Sellers Seeing Success – How About Buyers? –
Last month, average prices were up 23% over October 2020 which is excellent news for Oakville sellers but what about those looking to buy these days? If you’ve been in the market for a new home for a while, and still haven’t found “the one,” you might need to try a different strategy in your house hunt. With listings down 60% in October compared to this time last year, it’s not unusual to see properties receive multiple offers – within hours – instead of days. Here’s a few ways buyers can get a much-needed advantage.
As of October, the average number of days a property lasts on the market was just 17! If you’re looking to buy in a highly sought-after neighborhood, get started on your search as soon as possible. Contact a real estate expert and be prepared to make both the purchase and an actual move to your new place from your current one.
Get Preapproved. In any market, it’s beneficial to always assume that there is going to be a multiple offer situation. After viewing a home, speed is often the best strategy that can lead to having the winning bid and you may only have a day or two before an offer is accepted. When shopping for your home, you’ll want to be “offer ready” to submit any required paperwork and deposit because if you aren’t, someone else will be.
Try and keep your offer simple. When faced with multiple offers, sellers have the privilege of choosing the easiest for them which means that buyers should avoid including contingencies, like completing inspections, that need to be fulfilled before moving forward with the transaction. Product knowledge and neighbourhood knowledge is key to understanding the future value of your investment. A seasoned agent can guide you in the right direction.
A Look at the Numbers in Oakville:
Here is a snapshot of the Oakville real estate market for the month of October 2021 in comparison to October 2020, taking into account all property types: