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 Things to Take Note Of Before Buying a House in Manitoba


Manitoba may be an ideal place to live if you are looking for great housing opportunities and reasonable costs of living. According to the Canadian Real Estate Association, you can find houses for sale at an average price of 277,670 dollars. This figure is impressively better than houses in British Columbia which can cost up to 728,044 dollars. You can even save more even if you are in a family household, particularly 17,000 dollars more in savings as a family of five than a similar setting but with an Ontario house. Thus, it would be an investment-forward choice on your part to move to any Manitoba community.


Before setting your move-in date, you should consider certain house buying features before saying yes to any real estate agent. Doing this can allow you to improve your current financial situation, giving you the increased purchasing power you need to have a more relaxed, improved quality of life. For your proper orientation, take note of the following:

- Residence Period and Required Downpayment

Manitoba house sellers and other real estate professionals may recognize certain terms and conditions for your down payment if your residency period in the country is different. For example, if you have been in Canada for at least three months, you may be required to pay at least 35 percent as your down payment. As such, you may need to stay in Canada longer than six months to a year, depending on where you want to stay and the homes for sale near you.


To ensure you can have a more reasonable down payment, you should consider buying at a later date. If you are also up to it, look into the possibility of paying your mortgage’s down payment later down the line, especially if your real estate agent and house loan provider is willing to do so. Doing this allows you to secure your dream home and your new life in Manitoba.

- Mortgage Pre-Approval

Many home sellers often have mixed feelings about certain buyers like you when you show your intentions for acquiring their property. While you may show them that you are willing to pay, they want to have a deeper understanding of your current income, debt, and other relevant financial factors. Thus, it would be best to undergo the pre-approval process, which can also be beneficial to your house buying process.


To get pre-approved by your mortgage company, you first have to get pre-qualification, which is a way for them to determine how much you can afford to have through financing your house. It gives you relevant insights into your buying capacity and the type of housing you can acquire.


Once you are pre-qualified, you can go for pre-approval, meaning that you have a written commitment with a lender. With these documents, you can show your homebuyers that you are more serious than other prospective buyers. In other words, you have a higher chance of getting the house you want.

- House Inspection

Many houses for sale nowadays have virtual viewing and online transactions to stay compliant with COVID-19 guidelines, primarily social distancing. While these technological tools can give you an inside look into a house you may want to purchase, you may need a more thorough survey done to address any major repairs and preventive maintenance concerns.


Thus, it would be best to have house inspections accomplished before signing any purchasing agreements. Ensure that your real estate agent can also help you with this to guarantee convenience and client satisfaction.

Conclusion

As a future homeowner or real estate investor, making informed house buying decisions is a must. Thus, ensure you pay attention to the things mentioned above and weigh your options carefully. Meanwhile, if you want to look for prime Manitoba properties, ensure that you have direct connections to get the most out of your venture into this promising community.


Are you buying a house in Manitoba and need an experienced real estate agent’s assistance? Get in touch with me, Chris Low. I am well-versed in buying and selling both residential and commercial properties in Brandon and Virden. With my help, you can conveniently acquire the home of your dreams, get favourable mortgage terms, and make investment-worthy decisions. Consult with me today!

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