It's a seller's market this spring, as homes for sale in Burlington, Ontario fly off the listing pages, some lasting only a single day before they are snagged up by home buyers. Due to this frenzy, buyers are encouraged to act fast when a home is listed that meets their needs and budget.
Property Prices Rising Fast
As more people move west into the Burlington area, the demand for housing has increased drastically. The increased demand has caused prices to rise for detached homes by as much as 10 percent per year. With fewer homes to pick from, buyers are engaging in bidding wars over highly sought after properties, effectively driving up prices even more, and promoting faster sales. While this is good news for those looking to sell their home, buyers are feeling the consequences.
How Does This Affect the Buyer?
The speed in which properties are being sold at leaves many buyers going from property to property, sometimes not being able to secure the ideal home. However, there are steps buyers can take before and during the process. By being properly prepared prior to making an offer, the buyer has a higher chance of securing their dream home.
Tips for Buyers in a Seller's Market
With homes for sale in Burlington, Ontario in such high demand, buyers must be ready to act quickly when their ideal home is listed for sale. To do this, buyers are encouraged to get financially “preapproved “so they can be ready prior to making an offer. Educate yourself about the buying process by asking your real estate professional if you have any questions. Here are some things buyers can do to help secure their new home:
- Find out the seller’s preferred closing date, and the reason why that date is important. Then attempt to accommodate that target date. Doing so can set you apart from other buyers with less flexibility.
- Limit the buying conditions as much as possible - the less onerous the offer, the quicker it will firm up which helps those sellers that just want to be done with the stress of listing process. Two options to consider:
- 1. Inspect the property BEFORE placing an offer.
- 2. Get solid financing in place so you that don't need to include a financing condition.
To learn more about what buyers can do in a seller's market, or for information regarding homes for sale in Burlington, Ontario and the surrounding area, contact the professionals at The Linda Maguire Team (Royal LePage).Passionate .Personal. Service .