Home-buying tips from four real estate pros

For those pressing on with the search in 2022, BNN Bloomberg collected some tips on how to approach the market by tapping the expertise of several of our regular real estate guests.

Canadians trying to buy a home this year faced soaring prices and a tightly supplied market; unfortunately, there’s little relief in sight entering 2022.

The Canadian Real Estate Association reported a 25 per cent annual increase in the average Canadian home price for November. Meantime, Royal LePage expects home prices will increase another 10 per cent by late next year.

It’s enough to leave aspiring homebuyers at their wits’ end.

Of course, you can always choose to not buy real estate at this time. But for those pressing on with the search in 2022, BNN Bloomberg collected some tips on how to approach the market by tapping the expertise of several of our regular real estate guests.Steve Saretsky, Vancouver realtor, author of the “Saretsky Report”

“I’m advising clients not to chase properties. You have to try and keep your emotions out of it and set your maximum price prior to offer. What we are seeing is that a house might be worth $1.5 million based on recent sales, etc., but once 10 offers come in, and people get competitive, that house might sell for $1.7 million. This is obviously a huge overpay and often times is the result of an emotional bidder that has already lost out on several houses. 

“In summary, get all your ducks in a row, be prepared to move fast and have your trusted partners in place to help you with the due diligence. … And lastly, try to find the fixer uppers that don't draw such huge crowds. As I always say to my clients, if you have to beat 10 other people in a bidding war, chances are you are going to have to pay a stupid price.”Nasma Ali, broker and founder, One Group, Remax Hallmark Realty