Imagine you’ve dreamed of living in a particular neighbourhood, perhaps for years, and then, when you're finally ready to make a move, finding out that the area is competitive and buying there is definitely a challenge.
A disappointment? Not necessarily.
There is a lot you can do to buy into a popular neighbourhood, even in competitive offer situations.
Your first step is to start targeting that area now. Find out about property types, prices and trends. In particular, you’ll need to know what price range you should be thinking about, and making sure that it’s going to fit your budget. To do that, you might need to get a determination of the Fair Market Value of your current home.
Next, begin making preparations so you can get a jump on opportunities in that neighbourhood quickly. You don't want to see a great property come on the market and not be ready to make a move. So, get your current home in order so it’s ready for a quick listing.
If possible, make arrangements to get alerted to new listings as soon as they come on the market. Keep in mind that a new listing may not appear online for several days. By getting advance notice, you can be among the first buyers to see the home and have an early advantage over other buyers.
If it's likely there's going to be competing offers for the home you want, there are many strategies that can increase your chances of winning. These involve going in at the right price, minimizing conditions to the offer, presenting the offer appropriately, and negotiating effectively.