30 Apr 2019

What can Buyers do in Hot Sarnia-Lambton Real Estate Market?

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What can Buyers do in Hot Sarnia-Lambton Real Estate Market?

Sarnia-Lambton Market Breaking Records

The Sarnia-Lambton real estate market is hot. Throughout the winter, it has hit plenty of highs. In February, for example, over $35 million in total sales volume was reported, a record for the month. And it doesn’t seem to be slowing down, even if March was a little slower than the year before by less than 10 percent.

But it should go without saying that right now, the Sarnia-Lambton real estate market is as hot as it has ever been. If you’re looking to buy a home in Sarnia, you might be feeling the pinch right now. It’s a seller’s market, prices are up, and inventory levels are down. That means, the options aren’t available, and if they are, their cost is higher.

Be Prepared When Entering a Hot Market

Coming off the best year on record in 2018, buyers this year are wondering if 2019 is the year to get into the market. For some, it’s the chance to stop paying rent or finally move out of their parent’s place. And for others, it’s upgrading or downgrading their living situation. Whatever the case may be, sellers definitely have plenty of eyes wanting to see what homes for sale in Sarnia each week.

If you are a buyer in this hot market, there are some things you can do to better your chances of landing your home. It’s often uncomfortable to hear it’s a seller’s market, but don’t be scared off. Go in with some knowledge.

Work with a Sarnia Real Estate Agent

The first tip to combat a hot Sarnia-Lambton real estate market is to work with a Sarnia real estate agent. You can go on Realtor.ca yourself, look on Kijiji boards, and follow the newspapers yourself. But that means you might miss something. A real estate agent’s job is to find you your home. They have the knowledge, the expertise and the information to locate homes that fit your needs.

The truth is, when we’re not looking to buy, we’re not focused on the Sarnia real estate market. A lot can change in the months when we aren’t looking. Houses can be missed, trends can start to form, and only a real estate agent can keep you in the know of what the market is doing. Get yourself a Sarnia real estate agent that works for you, not the seller. And one that will keep you up to date on all new listings, new sales, and the trends in the market.

Jump on that Seller’s Market Showing

In a hot market, time is of the essence. A deal can happen in hours of a house being listed. Sometimes it only takes one showing and the for-sale sign is turned to a sold one. So, if you’re going to be a weekend warrior in a hot market, you’re setting yourself up to be disappointed.

A hot Sarnia-Lambton real estate market means you have to be ready to go at any moment. Buyers can’t wait, because the shortage of houses means there are multiple buyers. So, If a house goes up during the middle of the week, you have to be ready to go see it that day. Even if an open house is planned for the weekend, it could be gone by then.

Jump on new listings as soon as they come out. Let your Sarnia real estate agent know that any new listing that meets your needs is a house you want to see. Be the first in line, not the one looking in the window wishing you made the first move.

Don’t Toy with the Offers

Multiple offers are normal in a hot Sarnia-Lambton real estate market. During a seller’s market, a seller can expect a few offers to come through. They have choices to make. Unfortunately, you as the buyer don’t know what someone else is offering. You have to put your best foot forward and make a strong offer. During a seller’s market, it’s no time to toy around with the offer and expect a counteroffer in return. You have to get it right the first time.

Things to Consider

Delaying possession.  A turnoff for many sellers is buyers wanting to delay possession. It may not seem like much, especially if you are giving them the price they are after, but it can be a deal-breaker. In a seller’s market, they have the final decision on things, and if they want a particular time frame, aim for it. Everything is up for negotiation but be careful about extending possession times.

Larger deposit. A larger deposit might look very attractive to a seller. It means you are serious, have the funds and should have little trouble completing financial conditions. Ask your Sarnia real estate agent for advice on the deposit, then consider adding more to make your offer look more attractive. You will pay it at closing anyway.

Don’t Lose Hope in Sarnia-Lambton Real Estate Market

The buyers who succeed in a hot Sarnia-Lambton real estate market are the ones that don’t give up hope. Your home is out there, but you have to keep looking for it. If a deal goes south, get back in the market and keep trying. In other words, don’t let one bad deal take you out of the game. In a hot market, you need to constantly be looking for the next new listing, open house and showings.

Above all, if you are a serious buyer, don’t quit until you have a finalized deal in place. Getting discouraged won’t change the market. But if you go into the market ready to put in the effort and make fast decisions, your success rate will be higher. Talk to your Sarnia real estate agent and layout everything you are looking for. What are the must-haves, and what can you live without? In addition, make a plan, be open to ideas and opportunities, and be fair with sellers. No matter when you enter the market, be the buyer that is prepared. That already gives you a leg up on those who are not.