How to Win a Bidding War

  • Get Pre-Approved

    Before you start looking for a home, you should get pre-approved by a mortgage professional to determine your purchasing power,  It only takes a few minutes and gives you enormous power in the purchase process:

    YOU’LL SAVE TIME.  You can quickly narrow in on the right price range.

    YOU’LL SAVE AGGRAVATION.  You can identify any problem areas in your financial qualifications early in the process.

    YOU’LL GAIN CREDIBILITY.  Sellers will take your offers more seriously if you are pre-approved.  In some instances, your lender may even give you a commitment so that you don’t even have to include a home inspection condition in your offer to purchase.

  • Deposit Size Matters

    When you submit an offer to buy a home, the deposit demonstrates your commitment to the seller to complete the purchase. It also shows that you are comfortable taking on some level of risk by putting down a deposit until the deal closes.  Meager deposits often leave sellers questioning a buyer’s sincerity or commitment.

    You can read more about larger deposits but checking out our blog entitled “Does Size Really Matter“.

  • Do a Pre-Offer Home Inspection

    Home inspections are commonplace. In fact, many deals hinge on the
    completion of a home inspection report that is satisfactory to the buyer involved.

    However, in bidding wars it’s often the case that buyers won’t include a home inspection condition in an effort to make their offer more attractive to the seller.

    The risk to a buyer in doing so is in today’s seller’s market it’s not uncommon for people to forgo a home inspection in order to make their offer more appealing to the seller, but with this decision comes significant risk. You may get the house, but you might also get a whole host of unexpected and expensive problems with it.

    If you’re confident that you’re going to purchase the property before even going to look at it, consider arranging to have a home inspection completed at the very same time so that you know what condition the home is in and can make an offer accordingly.

  • Know what matters to the seller

    Determining what items may impact the seller’s decision before making an offer is key.  Things like their ideal closing date or included and excluded items can help make your offer more appealing.

  • Talk to Your REALTOR®

    It can be challenging to decide on which bidding war strategy is right for you. Have a careful discussion with your REALTOR® to determine what path is the clearest one to winning the home you want. There could be some local customs you are not aware of.

    Formulate a plan with your real estate agent on what it will take to land the house. Have your agent speak with the listing agent to find out what if anything can be done to make your offer more attractive.

    If by chance you’re not successful, consider making a “back up offer if the offer which the seller accepted is conditional (e.g., upon the buyer arranging financing).

    A backup offer is the term used to refer to an offer that is submitted to a seller after the seller has already accepted an offer.  In the event the offer which the seller accepted with conditions can’t be fulfilled, your back up offer immediately takes priority!

If you’re thinking of buying navigating the complexities of the current real estate market we can be contacted at 519.586.7922, 519.426.2072 or office@eriesedge.com.

10 Year Anniversary Giveaway – The Barrel Restaurant

The Barrel Restaurant is a family owned and operated business located in Simcoe and featuring traditional Italian fares sprinkled with fresh new thinking.  It all started with fresh ingredients, a dash of parmigiano, garlic, and pasta and that’s how they still do it today.  Timeless flavours that get better every time.

Offering both take out and delivery (and in room when restrictions are lifted), the Barrel’s menu never disappoints.  You can see their takeout menu here, and in room dining menu here.

The Barrel is open Sunday to Thursday 11 am to 8 pm and Friday and Saturday from 11 am to 9 pm for you to enjoy all your Italian favourites…and they even have Gluten free options for those unable to eat wheat.  It’s a delicious blend of corn and rice that closely matches traditional pasta in colour, texture and flavour.

Follow the Barrel on Facebook and Instagram or visit their website.  To enter this week’s giveaway to win a $50 gift certificate to the Barrel, simply complete the form below.

 

10 Year Anniversary Giveaway – Schofields Bistro

It’s week 2 of our 10 weeks of giveaways to celebrate our 10th Anniversary.  This week we are highlighting Schofields Bistro located in Port Dover.

You can win a $50 gift certificate to Schofields Bistro by entering our Anniversary Giveaway.  And Schofields has donated an additional $50 gift certificate so we will be giving away two $50 prizes this week!  Deadline for this week’s giveaway is 10 am EST, Sunday, January 24.  A random draw will take place on January 24.  Click here to enter.

