Have Buyers had it up to here?
These days, buyers are frustrated in trying to buy a house or condo. The "bidding war" strategy that is working so well for sellers is pushing buyers to extreme tactics.
Recent newspaper articles quote stories about a buyer presenting a short video to plead his case in influencing the seller to pick him. Small token gifts or pricier incentives such as Leaf tickets or even Olympic tickets have also been included with the offer. We sympathize with these buyers as our own clients have experienced the heartache of bidding and losing as well.
Until supply meets demand, we have a few ideas to make this process a little less costly; financially and emotionally.
- Expand your search area.
- Consider houses that are not totally renovated, sexy or staged. These are the ones that attract fewer bidders.
- Look at houses needing work and bring a contractor to price out renovations.
- Be available to look at properties on short notice and discuss a "bully bid" with us.
When other people are celebrating the Holiday Season, an opportunity to buy might present itself with little or less competition.