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The market remains pretty active, despite the media’s predictions of doom and gloom in real estate. The fact is, that although the number of transactions is down minimally from this time last year, the dollar value is up. Prices rose in 2012 about 5% and the forecast from CMHC is for the about same in 2013. There is a slight shortage of listings in the Mississauga and Greater Toronto area right now, but that will likely change as we quickly approach the Spring market when there is usually a flurry of activity, a time when most multiple offers occur.
That along with the low-interest rates, give a slight advantage to Sellers right now.. too many Buyers.. not enough listings. Great situation for Sellers but if you are a not selling a property and are a first time home buyer, you must be very mindful not to overpay when submitting an offer on a home you are contemplating. If you do, and your circumstances change a year down the road, and you find yourself in a position where you have to sell, you may not recuperate your investment, and you may in fact lose money, as the real estate market fluctuates.
I have had many buyers who refuse to even participate when there are competing offers, but they could be missing out on an opportunity to buy the home they love. Just because there are multiple offers doesn’t mean you have to over-spend… I counsel my Buyers to put forth their best offer that falls within their budget and comfort level. Since the other offers remain confidential, everyone is on an even playing field.. so no one knows any of the details contained in the competing offers.
If you find yourself in that situation, try to submit the cleanest offer possible, and by “clean” I mean an offer with the least amount of Conditions possible. If you have already been pre-approved and your numbers are secure, you may consider removing the financing condition to make your offer more appealing to the Seller. Speak to your bank or mortgage broker to ensure your mortgage is approved and you have a Letter of Commitment prior to removing any financing conditions.
Try to make your offer as appealing as you can to the Seller… give them the closing date they are asking for if you can. Let them know you are serious by submitting a substantial deposit with the offer. Stay within the boundaries of inclusions and exclusions listed on the MLS Listing.
Normally I would always recommend a house inspection in every instance, but if the property is relatively new, say 10 years and under, and you go through the home to see its general condition, and it looks like its been well cared for, you could also consider removing this Condition, but again that is the Buyer’s sole discretion. You could be in for surprises after closing so make sure you are comfortable doing this.
When buying a Condominium or Condominium townhouse one Condition that is must is for your lawyer to review the Status Certificate. This document has a wealth of information in it, i.e. the amount in the reserve fund, when the maintenance fees will elevate, are there any special assessments being levied in the near future, are there any lawsuits pending against the corporation, is insurance on the exterior of the buildings and common elements sufficient… These are all important things your lawyer will review for you.
In summary, if you find there is another offer in addition to yours… submit your very best offer the first time, as you may not get a second chance. Stay within your budget and what you can comfortably afford… you just never know.. your offer could be the one that is ultimately accepted!
I live and work in STREETSVILLE and have a vested interest in property values here. Are you considering buying or selling or know anyone who is? Give me a call for a complimentary evaluation of your home in this changing market. (416) 717-6331.
When you choose me to handle your real estate needs, you are choosing a real estate professional who cares about you and your family, and who will listen to your needs, work together with you, and protecting your interests to achieve your objectives.
Your STREETSVILLE Real Estate Agent
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