How to Win a Bidding War in Vancouver and The Fraser Valley!

When you’re ready to buy your next property in today’s hot real estate climate, there are a number of things you should know and things you can do to prepare!

Financing

You’ll hear us say this over and over again. The time to talk to your lender isn’t when you’ve found your dream home! If you’re flirting with shopping at all, don’t wait! Reach out and just have the conversation early. 

Your lender will be able to advise you on how best to position yourself when it comes time to make that offer. You’re going to want to know EXACTLY how much home you can afford, whether there’s any credit issues you want to clean up and what you’ll need for cash deposit and down payment and make your decisions from an informed place of confidence.

Walk away number

What’s your walk away number? 

Knowing your ceiling price is VITAL before going into a competitive offer situation. There’s been a lot of conversation lately around ‘value’. “That home isn’t worth ‘xyz’” – well the truth is, a property is worth what someone is willing to pay for it. Many of our buyers have had to lose a couple offer situations before finding the grit to push through and finally win one! 

Deal Breakers

What are your deal breakers?
Knowing what you absolutely MUST HAVE in your next home vs nice icing on the cake is important to identify ahead of time.  In a buyers’ market you’ll want to be ready to move quickly!

Same page?

Make sure you’re on the same page as your partner. When you’re competing with other buyers, in a heightened emotional situation,  you’ll want to ensure you and your partner are in agreement. It’s best to have things worked out in advance. Maintaining your emotions is another important factor. Easier said than done we know, but if you can you’ll make stronger decisions that won’t lead to Buyers’ Remorse.

Buyers remorse/FOMO

“What have we done?” 

Buyers can get caught up in the excitement and the fear of missing out! There’s an emotional factor at play and our competitive natures of winning at all costs can come through. While we don’t recommend this strategy, it’s perfectly natural get swept away in the urgency. We’ll work with you to keep you calm and grounded and making the best decisions for you.

Good news!

We’ve had record low inventory the last couple years which has been driving the fierce competition but we’re happy to report that we’re seeing more and more listings hitting the market every day! We anticipate a very healthy SPRING MARKET and hopefully a return to a balanced market where we’ll all have a little more breathing room when we’re negotiating. Dave recorded a recent video talking about the Shift in the Market: https://youtu.be/Qj1E2_z-7mc

A good Realtor will help you navigate a tough negotiation and help keep emotions calm so we can make solid decisions that you won’t regret!

*If you’ve been flirting with making a move read When Should We Start Talking About Making A Move?

And as always, if you have any questions call or text Dave at 778-855-8510!