Staying Cool in a Hot Market…

My Real Estate partner Jim Noble in Edmonton has been telling me how hot the Edmonton Real Estate market is. I know how busy Realtors are. We at The Growth Shop even have a course now for them called’ Stress Management for the Real Estate Industry’. The trend or rising house prices seems to be sweeping the nation and first time buyers are wondering how they will ever afford to buy. Buying a home is the biggest financial investment you will probably ever make in your life. In our stress management workshops we talk about positive events in our lives that can be stressful  - such as getting married, buying a home or raising a family. These are events that we expect and look forward to in our lives – but are they stressful? You bet! So, how can you  turn down the heat of the house buying stress and stay cool under pressure?

The following tips are what Jim and I give to all of our first time buyers – now we will share them with you!

10 KEY TIPS TO KEEP YOUR COOL IN A HOT MARKET!

1. Choose wisely- The very first tip to having a stress free home buying experience it to choose wisely, The Realtor you choose should be knowledgeable, fun, entertaining and actually care about you and your family.

2. Get pre-qualified – Your bank can give you a financial pre-qualification of your mortgage before you make your offer! Understand the rates and how far your hard earned dollars will go!

3. Try not to get house drunk – if you see more than 8 homes in one outing you may not remember your own name, let alone what house you actually liked – 3 – 5 is a good number.

4. Don’t bring the kids, dogs or cats on home viewings - Once you have narrowed your homes down to the top one or even the top three, and then bring your children. Why stress yourself out telling your children not to touch everything when you should be looking at the house.

5. Wear Slip On Shoes – Ever tried to untie, un-zip, and unclip your boots, shoes or sandals when you are going house to house to house? – This is a tip that will save you time and energy.

6. Tell Me What You Really Think! Remember – this is not the Realtors personal home – so don’t hold back – let the Realtor know what you do and don’t like about each home. If you have a great Realtor you may even get some cheesecake on these heart to heart talks!

7. “Help me Rhonda, Help, Help me Rhonda” – Please help your Realtor – if you see a For Sale by Owner sign, if you read an ad in the paper or the Real Estate Weekly, if you see and MLS listing on the Internet call your Realtor right away to get the information you need. Let the Realtor do their job.

8. Be Ready to Go! – Let your Realtor know where you can be reached. In a fast moving market your home may not last – be ready and available to be picked up or faxed over an offer form. If you lose the home – do not panic there will be another home for you and your family.

9. Does the Plumbing Work? Understand what a home inspection is and what you need to know before you invest in your home.

10. Buyers Blues – Embrace It! Most people experience ‘Buyers Blues’ after the sale is done and all conditions are removed – know about this ahead of time so you do not add unnecessary stress to your life.

So, don’t be afraid of a hot market – take it on – enjoy the process. If you do not have  a Realtor I highly recommend my Real Estate partner Jim Noble of 1st Choice Realty. You can reach Jim at 1-780-710-7653 or by e-mail at jimnoble@jimnoble.ca. Jim can help you anywhere in the world his has international referrals!

Is it normal for a house to have more than one offer on the property and how does it work?

In this market it is becoming increasingly the norm to be in a multiple offer situation. This definitely can increase the stress of the potential home buyer. The home seller is very excited as it gives them the choice of the best offer and the best conditions. During this situation it is best to listen to the advice of your Realtor. This is a process and we in the business can guide you and it is ultimately your decision as to how you proceed. The best offer usually has the best price and the least conditions. If you are pre-qualified and you do not have to sell a home first you should have a good chance. Remember if this isn’t your house you will find another one. All the best!