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 Key Areas To Think About When Investing In Real Estate


The real estate options available today are seemingly endless. With all the choices within the price range of a certain client, investing in a property can go from exciting to overwhelming really quickly. Knowing what opportunities are available to you will prove to be a genuine advantage as you traverse the real estate market and make your investment.


Seasoned real estate investors will tell you that you need to make sure that the property you buy is competitive in the rental market. If it is your first time to invest in real estate, these are a few key considerations for you to think about before finalizing your real estate deal.

5 Key Areas To Think About When Investing In Real Estate

Before you jump in, it is important to think about these facts first. Considering these five crucial areas for consideration before making a final decision about which real estate property to invest in will ensure that you put your money in a great real estate property that will grant high returns of investment later on.

1) Employment Opportunities In The Area

If you are looking at properties that you would like to live in, choosing prime locations that have great job opportunities close by will be convenient for you. However, if you are looking for a property that you will have rented out, you will be able to attract many potential tenants if you choose a location that has many employment opportunities nearby.

2) Rental Value

It is crucial that you compute the rental value of your property if you plan to have it rented out. Look into the rental price that you are after, and check that the property will potentially give you the same returns.

3) Location

You have probably heard it before. Location is everything when it comes to investing in real estate. The closer your property is to hospitals, schools, malls, and other necessities, the more you will be able to demand in rent. Also, if you choose to live in the property yourself, you will be able to take advantage of the prime location of your property.

4) School Districts

School districts are important because the better school districts your property is in will mean that you will be able to attract more families to be interested in your property. In many cases, a school district is what makes the decision final when it comes to tenants looking for a property to rent.

5) Safety Of The Neighborhood

Lastly, consider the safety of the neighborhood. Make sure that you choose a vicinity that has a low crime rate and a good, reliable police precinct. 

Conclusion

Taking interest in investing in a real estate property is a step toward financial stability. However, if it is your first time investing, you have to think very carefully and thoughtfully about getting started. You have to take time and effort to ensure that you are choosing the right investment property before jumping into the real estate game.


Keep in mind that investing in real estate, just like most other types of investments is risky. This is why hiring a professional property management firm to guide you in the decision-making process will help you go a long way. You will be able to have peace of mind knowing that the decision you eventually make will be a sound one.


If you are looking for real estate professionals that can help you purchase the right property that fits your needs, come to Westman Real Estate. We specialize in the buying and selling residential, commercial, farm real estate in Brandon and Virden, Manitoba. See us today and let us help you buy your dream home.

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