As home prices continue to rise in Markham, with home prices up 28.3% so far this year, inventory is still trying to catch up. We are currently in a seller’s market in Markham and the competition for lower-priced homes is brutal. With very few days on the market and multiple offers happening on most homes, buyers are becoming frustrated and wondering if they’ll ever be able buy a home in Markham. Check out this handy buyer’s guide, which will give you a leg up on your competition.
Sign up for automated alerts
Your real estate professional has access to listings a few days before they come available on the public MLS site. Ask them to sign you up for automated alerts so you can be aware of these listings before the rest of the public.
Showings
Don’t wait until the weekend to go and see a new home on the market. Let your real estate agent know that you are available for showings as soon as a home becomes available for them. This way, you’ll beat out the competition who is waiting for the optimal time to view the home and can hopefully get your offer in before everyone else.
The offer
When putting in an offer on a home that is bound to get multiple offers, you never want to offer less than the asking price. Don’t be disillusioned that you’ll be able to bargain a seller down in these current market conditions. Work with your real estate agent to figure out a good price strategy for your offer.
Don’t ask for much
Asking for appliances or asking the seller to make repairs will only turn them off your offer. While it may be monetarily higher than the other offers, it may not be worth it to the seller to give something up to accept your offer.
Give them a good deposit
Money talks and giving the sellers a fairly large deposit may give you an advantage over the other buyers. As well, you’ll want to submit your preapproval papers and other proof of funds to show them you’re serious and that the offer won’t fall through because of financing.
Give them a few extra days to move
Let the seller know that you’ll delay possession to a few days after closing so that they can take their time to move. Those few extra days may mean quite the difference between their accepting your offer and them going to a different offer. It can be quite enticing to not have to move everything in one day if they don’t have to.
Ask your Realtor to present you in the best light
Sometimes it isn’t just about the money. Some sellers want to sell to people they know will take care of their home as they did, who will be a good fit in the neighbourhood and who “deserve” the home. If your real estate agent can tell your story to the sellers, it might push them towards accepting your offer.
If you need help finding your dream home in Markham’s current seller’s market, let me know.
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