Whether you live in Brandon MB, Virden MB or you're searching for acreages in these surrounding areas, the search can be strenuous and time consuming. You can call on me to be your trusted go to REALTOR®, with insight on all new listings and recent home sales, within our local real estate market.
You’ve Found “The Home.” Now What?
The long, tiring search is over and you’ve kissed a lot of frogs. You've finally found your dream home and want to make an offer on the property. How do you know how much to offer and if you’re getting the most value for your money in this Brandon MB market?
The offer phase of purchasing a home isn’t always straightforward and you need to at least know the market on homes in that area so you can determine if you’ll be getting the fair market value for that home. Ask your real estate agent to go through neighborhood comparable actives and solds with you. This report should be helpful with the offer process.
Lowballing is a common term in the world of real estate. It means that you’re offering to buy the house for a number that’s far below the market value. You run the risk of insulting the seller and losing the home for good.
But, if you don’t know the fair market value of the home you could overpay by thousands of dollars. To zero in on the market value of the home you’ve chosen, you should know if you’re in a seller’s or buyer’s market.
A buyer’s market means that there are plenty of homes for sale, but a shortage of buyers. This gives you more power to bid lower than the asking price and to even ask the seller to pay for some or all of the closing costs. In a buyer’s market, you’ll find the seller more willing to negotiate.
If you’re in a seller’s market, there is a shortage of homes for sale and you’re likely to have several potential buyers making offers at the same time. A seller’s market is a little tougher to negotiate in because you may need to compete with other buyers.
It’s sometimes devastating to a potential home buyer when their good-faith offer is rejected – especially without a counter offer. This could happen when the seller receives many offers and your offer was much less than the others. Or, the seller may back off of your offer to see if he can eventually get a better one.
All may not be lost, even if your offer has been rejected by the seller. The seller may not have accepted any offer on the home and you may still have time to negotiate by moving rapidly with a higher offer. This may result in a bidding war that your real estate agent will need to help you with.
A buyer’s agent is extremely helpful if you’re a first-time home buyer. He or she will be familiar with the local market and be able to negotiate the best deal on your behalf. You’ll learn a lot during this process, which may be helpful to you when you decide to sell.
If you’re working in a seller’s market and there’s a real shortage of homes in the area, you may still be able to get your dream home. Find a home you really love in an area you’re interested in and write a letter to the homeowner.
It’s a true leap of faith to try this method, but it’s worked for thousands of buyers and it just might work for you. Even if you receive a “not interested” reply, at least you’ll know you tried.
Never rush to make an offer in any market until you’re sure the home is right for you. Unless you do the proper research on the home, you may be rushing in to a situation that you’ll later regret.
If you have money in your bank account and want to put them to good use instead of leaving them to catch dust, it would be a wise financial decision to consider investing! There are many places to put your money in when it comes to investing, but even with the number of promising investments to choose from, you can never go wrong with real estate.
Investing in real estate can sound overwhelming and complex, but it doesn’t have to be! The first thing that might cross your mind when you think of having a real estate business may include apartment buildings or other types of multi-family homes, but your choices aren’t limited to only these kinds of properties.
Why Single-Family Homes Are the Better Choice
Not everyone has to own a sizable residential establishment to make a worthwhile investment. You see, sometimes, smaller is better. With that said, you may want to consider investing in single-family homes instead.
Now, don’t be fooled by the size of the property! Although single-family homes are considerably smaller than apartment buildings, starting with this kind of property proves to be the perfect real estate investment to begin with.
If you’re still not convinced in hunting for a single-family property for sale near you, then these reasons below may change your mind:
1) Easier Management
Becoming a successful real estate investor doesn’t just involve owning rental property; managing the place is crucial for being an investor. For beginners dipping their toes into property investment, we recommend single-family homes as they are much simpler to manage and maintain than apartment buildings.
