1. Number of days on the market
This figure will help you estimate if a property is priced too high or has too many issues with it ( some that you may not even easily spot by yourself) . Great properties in the correct neighborhoods with correct prices usually spend the least amount of days on the market( DOM) . So if the number of days seems too long, take a minute to figure out why.
2. Your monthly payment
The home’s mortgage, tax, and insurance costs are important to know because they determine if you can afford the property or not. ( and if you can afford it comfortably, or if you will be stuck in your new house from lack of disposal income left). If you are buying the property for an investment, this figure tells you what your minimum rental income need to be in order for this to be a logical investment. Will this this number give you a positive cash flow? In addition, you need to know how much your down payment will be.
3. Number of offers
You should talk to your agent early on in the search process about the price range competition in the neighborhood, and the general landscape of the market. Ask about the properties that are similar in type to what you may are looking for and see how many offer/ how aggressively they are being competed for. Hence, if you are looking for a condominium in the Durham region, how much are they selling for? What is the selling price compared to the listing price? This will be very indicative of how assertive you need to be in order to obtain a house. However, being assertive does not mean going above your budget., for any reason.
