The busiest home buying season in Ottawa is spring and it typically runs from April to June. It stems from the fact that most people take vacations during July and August and also because most people want to be settled into a new home by the fall.
Spring is the busiest time for real estate in Ottawa.
If you’re like most people then, and you are trying to buy your home in the spring, you’ll have to be ready to jump on the home you want. Now is not the time to be indecisive or to try and sleep on it. A good listing will move quickly so if you are shopping for a home and you are serious about moving, be ready to make an offer.
Here are 6 tips to help you get organized, build your confidence and get your offer accepted:
1. Have a Pre-approval Letter From the Bank
Having this crucial piece of paper could make all the difference when you are presenting your offer to the sellers. For starters, if the sellers are entertaining other offers from buyers without a pre-approval letter, you will come out ahead. This is because they know you qualify for the home and that your offer is serious. Also, it could mean you will pay a little less for the home you want. Having done your homework already, you are presenting an offer to the sellers that has less chances of going wrong – it’s a great bargaining chip!
2. Hire a Professional and Local Realtor
I’ve mentioned before that all real estate is local. A real estate agent who specializes in the area where you want to buy will be a wealth of information for you. As a professional who is well known and respected among the area’s listing agents, this person will know if a home is overpriced, or if a property that meets your criteria will be coming on the market soon. Both of which are big advantages when trying to land a home in the spring buying frenzy.
3. Know the Value of the Property
Have your real estate agent show you comparable properties that have sold in the area recently. You should never compare values of homes by looking only at the asking price because sellers can ask whatever they want! It is the home’s selling price that tells you about the market. If you focus on what the home is worth, and not what the sellers are asking, then you will be submitting an educated offer that will be hard for the sellers to refuse.
4. Be Prepared to Pay the Asking Price
If your agent shows you the area’s comparables and you determine that the home is priced correctly for the market, don’t try to get a deal. Chances are, the sellers have been educated by their listing agent and they know that their home is worth the asking price. If it is a good property, it will sell at, or close to, asking price. If you try to play games or submit a lowball offer, you will lose the house to another buyer.
5. Be Creative With Your Offer
Negotiating is not always all about price. Make your offer sweeter by giving the sellers something other buyers cannot. Doing this could win you the house even if your offer is lower than someone else’s. Ask your Realtor to give you ideas that are based on the terms in the purchase offer. Some suggestions could include giving the sellers extra time to move out or offering to close earlier than other buyers.
6. Make Yourself Available
If you are serious about finding a great home in your preferred area, you need to be available when it comes on the market. Other buyers are out there looking too and if a great home comes on the market, don’t wait until the weekend to book a viewing. You may be disappointed to find out it has alread sold! You should also be working with an agent that will be able to show you properties quickly – you don’t want to lose a good house because your agent was busy or out of town and couldn’t take you.
Buying a home can be a stressful experience. Buying a home during the spring market can have some added challenges because you simply have more company in the spring! If you follow these tips however, you are more likely to find, and buy, the home you want even if there is more competition.
If you are looking to buy a home, or are thinking of selling yours, I would be glad to represent you and help you negotiate the best deal. Please contact me at steve@stevewalsh.ca.
Image courtesy of Maggie Smith / FreeDigitalPhotos.net
