The Calgary, Alberta spring real estate market is competitive, as buyers, sellers, and investors come out of hibernation to make their move. The Calgary Real Estate Board recently reported, “there were 1,881 sales in March, up from the previous month,” showing that market activity is already hot! Midway through April, this trend continues.
In busy real estate markets like this one, homes often receive multiple competing offers. This means there is more than one interested party, leaving the seller to choose which offer best meets their needs. You might think that sellers will always default to accept the higher sum of money, but this isn’t always the case. Sellers also have needs.
If you are a buyer navigating a competitive market, here are some ways you can sweeten your offer so that it has a better chance of getting accepted:
- Be flexible with your move-in date. This is paramount. Just like buyers, sellers are working on a timeline as they transition homes. If you can cater your move-in date to their needs, this is a massive win. If you are also working on a tight deadline, both your real estate professionals can consult on what a reasonable compromise may be. Being flexible on this date can be worth thousands to a buyer comparing offers.
- Be willing to take on projects. Sometimes buyers have stipulations tied to the deal going through that require the seller to remove junk from the property, fix appliances, seal the driveway, etc.. These are set in place to ensure there is not undue work required by the buyer that the seller should have taken care of prior to move-in. However, any stipulation that costs the seller money or effort can be a strike against your offer in a competitive situation. Make sure important things are addressed, but avoid knit picking.
- Consider a personal approach. Many buyers have had success beating the odds in a competitive offer situation by writing a letter to the sellers expressing their love for the home and dreams for what it could be. This is particularly successful in situations where the property has been owned by a single family for many years, who have more emotional ties to the home. A letter can make the process feel more human and comfortable in the midst of a high-pressure situation.
Once again, it is prudent to mention that flexibility on how much money you can offer always helps! It is beneficial to look at properties that aren’t at the top end of your budget, giving you room to negotiate as needed.
Are you ready to make your move? Contact Ken Richter today at 403-630-6363 or Ken@KenRichter.com.
(Image via Canva)
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