There are plenty of potential purchasers out there who are keen on purchasing a Whistler property – but there aren’t very many listings to choose from. With prices on the rise and low inventory levels, it’s safe to say Whistler is in a seller’s market.
That’s great news if you’re the proud owner of a Whistler chalet, condo, or town home – but what does it mean for buyers in the Whistler market?
It can be daunting to be a buyer in a seller’s market, but it’s not all bad news. With a flexible attitude and some advanced preparation, you can still land the Whistler property of your dreams. Here’s how to do it.
Determine What You Can Afford
Establishing your budget is the first step in your Whistler house hunt for three reasons.
First, it will set the tone for your house hunt, letting you know what you can afford (and thus, what type of property you should be looking at), so you can avoid wasting your time on properties that are way out of your price range.
Secondly, getting qualified for a mortgage makes you an attractive potential purchaser from a seller’s point of view. With a pre-qualification letter from your mortgage broker or lender in hand, you come across as committed and serious in your search.
Third, when it comes time to actually getting approved for your mortgage, much of your paperwork will already be partially or fully completed. It’s a head start on the administrative aspect and could speed up the process of getting your mortgage approved.
Assess What Your Budget Can Buy You
Once you know your budget, I’ll be able to give you a better idea of what your money can buy you in Whistler.
For example, listed around the $1.5M mark right now are brand new 3.5 bedroom town homes in Rainbow’s Red Sky development; a plot of vacant land along the Nicklaus North Golf Course; and a 5.5 bedroom chalet with a 2-bedroom revenue suite in Nordic. These are all vastly different property types in completely different location, but they are all around the same price point. Knowing your options will help you narrow down your wants and needs.
With limited listings on the market, chances are pretty low that you’re going to find your dream property as-is. It’s time to think creatively.
If you’re willing to be flexible, you’re opening up many more options for yourself. Major home renovations are becoming increasingly popular due to the lack of inventory. Let me introduce you to some of Whistler’s talented builders, and you’ll be surprised at how you can transform a property to fit your vision.
Offer With Confidence
Once we’ve found a property that interests you, it’s time to make the offer. While buyers and sellers may have played around with negotiations in the past, today’s market is all about making a good first impression. If you’re interested in the property, chances are good that other people are, too. Let me educate you on the market so that your initial offer is competitive and catches the seller’s eye.
While price is one major factor, there are other elements of a contract of purchase and sale that matter to the seller. If you’re organized, you can be more flexible on elements like important dates in the transaction, which could give you a leg up over others.
Still have questions about being a buyer in a seller’s market? Contact me and I’ll be happy to lead you through the process.