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How to Buy a Home in a Competitive Neighbourhood

How to Buy a Home in a Competitive Neighbourhood

 

Imagine you’ve dreamed of living in a particular neighbourhood, perhaps for years, and then, when you're finally ready to make a move, you find out that the area is highly competitive and buying there is definitely a challenge.      

A disappointment? Not necessarily.

It can be intimidating to try and buy into a neighourhood like that. On one hand, it's the type of area you'd love to call home. After all, there are good reasons why it's so popular. On the other hand, you might be discouraged by the competitiveness and prices. There is actually a lot you can do to buy into a popular neighbourhood, even in competitive situations.

Your first step is to compile a detailed list of your “wants” and “needs”. You know the neighbourhood you want to buy in to, but have you made a specific list with exactly what you need and want in your next home? Being clear as to what you want and need from your new home will help narrow down your search to the types of properties in this area that will fit your needs as well as check at least some of those “wants” boxes.

The second thing you should do is get a good idea of your financial position. This will include talking to a mortgage broker, your bank, and getting a Comparative Market Analysis on your current home. A Comparative Market Analysis (CMA, for short) and is basically a snapshot of your home’s current sale value if it were to go on the market today. 

Your realtor will compare your home to similar homes in the area that have sold over a period of time, factoring in their valuable insider knowledge about the area. This report is worth its weight in gold when planning to sell and buy as a good and accurate CMA will give you a very realistic view of what to expect depending on when you plan to sell. Our team offers free CMAs to all clients, so please do not hesitate to reach out!

Your next step is to create a strategy and start targeting that area now. Find out about property types, prices and trends. When you have a specific neighbourhood, or sometimes even street in mind, your Realtor can help you target that area by doing a flyer drop, getting the inside line on possible future properties coming up for sale in your area of interest, and working their established network to get you into that neighbourhood. 

Next, begin making preparations so you can get a jump on opportunities in that neighbourhood quickly. Your Realtor will set you up on a custom portal search that will send you all of the new listings from that day right in the morning. Make the time to hop on your search each morning and communicate properties you would like to see as soon as possible. Try to get a showing booked as soon as possible to see the properties you like so that you have the time to compare and evaluate if it is worthy of placing an offer on.  

Talk to your Realtor about the legal paperwork you will need to sign once you have decided to offer and discuss the process in order to be prepared as possible. There is alot to take in, and your Realtor will be able to walk you through each document so that you understand exactly what you are signing and what will happen during the process. You don't want to see a great property come on the market and not be ready to make a move. 

Get your current home in order so it’s ready for a quick listing once you do purchase. This will save you a lot of stress if you have the majority of the preparation done ahead of time. We have lots of blogs about decluttering your home and staging it in preparation of pictures, video, and eventually showings!

If it's likely there's going to be competing offers for the home you want, there are many strategies that can increase your chances of winning. These involve offering at the right price, minimizing conditions to the offer, presenting the offer appropriately, and negotiating effectively. 

Is there a neighbourhood you want to get into? I can help make it happen. Give me a call today! I am more than happy to talk you through the process and set you up for success.

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