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.

5 Common Home Selling Mistakes to Avoid

You might think that selling your home will come easy, but to give you a heads up, the process can be incredibly daunting. There are times when you will encounter fussy buyers, plus the market itself can be pretty demanding, too. Although you might be fortunate enough to deal with straightforward inquiries, sometimes luck won’t be on your side.

If you have hired a real estate agent in Brandon, MB, you probably know that half the battle of your job is to foresee problems before they arise. However, selling homes can be a much smoother process if you know the common mistakes to avoid in the first place. Hence, it is essential to learn first the common pitfalls of home selling.

There are several actionable steps to keep homes for sale in Manitoba or any house for sale more appealing and more likely to sell. But before you learn these steps, here are some of the most common mistakes you should avoid when you sell a home.

Mistake #1: Disregarding Necessary Repairs

If you are the homeowner, you probably think that you don’t need to think about necessary repairs because you are moving out soon. With this mindset, your home will remain on listings for months at a time, and you may never find a good buyer. Keep in mind that what you sell should get the necessary repairs and maintenance issues sorted out first.

Mistake #2: Transacting Close-Mindedly

When you encounter a buyer that offers you their set price, and you are that close-minded to accept it, then it's you who'll lose in the end. You should never negotiate with this kind of attitude. Instead, try to be open-minded enough when somebody presents you with a competitive offer. Think it through before rejecting or accepting it.

Mistake #3: Underestimating the Costs of Selling

You might ask yourself, "How much is my home worth?" To give you a piece of advice, you should not underestimate the cost of your home, as it depends on various factors that you may not be aware of. If you want to know how much it would cost, it would be best to consult a home value estimator.

Mistake #4: Exclusively Considering the Highest Offer

Perhaps it excites you to know that somebody presented you with an incredibly high offer. You might think that considering it will allow you to pay for all your bills, debts, and other necessities. However, you should be wise enough not to get blinded by such offers because you wouldn't know their reason and purpose behind it, so beware!

Mistake #5: Setting an Impractical Price

Keep in mind that the price you desire to get and what your market can pay you are two distinct things. It will help if you try learning what fair market value means and knowing how a home is valued. More so, always know your boundaries, particularly in setting the price of your home to sell.

Final Thoughts

As a home seller, your sole purpose is to get a buyer, but you still deserve to have a smooth sailing home selling process, as well. For you to do so, keep in mind all these common home selling mistakes and do your best to avoid them at all costs.

Do you feel like you need extra help to buy or sell homes in Manitoba? Contact Chris Low Realtor today. With years of experience and numerous sales under his belt, you can rest assured you gain much-needed guidance from an industry professional. Send him a message today and start discussing your plans for your home.

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