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.


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.

3 Common Home Buying Mistakes to Avoid

When buying a house, you have to learn more about the process involved in real estate transactions as you start looking through different listings. Unfortunately, most aspiring homeowners often purchase without sufficient knowledge, leading them to make costly mistakes. To avoid wasting money, you should prepare in advance and ensure you have all the information you need when you first venture into the residential real estate market. But what exactly are the mistakes you have to avoid?


This article will discuss three common mistakes that homebuyers make when they look for their dream home. Take this as an opportunity to make well-informed house purchase decisions to help you make a cost-effective venture that will define your family’s economic future!

Mistake #1: Not Consulting with Your Family for Their Housing Needs

You need to remember that you aren’t simply buying a personal item, like a pair of shoes or your favourite ice cream. A house is a multi-layered purchase, and it can be one of the biggest investments you and your family can make. That means you have to make sure that everyone can appreciate living in it. Otherwise, you are likely to make some costly sacrifices later on that can land your household in financial trouble.


For example, your significant other may be planning to take their career further, and you may also want to move up at work but risk being relocated away from your current home. You may also plan to purchase a house because you and your spouse may wish to have children soon. To resolve these issues, you have to set your priorities and identify your long-term goals. That way, you can buy a home that will satisfy your family’s immediate needs that will become a valuable lifelong resource!

Mistake #2: Searching for Homes Without Funding Options Ready

The residential real estate market may have fluctuating prices that you can take advantage of, but you cannot choose a viable option without having a financing plan. Remember, most sellers want to have at least a downpayment on their house and a loaning option to satisfy their investments. That’s why you must guarantee everyone that your family has the savings, stable income, and favourable agreements that can lead you to purchase your dream home.


As such, you must remember to be realistic as an aspiring homeowner, meaning you should not purchase a home that you know you cannot pay for in the long run. For instance, you may be amenable to pay the downpayment, but you may not have enough money to meet interest payments. Consult with real estate agents to help you make well-informed decisions.

Mistake #3: Not Looking for the Best Real Estate Agent

Working with the right real estate agent can help you access different listings that you may not find on your own, and you can also avoid making other house purchasing mistakes. That’s because you have the right person providing you with sound advice that they have gathered from their years of experience in the local real estate market. So take your time and consult with an experienced agent to make the best choice for your dream home!

Conclusion

Starting your home buying journey can be challenging, especially when you embark on it alone and have no one guiding you. Fortunately, you now have the working knowledge needed to avoid making ill-advised decisions. Avoid all the common home buying mistakes listed above and start scouting for residential spaces today!


Are you looking for the best houses for sale near you in Manitoba? Consult me, Chris Low, to avoid making the common purchasing mistakes and find the residential property of your dreams! Book your consultation with me today to take active steps in becoming a proud homeowner!

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