You can find new Penticton homes for sale all the time, but let’s explore when it’s best to make an offer on one!
Offers for Penticton homes for sale can come in at any moment and often do! The market has always been fairly consistent and remains competitive even during a pandemic. This is thanks in part to the gorgeous scenery, relaxed lifestyle and economic opportunities that Penticton is famous for. We know that property priced appropriately (and even some that aren’t) will sell with enough time on the market.
However, we want to share when and how it’s historically best to make an offer on the home you’ve decided on. Below we’ve provided some insight to a few common questions that buyers present when they’ve decided it’s time to make things official. We’ll explore the best time to make an offer, how to make a low offer without offending anyone, and when your offer should be above asking price.
Make an offer on Penticton homes for sale that they can’t refuse!
First impressions are everything in real estate and that same sentiment applies to your first offer. First things first – your offer has to be correct. We aren’t talking about price at this point. Rather, we are referring to the structure of the deal. It needs to be completed with care and attention so that nothing comes back to bite you after closing. This includes items such as, inclusions and exclusions, conditions of the sale, the offer’s expiry date, full and accurate buyer information and the proposed possession date. Once we know the offer is accurate and that all of our t’s have been crossed, then we begin discussion around what amount we are going to present to the sellers.
There is often so much excitement from a home buyer during this time. In some cases, buyers also have an unwavering desire to “win” the offer. We try and keep buyers’ emotions in check during this phase because while we are 99% successful in getting offers accepted – there is still the possibility of things not working out between both parties no matter the dollar values. We encourage our buyers to take a pragmatic approach from a dollars and cents perspective. While offers over asking price for certain properties during the pandemic have left us scratching our heads – we can’t ignore the historical sales data.
Crunch the data beforehand
Looking at past neighbourhood sales and recent sales data for similar properties allow us to form a great starting point to submit something a seller can’t refuse. If we can also limit the amount of conditions attached to an offer we are in a better position to see the offer accepted. What’s the number one condition that can hinder the acceptance of an offer? Subject to sale. This is when a buyer needs to sell their own home before they can remove the subjects of sale on the target property. During a seller’s market these offers are very hard to sell.
Timing is everything when it comes to securing Penticton homes for sale
A commonly discussed topic among buyers and sellers is always when is the best time to buy and sell. While there is no short proven answer we can find. Many people think listing your home for sale in the spring is best. On the flip side, buyers have suggested that January and February is the best time to make an offer. Both of these theories ( and they are just theories) come down to human psychology. Spring is when things traditionally wake up. We come out of hibernation from a long winter and search for a new place to live before the next hibernation period begins 😉 Buyers seem to agree that the dreary winter slows people down. To the point where they aren’t even thinking about buying or relocating.
While there is some statistical evidence to back up both of these ideas there’s nothing concrete enough for us to state that everyone should wait until March to list and January to buy. We already know that there are so many other factors that determine when and why a person moves. Everything from life changing events like job changes, relationships changes and more can factor into the equation. In conclusion the time to buy and make an offer on Penticton homes for sale is when you are ready! If you’ve found the place you can’t live without then the time is now!
How low should you go when it comes to offering on Penticton homes for sale
A lowball offer is an offer made that is lower than market value. If we are in a seller’s market then these types of offers are almost unheard of. That’s because they are nearly impossible to pull off. In many cases during a sellers market we see offers that are much higher than even the posted asking price.
So when is a lowball a good idea? First you need to understand who the seller is and why they are selling. Are they stretched to the financial limit because they are carrying two mortgages waiting for the subject property to sell? If so, then you might have some wiggle room because they need to move the subject property asap. Another item to consider is how long the subject property has been listed for. Has it been languishing on the market for hundreds of days? If so, you might be the best action they’ve had in some time. So you could be capitalizing on the seller’s desperation to just get it gone.
What to consider when buying Penticton homes for sale
The main point to consider with a lowball offer is the same as we touched on earlier. The offer should be clean with as a few subjects as possible, because the seller is already sacrificing on price. It would be considered insulting to receive a lowball offer that was also subject to the sale of another property. While every buyer is looking for the best possible deal that they can get, going too low can have setbacks. Seller’s don’t want to be insulted so take into consideration the above points and you just might have some success.
Have you been considering a move? Or have you been looking for Penticton homes for sale? Then, I would love to help you find your place here! Reach out to me today and let’s put together an offer they can’t refuse!