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So You’re Buying a Home in a Seller’s Market?
The entire dynamic of buying a home in Ottawa has completely changed. Bidding wars and multiple offers are the new normal now and we now have more of a Seller’s Market.
Imagine being a home buyer in this current climate and starting the process. You’re considering all of your parent’s, friend’s or colleagues advice of how the negotiating process should go and you’re prepared to move forward. Only problem is, if they haven’t bought a house in the last 3 months, their insights have become completely irrelevant. The reality is, the times have changed and we must too.
So you go to submit your offer (and remember there is no way to know what the other offers are going to be) and it’s time to wait to see if the Seller’s pick your offer. The waiting feels like daaaays and the excitement and nervousness of awaiting the outcome is next level.
I often say to clients that in this type of market you have to be okay with two separate outcomes:1) Knowing that you could potentially lose the house in a bidding war.2) Knowing that you could actually win the bidding war. Sounds pretty straight forward, doesn’t it? Keep reading.
Okay so this can go two ways.
Scenario 1 – YOU WON! Hallelujah what a relief this is so exciting! This just got real and all the emotions start flooding in! Slowly the excitement turns to what were the other offers?! Could we have gotten the home for less?!
Scenario 2 – YOU LOST! “Okay this sucks, I feel discouraged and what’s the point!” However the disappointment, very quickly turns to, “there will be another one out there, we tried our best and now we know what to expect,” and very quickly the confidence rises.