We are in a very tight market there are some listings coming to the market daily but not nearly enough. This is causing a great opportunity for sellers but makes it tough for buyers.

Here are some tips for buyers:

1. Understand the risks of a subject-free offer and learn what you can do to make it a little less risky.

It is important to understand what the conditions are and how important they are. When buyers view a property, they get excited about it, their judgement may get skewed and poor decisions can be made. Understanding the risks before they get emotionally invested in a property helps buyers ensure they do their best possible due diligence by using a trusted advisor to help mitigate a stressful situation.

2. Be realistic about what you can afford

It is a realtors role to know their clients and act in their best interests. This means helping buyers understand current market realities so they can make informed decisions and set realistic expectations. This is why it is so important to have a lender or mortgage broker pre-approve buyers to determine what they can afford, make sure their ducks are in a row to confidently make an offer. Buyers should also remember to keep track of ancillary costs in a transaction. 

3. Ask questions to ensure you're comfortable with the offer strategy

When a listing agent and their seller sets a listing price it can be challenging to determine an appropriate asking price based on recent sales of similar properties. A buyers agent will also run the numbers to provide information to assist buyers in making an informed decision. This is where an experienced realtor can help.

4. Be prepared to be in a multiple offer scenario and learn what you need to know

Ensuring buyers involved in multiple offer scenarios know what to expect to help the process go smoothly and avoid unexpected disappointment. In addition to making sure clients understand the practicalities of a particular multiple offer scenario (for example, whether offers will be delayed for presentation, whether bully offers will be considered or if there are any terms attractive to the seller), it's important that buyers and sellers understand that Realtors have fiduciary duties to the client they represent and how this impacts the information shared during a multiple offer scenario. It is also helpful to ensure clients understand that Realtors must follow the Real Estate Rules, REALTOR® Code and Board Regulations when it comes to the offer process and multiple offers.

These tips are a start to the importance of setting expectations and managing the risks. Find a realtor that knows all the options to help you navigate the current heated real estate market.