How to be a Buyer in Today’s Seller Market

A buyer entering the Mississauga real estate market under these seller’s market rules must understand how to do so. In a seller’s market, the seller controls the market and buyers must adhere to his or her demands. Inventory is low and buyer demand is high. With so few GTA homes available, bidding wars often occur between buyers. Buyer wars end with one person winning, and the negotiation process escalates. Most buyers seem to lose in this situation.

Are buyers really on the losing end? After all, the market appears like a dead end, open-and-shut game. Nevertheless, buyers can win in a seller’s market. It’s all about learning the rules. Success is on the horizon when these suggestions are in your strategy when you look to buy a Mississauga home.

Seller’s Market Survival Tips:

Obvious answers to navigate a seller’s market are good credit, good finances, house hunting, and an approved mortgage. Veer past the obvious and try these tips.

• Don’t judge a home by its photo. Similar to judging a book by its cover, judging a home by photographs is not right. Look past captivating or horrible photographs and visit the home in person. The home viewed in real-time says more than a still photograph. Besides, seeing is believing, and photographs don’t paint the entire picture.

• Allow flexibility for repairs. In a buyer’s market, sellers had to fix repairs or risk losing a buyer. In a seller’s market, sellers won’t always fix repairs due to buyer demand. Unfortunately, buyers must demonstrate flexibility. As long as major repairs don’t arise (realtors know what counts as major repairs), the home is decent.

• Allow flexibility for move-in dates. Sellers who are selling one home and buying another will have difficulty moving out of the home for sale. In this unpredictable market, allow flexibility for move-in dates. The home might sell quickly or slowly. You won the home; you don’t have to move in immediately. Settle on a move-in day both parties appreciate.

• Commit. Calls from sellers and realtors come left and right, so buyers must commit to finding a home the way they commit to a job search or taking care of family. A sporadic search is a time waster in this market.

The Bidding War:

Multiple offers already exist for the home. Don’t get discouraged by this. There’s a fighting chance you’ll win the home, if you’re willing to channel assertiveness.

• Bid now. For homes passing buyer criteria and curb appeal, make an offer with confidence. Place a bid on the home now. Unfortunately, waiting until the next day to decide on bidding may result in losing the home altogether.

• Bid with an impressive offer. Buyers receive only one chance at a first impression, so make the bid count. The highest you’ll pay for the home should also be your best, and real estate professionals at Sam McDadi Real Estate Inc. can assist with making an impressive bid. A lowball offer is unlikely to impress sellers.

• Respond quickly. Sellers have multiple offers to sort through, and they appreciate responsive and active buyers. Buyers should stand by the cell phone or landline for the seller’s response so you can react accordingly.

• Negotiate using incentives. Buyers negotiate with finances. However, never limit negotiations to finances. Other suggestions are making the offer firm, without conditions.

• Write a handwritten letter. This doesn’t work with all sellers, but a personalized letter does make your bid stand out. In the letter, introduce yourself; explain your ambitions and the home’s importance to the family. For sellers, this might be the difference between two undecided bids. Send this letter along with the offer.

• If all else fails, walk away. It’s difficult to walk away from a home you desire, but you may have to. Other homes are out there. Walk away.

When the going gets tough, the tough gets going. Incorporating these strategies will turn your luck around. The implemented strategies will shift circumstances and situations your way. Then, the home is yours. Lastly, ensure the home is what you prefer before entering a bidding war. For more advice on buying a home in this market, visit www.mcdadi.com, your trusted Mississauga Real Estate professionals, or call 905-502-1500, to book your free, no-obligation appointment with one of our real estate professionals.