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Dearest Friends,
What an incredible start in Ottawa for the real estate market. We have seen it in the news for larger cities like Toronto and Vancouver over the past few years, but if you’re shopping for a home here in Ottawa, you know that “bidding wars” are now a common occurrence in our city. The question becomes, how do we survive this new market, and better yet, how do we become successful in it? So far we have had great success and want to share some tips with you this month.
- Preparation - This truly is key, be ready with pre-qualification from your mortgage specialist, do neighbourhood research, see homes with your trusted Realtor and watch what they sell for. All of these steps will help you to spend within your means and avoid overpaying for a home.
- Strategy - This step is the task of your trusted Realtor. We will develop a plan that will help you be the most successful you can be. If a home is holding offers off acceptance for a later date, and it’s “the one”, do a pre-inspection and go in with your best price, it is rare that negotiations happen at this point.
- Patience - There are more buyers than there are homes, so it’s not possible to win every home, we understand your feelings and we’re here for you! Don’t give up, we won’t!
The term bidding wars sounds like an uncontrollable and negative thing, but we must think of it more as a opportunity for everyone to present the price they would be willing to pay for a house. Remember, it’s not always price that determines what an attractive offer looks like. It could be closing date, conditions, inclusions and even emotional attachment to the new buyers!
As your trusted Realtors we are here to help you through this challenging time as buyers.
Sincerely,
Rachel, Dana, and Chris
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