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 Reasons Why Single-Family Homes Are a Great Investment


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!

Conclusion

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!

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