In today’s market, with limited inventory and an increasing number of buyers and investors, it’s essential to set yourself up for success, and the #1 thing buyers forget is market education.
Market education is the initial stage of the buying process, and in real estate market education looks like window shopping! Market education is about touring the neighbourhoods you’d prefer to buy in and getting a feeling for what to expect.
Look at homes in price ranges above and below what you can afford, and get an idea for what sorts of features you can expect for your budget.
This is something most agents forget to recommend to clients, but we think this process will do a few things for you:
By getting out and viewing properties for the purpose of education, you’ll build a knowledge base that allows you to recognize which properties offer real value, and which are overpriced. You won’t have to take our word for it, you’ll be able to recognize that golden opportunity yourself!
Be Prepared to Move Quickly.
We can’t count the number of times a client has taken the night to think about a property, only to find out that it’s already been sold when they decide to submit an offer. By educating yourself in the market, you’ll recognize a deal when you see one, and be ready to submit an offer.
Buy with Certainty.
Doing your research beforehand gives you the opportunity to fine tune your criteria, exposes you to options you wouldn’t have considered, and ensures you buy a home that meets your needs. It’s important to check out a house or two that aren’t your style as well – finding out what you don’t like is just as important as finding out what you love.
Market education can be as short as a single afternoon, or can take several weeks. The amount of time it takes depends on your personality, but the important thing is that you feel confident, educated, and ready for the next step.
We love showing homes, and are more than happy to take you through the market research process! Give us a call and we’ll take an afternoon to check out a few homes, and find out what you like, and what you dislike.