Four Tips to Buy a Condominium in Today’s Real Estate Market

Posted by Mercina Kokkas on Tuesday, March 12th, 2019 at 12:27pm.

Real estate market conditions are ever-changing. How to be in tune and buy a condominium with confidence

First, understand what drives the market and how to take advantage of it. Currently, there are plenty of condos for sale in Saskatoon and surrounding areas that may be yours, if you follow a few core tips.

Here are four tips to help you navigate today’s real estate market, search through condos for sale in Saskatoon and surrounding areas, and buy a condominium with confidence.

Four Tips to Buy a Condominium in Today’s Real Estate Market

Shop Around – Don’t Stick to Just One Condo Building

There are plenty of condos for sale in Saskatoon and surrounding areas. If you want to buy a condominium, keep in mind that you have plenty of options.

It is important not to focus on just one particular condo building. Perhaps you are looking for student housing, are a single parent, or downsizing empty nesters. Discuss your circumstances with your agent and start with a wide search in the areas you most wish to live in. Your agent will quickly find out which buildings have better management, best visitor parking and so on. While it’s easy to get caught up in the excitement of buying a new home, your agent’s knowledge of the current market conditions will help temper the excitement and direct you to the best options.

Understand When You Have the Edge

A buyers’ real estate market is different from a sellers’ real estate market. In a sellers’ market, sellers have the edge because there is a shortage of properties and an excess of buyers who want to buy. This means prices will be higher and offers will be tilted in favour of the seller.

The opposite is true for a buyers’ market. If you are shopping, know which market you’re in. This will be the edge you need to secure a great home for a great price.

When condo hunting, consult with a real estate professional. Let them help you take advantage of these tips and all the knowledge they have to offer.

Don’t Be Afraid to Make Hard Offers When Market Conditions Allow

A Hard offer may cause you to buy a condominium for well below the asking price or with favourable concessions. There are times when you can be tough in your negotiations. A seller always has the option of walking away from your offer, but if the inventory is high this is less likely to happen. A top agent will help you understand, options and odds.

Consider Having the Condo Inspected

Your agent will help you understand which maintenance areas are the responsibility of the condo unit owner and what is looked after by the condo management’s collective condo fees. The condition of the items the condo fees cover can be explored by examining the “ the estoppel package” a set of documents your agent will secure for you. This package provides information on operation budget, reports on past and pending repairs, and more. Let a top agent experienced in selling a condo guide you on how to access the condo value and it’s condition plus help you determine what inspections to focus on before making the commitment to buy.

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