14 Sep 2019

Houses for sale in Sarnia selling like hotcakes! (Sellers’ Market Tips)

0 Comment

Houses for sale in Sarnia selling like hotcakes! (Sellers’ Market Tips)

The Sarnia real estate market isn’t slowing down. Houses for sale in Sarnia continue to break records, as August was reportedly another great month for real estate in Sarnia-Lambton. According to the Sarnia Observer, the average Sarnia real estate sale is up roughly $30,000 since August of last year. So, if you’re selling, it’s great. If you’re a buyer, we’ll be honest, it can be difficult with supply shortage and high prices.

Every month, except March, has seen the Sarnia real estate market break their record for total sales volume according to the Observer and statistics that come from the Sarnia-Lambton Real Estate Board. In total, Sarnia sellers sold more than $55 million in real estate, which is up $4 million from last August. That brings the year total to over $420 million over eight months, making it already the fourth-best year on record.

With the most common price range being $200,000 to $300,000, and listings have seen a rise as well. So, it isn’t all bad news. And if you were a first-time homebuyer last year, your investment is already paying off. But for those still trying to get into the real estate market, it can be discouraging. Let’s look at some tips to think about when it’s a seller’s market.

Don’t Get Sticker Shocked

As we have mentioned time and time again, the Sarnia real estate market is very active, and prices are moving up. So, getting shocked by the price of the houses for sale shouldn’t come as a surprise. What you thought you could get for $300,000 even just a few years ago has drastically changed today. It’s important to go into the real estate market knowing that prices are high and to buy a home, you need to pay it.

What that means is, don’t be toying with the price when you go to offer. That doesn’t mean automatically overbidding on any of the houses for sale or giving the seller exactly what they want. Your real estate agent should provide you will comparable properties for you to decide on a price for the offer. What it really means is, don’t go into a deal with an insulting offer. There is little time for that in a seller’s market. Especially with multiple offers coming in. A low offer could simply be tossed out and not even countered if other, more enticing offers are on the table. Even if you would have paid more in the long run, sending a bad message early to the seller isn’t going to get them to take your offer seriously.

Make Your Deposit Look Good

As part of any offer, there is the deposit amount. This is not the same as your downpayment, although your deposit does count towards your downpayment. This is the money you are willing to put up to make sure the deal goes through. If for some reason a buyer backs out of a deal for a reason not contractually agreed upon, then the seller is entitled to that deposit. So, why would anyone want to give a larger deposit? Firstly, it gives the seller confidence in your financial situation. Secondly, a large deposit shows a seller you are serious about getting the deal completed, as you are willing to risk a large sum if it doesn’t. Finally, you are going to pay it at closing anyway, so don’t be afraid to use what you need to from your downpayment to make your offer look the most enticing.

Keep Favors to a Minimum

There is a time and a place to be asking the seller for certain favours. A seller’s market isn’t one of them. Major issues with a house that the seller is unwilling to repair might be reason enough for you to move on. But for the houses for sale that need little touch-ups, now isn’t the time to ask. Want rooms painted a different colour or asking for appliances the seller didn’t include in their listing? Do it at a different time. In a seller’s market, you want the offer to be simple and not get complicated. Asking for things outside of the scoop of the MLS Sarnia listing can turn sellers offer.

Delaying the Possession

Much like asking for favours, delaying possession doesn’t look great on an offer either. The seller is moving themselves and that property could be contingent on selling their current one. Much like how a buyer is trying to find a place to move to, sellers are doing the same. And they have to be just as strategic in when they enter the Sarnia real estate market. If they ask for a certain possession date, don’t try to push it back and delay it. If the seller wants to move out by the end of October, then asking for an end of November or December possession isn’t going to entice them on the offer.

Jumping on the Houses for Sale in Sarnia

Being a weekend warrior isn’t going to get you into a house any faster. If you’re not willing to move fast, then the real estate market is going to move without you. Houses for sale in Sarnia don’t last long on the market. You have to be ready to see them the day they come up. A lot of times, offers are delayed, but the more time you give your real estate agent to do comparable work, the better your offer can be.

If you’re going to buy in a seller’s market, you have to be just as active as the market is. That means being ready every night to go check houses for sale. Keeping a close watch on MLS Sarnia. And working with a real estate agent who keeps their eye on new listings that meet your needs.

Yes, the real estate market in Sarnia continues to break records numbers and it’s more difficult for buyers. Low inventory numbers make it a challenge, and multiple offers are common. But if you follow these tips and active with the market, not react to it, you’ll find success. And then one of those houses for sale will end up being your home.