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.

The Difference Between Buying and Renting a Home

There comes a point in your life when you have to live independently and start deciding whether you should buy your first house or settle with renting one for now. The decision to look at homes for sale or properties for rent is often an event in a person’s life that requires careful decision-making.


Dealing with real estate is a serious matter because you pour your money and efforts into investing in a place you will live in for the next years to come. So, if you’re having a difficult time choosing between buying or renting a house, many factors will determine the best option for you.


One of the essential ways to help you decide with homebuying is to seek the guidance of a real estate agent who can advise you according to your situation. After you explain your financial situation and personal needs, they can tell you their professional opinion since they have been in the industry for a long time. Keep reading below to find out how to decide between buying or renting a home.

Dealing With Financial Responsibilities

Money plays an integral role when it comes to looking at homes for sale or rent near you because without being financially stable, you won’t even be deciding in the first place. For people who are currently on a tight budget and can’t see themselves spending a considerable chunk of their savings on a permanent home, renting may be the most viable solution at the moment.


Meanwhile, homebuyers can expect to address additional costs if you choose to look at properties for sale, such as the various commissions you’ll be facing, especially if you tend to move a lot. You will also have to answer to mortgages and all the strings that come attached to them.


Buying a home involves paying for taxes like land transfer tax and property tax, as well as other transactional costs that could all end up requiring you to provide for more than you previously signed up for. That’s why being financially stable is a factor that you need to look into before deciding if purchasing a home is worth pouring most of your savings into.

Dealing With Emotional Stress

Aside from thinking of your finances, your emotional health can affect your decision to either buy or rent a house in the long run. You can expect your emotions to be involved not only for the massive amount of money you’re investing but the environment you plan to live in as well.


Some homeowners who have gone through the experience of renting a house will recommend picking buying a home over renting one, but it will still depend on your situation and if you have the means. There are emotional benefits that come with owning a house, after all.


Since you have a property under your name and a place to call your own if you choose to buy a home, you can expect to deal with less stress, so long as paying for the house is something you can handle without much struggle. Having a permanent residence can result in focusing on achieving better healthcare, worrying less about crime rates, and dedicating your time to working harder to achieve your goals, one of them buying the house of your dreams.

Conclusion

The decision to either rent or buy a house comes down to what you think you need and what you believe will provide you with a sense of security and relief. Hiring the best real estate agent is also helpful, especially if you need sound advice regarding a significant milestone in your life. If you value your emotional health, then owning a permanent house is a good idea because it will put your mind at ease, reduce your stress, and assure you of your safety to raise a family in a pleasant environment.


Meanwhile, if you’re focused on growing your savings, renting a house is better at the moment, at least until you’re financially secure and have enough to jumpstart the bigger dreams in your life and begin settling once and for all.


Are you searching for homes for sale and considering your options? I am Chris Low, a real estate agent helping you buy and sell residential, commercial, and farm real estate. Get in touch today to book an appointment!

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