Frustrated with
Today’s Real Estate Market? Cheryl Oudshoorn
Homes Plus Editor
A
re you currently looking for a home in this wild-fire real estate market? We spoke with Melissa (a local resident) about her home purchasing journey. With 9 offers (most over asking), and endless hometours with her partner, they have finally closed the deal on their dream home! She shared her story with us and some tips that you may find useful if you are in a similar situation.
worth seeing or not. She was always great at reaching out to see how things were going and to just discuss the current market. She was extremely supportive through the whole process and provided honest feedback. She didn’t just tell us what we might want to hear. She always kept us informed on offer day, and I never felt like I was left in the dark wondering what was happening in the back ground.”
Melissa started her search early in 2020. In fact, their first offer was made just 2 days before COVID-19 was really impacting our region and causing schools and businesses to close. At that time, they thought the winning bid of $25,000 over asking was ridiculous! Once COVID hit, they felt relieved they had not ‘over payed’ for the home, thinking the market would simmer during lockdown. As we all know, the market did not simmer! Almost every home they put an offer on post COVID was over asking, including an offer $175K over asking on another home (and that was not even be close to the winning bid)! As you can imagine, the process was “extremely exhausting and stressful”.
Melissa has shared some useful insights and suggestions for those who find themselves in a similar situation:
Fortunately, Melissa had an excellent real estate agent guiding her through this lengthy process: “Words cannot express how wonderful Mallory is. I would put us in the not so easy to deal with category, as we have high standards of what we were looking for but also wanted to be cautious with our money. Mallory and I would be in communication constantly whether there was a house 20
1. Make sure that you have an agent who suits your personality, as they are your partner in this journey. 2. As the market is very competive be sure you know what your budget is (get preapproved for a mortgage if required). 3. You will likely need to offer more than asking so adjust your price search criteria accordingly. 4. Keep in mind that there are three strategies when an agent lists a house: a) at market value b) lower than market to hopefully end in a bidding war c) price over market value with the hope that someone is willing to pay that much. The trick is determining how the listed house sits within the above three strategies - this will help you to determine an appropriate offer. 5. There is a home out there for everyone. It is frustrating but don’t give up!
