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.

Essential Things to Know About Investing in Land in Canada

Investing in land properties is one of the best decisions you can ever make. The land has so much potential—you can develop it, increase your home’s value, or leave it alone and let the price increase naturally. You have a wide variety of opportunities when you invest in land.

However, do take note that you have to do thorough research before you finalize your land purchase. To start, here are three key advantages of investing in land:

1) Steady Increase in Value

If you invested in land in a good location, it is likely to steadily appreciate in value. If you do not want to leave it alone, you can explore the numerous ways of utilizing it. Developing or leasing it is just one of the most common uses. Conduct research on what method can generate more income in the future.

Use your land according to the location. When you do your research on the area, check the businesses and establishments operating around it. Before buying, you can also determine the typical price of land in the region by researching.

2) Source of Passive Income

As mentioned, you can just leave your land alone and let it appreciate. You can increase your net worth without exerting effort. You can also create tourist attractions or rent to businesses so that the plot can generate extra income. You should conduct research and explore available opportunities to maximize the potential of your land.

3) Great Retirement Plan

Owning land can undoubtedly develop your personal finances for retirement. You should be creative with how you use it so that the price will increase when you sell it. You can also rent it out. 

Important Considerations

Now that you’ve thought about critical advantages, it’s time to think about factors to affect buying real estate. In particular, here are things you should consider when you are looking for a property for sale in Canada.

1) Tax Implications

It is best to look up the taxes related to the property you are going to buy. Seeking professional help is highly advised so that you can avoid financial complications. 

2) ROI Guarantee

Land investments are definitely worth it if you know the best strategies. Do thorough research on the variables that can affect your return on investment. Timing can be a significant factor in your ROI, so make sure that you calculate the value of the area, as well.

3) Investing Overseas

The rule of thumb when investing overseas is to seek professional advice. Whether on legal or land matters, you should have a contact in Canada. You also have to be mindful of scams that aim to steal your money. Some properties also have hidden expenses, so watch out for those.

Final Thoughts

Land investments are great if you know the best strategies. After all, like all investments, it comes with risks, so you have to approach it with care and caution. By exercising due diligence, you will be able to limit potential risks and maximize the returns.

If you are looking for homes for sale in Canada, you can contact Chris Low from ReMax Valleyview Realty. Our team will ensure your needs and requests are met, so you can get your target property soon! Let’s discuss what you have in mind—book a call today!

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