With the hot Kelowna Real Estate market in full swing, multiple offers have become the norm as buyers compete to secure a property. Being the winning bidder in a multiple offer situation takes strategy. We talked to our in-house expert, Tracey Vrecko, who has been helping buyers and sellers come out on top in this crazy market.
Why are so many homes going into multiple offers?
This is simple supply and demand. There is so little inventory of homes for sale in Kelowna and West Kelowna so when a home goes on the market, there are multiple buyers competing for it. There are a large number of buyers coming in from out of town pushing demand even higher.
What is the strategy when working with sellers looking to sell their home in Kelowna?
Exposure is key to realizing top dollar for your home in any market, especially when looking to generate multiple offers. When the listing hits the market, typically a seller will want to pick a date to review any offers. With so many buyers from out of our market area, you want to give enough time from when the property is listed to when you are looking at potential offers.
When presenting a home for sale in today’s market, marketing is so important to attract buyers and highlight features that show value. We offer several ideas to prepare the home for sale and offer full marketing packages that include:
- Clear photos of each room and outdoor area
- Floorplans with room measurements
- VR tours with hotspots detailing features
- Digital feature sheet
Also, any additional information you can provide to the buyer will help buyers prepare for multiple offers.
When working for a home buyer, how do you win out against other bidders?
Some key things to consider when you are competing against other buyers on the same property is to make your offer as clean as possible while still protecting yourself. Try to complete some of your due diligence prior to making the offer so you can limit the number of conditions such as:
- Home inspection
- Reviewing of title, property disclosure statement, city file, strata documents, etc.
Home buying and selling can be emotional, so it is also a good idea to write a cover letter with your offer. It could help tip the scales when a seller knows who will be occupying their home. I have even seen pictures of potential buyers in some offer presentations. Any little bit helps.
Find out what possession the sellers prefer. By being flexible with dates could make your offer more appealing to the sellers.
There are other strategies with respect to deposit and price that can make or break you from being the winning bid. Each situation is different, so, having a professional realtor with experience in working with multiple offers representing you to advise you on price and deposit.
Multiple offers can be overwhelming for both buyers and sellers and there can only be one winning bid. The team at Quincy Vrecko and Associates have helped many buyers and sellers navigate through this very active market. Using a professional Realtor is more important than ever to advise on your largest and most important investment.