A seller’s market occurs when there’s a limited supply of homes for sale, but also a huge demand from buyers which can’t easily be met.
This forces buyers to fight over a small pool of inventory. As a result, multiple offers are common which means homes often sell quickly and for well over the asking price.
If you’re a buyer who’s struggling to navigate this challenging market, here are a few ways to ease some of the frustrations you’re likely to encounter on your journey to finding the perfect home:
Seek Pre-Approval
Before you even start looking at homes, the first thing you’ll want to do is get pre-approved for a mortgage so you’ll know exactly how much you’re able to spend.
Be Flexible
You don’t want to make too many compromises when searching for a home but try to keep an open mind when it comes to “must-haves” vs. “nice-to-haves”.
Move Quickly
Many homes receive multiple offers so when you find the perfect home, it’s important to be prepared and act quickly before too many other buyers start to show interest.
Easygoing Terms
Do your best to match their preferred closing date and don’t ask for any items that are excluded such as the dining room chandelier or the fridge and stove.
Larger Deposit
Every little bit helps when you’re up against multiple offers so if possible, consider offering a larger deposit as it will help your offer stand out from the others.
Get Personal
Selling a home can be a very emotional experience so consider writing a heartfelt note to the seller expressing what you love about their home and how you and your family hope to give their old home a new home 🙂
Professional Help
Conditions can quickly change in a hot market so it’s important to be on top of the latest market trends. Real estate agents are extremely knowledgeable when it comes to navigating and negotiating turbulent market conditions.
Maneuvering the challenges of a seller’s market can be exhausting at times but if you’re prepared, it can also be a rewarding and fulfilling experience that will eventually land you the perfect home!
If you ever have any questions about the Kamloops real estate market, please don’t hesitate to get in touch.
