Based on my observation since mid-April, the market is becoming increasingly competitive with regards to townhouses and detached houses. I have noticed a consistent rise in the number of offers for similar types of houses each week. This has caused anxiety among buyers who fear being priced out, especially considering the limited inventories.
To increase your chances of having your offer accepted in this competitive market, there are several tactics to consider:
- Minimize the number of subjects in your offer: It is advisable to review the title search and Property Disclosure Statement (PDS) ahead of time, reducing the number of conditions.
- Accommodate the seller’s preferred dates: While every seller wants the highest possible price, some prioritize specific completion or possession dates. Surprisingly, some sellers may accept a lower-priced offer if it aligns with their preferred dates.
- Consider a pre-inspection: In a seller’s market, listing agents often set a date to review all offers and favour those with the fewest conditions (e.g., financing, inspection, reviewing strata documents for a strata complex). Conducting a pre-inspection before the offer review date allows you to assess the property’s condition, potential repairs, and associated costs. If any major issues are discovered, you can choose not to proceed with an offer. On the other hand, it enables you to make a subject-free offer when the time comes. Note that not all realtors recommend this approach, as buyers might incur inspection costs without their offer being accepted.
Purchasing a house is an expedition that can induce stress at times. Other than offering professional opinions, our role is to accompany you throughout the entire process, alleviating stress and assisting you in making well-informed choices.
Keep Calm and Carry On!