It has been difficult for many buyers lately, loosing out on their dream home. Most places, especially under the price point for $400k are selling way over ask. Sometimes I have seen it go as high as $121k over list. How can you even win in a competing bid?
Here are my tips to survive the disappointment.
- Whatever your current budget is, my suggestion is to look at homes $50k - $100k below. If you need to compete, you are well within your budget.
- Speak to your mortgage broker (we use LEANNE MYLES 902-798-9779) about a purchase plus mortgage. If you are not able to purchase at the top end of your budget and find a home that is “lack lusture” you can complete renos and have the cost added to your mortgage. As her about this program, it may solve your dilemma.
- Don’t panic if you can’t find a home right now. My thoughts are that the market will change spring of 2021. While the prices will still be inflated, there may not be so many competing offers.
At the end of the day, if you do not win the competing bid, you are still saving money and will have more for a down payment. No win, is still a good win.
Happy Home Buying