Buying a Home | June 2016 |  Author: Brett Puckrin

Tired of Losing in Multiple Offers? Here’s How to Win in this crazy real estate market.

 

The 2016 Durham Region real estate spring market will go down in history as a crazy hot market. If you’re staying current with the news or you’re a current buyer, you have certainly noticed properties are selling within a matter of days of going on the market and the competition is fierce.

We are currently experiencing a Sellers Market – so this means buyers are competing for properties. If you want to win in a multiple offer situation, this post is for you.

Tired of Losing in Multiple Offers- Here’s How to Win!

This market is so hot, that just last week, The Puckrin and Latreille Group sold several properties! One of our listings went on the market Thursday, got 80 showings (Yes, 80) over the weekend and had sixteen registered offers on the following Monday ( selling for over the list price). As always, buyers are looking for properties offering excellent value — homes that are turn-key ready and offered at a fair price. Listings in popular sought after neighbourhoods and desirable locations, especially in Durham Region, North Durham and Kawartha Lakes areas are selling quickly [ like hot cakes].

With this being said, if you’re thinking of selling your home in the coming months, consider moving up your timeframe rather than waiting. Inventory is quite low in the Durham Region Real Estate market area. This is due to the LOW Mortgage rate, which increases supply & demand and the end result – HIGHER prices.

As a result, potential buyers are jumping on new listings (like it was a Sale on Black Friday) and we are seeing multiple offer situations.

If you are trying to buy in this market, here are some helpful tips my team and I suggests may help guide you to ensure your offer is the winning bid:

Make sure your finances are in order. Be pre-approved for a Mortgage and have all other required financial documentation in place. That also includes don’t make any big purchases ( like buying a new vehicle)

Do not make your offer contingent on the sale of your current home (assuming you can potentially cover two mortgage payments for the short term). If you do need to sell before buying, contact us to discuss options.

Be flexible on your closing date; make it convenient for the sellers.

Increase your deposit down– it shows favourably to the Seller of your interest.

Consider an “information only” home inspection, meaning you can have the inspector do a walk-through – this is called a pre-inspection prior to the buyer offer. Or even not making your offer contingent on the outcome of the home inspection. This is an area where you will need to be especially careful and discuss all options in detail with your Realtor before doing so. Similarly, consider higher down payment options or minimizing/eliminating financial contingencies if you are lucky enough to be in a position to do so. Again, contact us for creative ways to minimize contingencies while making sure you are absolutely protected in the contract. There are some tricks of the trade!

Of course, each property and negotiation is different, so we create customized plans for each of our clients to make sure they are comfortable, informed, and in the best position for winning multiple offers with the necessary protections. As always, The Puckrin and Latreille Group is ready to help you with all of your real estate needs.

Contact us today: at 905-985-7300 or email: Hello@PuckrinLatreille.com today if we can help guide you through the process whenever you are ready to buy or sell.

Brett Puckrin, AACI, P.APP
Sales Representative

Presented by Puckrin and Latreille Real Estate Group
www.puckrinlatreille.com
905-985-7300
RE/Max All-Stars Realty, Inc Brokerage – Port Perry