The current Calgary real estate market is a seller's market, which means prices are high and homes are being purchased fast. This seller's market makes it difficult for buyers, especially with the lack of homes available in Calgary at the moment. If you’re a home buyer, don’t let this overwhelm you; there are several ways you can find a home even with all of the competition out there. The main thing you can do for yourself before you start making offers is to be prepared. This means having your finances in order, knowing what you want, being familiar with the prices, and enlisting the help of experts. Anything that can give you an edge will help you find and purchase your dream home.
How To Be A Home Buyer In A Sellers Market
1. Know Home Prices In The Area
When you have decided on the desired area you want to live in, you should try to learn more about the cost of various homes in that area. When you find the home you are looking for, the asking price is often lower than the actual estimated price of the home in an attempt to receive multiple offers and start a bidding war to drive prices up. Knowing what the home is actually worth will help arm you when going head to head with other bidders. Knowing the worth of the home will help you determine if the house is worth whatever price it has jumped to due to multiple bids. Make sure to take into account if the home has had recent renovations or if it requires improvements, as this will influence the price.
2. Offer Quickly
Getting the house you want doesn’t always mean paying the most, it can often be a matter of timing. Be prepared to view the new featured listings the moment they are posted to get the best possible chance at your dream home, as some of these could be off the market in a matter of hours. This will involve some flexibility and decisiveness, as you will have the best chance of getting the house if you can go to viewings as soon as possible, which may happen to be during the workday. The sooner you get an offer in, the more likely you are to not lose the house to someone else who was able to take the day off and view it, or due higher offers rolling in.
3. Make An Unconditional Offer
When there are several parties interested in a property there is no reason a seller should wait for someone to do a home inspection or get their financing approved. When there are multiple people interested in a property, the seller will factor in the price as well as how fast they can sell. Before you try to put in a bid on a house, have your finances pre-approved.
4. Be Prepared To Compromise
Everyone wants their dream home, but the truth is your dream home may not align with your budget in the current market or it may be bought up before you have the chance to put in a bid. Consider which items on your home checklist are lower priority and you would be able to live without, therefore broadening your selection of homes. If you have the financial capability, you could revisit your mortgage application to increase your budget, which will give you more selection.
5. Use An Experienced Realtor®
Real estate agents are always beneficial to work with when buying a home but when it’s a seller's market they are extra beneficial. They can help you to quickly make smart offers and can show you a larger range of homes. A good real estate agent will have their finger on the pulse and will be able to show you listings you otherwise would not see. You’ll want to use a Realtor® who has good relationships with listing agents so that you can find more homes and be the first to see them and make an offer.
Calgary Realtors® For Home Buyers
Utilizing the skills of a trusted Calgary Realtor® is one of the best ways to ensure you are getting prime pricing while also finding the home you desire. With the home buyer market being difficult to navigate right now, a Realtor® can keep your options open and help you move quickly. To get years of experience and top-quality real estate advice, partner with a Calgary Realtor® from the Mel Star team. Our Realtors® will leverage their extensive knowledge of the Calgary real estate market to find the home that best suits you and your needs and that works with your budget. To find the right place to call home, contact the Mel Star team at 1-403-861-9944 or fill out the online contact form.
When buying a home in Calgary, you should start by checking your credit score and determining an approximate budget. Then, come talk to the team at Mel Star. We can set you up with customized property searches, show you homes, and help you negotiate a great deal when you find the home of your dreams. To get a jump on exploring the Calgary real estate market, check out our featured Calgary real estate listings here.
A good Realtor® will represent you during the home buying process. A real estate agent should do the following for you when buying a home:
- Book showings
- Provide you with search tools or search for properties on your behalf
- Represent you well in possible multiple offer scenarios
- Keep a calm head during negotiations
- Diligently navigate contracts and closing
There are many factors that affect the worth of your home. Location, condition of the home and market conditions are just a few of the obvious ones but an experienced REALTOR® will be able to explore all the factors with you to ensure you get top dollar.
CONTACT US
We are here to help and we'd love to hear from you. Call us at 1-403-861-9944 and we will be in touch shortly!