Houses for sale in Peel Region.

Tips for Buying a House in a Competitive Brampton Real Estate Market

Buying a home in Brampton is becoming more and more challenging as inventory is at an all time low with prices increasing at an unprecedented rate.

It is not unusual for a property to be shown to more than six prospective buyers within hours of being listed. What’s more, sellers are holding off offers to increase the likelihood of multiple offers.  Added to this, the common practice of bully offers – buyers (and their Agent) registering an offer before the agreed upon date, at a price higher than listed price, with a very short irrevocable date.

Here is what you can do to increase you chances of obtaining the home of our dreams:

Get a Mortgage Pre-approval

You will be asked to fill out a mortgage application. Your lender will do a thorough analysis of your credit report and look at your ability to purchase a property.  It’s important to note, however that while many buyers are opting to go in firm when making an offer, having a pre-approval does not guarantee a full approval. It is strongly suggested that you speak with your lender to discuss the risks of buying a home in Brampton without a full approval.

Do a professional inspection

It is highly recommended that you have a home inspection done on the property before going in firm on an offer. Note, most sellers in Brampton will allow buyers to do home inspection prior to the presentation date. Alarm bells should go off if they deny your request for a home inspection.

Stay in touch with your Real Estate Agent

Keep in contact with your real estate agent and clearly express your needs. Ask him/her to set you up to receive listing as soon as they become available. Be ready to view the house on a short notice – if it is a great home, it will go quickly.

Be realistic

There is not such thing as a “perfect” home. Determine a head of time what you can live without.

Be prepared to make a decision

Don’t hum and haw when you see a home you love; there will probably be five or more prospective buyers that also love the home and are ready to make an offer.

Bid competitively 

You may not want to start out offering the highest price you can afford. Similarly, it is suggested that you not go in too low as you may offend the seller.

Keep clauses to a minimum  

An offer with fewer clauses is more appealing to the seller.In conclusion, if now is the time to purchase a home, don’t be timid. Your chances of being a winner in a bidding war will be much greater if you are prepared.

Bring the deposit with you

From the view of the seller and their real estate agent, the buyer appears more serious when they come to the offer presentation with the deposit in the form of a bank draft.

Stay calm

If your offer is not accepted don’t despair, there are homes coming on the market every day.

7 Responses to “Tips for Buying a House in a Competitive Brampton Real Estate Market”

  1. John

    I found it interesting that getting a mortgage pre-approval was the first tips listed in the article of what to do when buying a home. It states that doing so requires a lender to go through your credit report and look at your financial ability to purchase a property. This is good information to know since I haven’t ever bought a house before. I’m looking to take the leap this year though, so I’ll be sure to get a pre-approval before making any serious bids on a home.

  2. Ernest London

    Thanks for the tips on buying a home! My wife and I are getting ready to buy a home this year, but we know it is pretty competitive right now. I like that you mentioned to bid high enough to be competitive. I will make sure we don’t bid too low.

  3. Rachel Lannister

    Thank you for all these great tips. You mentioned that you should try and buy a house that has the essentials, and try to focus on needs rather than wants. My brother is looking for a new home and he is going to have to move across town. I’ll advise he look for a home that fits his needs, as it would probably serve his needs for a very long time and he could enjoy living there.

  4. Harper Campbell

    My husband and I are considering buying our first house, but are in need of some advice on how to go about doing it. I like how you pointed out that we will want to have a professional come in to complete an inspection before we put in a firm offer. This will really help with making sure that we are getting the house that we are paying for, and that there won’t be any surprises that come with it.

  5. Ridley Fitzgerald

    Thanks for the tips on buying a home. My wife and I both want to take that step, but the market is so competitive right now! I’ll take your advice and make sure we talk to our lender to get pre-approved before doing anything.

  6. Mar

    It really helped when you talked about how it is important to keep in touch with your real estate agent when buying a house. I can see that taking the time to do this can help you stay up to date when houses openings and be able to get the best deal when it comes up. We are planning on entering the market in a few months to buy a house, so I’m glad I found your post.

  7. Ernest London

    I like that you mentioned to think hard about the things you can live without. It makes sense that in a competitive market, you would need to be able to compromise on your wants a little more. I am planning on buying a home this year. I will have to go over my list of wants again and see what I can eliminate.


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