Starting with the financial crisis of 2008-9, Prince Edward County experienced a prolonged buyer’s market in real estate. Supply was greater than demand, homes sat on the market for months, multiple offers were a rarity and buyers could take their time when purchasing a home.
All that changed in 2016: with sales at an all-time high and the inventory of homes for sale at an all-time low, Prince Edward County became a seller’s market. The selection of homes is now smaller, properties are selling much more quickly and multiple offers are commonplace.
To succeed in today’s hot market, buyers must adopt new tactics: doing your research before you set out to buy, being prepared to act quickly when you find the house you want, and being prepared so you can make your initial offer as attractive as possible in both monetary and non-monetary terms:
Research the market. Take a quick look at a variety of homes including some properties priced a little higher and lower than you’re planning to spend. With a better idea of value, you can make a fast and sound decision when you find a house with potential.
In today’s County market, offers which are conditional on the sale of an existing property often lose out. If you already have a house to sell, sell it first if possible before you get serious about buying a new property, otherwise your offer may be bumped by another buyer.
If you’ll need a mortgage, pre-qualify with your lender so that you can avoid a finance condition. Buyers often want to make the small deposit when submitting an offer, but to make your offer as attractive as possible try to make the largest deposit you can afford.
With today’s quick sales and upward pressure on prices, both speed and prudence are needed to make a wise purchase you’ll be happy with over the long run.