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.

Questions to Ask Before Buying a Home From a Real Estate Agent


Buying a house is a tough decision to make. Before you’d even decide which home to go for, you’d have to rely on the expertise and advice of well-trusted real estate agents. They will ask about your preferences, guide you towards a house that matches all of your chosen criteria, and assist you in making a wise choice at the end.


Everything seems to be easier with the help of real estate agents—but just because things have taken an easy turn doesn’t mean that you shouldn’t be skeptical about the "Whys" and "Hows."


You have the right to know about the ins and outs of a home before even signing the contract. You may accomplish this by asking the right questions to your real estate agent. Of course, a good real estate agent would answer all of these questions honestly—but how about those who are only trying to make a good sell?


Well, these inquiries are effective enough to bring out the truth about the house that you are planning to avail. Take note of them, ask them without missing a beat, and gain a proper understanding of the property as a whole—and only then should you proceed with the purchase.

1) "How Old Is the Property That I’m Planning to Buy?"

A real estate agent should know everything about the property, including its history and its various homeowners that came before you. Asking about the age of the house would help you determine whether or not it’s too old for your own good!


The thing about old properties is that they tend to require frequent amounts of maintenance, so you can just imagine the amount of money you’d have to spend on a regular basis just to keep the house standing. Knowing about the previous homeowners would at least give you an idea of how the property was utilized.


If the previous owner was known to be too careless about everything, for example, then the chances are that the house may need repairs—and all of that would fall on you to handle.

2) "Is the Property Conveniently Located near Important Establishments?"

When we say important establishments, we are referring to the grocery stores, the fire department, the police station, the hospital, and other such landmarks. Having these near your home would assure you that everything you’d ever need would just be a ride away! If you need to restock on supplies, you have the nearest grocery for that; if there are any emergencies, then you have the hospital and the police station near you, and so on.

3) "Are There Any Issues About the House That I Should Know Of?"

Sometimes, the age of the property isn’t a good indicator of the house’s real condition. Some homes for sale are old, yet, because of the proper care and maintenance given by the previous owner, everything works just fine. The same rule applies towards houses which are just a few years old, in which the previous owners may have been too lazy to maintain everything, leaving you with all the damages to fix! If there are problems with the pipes, the windows, the integrity of the walls, etc., then it may be the right time to search for other options!

Conclusion

Buying a new home is never an easy decision to make. Luckily, you have your real estate agent to help you through the process. Having an honest real estate agent on your side would help lighten the load and give you a clear view of the right choices ahead. Knowing more about the property and its previous owners would determine whether or not the house is the right one for you.


I am Chris Low, and I am a seasoned real estate agent. My years of experience in this profession had given me all the needed negotiating skills, market knowledge, and strong attention to detail in the field of real estate. So if you’re looking for the best real estate agent in the market, give me a call today!

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