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Multiple offers

Monday may I avoid multiple offer situations when buying or renting my future condo?  Well this may seem like an impossible task, especially for those who are just looking for a 1 or 1 plus den condo to rent in the downtown core these days.  The truth is low supply and high demand creates multiple offers in most situations.  So the best thing one can do is prepare oneself. If you really like a place then go in with your best offer, even if it is above asking price, as multiple offers often lead to higher sale/lease prices.  However, do make sure that you are not over-extending yourself by putting in an offer that you simply cannot afford to maintain every month.  Sure you might feel elated that you have outbid the competition and secured the unit but you will not feel much like a winner if when you go to pay your monthly rent or mortgage you find that you have a negative cashflow balance every month.  Another good tip for trying one's best to avoid multiple offers is to stay ahead of the bunch and have a Realtor send you listings as soon as they become available.  This way you might have a chance of sniping the high demand unit before others even realize it is on the market.  In a strong rental or sale condo sector it seems that multiple offers are unavoidable, but don't get yourself down about them. You will get the right unit that is meant for you as long as you keep trying, don't lose faith and understand that a strong market and a good unit in a prime location will only benefit you when it comes time for you to be on the seller/landlord side of things.



 

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