Schofields Bistro was established in 2011 and is located in the heart of downtown Port Dover, just steps from the Lighthouse Festival Theatre.  Chef and owner Michael Haywood is a lifelong resident and proud “Port Doverite.”
Schofields offers lunch and dinner Wednesday to Sunday and a delicious Brunch on Sundays.  You can view their menus here:

Schofields can be found on Facebook and Instagram.  You can also visit their website where you can see their menus, request information about catering, view their family pack take out options and more.

Schofields Bistro is open Wednesday & Thursday 11 am to 8 pm, Friday and Saturday 11 am to 9 pm and Sunday from 9 am to 8 pm.  You can reach them at 519.583.3400 or schofieldsb@gmail.com

10 Year Anniversary Giveaway – The Country Fork

This week we are highlighting a Port Rowan favourite – The Country Fork located at 1048 Bay Street. For those of you familiar with the area, you may remember this as the former Masonic Lodge.

You can win a $50 gift certificate to The Country Fork by entering our Anniversary Giveaway.  Deadline for this week’s giveaway is 10 am EST, Sunday, January 17.  A random draw will take place on January 17.

The Country Fork offers a mouthwatering breakfast menu, delicious lunch options, weekend dinner specials, some tasty baked treats, local goods and giftware and they also offer catering.

Be sure to follow them on social media (links below) to watch for their $10 lunch specials and their weekend dinner menus.

Due to current COVID restrictions, the restaurant is open for take out only – AND they’re offering FREE delivery in Port Rowan (a small fee is applied for local out of town delivery).  Contact the restaurant for more details.

You can find The Country Fork on Facebook and Instagram.  Their daily breakfast and lunch menu can be found by clicking here.

The Country Fork is open Wednesday & Thursday 8 am to 4 pm, Friday and Saturday 8 am to 8 pm and Sunday from 8 am to 2 pm.  You can reach them at 226-534-1616 or thecountryfork@gmail.com.

We’re Celebrating 10 Years in Business!

TODAY is our 10th Anniversary at Erie’s Edge Real Estate!

To celebrate, we are giving away ten $50 gift cards to local restaurants.

For each of the next 10 weeks, we’re going to feature one local restaurant a week on our social media channels, to which we are giving away a $50 gift card.  We will also post a link to enter that weeks contest.

Follow us on Facebook, Instagram or Twitter to make sure you don’t miss out on your chance to win.

CONTEST RULES

  1. Contest hosted by Erie’s Edge Real Estate, 1021 Bay Street, Port Rowan, ON  N0E 1M0  519-586-7922
  2. No purchase necessary
  3. One entry per person per week
  4. Draws will be made every Sunday by a random name picker and the new restaurant will be announced every Monday.
  5. Entries close at 10:00 am EST every Sunday
  6. Winners will be contacted via email or phone and posted on our social media channels
  7. Prizes will be mailed to the address provided
  8. This promotion is in no way sponsored, endorsed or administered by or associated with Facebook, Instagram or Twitter.

Local Restaurants offer New Year’s Eve at Home

While we can’t celebrate New Year’s Eve at our favourite restaurant this year, there are many local restaurants that are featuring a New Year’s Eve menu.

We’ve put together this summary of Norfolk County restaurants for your easy reference.  If we’ve missed anybody offering a New Year’s Eve menu let us know in the comments section so that we can update the list.

Our local restaurants need us.  Let’s show them and their employees that we value their commitment to serving us safely, and we can’t picture our lives without them.

Click on the restaurant name to see their 2020 NYE Special

Country Fork 

Erie Beach Hotel 

Ritzy’s Bakery & Deli

The Combine Norfolk 

David’s Restaurant

Schofield’s Bistro

What Does the Province Wide Shutdown Mean for Real Estate

Ontario has been placed into a Province wide shutdown.  

The restrictions will remain in place in Southern Ontario until January 23rd, 2021.

Real estate continues to be listed as an “essential service” by the Province. That means that real estate businesses can continue to operate while the Province is in Shutdown and real estate transactions can continue to close.

That doesn’t mean it’s business as usual. 

During this Shutdown, Erie’s Edge REALTORS® will only conduct essential business and avoid face-to-face interactions with customers and clients unless it is absolutely necessary.

We will continue to work remotely and use technology like virtual showings, electronic signatures and virtual meetings to the greatest extent possible.

When an in-person showing is necessary, we will first conduct as much business as possible virtually before conducting an in-person showing.  All local health officials’ instructions (including those of municipal local health officials) must be followed. Particularly relevant will be guidance around physical distancing, use of personal protective equipment (PPE), such as face coverings, and cleaning and disinfection before and after the showing. 

