The Liberal Government both at the Federal and provincial level as well as Mayor of Toronto seem hell bent on bringing down the prices of real estate to make it affordable for everybody. In some imaginary world this is going to stick. The problem is with their plan is...read more
It always starts very innocently, you drive around on a Sunday, then you go from neighbourhood to neighbourhood saying, “hey this would be great to live here, how much do you think we could get for our house?” After you hear about what the last comparable sold for, you are apparently looking at buying another house. It’s a great start, but times have changed, like going into battle, you must be prepared, its not like it used to be, its very stressful to find a house in this market. This is not your grandmothers buyers market.
Getting Ahead of yourself, and not preparing is setting yourself up for disaster, failure and disappointment. Even some agents I have come across do not know how to properly prepare their clients and get them ready to buy a house, the reason being is that they have not adjusted their mentality to this type of scarce market. If I had to describe this market I would say you must be a bully to win, and most sales people are sheep. Agent do not know how to turn on the aggressive switch and bring that mentality to their clients. Its not for everyone.
Here is a checklist of things you MUST do before even thinking about buying a house nowadays.
1. Interview an Real Estate agent, that is available at nights, and ask them how many properties they have purchased for their clients in a bidding war in the last year. Ask how many they lost.
2. Go to a mortgage broker and get a pre-approval, make sure you are approved without a mortgage condition. Have your mortgage broker do a closing cost sheet.
3. If you are selling your house, get an appraisal, get a home inspection on your house, and get an idea how much your house is worth so you can purchase a new property.
4. Put your deposit for the new house in an account that you can access right away, so when you are presenting an offer, you can make a draft and include it with your offer.
5. Decide on an area to purchase and have your agent put you on a mailer daily.
6. Go see houses as soon as they come out.
7. Make quick decisions. Houses are selling quickly, unfortunately, you don’t have too much time to make a decision. You either like it or you don’t, if you like it, put an offer, if you don’t, move on.
8. Bully Offer: A successful bully offer, is an offer that you submit before the offer date, and it is supposed to entice the sellers enough that they will relinquish all offers. Make it worth their time, and make it Great!
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