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.

4 Reasons You Need the Help of a Real Estate Agent


Whether you are buying a house for the first time or you’re planning to put your current home on the market, you know that dealing with real estate is always complicated. Unless you are a highly-trained real estate agent, you could easily get confused with how things work and all the paperwork involved. For that reason alone, you can already tell that you will need a seasoned real estate agent on your side to help you navigate the entire process of buying or selling a home.


But in case you need more reasons on why you should work with a real estate agent, here are four of the best ones that we’ve rounded up for you: 

1) They Offer Convenience

Do you know how stressful it is to search for homes that meet your requirements if you’re doing it on your own without an agent’s help? Real estate agents have access to listings and all the information necessary to find the best properties within the area that suit your needs. If you’re buying without an expert by your side, you’ll be the one to make calls to other agents representing the sellers or the sellers themselves, set an appointment, meet with them and more.


The same goes if you’re the one selling. You’ll have to get the word out there that you’re selling your property, contact photographers, hold an open house, and other tasks needed to sell your home. You see, if you don’t fully know what needs to be done, you could end up skipping important steps or missing out on good opportunities for higher returns!

2) They Negotiate for a Living

One of the most challenging parts of buying or selling a home is negotiating with the other party. It’s not just the price that you’ll have to negotiate but also which appliances are included in the sale, certain fees, and closing dates, among others. Because you can bet the other party wants to get the most from the sale, you’ll find it hard to negotiate in your favour. Real estate agents, on the other hand, negotiate for a living. It’s one of the things they’re trained to do, so they can help you get to that sweet spot where both you and the other party will both be satisfied with the terms of the sale.

3) They Can Take Care of All the Paperwork

Contracts are complicated, but they are legal documents that protect you and the deal both parties have agreed to. A seasoned real estate agent can handle contracts easily because they are familiar with the terms used, what should be included and how to ensure that the contract protects your interest. This is something that you might not be able to do as you don’t know what you’re supposed to see on the contract in the first place.

4) They Can Help You Buy or Sell a Property Faster

Keep in mind that real estate agents are well connected in the community. They know people who are looking for homes and those selling their properties. Besides that, they also have contacts like lawyers, property inspectors, photographers, and other professionals who are involved in the process of a real estate sale. This means that they can tap on these pros to smoothen out the process. If you’re doing it on your own, you’ll have to look for such professionals by yourself, and you may not even be certain that you’re getting the right people!

Conclusion

Contrary to what some people believe, there are actually many advantages to getting a real estate agent to help you buy or sell a house. Just their expertise in the field alone should give you the assurance that you’re going to have a better experience with their assistance. Of course, it also depends on whether or not you get a reliable real estate agent!

 

If you want the best real estate agent who can help you buy or sell your property in Brandon or Virden, Manitoba, choose Chris Low. Chris will be with you every step of the way of your buying or selling journey and ensure that you get the best deal possible, so get in touch today!

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