First-time Homebuyer Tips for the Vancouver Real Estate Market

Being a First-time Homebuyer can be a stressful experience.

You have to consider what home best matches your wants, needs, and financial resources.

If you are considering buying in the Vancouver real-estate market, you are likely aware that the market is very competitive and real estate is highly sought after.

When purchasing a home in the Vancouver area, you must take note of a few things.

With the market being so competitive, many buyers will find themselves in bidding wars for houses. It can be easy to get carried away when your dream home is on the line.

Many buyers are making something called a “subject free offer” to make their bid more appealing to sellers.

If your realtor suggests that you should be making a subject free offer, you should be aware of what that means.

A subject free offer means that you cannot walk away from the deal for any reason. Regardless of the home inspection results, you have to close the deal.

If you cannot financially meet deposit requirements or costs, you still must complete the deal.

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Many buyers that place subject free offers find themselves facing a financial hardship.

If you are trying to purchase in Vancouver, you should be aware of what it a subject free offer is and seriously consider if you are in the position to offer that.

In the Vancouver market, the deposit also plays a large role in the purchase of a home.

It is important to be aware of the changes that have come with making deposits on a home in the Vancouver market.

Typically when purchasing a home, you are expected to put down a deposit and deposits in Vancouver have been increasing.

If you can offer a decent deposit, your bid will be more desirable to sellers because you are saying that you have the majority of the money readily available.

  • However, if you couple a large deposit with a subject free offer, it can be impossible to regain your funds.

If for some reason the deal does not close, you gave a massive deposit and are stuck closing the deal. Be aware of what type of offer you are making and truly consider what amount of money you’re willing to put down for a deposit.

Personal touches are something that seem to be working well in Vancouver real-estate and are a great way to separate yourself from other bidders in a competitive market.

Although money is the deciding factor in accepting a bid, many buyers are bidding in close range to one another. In this case, writing a personal letter to the seller can get your bid noticed.

  • Write a letter explaining why this home is best property for you and attach it to your bid.

It is a good way to ensure that your bid will be noticed by the seller. Most sellers do have emotional attachments to their home and it doesn’t hurt to touch on those.

The Vancouver market is competitive but you will find the best property for you. Purchasing a home can be a difficult road but it will feel so good to have a place to call your own.

If you’re moving into the Vancouver area, consider letting Highland Worldwide Group simplify the process.