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When competing for a home

Mon, 09/11/2017 - 09:09 -- Mario Fazio

Locally, there are some homes that are in high demand and are drawing multiple offers to them. These are usually the homes that are in great locations and are  updated both inside and out. Some homes are undervalued or priced low for the current market trend in their neighbourhood , thus drawing a lot of interest. So should you find yourself competing with other buyers for a home, here are a couple of tips.  First you must know the market of the location you are interested in. The asking  price should immediately let you know if it is a good deal or not, before you even take a closer look. Also get a recent neighbourhood report of sales to determine the average price. Look carefully for signs of increasing prices or declining prices. You should already have a written commitment for financing from your lender of choice. Please do not accept a verbal one. This will let you know the maximum price you can pay for a home. Once you have determined the value and have an offer in mind, make it your best offer you would pay relative to your needs and wants. Be sure that you will be happy with getting the home at your offered price, and not feel that you overpaid. Some people make the mistake of initially offering too low a price, assuming they will get the opportunity to negotiate, but instead miss out on the home. It all starts with knowing what is good value and what is not. Sometimes paying a little more than value is ok if it fits your budget. However, paying a lot more than  market value may lead to problems at resale time.  Having an experienced realtor that has your best interests in mind ,with a track record of working with multiple offer presentations, is key to your success. You need professional help . Don’t be pushed or intimidated into making an offer you are not confortable with. Also don’t let your emotions get the better of you when deciding what to do.   If you know the market and have good help the process will go smoothly .

If you have any questions or need help with your real estate needs, please contact me 519 383-2566, mariofazio@royallepage.ca, or wmfazio@outlook.com.

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