How to Deal with Competing Offers
We’ve been seeing properties sell with competing offers for many months now in the Greater Victoria Real Estate market. As a buyer, in order to be on a level playing field with the other competing offers, you need to do your preparation and homework ahead of the time that you find the property you want to make an offer on.
In an ideal world, you wouldn’t be in a competing offer situation when you find the home you want. However, with such low inventory in Greater Victoria right now, it’s likely that there are other people searching for exactly the same property as you!
Your first step as a buyer in this market, is to prepare yourself. This means talking to a mortgage broker, establishing a relationship with a trusted real estate agent, and making a list of what you can & can’t live without in your next property. Most buyers in this market have already done their preparation steps, and if you don’t, you’re likely to miss out on the property you want to someone that has already done their homework.
What should you do if there are competing offers on the home you really want?
First step – don’t panic. We’ve helped many buyers win in competing offer scenarios. Just because other people are interested, it doesn’t mean you won’t get it. There are many different factors that play in to which offer a seller decides on. Of course, price is usually the most important to people, which is why talking to your bank or mortgage broker is a very important first step. Sellers are typically going to favour a buyer that has already been pre-approved for financing.
Conditional offers based on factors that could have been waived or researched ahead of time are often a red flag, and typically speaks to a buyers level of preparedness. Of course, it isn’t always possible to avoid including conditions in your offer. That doesn’t mean you won’t get the home. A solid presentation of the offer along with skilled negotiation from your real estate agent can make all the difference.
If you are looking to purchase or sell a property in the current market, or in the future, it’s important to have an expert on your side. Come meet your Condo Experts, and visit our modern new office, designed to enrich your buying and selling experience, located at 102-3645 Tillicum Road, Victoria, BC.
If you are going to be buying or selling a condo, now or in the future, get in touch with The Condo Group Real Estate at 250-382-6636. In the meantime, search through thousands of listings in the Greater Victoria Area here.
— The Condo Group Real Estate Crew