Whoever said the winter market is a slow one wasn’t looking for homes in Burlington! All signs point to a very strong year, with lots of competition heating up, so many buyers and so few homes!
It can be disheartening when you are trying to buy a home, you’ve been diligent and saved up all the money for a 20% downpayment, now you’re ready to go, you’ve found a great Realtor® to represent your interests (wink wink nudge nudge I might know someone you could talk to), you’ve been keeping an eye on the types of homes coming up on Realtor.ca and you’ve already got your financing ducks in a row. Should be easy right?
Last night, some first time buyers and I were caught up in a 4 offer competition that we did not come out victorious in. On the one hand, yes, it is upsetting to not get the house that you wanted (good news is there will always be others). But you can’t feel bad when you look at the fact that you came in well over asking, and were beat out by an offer that added another $11,000 but more importantly had the added leverage of no conditions – no financing, no home inspection.
Competition is not a fun place to be for buyer OR Realtor® to be honest – you want to counsel your client to offer a fair but aggressive price, but the biggest issue in my mind is the removal of conditions. I was not surprised that someone was going to go in firm, but I just can’t advise buyers to go in with no home inspection on homes especially ones that are 30, 40+ years old – there are so many things we could be overlooking in our walk through and you sure don’t get time to get a 2nd visit in a market like this – not when houses that are listed in the morning already have 2 registered offers before noon!
The hunt continues and we will find our house! let’s talk email@example.com