There is no question that Ottawa is in the middle of a sellers market which means that there are far more buyers looking than sellers listing. This often creates a scenario where multiple buyers are competing for the same house which means that the price starts to creep up. Here are 3 tips for buying in this type of market.
1. Know where you want to move
Take a map of Ottawa and start crossing out areas that you would never live. Then take out the areas that you would live if the right house came up. By this point you should have it narrowed down to 3-5 areas of interest, this is a good starting point but you should always be looking to trim this after every showing. Location is very important so get critical.
2. Get really pre-approved
When getting pre-approved make sure that your Mortgage Broker has all of the information and documents that they have requested. This ensures that they are giving you an accurate picture of what you ca afford and what a lender is willing to offer you. Make sure to get this in writing so this can be used in the offer process.
3. Be prepared to move quickly
Many listings are "holding offers" meaning that they will only show offers to the Sellers on a specific date. In this case doing a pre-offer home inspection, getting a firm commitment from a lender or talking to insurance might make sense but needs to be done within days to put in the best offer possible.
If a listing is not holding offers and you like the property an offer should be submitted ASAP to capitalize on being the first in.
This market can be tough for buyers because you may have to write a few offers before you get a home but I can tell you from experience that the property you end up with is usually the perfect one. As a bonus tip I would recommend working with a licensed REALTOR®. They have the knowledge of the area, strategies to negotiate and the experience to catch potential issues before they arise. Interview a few and make sure that they have the knowledge, are experienced and that you like them. I hope this helps and good luck!