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Navigating a Competitive Market
Tips for a Competitive Market
Buying or selling a home is one life’s biggest financial decisions, and it’s important to understand the potential risks. In a competitive real estate market, these risks can be amplified, and it’s important to to do your research in order to make a well-informed decision.
Buying a Home?
1. Understand the risks of submitting a subject-free offer
This may include proceeding without financing in place or without having the building inspected. It’s important to seek legal advice to understand these potential risks.
Learn more about submitting a subject-free offer2. Be realistic about what you can afford
When the market is competitive, it can be tempting to jump into it quickly. It’s important to budget carefully for what you can afford, which should include items such as closing costs and contingencies.
How to decide what you can afford3. Understand the Market Value of the Property
When looking at a property, it’s important to speak with your real estate professional to understand the approximate market value of the property you are considering, as well as how current market conditions may be affecting pricing strategies for sellers.
4. Know what to expect when working with a real estate professional
It is the responsibility of your real estate professional to help you navigate the complex world of real estate. Be sure to ask questions about how offers are handled, if competing offers are a possibility, and some of the typical challenges and issues of multiple-offer situations, which can happen more frequently in a competitive market.
Have these conversations at the outset of your relationship with your real estate professional to discuss potential strategies.
Selling a Home?
1. Know the risks of accepting a subject-free offer
There can be risks attached to accepting an offer with no subjects, such as if your buyer has not secured financing or the building has not been inspected. Be sure to seek legal advice to understand the potential risks.
Your options when you receive an offer2. Ask questions to ensure you’re comfortable with the listing price
Interview several real estate professionals, and ensure you have a solid understanding of their proposed marketing strategy and market value of your property before you sign a listing contract.
Learn more about listing your home under market value3. Be prepared in a multiple-offer scenario
If you receive multiple offers for your property, you should be sure to review all offers. Real estate professionals in B.C. are required to communicate all offers on your listing with you.
Learn more about multiple offers4. Understand the role of your real estate professional
Your real estate professional is responsible for guiding you through the process of selling your home. Ask questions about how you will handle offers, how competing offers will be managed, and to explain some of the typical challenges faced in multiple-offer situations.
Discuss with your real estate professional potential strategies for handling these situations at the beginning of your relationship to help you feel prepared.
Buying a Home in B.C.
Guidance and information on every stage of the buying process, because buying a property is one of the biggest decisions you’ll ever make, and it’s important to find out as much as possible before you start.
Learn MoreSelling a Home in B.C.
Selling a home can be unfamiliar territory to many of us. It’s important to understand every step of this complex process, from listing your home to completing the sale.
Learn MoreFind a Professional
A licensed real estate professional will be your key partner in the process of buying or selling your home. Make sure to find the real estate professional that’s right for you, and learn more about who you’re working with using our find a professional search.
Search for a Professional