I am joined again with my colleague Cole Grekul to showcase some tips on tackling multiple offers in Edmonton’s hot spring market!
Edmonton’s Current Market
The Edmonton housing market is experiencing a surge, particularly with the onset of the spring market. Multiple offers have become common, for example 6/12 of the last 30-day listings in the neighbourhood of Secord have sold at or above list price. This competitive environment poses challenges for both buyers and sellers alike.
Preparing for a Multiple-Offer Situation
1. When facing multiple offers, preparation is key. As a Realtor, Cole educates his clients on market values and setting realistic budgets.
2. Despite the fear of missing out, sticking to a predetermined budget can prevent overspending and financial strain in the long run.
3. Your Realtor can help you make quick, informed decisions on entering the bidding war.
Backup Offers
Backup offers are a strategic move in the face of competing bids. These offers, submitted after an initial offer is already in place, serve as a contingency plan in case the primary deal falls through. The 48-hour clause allows backup offers to step in automatically, if the initial offer fails to progress within the specified timeframe.
If you’re looking to get pre-approved for a mortgage to buy an income property in Edmonton, I’m happy to help you out. You can reach out to me at 780-720-2490. And once you have your pre-approval, you can call Cole Grekul with MaxWell Realty at 587-785-5133, and he can help you find the perfect home for you in Edmonton.
Connect with Cole Grekul:
- Phone: 587-785-5133
- Website: https://www.colegrekul.com/
- LinkedIn: https://www.linkedin.com/in/cole-grekul-886a0222b/
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.
