Buying a home in real estate hotspots like Toronto and Vancouver is not for the faint of heart. With demand outstripping supply, a desirable home listed in these cities can attract multiple interested parties, leading buyers into a situation where they try to outbid each other in a fervent effort to purchase the property.
It’s easy to see why sellers would like their property to attract multiple offers: it gives them leverage to get the highest possible selling price.
Unfortunately, if you’re the buyer, finding a house you like could lead to a stressful bidding war in a “seller’s market.” But not all hope is lost — preparation, speed and the expertise of a REALTOR® can help you close the deal.
Here are seven things you can do to keep out of the bidding war zone.
1. Define your budget from the start