Why Time Is of the Essence in Real Estate
It’s been a whirlwind week here at White House Property Partners, with a remarkable eight listings moving swiftly from “for sale” to “under offer” to keen buyers who knew the time to act was now. At the same time, we’ve witnessed serious disappointment from those who hesitated or didn’t put their best foot forward.
As such, we thought it would be helpful, once again, to provide some advice on securing a property in this, often highly, competitive market.
Preparation Is Key
We can’t stress enough the importance of being prepared in this fast-paced market. Having your finances in order, ideally being pre-approved, cash or having your subject-to-sale property market-ready, not only gives you clarity on your budget but also strengthens your position as a buyer. When you find that dream home, you’ll want to, and importantly be positioned to, move quickly with a strong offer.
Make Your Best Offer First
In a competitive environment, there’s often no second chance to negotiate. Last week alone, several buyers came in with initial low offers and expressed being at their limit when advised it was essential to put in their “highest and best offer” —only to miss out to a higher/stronger offer and left feeling they could have offered more. Our advice? Lead with your highest and best offer. It shows sellers you’re serious and can often be the difference between securing your future home and missing out.
Understanding Seller Dynamics
Sellers react not only to price but to certainty. A solid offer that’s on the table now is often more appealing than the promise of a potentially higher one that’s not yet confirmed. The reality is that an owner’s circumstances can change rapidly, influencing both pricing and the speed at which sellers make decisions. By presenting your terms clearly and promptly, you position yourself as the ‘bird in the hand,’ which is frequently more attractive to sellers.
Market Urgency
Lately, there’s been a palpable sense of urgency among buyers and sellers alike. Decisive actions are often the norm, not the exception. If you’re considering a purchase, talk to your finance broker (we can put you in touch with excellent ones) to understand your range and discuss any potential additional support from family early on. This way, you’re ready to make a compelling offer when the right property appears.
A Final Note on Strategy
With stock levels remaining low, the chances of securing a property below market value are slim. Starting with a strong, fair offer not only engages the seller but also sidelines less serious competitors. We understand buying a home is a big decision; however, in a competitive environment, time is of the essence and hesitation can mean missing out on a golden opportunity.
At White House Property Partners, we’re committed to helping you through this dynamic market with clear, timely advice so you can make your real estate dreams a reality.
