By Dean Caillier,
Sales Representative with Engel & Völkers Ottawa –
In Ottawa real estate, we’re experiencing a “seller’s market” at the moment, meaning there are more buyers than properties for sale. Arguably, this puts the seller in the driver’s seat when they put their home up for sale.
This isn’t the case with every home for sale, but if the property checks off many of the boxes for multiple buyers, the seller may be in a position to receive more than one offer for their home. In some situations, the seller may receive competing offers resulting in the property selling for more than the asking price.
As a Realtor, I have been on both the winning and losing side of multiple offer situations with my clients, so now more then ever I encourage my clients to do their due diligence even before they start shopping for a home.
Number one on the list is to get your finances in order. Meet with a mortgage lender and understand what you can afford to buy before starting to look. This includes not only the purchase price of a home but also other fees associated with buying a property, including items such as land transfer taxes, legal fees, and more.
The other key is to have a home inspector and/or contractor on speed dial, ready to look at a property—meaning, before one puts in an offer, have a professional inspect the home to understand what you are dealing with and any costs associated with required repairs.
These are the two most common conditions to consider in preparing to make an offer on a property, and if one can eliminate these conditions prior to making an offer, it puts them in a better position if a multiple offer situation takes place. Most importantly, work with a professional Realtor who can guide you throughout the offer process.
Happy house hunting!