For sellers currently this is the best time to sell with homes getting multiple offers with no conditions there is no limit to what you may get for your home currently in the niagara region. I have seen some homes go 50k and some going as far has 150k over list price with 30 offers. But what does this mean if you sell your home and need to buy or if your a first time buyer trying to get in a market that was once reasonable but now is becoming out of your reach? Why is this happening some may wonder covid was suppose to slow things down some were even thinking of waiting and buying because sales as per the news was suppose to drop.
Supply and demand has played a major role in the home prices in the niagara region. There are to many buyers and not enough homes for sale which is increasing the amount of offers one listing gets. The banks have lowered their interest rates to 1.72% which has increased the budget for a lot of home buyers, and there has been a lot of out of town buyers. Has a buyer what should you do to try to get into this market but still not overpay for a home ?
1. Have your pre approval , just because you are pre approved doesn't mean you are fully approved the bank cant give a full approval until they see the home you have purchased and have it in a offer.
2. Check solds in the neighbourhood, if the bank or cmhc requires an appraisal and you have overpaid for a home they will not make up the difference for you, you will have to pay whatever amount is over the market value. If you cant pay you will lose your deposit and the home .
3. Have a pre home inspection done, This is when you pay half of what a full inspection is the inspector checks the property prior to bidding night for any issues. One less condition will help your chances and ensure you are buying a good home.
4. Go over all cost ,prior to submitting the offer to ensure that you are making the correct decision financially
5. Consider other options at a lower price point if you are looking for a detached consider a semi, townhouse, or condo the point is to get into the market once you get some more equity you can always sell, refiance and move on to your dream home.
6. There will always be another house be patient and dont over pay for home. Dont be nervous or get discouraged something always comes up keep trying
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