The first quarter of 2017 revealed a hot seller’s market in Grey-Bruce-Owen Sound, and the second quarter is shaping up to be more of the same!
If you’ve been thinking of selling your home, then now is a great time to list with The Kirstine Group. Average real estate prices are up, days on the market are down, and many property owners are looking to make a move before summer. If you’re in the market to purchase real estate in Walkerton, Hanover or the surrounding areas, here’s what you should know about competing in a seller’s market.
A true seller’s market means there are more buyers looking for properties than there is available inventory. The limited number of homes for sale, coupled with the high number of buyers, means clients are often submitting competing bids for the same piece of real estate.
The good news is your Realtor will know when writing your offer if you’re in a competing situation. When this occurs, agents with The Kirstine Group often advise their buyers to put down their best number in the first offer. This is because the sellers on the other end of the potential deal are going to be considering multiple bids at the same time, and our goal is to make your bid the most attractive. By limiting the number of conditions in your offer, being flexible with the closing date and offering a competitive price, you are positioning your bid to be accepted by the sellers. It’s rare for back-and-forth negotiating to occur in Grey and Bruce when multiple bids are on the table, which is why The Kirstine Group agents recommend buyers offer their top price right out of the gates.
Should you find yourself in a competing situation, don’t believe the city hype! Multiple bids in the Walkerton and Hanover areas aren’t generally translating into sellers receiving thousands above their asking price. Instead, properties are selling for their actual value, and properties are selling quickly. We can’t emphasize enough the timeliness of a competitive offer – if you see a property you’re interested in buying, get your offer on paper as soon as possible!
Competing with other buyers for the same piece of real estate doesn’t have to be intimidating, and in this seller’s market it’s very likely that your bid won’t be the only one under consideration by the sellers. There’s no need to shy away from competing situations, but do follow the advice of your Kirstine Group agent to help secure the home of your dreams.