I feel for this guy pictured here as I do for all home buyers right now.
To say that the housing market in the Fraser Valley is hot would be a gross understatement. Google tells me that the hottest pepper in the world is the Carolina Reaper. Not sure if that’s accurate – never had one and don’t intend to. However, I imagine that if it is the hottest pepper in the world, it would be more than uncomfortably hot – so hot that you may find yourself frantically pacing back and forth, unable to breath, dripping with sweat, and seriously regretting your decision to taste it, and if all that’s true, then that’s likely getting closer to describing how this market feels for most buyers especially while they wait through the presentation of offers.
I don’t use the word Uber very often, but in this current market, especially most detached housing, it is uber-competitive. Multiple offers in the double-digit range is common – and not just 10-15 offers, but 20-30+ offers. Unconditional offers (aka – subject free) are common. Challenges to get showing times are common. Pre-offer inspections are common. Presentation dates are common. Above list price offers are common – and in some cases, not just thousands above, but hundreds of thousands. It is not a market for the faint of heart or the faint of wallet.
Despite the many potential challenges, risks, and stresses that come with this type of market, there are ways in which it can be successfully navigated. Here are a few…
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