When the housing market is hot there are often more home buyers than there are homes for sale, which means many home sellers will get multiple offers. You don't have to be a mathematician to know that multiple offers on a single home can greatly diminish your chances of being able to purchase your dream home.
If you're looking for a home in a popular neighbourhood, it's crucial that you take steps to make your offer stand out.
So what are home sellers looking for?
Every home seller has different needs. Just because you offer more money than anybody else doesn't mean you're any more likely to actually get the home. There are a number of other factors home sellers consider when they look at your offer.
Some home sellers want to close the deal quickly. Others want delayed possession so they can find a new home before moving out.
If a home seller is more concerned with getting the best contract than they are with selling their home quickly, they might have their agent ask you and other potential buyers to send "improved offers". This gives you a second chance to prove yourself to the home seller and make your offer more appealing.
A smart home seller will also look closely at your financial situation to make sure you actually have the money to make the purchase. Getting pre-approved for a loan is one great way to make it clear to the home seller that you're completely serious about purchasing their home.
How can you make your offer more attractive to home sellers?
The best way to make your offer more attractive to home sellers is to know exactly what they're looking for. Asking their real estate agent is a great way to find out what exactly a home seller is looking for in potential buyers. You'll also want to ask your real estate agent about comparative costs of recently sold homes in the neighbourhood to make sure you're still getting a good deal.
It's important to remember that eventually you might have to throw in the towel. You shouldn't go completely out of your budget to purchase a good home. You also shouldn't be paying more than the home is actually worth. There are always many homes available in the GTA. If the bidding gets too competitive and you find yourself outdone, you're sure to find another home you can make an offer on soon enough.
Dmitri Alexandrovski is one of the best real estate agents in Toronto. With over eight years of experience, he's gained an understanding of the Toronto real estate market and learned the best ways to negotiate real estate contracts. You won't find a more reliable real estate agent anywhere in Toronto.
If you need help making your offer on a home stand out from the rest—or even if you've just started looking for a home—Dmitri Alexandrovski can help you. All you need to do is give him a call today at 647-886-3462!