We are still in a Sellers Market....

In the past month I have met with multiple families, as well as heard from many buyers on our listings, that they “just don’t want to get into a competing offer situation” when buying a home.  These buyers have been scared off the process by nasty words like ‘Bidding Wars’ and ‘Multiple Offers’.  These can be very scary times for buyers, but with the right preparation they don’t have to be.  

There are 4 things you as a buyer (with the help of your agent) need to do to be ready for a Bidding War to ensure you have the best chance of success in securing your next home. 

1. Be pre-approved for a mortgage.
   • In today’s market, the number of offers received gives the seller more leverage. This has led to many sellers requiring a pre-approval letter before the seller will even look at the offer.  You don’t want to miss out on the perfect home because the seller didn’t even see your offer. 
2. Present your best offer.
   • Many buyers will “play the game” expecting a few negotiations back and forth in an offer. However, when the seller is reviewing the offers presented, they will often ignore the lower offers on the table (as they can only negotiate with one offer at a time).  Starting with your best offer will show the seller that they can also save time and effort in the sales process and ensure your offer stands out. 
3. Get ready to work quickly.
   • Long gone are the days that you could go back for multiple showings and go back and forth between two homes. A lot of homes in Calgary this year have received multiple offers withing the first 18-24 hours on the market.  
4. Partner with a trusted Real Estate Professional.
   • Your Real Estate Professional should be able to talk to your lender about a full approval to ensure you can skip the financing clause all together (P.S. we do not recommend this without clear conversations between your agent and your mortgage broker).
   • Your agent should be able to have a ballpark price on the home you are viewing before you even get to the property. The worst thing you can hear as a selling agent is ‘my client had room to move on their offer’ after you have already signed on another offer selling the home to a different buyer.
   • Having an agent that runs a “Buy Back” program can alleviate the stress about making a quick decision on a home.

Here at The Shane Meahan Realty Team we spend hours every week working on our negotiation skills and knowledge of the market.  We spend countless hours building relationships with clients, vendors and other agents in the Calgary market place to make sure we know the best homes as soon as they come on the market, and out Buy Back Guarantee is a 24 month ‘test-drive’ on the home you purchased. 

For priority access to homes in the Calgary area or for more info on our buy back guarantee visit www.theshanemeahanrealtyteam.com or call 587-602-0204 today