The current housing market in the Durham Region is rather competitive right now as inventory levels are still quite low, therefore many sellers are choosing to hold offers on their properties in an attempt to create bidding wars and bring in multiples.
Here are some tips that could help you be prepared as a home buyer in a competitive market:
Get pre-approved for a mortgage: In a hot real estate market, pre-approval can give you an edge over other buyers. It shows the seller that you are a serious contender and that you have the financial means to make a purchase.
Be flexible with your search criteria: Consider different neighborhoods, home types, and features that you would be willing to compromise on if necessary. This can help you find more options in a competitive market.
Work with an experienced real estate agent: A knowledgeable real estate agent can help you navigate the competitive market and provide you with insight about neighborhoods and properties that aren’t publicly listed yet.
Be prepared to act quickly: Be ready to make an offer as soon as you find a home that meets your needs. In a hot market, desirable homes may only be on the market for a few days or even hours before receiving multiple offers.
Be willing to make a strong offer: If you are certain that a particular home is perfect for you, consider making a strong offer. This could help you stand out from other buyers and increase your chances of being chosen by the seller.
By following these tips, you can be better prepared to navigate the challenges of a competitive real estate market and find the home of your dreams. If you would like to discuss in more detail feel free to reach out and I would love to chat with you!
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