Canmore real estate demand has caused the emergence of multiple offers (aka bidding wars) on Canmore homes. Some may say that it was about time. How had a world-class mountain resort town been exempt from the high demand? We have seen a shift to work from home since the pandemic began. The shift in face-to-face business has made some people realize that working from home, whether full-time or part-time, is realistic. Many people from Alberta, British Columbia and Ontario have decided to make Canmore their second home. These people are unlocking their large sums of equity accrued in their city homes to purchase a mountain getaway. This increased influx of buyer interest has driven up Canmore’s real estate values. There have been fewer new listings and many buyers looking to purchase real estate that it has driven up demand to the point that bidding wars are commonplace in Canmore.
We have some essential guidance for those looking to purchase or sell a home in Canmore and who find themselves in a bidding war.
Seller’s Guidance
The primary question for sellers is whether to list low to generate more offers? Before offering up your home at a lower asking price, there are several aspects to consider. Where is the home located? What is the condition of the property? Which price point is the home in? And, arguably the most crucial question: how many buyers are actively looking today? It is essential to have the right seller’s strategy, and this must be done the first time correctly. Not all properties will sell if the strategy is incorrect.
Be open to a pre-emptive offer (aka Bully Offer) if the price is right. Only if the price is right, as you don’t want to shift strategy mid-stream.
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Buyer’s Guidance
Buying a home or condo in Canmore can be stressful on the best of days, let alone if you find yourself in a bidding war. The best advice we can provide is to work with an excellent Realtor who has been in this situation before and will give you what you need to know to win the property you love. It may not always be what you want to hear, but it will help you succeed. The best real estate agents can help position your offer to win despite the competitors and ensure that you purchase the property at the correct value not to overpay! There is nothing to be concerned about when it comes to bidding wars. We have been in hundreds of offer nights over the years, and there is an effective strategy to be utilized.
As much as you may not wish to hear this, you will have to make an offer for the most amount of money you are willing to pay (with guidance from your Realtor so that the offer price is not unreasonable). Conditional offers typically have no chance. It’s worth noting that excellent communication from your Realtor will better position you to win the property. Effective communication dramatically increases your chance of success. We have been in situations where our clients get the property for less than another real estate agent. Building connections with other real estate associates is key to a successful business. We pride ourselves on this.