If you are planning to buy your first house, you probably have a lot of questions. Buying a home is a stressful process for most of us, but for a first-time buyer, it can be completely confusing. With many things to deal with, from a mortgage application to a property inspection, stress is further heightened by the fact that one must wait until an agreement is reached. In fact, 70% of home buyers report waiting at least three months for a home purchase to be completed.

So, with so much in play and so much room for things to go wrong, how do you secure the best possible real estate deal? How convenient is it to bargain and what to do if you cannot reach the right agreement? We made sure to answer these questions. Read on for more.

How much can the whole process take?

From the time you place your bid to the time you pick up the keys, it can take anywhere from three to six months. We conducted a survey to learn more about this issue, and at least 20% of respondents claimed they had been waiting for six months or more.

You’ll also have to take into account several other factors as well. For example, the demand (during the COVID pandemic, foreign investors have claimed most of Canada’s real estate market, thereby creating higher prices, making it almost impossible for ordinary citizens to bid); season (during summer seasons, tourist locations are known to keep offers on hold in the hope of getting better ones in the next month or two); and whether the seller is moving away or simply going for another home (in the case of the latter, the person might look to get the best offer, and he/she can also overprice the property). 

So in short, we can agree on one thing: patience is the key to success, and getting the best offer has a lot to do with making sure you are not rushing into things. 

Will they pick up my offer immediately? 

Negotiating becomes harder the more competition there is for your home. Most people have to offer one or more bids before eventually being accepted! Aside from a fair price (which is unsurprising), quickness and assurance are the most important factors for sellers. The sooner you can sell your current home, the sooner you can start looking for a new one. If you happen to be the seller, you might find it difficult to navigate through the sea of competitive bids and offers. To ensure you are not giving your property a wrong estimate, you can always hire agencies, like the professionals at https://quickfixrealestate.com/, which take care of property assessment and even make a cash offer for the property, making it easier for you to simply sell and walk away happily. Without the intrusive procedure of agents and purchasers wandering in and out of your house, you may have money in as little as a week. 

Bidding Strategies

In the case of the bidders, it is a little different. First of all, you’ll want to make sure your initial offer is more than fair. Do not start off with a high price, as you’ll find it difficult to increase the offer if there is no response. Look at other offers and how people perceive the property. Do they price it objectively or are they just looking to undermine the other bidders? If you see some high bids and people being competitive, chances are these individuals are investors, and you’ll want to get away from such offers as they have the resources and money to go on for quite some time. 

Realistically speaking, the best offer is the one closest to the seller's initial price, and any attempt to somehow undermine that will result in the seller's dissatisfaction or they might even take it as an insult. You’ll have to stay on track with your bids (do not offer more than you can afford) yet never hope to get a cheap deal, but rather a good one (meaning if the price is right and the market is shifting in a favorable direction, you can afford to spend a bit more money to get the property).

Do not get emotionally attached to the property!

Experienced real estate lawyers and bankers have seen this numerous times over the years. People get instantly attached to the property, especially young couples starting a family, and therefore are ready to pay anything to get the house or apartment. We know it might be hard, but the market is open to everyone and the possibilities are many. There is a chance you’ll find your dream home just around the corner.

Take into account the overall costs! 

To begin with, speak with a mortgage broker for free, unbiased mortgage advice. Examine your credit history and debts; you don't need to have everything paid off, but you should make sure everything is in order. Try not to owe more than 80% of your credit limit on your credit card at the same time, and make sure your spending isn't solely based on credit. Remember to factor in all of the costs associated with purchasing a home, including mail, legal fees, land registry fees, and moving expenses.

With these tips, you’ll definitely get the best deal and buy the property you are looking for. Once again, sometimes it is all about the right timing. Never rush and make sure to wait until the moment is right.