Practically, to reduce risk of transmission of the virus, the following should be practiced in conjunction with all relevant and applicable advice, recommendations and instructions from public health officials: 

Clean and Disinfect 

It is standard practice for a selling homeowner to present a clean house. Today, it is even more important that the home is cleaned and disinfected before each showing. Ensure door handles, light switches, counters, cabinet knobs and other high-touch surfaces are targeted. Once a showing is complete, the home should be cleaned and disinfected again. 

Wear PPE 

Our REALTORs will follow provincial guidance and wear face coverings.  We will also practice physical distancing whenever possible. We ask our clients to also wear face coverings and attempt to physically distance.

Replace the Handshake 

Limited physical contact is vitally important to prevent the spread of COVID-19.  While it seems  

Inside The Home 

To minimize health risks, it is best if homeowners are not present during the showing.

Our REALTORs will ask clients to limit the amount of time they spend in the home. Conversations with buying agents and prospective buyers should take place outside, and in between back-to-back showings so that high-touch surfaces may be disinfected.

Please do not sit on the furniture inside the home or use the bathroom.
 

Turn on Lights & Open Doors 

We will ask sellers to open all of the interior doors. Door knobs and light switches are two of the most commonly touched surfaces in a home. It is request that  home sellers ensure all lights are on and doors (including closet doors) open so that any viewings can be completed without having to touch these surfaces. 

Improve Ventilation 

We recommend that home sellers consider options to improve ventilation in a home, like opening windows, when completing showings. 

Digital Documents 

In an effort to reduce the number of physical documents passed from one party to another all of our marketing materials about the home will be produced digitally. Contracts and forms supporting the sale of the property can be signed electronically which is not only safe but it’s easy, convenient and fun.  Where there is no choice but to use paper documents, we will take every precaution available to. us. 

Space out Showings 

Each showing should be scheduled with enough time in between to facilitate a thorough disinfecting of the home and minimize inter-personal contact. 

Limit the Number at the Showing 

Viewings should be limited to the parties to the contract only. We strongly discourage extended family or children in the showing.

Meeting at the Property 

To help prevent the spread of COVID-19, we all make arrangements to meet buyers at the property. 

Clean & Sanitize 

Before and after entering a home, it is strongly recommended that you wash your hands with warm water and soap and/or use an alcohol-based hand sanitizer.

Our number one priority is the health of safety of our clients, our REALTORS and our communities.  If you have any questions, please contact our Broker of Record Ray Ferris. 

While Viewing a Property

Please review as much information about the property online in advance of the showing.  In person viewings should be completed as quickly as possible to minimize the amount of time inside the home.  Conversations should take place after the showing outside of the home.

Please wash your hands with warm water & soap and/or use an alcohol based hand sanitizer before and after entering a home.

Please limit showings to only the buyers and exclude additional family members, friends or children unless there are exceptional circumstances and prior arrangements have been made.

  • Please don’t touch anything inside the home.
  • Please don’t turn any lights on or off.
  • Please don’t sit on the furniture.
  • Please don’t use the washroom.
  • Please don’t open or close any interior doors.
  • Please practice physical distancing of at least two metres at all times.

Our number one priority is the health of safety of our clients, our REALTORS and our communities.  If you have any questions, please contact our Broker of Record Ray Ferris.

Not Enough New Listings to Keep Up with Buyer Demand

Local real estate sales are starting to climb following a free fall after Ontario declared a state of emergency in the face of COVID-19.

Leading up to the province’s state of emergency announcement,  Norfolk County sales were outnumbering the previous year by 12%.

The number of new sales hit a low of only 3 sales during the week of March 30 to April 5 which was a 667% drop in comparison to the year prior.

Since hitting rock bottom in late April and early May sales have slowly improved with the most significant gains made over the course of the last two weeks. 

“Buyers, sellers and REALTORS® alike have learned to accept and adapt to these challenging circumstances which has given way to modest signs of stabilization,” noted Ray Ferris, Broker of Record at Erie’s Edge Real Estate Ltd.

There are further signs of optimism in the local real estate market.

“There aren’t enough new listings coming on the market to keep up with current demand.  As the number of sales are increasing, not enough properties are being offered for sale to replenish inventory,” observed Ferris.  “Over the last two weeks, new listings are down 55% compared to last year.  As a result, we’re experiencing bidding wars more often than not.”