The Edmonton real estate market is more competitive than ever, with buyers facing multiple-offer situations on a regular basis. While excitement is high, so is the risk of making costly mistakes. Watch my video for more details on how to avoid these mistakes:
Bidding Wars
A few weeks ago, I worked with clients interested in a townhouse in Mill Woods listed at $190,000. They weren’t alone, 15 other buyers also wanted the property. The final sale price ended up being $230,000, a full $40,000 over asking, and it sold unconditionally.
Why Buying Unconditionally Can Lead to Mistakes
In the heat of a bidding war, it’s tempting to waive conditions to make your offer more attractive. But this can lead to serious financial risks, especially with condos. Here’s why:
- No Condo Document Review: You might miss red flags about the building’s financial health.
- Financing Risks: Even with pre-approval, lenders need to approve the property.
- No Home Inspection: You won’t know if there are costly repairs waiting for you.
Don’t Let FOMO Drive Your Decision
Yes, the market is competitive, but rushing into a purchase could cost you more in the long run. Instead, take a strategic approach:
✅ Get pre-approved so you know your budget.
✅ Be patient and don’t overextend yourself.
✅ Work with professionals who can guide you through the process.
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.
