5 Essentials for a Buyer in a Sellers’ Market
Real estate information provided by Brian Wiseman LL.B., CIPS of Keller Williams Energy Real Estate Brokerage
In a seller’s market, there are 5 essential things a buyer has to do:
1. You must appoint a real estate agent who:
ü knows, and understands, the market
ü knows, and understands, the community
ü through listing alerts, will bring to your attention homes, that meet your requirements, immediately they are listed for sale (in a Sellers’ Market, it is vital for Buyers, who are ready to buy, to know immediately a home, that meets their criteria, comes on to the market)
ü can show you the prices that are generally being paid, compared to listing prices, in the current market
ü has excellent negotiation skills
Time is a critical factor because, in a Sellers’ Market, there are more buyers, ready to buy, than there are homes for sale.
Agents have access to information about new listings in advance of the relevant listing information being available to the general public.
It is unwise to discuss your circumstances with the listing agent, who is the agent for the Seller.
2. You must have, already, done adequate research:
It is essential that you know what facilities and services, that are important to you, are available in various communities.
· If schools are important to you, it is essential that you know which schools are the right ones for your children.
If there is a residential qualification for your selected schools, it is essential that you know the geographical boundaries for the required qualification.
· If you will be commuting, what transport methods are available?
How will you access them?
Your real estate agent can assist you with the community information that you need.
You must have arranged pre-approval of finance:
This will enable you to know how much you can afford to pay for your home.
This, in turn, will enable you to focus on homes that are within your price range.
Your real estate agent can assist you with contacts to local mortgage providers.
4. You must know exactly what you are looking for:
Start out by making lists of:
· the essential accommodation and facilities that your new home must have;
· the features that you would like to have, if available
5. You must be ready to make quick decisions:
In a Sellers’ Market there are more buyers looking for homes than sellers’ looking for buyers.
There is competition among buyers for well presented, well priced homes.
If you are looking to buy a home in a sellers’ market, you have to expect that you will have to compete with other buyers if you are to be successful in buying the home that you want.
When your agent informs you that a home, that meets your criteria, has just come onto the market, you will need to be ready to view the home immediately.
Even a short delay could mean that another buyer is ahead of you in the race.
This, in turn, means that, when you find the home that is right for you, you must be in a position to make immediate decisions, in consultation with your agent:
ü whether to make an offer
ü the price you will offer
ü any other terms to be included in the offer
· If you are properly prepared, you will be in a position to compete.
· If you start working with you agent early enough, as part of that preparation, you will be better prepared than buyers who have not done so.
Do you know that, as a potential buyer, in almost every case, you can have an agent working for you, without you having to pay for their service & advice?
This is because the buyer’s agent is usually paid by the seller’s agent.
It is advisable for buyers to use an agent who is totally independent from the seller’s (listing) agent.
This avoids any conflict of interest during negotiations for a purchase.
Find Houses for Sale in Oshawa, Whitby, Clarington, Ajax & Pickering, Ontario
YOU ARE INVITED to visit my website, at any time and as often as you like, to find pictures & details of homes for sale
For photos and details of houses for sale:
You can also arrange to be notified when homes, that meet your criteria, come onto the market.
These services are available to you without obligation.
If you are thinking of selling, you can also:
ü Search on my website for homes, similar to yours, that would be competition for your home, if you list it for sale
ü Obtain an indication of the market value of your home
For answers to your questions, email me; or call 905-723-5944.
About the Author:
Brian Wiseman LL.B., CIPS, is a Sales Representative with Keller Williams Energy Real Estate Brokerage in Oshawa & Whitby, Ontario, Canada.
In his past lives, Brian was a Partner in Legal Practices, specializing in Real Estate and Business Law in Australia and a Principal of a successful Financial Planning Practice in Australia.
After the sale of his business interests in Australia, Brian started a new adventure by relocating to Canada with his Canadian wife.