Calgary Real Estate Blog

As bidding wars continue to be common in the red hot Calgary real estate landscape, buyers need to be prepared to make multiple offers on attractive properties. While there is no way to guarantee you’ll win a bidding war, there are a few strategies you can employ to improve your chances:

• Write a personal letter to the homeowner. Talking about how important it is for your child to walk to school, how the floorplan reminds you of your childhood home, or any other personal spin you can put on your offer can pull at a seller’s heartstrings and give you a leg up.
• Have your mortgage pre-approved. You should take this step regardless of market conditions, but especially in a seller’s market.
• Offer as large a down payment as possible.
• This is not an option for most people, but the ability to pay cash is certainly an advantage.
• Pare down your conditions. Insist on an inspection, of course, but maybe make the window in which to get it done a little smaller. Skip the appraisal if you can, and make your possession date as convenient for the seller as possible.

Bidding wars can sometimes stoke the competitive fires within buyers and make them want to win at all costs; it’s important to trust your Realtor’s advice and judgement on what a property is really worth, and when it may be time to let it go. But if you’re embroiled in a bidding war, the tips above can help your chances of being successful.

It’s a (bidding) war zone out there right now. There are nearly twenty percent fewer homes on the market than there were a year ago, yet sales are up just over three percent; well-priced, attractively located homes are being snatched up as quickly as hours after hitting MLS, according to the Herald. While this doesn’t mean people should be overpricing their homes, it does mean that sales for above-asking price are possible for savvy sellers.

Before you list, make sure you discuss with your Realtor (hey, I’m available!) which features of your home are the most appealing, and maybe put a little money into enhancing those areas as applicable. Then, when your home hits the market, your Realtor can ensure the right people are coming to take a look.

For buyers, there’s never been a more important time than now to ensure you have all your proverbial ducks in a row before diving into the market. For the love of Pete, get pre-qualified on your mortgage before doing anything else. Discuss with your spouse and any other stakeholders what the absolute must-haves of your next home are, and decide what you might be willing to sacrifice to obtain those features. Research the neighbourhoods at the top of your list to find out what kind of home you can expect to find there in your price range. Then, when the time comes to go shopping, bear in mind that you may need to move quickly to get an offer in before another buyer.

While it’s not a market for the timid, the right Realtor can reassure and guide you throughout the process so that you can find the right home, at the right price, for you and your family without too many sleepless nights.