This is the number one question I get when someone is buying a newly constructed home. Unfortunately, even though it is brand new there are often many issues with new homes. Prior to completing a purchase on a new home, you will have a walk through with the builder. Having a home inspection report in hand, is a great way to review the deficiencies with the builder prior to taking possession of the home.
A seller’s market is a market where the seller has the upper hand or advantage. There are fewer homes available in a market where there is a large pool of buyer’s. Oftentimes sale prices will rise in this type of market. That is exactly what is happening in Nanaimo right now. Buyer’s must act quickly by writing an offer on a home and may find themselves participating in a multiple offer situation. Competing for properties is often what pushes the prices up above the asking price.
The real estate market in Nanaimo is currently a very active sellers market. It is not a fun time to be a buyer as there is a lot of competition for almost every listing that comes up. There are ways to ease the stress in a competitive market like this including: Getting pre-approved BEFORE you shop for a home, shop only in your price range, know what your closing costs are going to be and have the money set aside and choose what neighbourhoods you want before viewing homes. Working with a Realtor is important as you navigate your way through what can be a very tricky market.