Although this phenomenon does not occur on a frequent basis in Regina’s current real estate market, the occurrence of multiple offer situations, sometimes referred to as “bidding wars”, can and does happen. Multiple offers are often dictated by a limited supply of listings and a high demand for good homes, especially in certain price points and neighbourhoods. This scenario is great for sellers(although even some guidance in handling those offers is helpful) but not so great for buyers when it tends to push up home prices and can create a stressful home buying experience.
Our goal is to help you purchase your home at a fair price so you can feel good about the purchase you’ve made. Here are some of our tips to help you navigate the process as a buyer with as little stress as possible:
Create an Attractive Offer
In a multiple offer situation you will need to be prepared to act quickly and there are a few things you can do to make your offer more attractive. (1) Make sure to have mortgage pre-approval before the process begins. We can share that information with the seller’s agent so they can be assured that your offer is serious (2) Put your best foot forward…offer whatever you are comfortable paying for that property as you may not get the opportunity to consider a counter offer (3) Making a significant down payment also shows your level of commitment to the purchase of the property.
There are other elements to consider such as possession dates and home inspections but those are specific to the property being considered and your personal situation and motivation for purchasing. That is where we can guide you in the process.
Don’t be discouraged!
While we usually know when we are dealing with multiple offers, we can’t know what those offers will be or how badly someone else wants that home! Remember it’s a not a competition to win and there is no winning if you pay more than you really wanted to. We know it can be a frustrating process at times but patience is a virtue here. Don’t be discouraged if the first one doesn’t go in your favour, it isn’t the end of the process until we find you the right house!
Trust your instincts….and your agent
When you find the right home you will know it and you will feel comfortable with the amount you are offering for the property. If you feel anxiety or pressure to make a decision or to pay more than you’re comfortable with, or can afford, don’t be afraid to walk away! There will always be another house.
You should be working with a REALTOR® who you trust to have your best interests at heart. It is our job to provide you with all the information that you need to make an informed decision on the purchase of your home. We’re on your side and we want to get the best result for you.
If you are looking to buy or sell in the Regina area, we are here to help!
Happy House Hunting!
Karin & Jen