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.

Critical Tips To Take Into Consideration Before Taking On A Home Renovation Project

These home renovation tips will help you avoid any unnecessary problems, costs, and headaches that can sometimes come along with a remodel.
 

The thrill of a home renovation can quickly be diminished by unforeseen circumstances, stretched budgets, and other unexpected issues. The good news is that most of the time these problems can be mitigated, if not avoided entirely, by keeping an eye out for warning signals. Read on as we go through essential home renovation tips to consider before kicking off your own revamp.


1) A REALISTIC BUDGET IS A MUST


While it goes without saying that any project needs a budget to keep costs in check, it's not always an easy task to find the balance between your dream designs and the amount in you've allotted for a project. This is why it is essential to get a true understanding of pricing, both with materials and labor, so you can gauge expectations accordingly. 

Unfortunately, home improvement and renovation television shows can sometimes be misleading in terms of costs, which can vary greatly based on location and timing. Therefore, be sure to have a contractor look over your budget and confirm that it’s realistic. 


2) DECIDE ON A SENSIBLE SCOPE OF WORK

 
Once you’ve determined a realistic budget, you’ll need to clarify exactly what work can happen and when. You may also need to ask yourself some tough questions about what you really need versus what you simply want.  This will help you identify the true intention of the project and lay out important ground rules. It can even help with scheduling and determining what work happens when. 
 
3) PRIORITIZE NEEDS AND WANTS

Learning which items to spend your money on goes hand-in-hand with making a realistic budget and determining a sensible scope of work. The earlier you can make this determination, the more likely you will stay on track with costs. Think about which items you will use most frequently, as these are products that might be worth the higher price-tag. If you're on a tight budget, you might want to save on cosmetic finishings, as these items can be easily changed with time.
 
Just remember there will be snags along the way and not all renovations go silky-smooth. It's unlikely everything will go perfectly as planned. Just keep your eye on the prize and remember the revamp isn't going to go on forever, although it may sometimes seem that way in the process.



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