Tips for Buying in a Hot Market!

Over the last few months we have touched on our strong market and how it is a great time to sell your property.  This post covers how you can secure your dream home in this crazy market using these tips from one of our Directors, Susan Lam.

Tip # 1 - Let the agent know you are interested

Make sure you speak to the agent and let them know of your intentions. By letting them know you are interested and perhaps thinking of making an offer, they may keep you informed of other interests on the property (without disclosing details) and if you need to submit your offer sooner rather than later.

Tip # 2 - Put your best foot forward

We are in a sellers' market and it is common for properties to receive multiple offers. The seller can receive as many offers as presented, but they will only be able to negotiate with one party at a time. So you will need to put your best price forward as you may not have the opportunity to increase your offer and/or negotiate with the seller.

Tip # 3 - Keep it simple

If possible, keep your offer clean and simple. Avoid adding special conditions that aren't necessary to make your offer as attractive as possible.

Tip # 4 - Strong deposit upon acceptance

This is your deposit payable once your offer has been accepted (different to loan deposit). A good strong deposit may help put you in front of another offer that has a similar purchase price and conditions.

Tip # 5 - Time is of the essence

When there are multiple offers coming in, time is not on the buyers' side. The longer you take to submit your offer or consider the sellers' counter offer, you are giving other buyers an opportunity to add their offer into the mix for the sellers to consider. Note that sellers can retract their counter offer while it's under consideration with one party to commence negotiations with another.

If your would like any further assistance in purchasing or selling your home in this crazy property market, give our team a call today.