5 Tips to Combat Buyer Fatigue
Like any industry, the real estate market experiences peaks and valleys. When there are fewer homes for sale than there are buyers, properties will often sell over asking, and bidding wars can ensue.
We understand how frustrating it is for buyers, especially first-time buyers, who feel they can’t navigate a competitive market. Here are our top recommendations to help make your home ownership dreams a reality.
1. Look for a company that has tools to that can give you an edge, like a Coming Soon property program
Not every brokerage offers this service, but it provides a substantial advantage to buyers. For example, our service – FarisVIP – showcases any homes we’re preparing to go live on the market. Our buying clients can view these properties ahead of the general public at FarisVIP.ca, and if they want to see a house before it lists, we can arrange that with one of our Realtors®. We’ve helped many, many buyers find properties this way.
2. Have everything lined up with your mortgage so you can hit the market running
If you’re a buyer who hasn’t had a conversation with a broker, let alone has their financing pre-approved, you’re ill-equipped to make a realistic offer in a hot market. The fewer conditions you have on your offer, the more appealing your offer becomes. Never opt-out of financing as a condition if you aren’t pre-approved, but rather take the time now to determine your maximum buying power by speaking with a mortgage broker. Faris Team’s in-house mortgage brokerage is a great resource for buyers looking for an end-to-end stress-free real estate experience. FarisTeam.ca/mortgage.
3. Pave new roads to your end goal
We have many clients who are teaming up with friends or family to buy a home; after all, it wasn’t so long ago that living amongst multi-generations was commonplace. Pooling your resources with others who share your real estate goals may be just the door you’re looking for into home ownership.
4. Exercise patience
It may take more time than you thought, but historically the real estate market eventually balances out supply and demand, producing more inventory for buyers just like you. In the meantime, while unaccepted offers are frustrating they can often give you and your Realtor® valuable insight into how to tweak your property search and present stronger offers in the future.
5. Choose the right Realtor®
Make sure you’re working with a Realtor® who is skilled at building relationships with other agents; the more professionals who can keep your wish-list top of mind, the better. Better still, look for a Realtor® who works with a big real estate team; the more in-house colleagues they have, the more you will benefit from a collective effort to find and secure you just the home you’ve been waiting for.
Thinking of selling? Our professional, loving, local Realtors® will go full out for you®.
There’s absolutely NO OBLIGATION. Consultations with our team of experts are FREE.
While the information contained in this site has been presented with all due care, Faris Team assumes no responsibility or liability for any errors or omissions.