Buying in a Seller’s Market
If you are thinking of selling, the current low inventory and rising prices in Ottawa may make right now seem like the perfect time but it may seem like a different story if you are looking to buy. Whether you are looking to buy your first home or looking to up or down size, it may seem like a very challenging time to purchase a home. Not to worry though, with some creativity and careful planning, there are ways to easily navigate this market with your Realtor®. Here are 5 helpful hints for buyers this spring:
As a buyer, a seller’s market can be quite challenging, especially if you want to go it alone. Working with a Realtor® ensures that you have an expert in your corner to navigate everything from multiple offers to ensuring that you have access to all the listings that may be of interest as soon as they hit the market. The best part is that as a buyer, in almost all cases the Buyer’s Representatives fees are covered by the seller so it won’t cost you a cent. Your Realtor® will also ensure that your interests are taken care of and help you place an educated and appealing offer on any property.
Homes these days are selling quickly, especially in some neighbourhoods and price points so you may not have a lot of time when the home of your dreams comes on the market. You will want to make sure that you have financial pre-approvals in place before you begin your search and make sure that you are keeping up with all the notifications of new listings that meet your criteria on a daily basis. Also, clear your schedule and be prepared to view homes quickly after they hit the market as failing to do so may mean that you may never have the chance. Once you find a home that you love, things may also move quite quickly and your Realtor® will be there to ensure that you understand everything every step of the way.
The inventory in the resale market is low but builders in the Ottawa area are building homes at a rapid pace. For some people, it may be advantageous to consider buying a new build home and your Realtor® can help you with that as well, and the builder will usually cover their commission too! If you are selling your home now and are not sure about the wait for a new build, think about other options for the time between your homes. You could move in with family or even rent for the short term. Both of these options may also help you save money before the move to the new home.
Not all neighbourhoods are as competitive as others and sometimes expanding your search can make all the difference. This doesn’t always mean a longer commute or moving way out of the city. Work closely with your Realtor® to look at a variety of neighbourhoods and what they have to offer. It doesn’t mean that you are settling for something that you didn’t want but rather, there may be options that you did not consider. There are lots of great neighbourhoods in Ottawa!
It may seem overwhelming or even impossible to buy a home right now but this is definitely not the case. People are buying homes every day and with some careful planning and the support of your Realtor, you will find your dream home as well. There may be short-term set-backs like losing out on a property in multiple offers but stay optimistic and you will certainly find success.
Lisa Fitzpatrick ABR, SRS
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