With Edmonton’s spring real estate market heating up, multiple offers are becoming more common. As an Edmonton mortgage broker, I want to share some advice to help you stay smart and avoid costly mistakes if you find yourself in a bidding war. Watch my video, or read on for more details!

Why Are We Seeing So Many Multiple Offers?

Right now, Edmonton’s affordability, strong migration (especially from Ontario, Calgary, and BC), and limited inventory are creating a lot of competition for homes. In many cases, buyers are finding themselves up against two or three other offers. In more extreme cases, it can be even 17-20 competing bids. It is easy to get caught up in the excitement, but multiple offer situations can lead to emotional decisions if you are not careful.

The Risks of Competing Without Conditions

In a competitive situation, some buyers are tempted to remove key conditions like financing, home inspections, or condo document reviews to make their offer more attractive. I caution against this. Without these conditions, you could end up overpaying or taking on a property with hidden problems or risks that can cost you much more in the long run. Even with multiple offers, protecting yourself should always come first.

A Smarter Approach to Buying in a Hot Market

If you are facing multiple offers and it feels overwhelming, it is perfectly fine to walk away and keep looking. Another home will come along. Buying a home is a major investment, and it should be done from a position of strength, not fear of missing out. Staying patient can help you avoid mistakes and find the right fit for your needs.

Need Help Navigating Multiple Offers?

Whether you are preparing to buy your first home or thinking about making a move, if you’re looking to get pre-approved for a mortgage to buy a property in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.