How to be Prepared when Buying your Next Home.
Sometimes Buying A New Home Is Tough But It Doesn’t Have To Be.
The road isn’t easy when buying a new home in Real Estate. Especially in this crazy market in British Columbia. When it comes to Condos and Townhouses, it is very competitive for buyers. You would love for it to be as simple as making an offer and having it accepted. So how do you make yourself prepared for the ups and downs that are ahead of you?
Well think of it like this:
Here are 3 steps to consider when buying your next home.
- Like Chess – Just as in the game of Chess, you need to think steps ahead and be calculated in your thinking. This is when a great agent makes it a bit easier on you. They can see in you that you’re really excited about that place you just saw. It’s not as easy as just making an offer and it’s yours. What if there’s a multiple offer situation, then you need to decide on the price to offer. Think of it like Chess, you want to have your offer accepted (That’s Checkmate). You don’t want to lose the place by having another person being counter offered over you (That’s losing your Queen and getting set up for a Check). A good agent will help get you in the running by knowing where you will be in the race. That’s them knowing the area and values, plus the market (That’s avoiding the Check and setting you up for Checkmate). Next you will have to get your subjects through as well as financing and down payment in. There is a lot going on so be prepared and calculate your moves.
- Like Poker – When it comes to Real Estate as a Buyer. Like in Poker you need to know when to hold them and when to fold them. You want to keep your cards close to your chest and not reveal what you’re holding. Your Agent will help you along the way by setting you up for a good offer. But probably not your absolute top budget. Unless of course you know you have the winning hand and are all in. What if it’s the first week on the market and has only had one Open House. You need to be strategic in your Offer (Placing your bet). It may be that you go into a multiple offer situation and if so, you may need to raise your offer or even get counter offered (raising the bet or calling the bet). But also keep in mind that you want to at least try to make it a heads up poker game. Meaning that if it’s going into a multiple offer situation then it will be better if there’s only two in the card game instead of the whole table. That’s when your agent can help you in the negotiating and see where you stand.
- Like An Olympic Sprinter – Imagine if you were Usain Bolt, the fastest man on earth for the last 3 Olympics. Now even he doesn’t go and run at 100% for every race in the Olympics. He pulls up or runs at sometimes 60% just to make sure he has some left in the tank for that Gold Medal Race. You see it all the time and so do the listing agents, they can see that you are super excited. That’s great but you need to hold back some of that emotion to make sure that your offer is considered before everyone gets congrats on a race well run. In Real Estate there is no Silver or Bronze, just Gold. The Gold Medal is having an accepted offer and having that listing agent call your agent to you congrats on the purchase of your new place.
If you think of this as a Buyer and find yourself a great Agent. You will know you are in a good position to finding your new home.
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