Standing Out In a Competitive Market!
May 10, 2023
Multiple offers are back on the rise!
It's important to know how to stand out in this market. We're going to cover tips and tricks that can help you out!
⬇️ WATCH THE VIDEO BELOW ⬇️
⬇️ TIPS FOR STANDING OUT IN A COMPETITIVE MARKET ⬇️
It's important to get a legitimate pre-approval to know your maximum offer amount.
DON'T DO ANYTHING HALFWAY, COMMIT TO THE PROCESS.
✅ Get a proper pre-approval for a competitive market
- Provide around 10 documents for a true pre-approval.
- Consider property taxes and strata fees to adjust maximum qualification.
- Be cautious of going over asking price and work with a trusted realtor.
✅ Boost your down payment to qualify for more options
- Consider using extra funds to increase your down payment
- Qualification ratios and lender options improve at 20% down
💡 Increase deposit to show seriousness of offer
- Deposit is due at time of making offer firm
- Average deposit in market is 5-10% of purchase price
- Larger deposit makes offer more appealing and may result in smaller purchase price
- Consider deposit financing options if cash is not readily available
✅ Flexibility with closing dates and financing timeline is crucial in real estate transactions
- First-time homebuyers have more flexibility with closing dates.
- Lenders typically require at least three weeks for completion due to human involvement in the process.
⛔️ Avoid subject to sale clause in competitive markets
- Buyers without subject to sale clause have an advantage
- Sellers should be aware of net sale proceeds and other costs
➡️ Due diligence is crucial before making an offer
- Home inspection and appraisal are important for financing
- Consider other inspections like well water or septic field testing
✍🏼 Writing a letter to the seller can be a successful tool in a competitive market
- Include personal details about yourself and your family to create an emotional connection with the seller
- A well-written letter can make you stand out and potentially win a bidding war
HOW TO REACH US! 📲
Call 604.398.5575 or Email us!
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