In today’s hot Calgary housing market, buyers need to eke out any advantage they can in order to land the home they want. The good news is that it doesn’t have to mean dishing out more money. It can be as simple as making time to see a home as soon as it’s listed and crafting a strategic offer.
Many prospective buyers work business hours during the week so their home viewings are limited to evenings and weekends. My advice to them, if possible, is to take a personal day or view homes during the lunch hour to avoid competing with the bulk of other buyers.
I’ll share an experience I had working with recent buyer clients. A property was listed late on Sunday night so I scheduled a showing for early the next day. We were one of the first – if not the first – through the door on Monday. My clients loved the home so we wrote an offer.
I discovered that there were a half dozen other showings scheduled for later that day already, so I advised my clients that our offer have a short acceptance window of only a few hours. I wanted to do everything possible to avoid having my buyers involved in a multiple offer situation.
Admittedly, I was a little surprised that our offer was accepted. Even though it was for full asking, the home was priced very well in a community with few properties for sale.
If I was on the other side of the offer, I may have advised my seller to counter with an extended acceptance time to see whether the other viewings garnered additional offers. Homes in the neighborhood were selling within days, so the real estate adage “the first offer is usually the best offer” didn’t apply.
Although the seller agent didn’t divulge it, I’m certain they received a better back-up offer(s) since they wouldn’t extend our condition date by even 24 hours when it seemed the lender needed a little more time for approval. Though my clients were preapproved, that didn’t mean that financing was automatic. (Related: Do I need a financing condition if I’m preapproved?)
In any case, by being able to see the home right away and using the strategy of an appealing offer coupled with a short acceptance window, my clients are now happy owners. Even their lawyer commented that he was surprised they got the home at that price, which as a buyer’s agent is a huge compliment.
Not every offer has a positive ending like the experience I just outlined. But in today’s market, buyers (and their agents) need to create opportunities.
Are you looking to buy or sell a home in Calgary, Airdrie or Chestermere? Would you like me to represent you? Contact me at 403-554-2284 or firstname.lastname@example.org