With Home Inventories and Interest Rates at Incredible lows here in the greater Edmonton area, the real estate market has become a highly competitive “Sellers’ Market”.
What is a “Seller’s Market” you ask? Quite simply put, it all comes down to the basic economic rule of “supply and demand”. Currently there are more qualified buyers and fewer homes available for purchase. The Lower supply of listed properties coupled with the Higher demand of buyers looking to make a move into home ownership has created a very fast-paced environment. Quite frequently we are experiencing listed properties receiving multiple offers that are hotly negotiated. The end result; The top offers and best negotiators are closing the sale. Since there can only ever be one winner, if you are looking to buy a home, its important to be able to put your best offer forward at the start. So, if you’re thinking of entering into the competition of home ownership, it’s crucial to have a good understanding of your purchasing power. The best way for you to know how much you can comfortably shop for, and offer on a home, is to speak with a mortgage lender and gain a mortgage pre-approval. The process of receiving a pre-approval is easily accomplished over the phone, and will give you full confidence to search for a home based on your qualified loan amount. That way, when we find the perfect place that fits both your “must haves” list and your budget, we can work together to place a Top offer that has a greater chance of being accepted.
We’re always happy to help, and can provide you with a complimentary market analysis of your current home or a list of proven lenders to choose from. So, if you’re curious about your current home value or are in need of a mortgage contact, Let’s chat.