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.

Finding the Right Real Estate Agent For Your Needs - What to Know


When selling or buying a house, your main point of interaction with the real estate is through real estate agents. These are objective parties that work in your best interests, trying to get you the best deal possible. They are experts at negotiating, and they know all the ups and downs of the market—making them ideal assets in your efforts.


Due to the sizable investment that’s to come, you will want a real estate agent that you can trust. After all, you will be working closely for several weeks—so they have to be someone you can be comfortable communicating with constantly!


Before you take that major step of hiring a real estate agent, here are some things you need to know:

Real Estate Agent vs. Real Estate Broker vs. REALTOR®

There are so many names for real estate professionals, and often people use the terms interchangeably. All the work each professional does is very closely related—but there are distinctions between the services offered by each person. Buyers and sellers need to understand these differences so you can choose one that can cater to all your needs.


Real estate agents – They are salespersons that represent their clients in real estate negotiations and transactions. They are duty-bound to look out for the best interests of their clients and to work fairly.


Real estate agents in Manitoba complete licensing courses and are registered through local real estate associations.


Real estate broker – Real estate agents work under brokerages that are managed or owned by real estate brokers. Brokers require at least two years of experience as licensed agents as well as additional management training. They oversee all deals that their real estate agents complete.


REALTOR® - Realtors are real estate agents who are paying members of the Canadian Real Estate Association (CREA). Membership includes complying with a strict code of conduct and attendance in ethics training. 

Interview Several Real Estate Agents

Buying or selling property is one of the most important things you will do in your life. As such, you will need to do your due diligence when you look for a partner.

Interview a handful of potential real estate agents and talk about their experience and workflow. Ask about properties they’ve bought or sold that are similar to yours! Aside from this basic questioning, their professional references can give you more in-depth information about their personal experience with your potential realtor.


The Real Estate Institute of Canada is an excellent resource if you want to look over an agent’s affiliations and qualifications as well. 

Your Real Estate Agent Should Be A Market Expert

Your agent will be your primary source of information, so you should choose an expert on your local real estate market. They should be able to confidently answer all your questions about the neighbourhood, local amenities, and how much recent home listings have sold for. You will be able to make the best decisions about your property when your agent is a fount of accurate information.


If you’re selling your home, you should get a real estate agent that’s social media savvy. The real estate market is now much more than just dry listings on MLS or Zillow. Professional quality photos and videos go a long way in marketing your property, and you will be able to attract so many more potential buyers through social media. As such, a good real estate agent should also be a good marketer.

Conclusion

Your real estate agent should be someone you can be completely upfront and honest with. You should trust that they always have your best interests in mind! In that effort, they should also be an effective communicator and a good negotiator. Don’t settle for the first realtor that a family friend recommends you; it’s worth the effort to do your research and pick the best real estate agent or realtor who meets all your needs.


Are you looking for houses for sale near you in Manitoba? Here at Chris Low, we make sure to stay on top of all new active listings in the area so that you don’t miss out on your dream home. If you’re selling, buying, or you want some help in getting an estimate for your home, get in touch with us today!

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.