Friday, February 26, 2016
Judy Marsales, Broker of Record
General Real Estate Advice
The Listing availability in the real estate market has been very low in the last few months. Statistics have identified that the year over year supply of available properties in January was down by 21.6 percent in Hamilton and down by 34.2 percent in Burlington (Source: RAHB). Even with a steady demand, such a short supply will result in a strong sellers' market, increasing values, and a sometimes frustrating experience for Buyers. Buyers are faced with multiple offer situations, short time lines of new listing exposures, and reduced negotiation opportunities.
This market has been a welcome change for homeowners who have seen improved sale values but for Buyers it requires reviewing their home buying strategy. Buyers who want to provide a more successful offer should ensure that their financing arrangements are secure. They are well advised to speak to their bank or financial institution and have their buying options very clear so that they can comfortably purchase a home without a financing condition in a competitive situation. Second, Buyers should interview a few Home Inspectors prior to finding their "dream home" to decide who they would be most comfortable working with and who could possibly be available with a very short time line. Again, if a Home Inspector can accompany a Buyer on a second viewing, then - if faced with a multiple offer situation, the Buyer may not need a Condition on Inspection.
Do you have a lawyer whom you can consult with on the purchase? Talk to them prior to purchasing so any advice that they may offer is put to work on your behalf. Work with a real estate sales representative who has strong knowledge of the neighbourhood and buying strategies:
a) are their any zoning restrictions?
b) where are the schools?
c) what are the sales statistics?
d) what is the best approach to the purchase if there are multiple offers or if you are the only Buyer?
These are just a few suggestions for a more positive outcome in your buying experience. We would be happy to help you get organized and set a plan for a successful purchase. Call, email or drop in to one of our offices.
Business Link Hamilton Article – written by Judy Marsales, Broker of Record, Judy Marsales Real Estate Ltd. Judy is a frequent contributor of articles on the Business Link Hamilton website.