Instead of taking care of an enormous undertaking, you only have to mind a small area, so you’ll have fewer headaches. Moreover, with single-family homes, you only have to deal with one tenant at a time—you’ll have the chance to do the right diligence and find the perfect tenant to rent out your property to.
2) High Appreciation
The great thing about investing in a single-family home is that you get the best of both worlds—on top of receiving rent from your tenant, the value of your property increases the longer you own it!
Compared to multi-family homes, single-family homes appreciate at a much faster and higher rate. Instead of worrying about rents and market conditions affecting the value of your property, you only have to be concerned about the supply and demand.
Unlike multi-family homes that can only appreciate if rents were to rise, single-family houses are always in top demand, so they’ll sell much quicker and have more liquidity.
3) Passive Income
If you’re looking to earn passive income from real estate investments, then investing in single-family homes is the best investment strategy to have. With the help of a professional, you can turn your investment property into a source of passive income without doing much work. As long as you do everything right, you’ll get to sit back and reap the profits from your property investment!
When it comes to starting a real estate investing career, you’ll never go wrong with a single-family home! Of course, even with the advantages single-family homes bring, there are no guarantees of success. To increase your chances of a worthwhile investment, make sure to work with an expert to guide you through the process.
Are you looking to invest in a single-family house for sale near you in Manitoba? Then, let me, Chris Low, help you find the perfect property for you! While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. Connect with me today to get started!
The things that run in your head are as big as the house you are looking forward to calling your home. You can’t wait to take a tour and see the neighbourhood. But after the excitement of touring and cherry-picking the best property, you are left with the biggest decision of whether to buy it or not. What’s the next step? How long will it be before you are holding the set of keys and opening the doors of your new home?
As a first-time homebuyer, you need to know the basic steps in buying your very first home. Consider hiring a home value estimator to guide you in making an offer—they are one of the few professionals you will need to consult with during this process.
Below is a checklist of what you need to look into before making the final decision.
Work With an Agent or Realtor
It is wise to get a realtor on your side to help you narrow down your choices and find the right home for you. As experts in buying and selling properties, realtors can guide you through choosing a house and all the complex steps involved in the process of buying it.
What’s best with having a realtor with you is you are assured that your best interest is their priority, and your budget preference is at the top of their list!
Decide on Your Budget
You need to determine how much you can afford by identifying your debt-to-income (DTI) ratio. This is how lenders gauge your ability to pay back your mortgage loan. Basically, your amount of debt is compared to the amount of your income.
You can calculate your DTI ratio by getting the sum of your current monthly expenses such as rent, loan payments, credit card dues, etc. Your monthly payables that vary in amount should not be included in the sum. After getting the sum, divide it by your total monthly pre-tax income. If you have a high DTI ratio, you may have a difficult time getting your loan approved.
Partner with a Mortgage Lender and Secure a Preapproval
Now that you understand your DTI ratio, the next step is to partner with a mortgage lender and get preapproval for a mortgage loan. When your loan is preapproved, the negotiating process with your potential seller will go much more smoothly!
Search for Your Home
You can now get to choose a home based on your working budget. You can ask your realtor to look for homes for you or suggest some properties and schedule you for a view. When viewing a property, don’t be content with just looking at the house superficially. Check its parts to see if they are working well. Test the electrical system, check the plumbing, ask about the roof’s condition, you know the drill.
Make an Offer
If you think you have found the one, make an offer. This is tricky, as it can be hard to gauge the exact amount you will offer. This is where your realtor steps in. Realtors usually compare sales data and other property values to help you come up with a reasonable price offer. Your realtor will take care of presenting the offer to the seller.
Get a Home Inspection and Appraisal
When the seller agrees on the offer, the house is yours! The next step is to conduct a home inspection to check the property from top to bottom and an appraisal to get an estimate of your home’s value.
The last part of the process involves the signing of documents for your mortgage and all legal papers. After a successful property title transfer, you can now move into your dream home!
