2009 has been a roller coaster of a year. With a dismal start in January and an outlook calling for worse, it ended with a bang! How quickly the market magically transformed from Buyers low balling every offer (frustrating Buyer agents, Seller Agents and Sellers) back to a Sellers Market where Buyers' are feuding with each other, and paying, often above asking.
Here are a few tips to help buyers avoid overpaying in this Hot Market with a limited supply of homes.
ALWAYS Plan before you purchase. Never rush into a deal.
1. Get an "unconditional" preapproval so you know exactly how much you can afford.
2. Determine how much you are willing to spend and have as carrying expenses. Just because you can "afford" more, doesn't mean you want to take on that much debt.
3. Canvas the neighborhood. Ensure the neighborhood you want to live in meets your needs. "Transporation, Good Schools, Malls, etc."
4. Avoid Neighborhoods with lots of Rentals - look at the homes, yards, windows, paint and you can see how well the area is maintained. Renters usually don't and owners who rent often fail to do so. This reduces the value of homes in a neighborhood.
5. Check for Graffiti. Graffiti is a tell tale sign of bad elements and a week neighborhood community associations. It lowers values of homes as well.
6. Avoid Multiple Offers - no explanation needed.
7. Get your Offer in Early before others arrive. It helps if you have all your financing and everything else in order.
8. Offer full price or slightly above asking with better conditions. Never give Sellers more than 24 hours to sign back.
9. Look for "As Is", "Fixer-Uppers", FSBO and make "Cash-Only" offers.
10. Use an agent who can deliver and help negotiate on your part and will your partner in the transaction and not concerned about selling you any home to collect a commission from the Seller.
To get the best deal and not over pay, you always have to work from a plan of action. If you need any further information, contact Jas Jagpal at jasjagpal@rogers.com or visit: www.LetsMakeADeal.ca
———- Jas Jagpal is a Re/Max Sales Representative, who helps families in Markham, Scarborough, Pickering and the GTA in the sale or purchase of their home. Jas’s professionalism, impeccable service and his willingness to give back with his unique 20% charitable commission sharing program distinguishes him as a leader in innovation and charity . If you are looking for an extraordinary agent, honest and straight shooter, then give Jas a call and ask for his personal brochure. Or you can visit his website and download it. Jas Jagpal is Making Good Things Happen! ——–
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