewing the property.
- As a seller, you can request a limit on the number of visitors at each showing. We also insist that no one who is displaying symptoms is allowed in the house. Leave all lights on and all doors ajar to limit touching. If you have the opportunity, move yourselves out for a week or two - stay with family or in a hotel.
- As the buyer, it is important to wear PPE when viewing homes. Try to limit touching things such as door handles and light switches. Sanitize your hands before and after. Review each listing thoroughly and take the virtual home tour to see if the home would be a good fit for you before going to see it.
If you have any other questions please let us know. We are available 24/7 so please don't hesitate to reach out for a chat!