Arming yourself with the correct information when house hunting is the key to finding your dream home. The steps mentioned above will surely do you good in your quest for your home. So, choose wisely and seek the help of a realtor to help you make sound decisions.
Buy or sell a commercial property with the help of a realtor. Chris Low is here to help. Whether you want to see a listing in person or just have a simple question, you can contact me at any time. Reach me through email: email@example.com or phone at (204) 573-5699.
The Canadian real estate market scene is seeing substantial growth lately as it bounces back from the economic downturn experienced in 2020. Brandon, one of the country’s centers for agriculture, is one particular city that’s giving way to several prime investment opportunities for savvy entrepreneurs. On the other hand, if you’re looking for a new place to settle in and start anew, Brandon might just be the perfect place for you with lots of housing options. Let’s dive in on the current state of Brandon, Manitoba’s real estate market, and why it’s a great place to invest in.
What’s the Current State of the Brandon Housing Market?
As far as any city in Manitoba goes, the city of Brandon is enjoying record-breaking sales activity and prices as it experiences steady growth this year. As public health restrictions are starting to ease, that growth is more likely to continue and improve in the coming months. Some of the highlights of the Brandon housing market include:
- Increased Demand for Houses
- Growing but Still Limited Inventory
- Borrowing Has Never Been Cheaper
- Consumer Trends are Evolving
Recent data on the real estate market shows that there’s steady growth in the city, very much like all markets across the province, with few roadblocks on the horizon to quell this heated activity. Whether that can be sustained or not remains to be seen, but looking at how many cities are opening up and upscaling their vaccination drives, there really is nowhere to go now but up.
Rising Real Estate Sales in Brandon
With the demand for real estate increasing, residential sales of single-detached homes have advanced significantly. According to the Canadian Real Estate Association (CREA), it enjoyed a 133.3% year-over-year increase in February, totalling 56 units. Overall, in the first two months alone of 2021, home sales in the areas surged a whopping 111.4%, with 93 real estate transactions.
In terms of prices, houses in Brandon have recorded double-digit growth. The median sale price for single-detached homes increased at an annualized rate of 23% to $309,900. On a year-to-date basis, which industry observers consider to be more comprehensive, it rose 14.2% to $274,000.
Why Invest in Brandon Real Estate?
One of the biggest concerns of many people in Canada and the rest of the world is how the real estate markets could become largely unaffordable due to the fallout of the coronavirus. This is due to the increase in supply with little to no demand in the markets in 2020. This year, however, many of Canada’s housing markets have already bounced back while still staying within the range of families’ budgets.
Despite being Manitoba province’s second-largest city, Brandon still possesses that small-town charm that many of today’s homebuyers are looking for. It is, in its essence, an agricultural town dubbed as the "Wheat City of Canada" where life is a little simpler than bigger cities. If you’re interested in the residential and commercial real estate of Manitoba, particularly in Brandon, now’s a great time to invest.
If you’re a home buyer or an entrepreneur who wants to buy or sell commercial property, you’ll need a reliable REALTOR® you can trust. Chris Low is just the person you need who has the experience and technical know-how to help you buy or sell a house in Manitoba. When you are ready to see a listing in person, or just have a simple question, contact Chris Low REALTOR® today.
If you are looking forward to investing in real estate, it might do you better to know the difference between single-family homes and multi-family homes. Understanding the distinction between the two will let you know which is more advisable to invest in and which would be more profitable in the long run.
Without further ado, here are three reasons why a multifamily real estate property is a better investment rather than a single-family home.
1) Better Stability
When it comes to economic stability, your best option out of all types of commercial real estate is multi-family homes, not just over single-family homes.
People always need a place to live—homes will always be the last thing they give up. Cars or businesses will not amount to the value of homes. They always have to settle down somewhere, which is why multi-family homes are stable sources of profit.
If you invest in a single-family home, your profit will easily drop once a tenant leaves. In contrast, when you have a multi-family home, the loss of one tenant will still impact your profit but not as much as that with single-family homes. In addition to that, multi-family homes have a slower downturn when it comes to rates of rent dropping.
