August 2020 Instagram Round-Up

Some August highlights on the Paul Rushforth Instagram page:

  • Start with a free home valuation and learn why such strong buyer demand makes this the perfect time to sell your house
  • Why pre-approval is so important
  • A review from a buyer/seller
  • Fun Fact of the day
  • How to compete in multiple offer situations

If you haven’t already, follow the Paul Rushforth Real Estate Instagram account to stay updated with current listings, Ottawa Real Estate news, staff interactions, the Open House Radio Show, and much more!

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𝑾𝒉𝒚 𝑰𝒔 𝑰𝒕 𝒔𝒐 𝑰𝒎𝒑𝒐𝒓𝒕𝒂𝒏𝒕 𝒕𝒐 𝑩𝒆 𝑷𝒓𝒆-𝑨𝒑𝒑𝒓𝒐𝒗𝒆𝒅 𝒊𝒏 𝒕𝒉𝒆 𝑯𝒐𝒎𝒆𝒃𝒖𝒚𝒊𝒏𝒈 𝑷𝒓𝒐𝒄𝒆𝒔𝒔? You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that's outside your budget is very real. So, before you start shopping around, it's helpful to know your price range, what you're comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this. According to a recent survey from realtor.com, many buyers are making the mistake of skipping the pre-approval step in the homebuying process: 𝗢𝗳 𝗼𝘃𝗲𝗿 𝟮,𝟬𝟬𝟬 𝗮𝗰𝘁𝗶𝘃𝗲 𝗵𝗼𝗺𝗲 𝘀𝗵𝗼𝗽𝗽𝗲𝗿𝘀 𝘄𝗵𝗼 𝗽𝗹𝗮𝗻 𝘁𝗼 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲 𝗮 𝗵𝗼𝗺𝗲 𝗶𝗻 𝘁𝗵𝗲 𝗻𝗲𝘅𝘁 𝟭𝟮 𝗺𝗼𝗻𝘁𝗵𝘀, 𝗼𝗻𝗹𝘆 𝟱𝟮% 𝗼𝗯𝘁𝗮𝗶𝗻𝗲𝗱 𝗮 𝗽𝗿𝗲-𝗮𝗽𝗽𝗿𝗼𝘃𝗮𝗹 𝗹𝗲𝘁𝘁𝗲𝗿 𝗯𝗲𝗳𝗼𝗿𝗲 𝗯𝗲𝗴𝗶𝗻𝗻𝗶𝗻𝗴 𝘁𝗵𝗲𝗶𝗿 𝗵𝗼𝗺𝗲 𝘀𝗲𝗮𝗿𝗰𝗵, 𝘄𝗵𝗶𝗰𝗵 𝗺𝗲𝗮𝗻𝘀 𝗻𝗲𝗮𝗿𝗹𝘆 𝗵𝗮𝗹𝗳 𝗼𝗳 𝗵𝗼𝗺𝗲 𝗯𝘂𝘆𝗲𝗿𝘀 𝗮𝗿𝗲 𝗺𝗶𝘀𝘀𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝗰𝗿𝘂𝗰𝗶𝗮𝗹 𝗽𝗶𝗲𝗰𝗲 𝗼𝗳 𝗽𝗮𝗽𝗲𝗿𝘄𝗼𝗿𝗸. This paperwork (the pre-approval letter) shows sellers you're a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market. 𝐇𝐨𝐰 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐢𝐬 𝐭𝐨𝐝𝐚𝐲'𝐬 𝐦𝐚𝐫𝐤𝐞𝐭? 𝐄𝐱𝐭𝐫𝐞𝐦𝐞𝐥𝐲 – 𝐞𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐚𝐦𝐨𝐧𝐠 𝐛𝐮𝐲𝐞𝐫𝐬. With limited inventory, there are many more buyers than sellers right now, and that's fueling the competition. Pre-approval shows homeowners you're a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it's likely. When a seller knows you're qualified to buy the home, you're in a better position to potentially win the bidding war and land the home of your dreams. Bottom Line A pre-approval letter can be a game changer in a hot market. If you’re ready to start your home search, lets connect and get you started on the right path! PaulRushforth.com #ottawahomes #ottawarealestate #ottawarealtor #preapproval #buyingahome

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With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it's important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you're planning to buy a home this season. Here are three things you can do to make your offer a competitive one when you're ready to make your move. 1. Be Ready A recent survey shows that only 52% of active homebuyers obtained a pre-approval letter before they began their home search. That means about half of active buyers missed out on this key part of the process. 2. Present Your Best Offer In a highly competitive market, it's common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. As a matter of fact, the National Association of Realtors (NAR) notes: Not only are properties selling quickly, but they are also getting more offers. On average, REALTORS® reported nearly three offers per sold property in July 2020. 3. Act Fast With existing homes going like hotcakes, there's no time to waste in the process. For several months houses have sold very quickly. Essentially, you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you're ready to commit. Bottom Line The housing market is very strong right now, and buyers are scooping up available homes faster than they're coming to market. If you're planning to purchase a home this year, let's connect to discuss the trends in our current area, so you're ready to compete – and win. Buyers who are pre-approved are definitely a step ahead when it's time to make an offer. Having a pre-approval letter indicating you're a qualified buyer shows sellers you're serious. Let’s get together and talk about how we can position you in the best place to get the home of your dreams! OttawaVIPHomeBuyer.com #ottawahomes #ottawahomebuyer #buyinginottawa #ottawarealestate

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