Karelyn Campbell

Cell: 250-618-8213 |

Categories
RSS

How To Be Competitive In A Bidding War

One of the most stressful situations in home buying occurs when other buyers are competing for the home you want. To make an offer on the perfect house only to find out you have entered a bidding war is certainly frustrating.


It doesn’t happen often, but if there is a shortage of homes for sale, or you are looking in a particularly sought-after area, it’s a possibility. It’s common to feel helpless as you wait for communications to come back through the agents involved, hoping for some good news.


To that end, I’ve put together some tips for how to make a multiple offer situation as comfortable and successful as possible for my buyers.

  • Pick a real estate agent who is well organized and an exceptional communicator. A lapse in communication could be interpreted as disinterest. Don’t get overlooked because your agent didn’t communicate with the seller’s agent in a timely manner.
  • Have your pre-approval letter or proof of funds in hand. You may have a great offer to submit, but if you can’t back it up with proof you are qualified to purchase the home the seller may just move on. Make a cash offer if you are able. If not, make as large a down payment as possible, and use a lender that communicates effectively with all parties.
  • Offer more than the asking price. Your agent should do a comparative market analysis to give you a good idea on the home value as soon as you decide to make an offer. If it’s not too out of line with the CMA or your budget, offer more than the asking price.
  • Keep your offer clean and simple. Don’t ask for contingencies that aren’t necessary to closing the transaction.
  • Shorten the subject removal period. Asking for a 5 to 7 day inspection period instead of the traditional 14 lets the seller know that you aren’t going to waste anyone’s time. Find a home inspector who has availability to schedule your inspection as soon as your offer is accepted.
  • Have your deposit ready. Offer a deposit that sends the message that you are serious about your offer and have the funds ready to turn in as soon as your offer is accepted.
  • Offer flexibility with your closing date. Convey through your agent that you are willing adjust the closing date to suit the seller’s needs.
  • Include a personal letter with a family photo. Let the seller know who you are, what you like about the home, and that you intend to take good care of their former residence. Let them know what it is about the home that has already made it special to you.
  • Offer an additional deposit after the subject removal period. This is another way to let the seller know you are serious about the house and not just trying to get it off the market while you make up your mind or look further.
  • Consider an escalation clause. Let the seller know that if your offer isn’t the highest you will go up by including a clause stating that you will increase your offer, up to a set price, if the seller shows you a higher offer from another buyer.
  • Be diplomatic with negotiations after your contract is signed. Remember that the seller has other interested parties to fall back on. If you turn ugly after the contract is signed, making additional demands or not following through with your promises, the seller may hand you back your deposit and work with someone else.
Read

New property listed in Z4 Diver Lake, Zone 4 - Nanaimo

I have listed a new property at 2343 BOWEN ROAD in NANAIMO.
Beautiful 2 story townhome features over 1200 square feet of living space, 2 large bedrooms, and 3 bathrooms. Main floor has an inviting entryway and open concept floor plan. Kitchen features wood cabinetry, plenty of pot lights, and breakfast bar. Living room has attractive gas fireplace and French door opening up to the patio. Powder room and generously sized laundry room on main floor, and access to the single garage. Upstairs has a spacious landing and large picture window perfect for a cozy seating area. Large master bedroom includes walk-in closet and spa style 4 piece ensuite with separate tub and stand up shower. Second bedroom features double doors. Centrally located with easy access to highway, transit, and all levels of schools. Walking distance to amenities and recreation.
Read

New Year! New Goals! New Home!
It's not too late to make your New Years Resolutions. What are your resolutions this year?⠀

If one of yours is to prepare to buy a new home, here are some resolutions to add to your list!⠀

• Resolve to pay down existing debt⠀
• Resolve to not make any large purchases on credit (cars, boats, appliances)⠀
• Resolve to save cash for a down payment⠀
• Resolve to not changes jobs⠀
• Resolve to get pre-approved for a mortgage ⠀
• And last but definitely not least, resolve to CALL ME! I can help you prepare to buy your new home!⠀ 

Read

December 2019 Market Update

In December 2019, sales of single family homes were up by 40% compared to one year ago. 

 

Annually, sales were down 9% with 4,119 properties sold in 2019 compared to 4,539 in 2018.

 

The VIREB housing market is currently balanced and leaning towards a buyers market. There is a lack of inventory, preventing many buyers from moving forward with a purchase. Now is a great time to list as Sellers can take advantage of the lack of competition. 

Read

BC Assessment Values 2020

2020 property assessments have been mailed to homeowners across BC. Nanaimo homeowners will sigh with relief that their assessments don’t come with the sticker shock of years past. 

Provincially, home values dropped by 2.5% while Nanaimo saw an increase of 3%. This is a moderate increase compared to a whopping 50% increase in property values for single family homes in Nanaimo between 2015 and 2019. 

A moderate increase is a good indication that the real estate values are stabilizing. We are experiencing a more balanced market in Naniamo, with less dramatic price increases.  

It’s important to remember that your BC Assessment value is not an indication of your homes market value. Rather, municipalities use it to generate your property tax bill. 


Find your property assessment online here: https://www.bcassessment.ca/


Home owners who disagree with their assessment have until January 31, 2020 to dispute their property assessment.  


Thinking of buying or selling? To find out what your home is worth in today's real estate market, give me a call to schedule your FREE no obligation home valuation


Read
Categories:   activities | activity guide | bc assessment | bc real estate | buyer | buyer tips | buyers | buyers agent | buyers tips | buying strategy | christmas activities | curb appeal | Du Ladysmith, Duncan Real Estate | events | explore nanaimo | first time buyers | first-time buyers | halloween | halloween safety | home | home buyer tips | home buyers | home buyers tips | home buying tips | home decor | home decor tips | home equity | home m | home maintenance | home maintenance tips | home owner tips | home pricing | home sellers | home selling | home values | homebuyers | homeowner | kids activities | lending | listing photos | local events | market udate | market update | market value | morgtages | mortgage | moving tips | Na Cedar, Nanaimo Real Estate | Na Central Nanaimo, Nanaimo Real Estate | Na Chase River, Nanaimo Real Estate | Na Departure Bay, Nanaimo Real Estate | Na Hammond Bay, Nanaimo Real Estate | Na North Nanaimo, Nanaimo Real Estate | Na South Nanaimo, Nanaimo Real Estate | Na University District, Nanaimo Real Estate | Na Uplands, Nanaimo Real Estate | nanai | nanaimo | nanaimo activities | nanaimo buyers | nanaimo home values | nanaimo homes | nanaimo homes for sa | nanaimo homes for sale | nanaimo houses | nanaimo market | nanaimo market update | nanaimo parks | nanaimo real | nanaimo real esate | nanaimo real estate | nanaimo real estate agent | nanaimo real estate market | nanaimo realtor | naniamo homes | new construction | preapproved | real estate | real estate advice | real estate tips | renovations | safety tips | sell y | sell your home | sellers | sellers advice | sellers tips | selling | speculation tax | tip tuesday | tips | vireb | Z3 Ladysmith, Zone 3 - Duncan Real Estate | Z4 Cedar, Zone 4 - Nanaimo Real Estate | Z4 Chase River, Zone 4 - Nanaimo Real Estate | Z4 Diver Lake, Zone 4 - Nanaimo Real Estate | Z4 Hammond Bay, Zone 4 - Nanaimo Real Estate | Z4 North Nanaimo, Zone 4 - Nanaimo Real Estate | Z4 Old City, Zone 4 - Nanaimo Real Estate
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.