2) Higher Value
When you have a multi-family home, you have more control of your real estate value. This is something that professional investors greatly value, so you should, too.
Single-family homes are valued by using a comparative approach. This process means that if your house sells for $1,000,000, it will only be worth $1,000,000. Remember, the bank does not care about the potential of your property. Whatever the original value is, it will stay like that.
Multi-family homes, on the other hand, are valued using the income approach. This means that the potential of the house is considered—the more free cash flow the house can produce, the higher its value. Multi-family homes will give you control of your additional profit streams, optimize your expenses, and even raise the rent. It gives you the ultimate control over your property’s value.
3) Greater Cash Flow
Single-family homes can easily and will absolutely kill your cash flow. Your profit depends on your tenants, so your cash flow will be severely affected if they leave. This, however, does not really happen in multi-family houses.
Multi-family houses can free your cash flow because it contains more units. The expenses are spread out over these units, so your ratio of expenses per unit decreases. As you can see, you have a greater advantage in expense ratios.
Another thing to consider is management fees. With multi-family houses, you can improve cash flow because your management fees are notably lower, at only around 3 to 4 percent.
You must explore the most profitable option when investing. After all, real estate is a reliable source of passive income that can help you remain financially stable in the long run. Through multi-family home rentals, you will be able to achieve this goal as long as you make intelligent choices on when and where to invest.
If you are looking for a trustworthy Manitoba real estate agent to help you find the right property, you can contact Chris Low. He is an experienced real estate agent in Brandon, MB that can help you understand the community, competitive opportunities, and the various decisions you can make before you sign the dotted line.
Investing in land properties is one of the best decisions you can ever make. The land has so much potential—you can develop it, increase your home’s value, or leave it alone and let the price increase naturally. You have a wide variety of opportunities when you invest in land.
However, do take note that you have to do thorough research before you finalize your land purchase. To start, here are three key advantages of investing in land:
1) Steady Increase in Value
If you invested in land in a good location, it is likely to steadily appreciate in value. If you do not want to leave it alone, you can explore the numerous ways of utilizing it. Developing or leasing it is just one of the most common uses. Conduct research on what method can generate more income in the future.
Use your land according to the location. When you do your research on the area, check the businesses and establishments operating around it. Before buying, you can also determine the typical price of land in the region by researching.
2) Source of Passive Income
As mentioned, you can just leave your land alone and let it appreciate. You can increase your net worth without exerting effort. You can also create tourist attractions or rent to businesses so that the plot can generate extra income. You should conduct research and explore available opportunities to maximize the potential of your land.
3) Great Retirement Plan
Owning land can undoubtedly develop your personal finances for retirement. You should be creative with how you use it so that the price will increase when you sell it. You can also rent it out.
Now that you’ve thought about critical advantages, it’s time to think about factors to affect buying real estate. In particular, here are things you should consider when you are looking for a property for sale in Canada.
1) Tax Implications
It is best to look up the taxes related to the property you are going to buy. Seeking professional help is highly advised so that you can avoid financial complications.
2) ROI Guarantee
Land investments are definitely worth it if you know the best strategies. Do thorough research on the variables that can affect your return on investment. Timing can be a significant factor in your ROI, so make sure that you calculate the value of the area, as well.
3) Investing Overseas
The rule of thumb when investing overseas is to seek professional advice. Whether on legal or land matters, you should have a contact in Canada. You also have to be mindful of scams that aim to steal your money. Some properties also have hidden expenses, so watch out for those.
Land investments are great if you know the best strategies. After all, like all investments, it comes with risks, so you have to approach it with care and caution. By exercising due diligence, you will be able to limit potential risks and maximize the returns.
If you are looking for homes for sale in Canada, you can contact Chris Low from ReMax Valleyview Realty. Our team will ensure your needs and requests are met, so you can get your target property soon! Let’s discuss what you have in mind—book a call today!