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.

Things Homebuyers Are Always on the Lookout For


House hunting can be a tricky affair, so the most seasoned homebuyers and cautious first-timers will always be on the lookout for specific things to ensure that buying a particular house is the best decision. Sellers looking to get their house off the market as quickly as possible can take a few cues from what buyers have in mind to improve their marketability. Here are some of the factors that homebuyers will always keep their eyes peeled for when looking for homes for sale near them.

Energy Star Ratings

A good Energy Star rating is the common denominator for an energy-efficient home. This rating is applicable not only to appliances but also to windows and even houses as a whole. For the careful homebuyer, this signifies that their electricity bills will be lower and that they will be living in a more environmentally friendly house.

Noticeable and Hidden Flaws

Careful homebuyers are always evaluating what your house is worth, so any flaws that aren’t properly fixed will catch their attention. This is especially true when home sellers try to conceal flaws without really resolving the issue. While a fresh coat of paint may be an indicator of a renovation, it could also be hiding water damage in the walls just in time for the showing. Some sellers have also tried to disguise loud neighbourhoods with music playing during the showing. Any home that looks like it’s too staged or planned out will prompt buyers to investigate a little more thoroughly, uncovering any hidden flaws that might be present on the property.

New or Old Appliances

Simply put, old or outdated appliances won’t be attractive to homebuyers because of the associated repair costs, presence of rust and musty smells, and appearance of these tools. Many homeowners are also looking for places with high Energy Star ratings, which indicate efficiency in power consumption resulting in reduced power costs. Appliances that are loud, clanky, greasy, and have marks are all indicators that they’ll be expensive to operate and don’t bring the home much value.

Good Storage Space

Cramped and stuffy-looking homes are a no-no for many homebuyers, especially given the pandemic-ridden climate of real estate. Creating a spacious environment in the home by storing away any unnecessary items is essential when showing buyers around. Whether sellers decide to keep the place tidy using the garage space or cabinets and drawers, storage spaces must also be kept neat and tidy.

Outdoor Space

Outdoor space has become more important these days compared to previous years. Sufficient yard space, patios, or other outdoor features might just be the deciding factor for many sellers to close their sales. Even small backyard spaces can be made to look more appealing by trimming any overgrowths, clearing away any objects, and adding accessories like flowers and lights.

The Neighborhood

This aspect is more outside the seller’s control, but if you’re flexible, there are ways to work around any setbacks in the neighbourhood. For instance, you can tell your buyers that while the house next door might look unkempt, the people living there are great neighbours and kind people. Be cautious about feeding the buyer things that aren’t true; remain truthful but put a positive spin on things. Highlight some of the great parts of the neighbourhood and why it makes a great place to live overall.

Conclusion

Understanding the way a buyer thinks is crucial for a seller. Buyers are becoming a lot more particular with what they want in a house these days, and there are certain non-negotiables that they will not budge from. The best thing to do is to put yourself in the shoes of someone buying a house. What are the things that you’d look for, and what are the red flags that would definitely put you off? Consider reflecting those in your own home, and you’ll be able to close a sale much faster than you think.


Are you looking for houses for sale near you in Manitoba? Here at Chris Low, we offer real estate agent buying and selling for residential, commercial, and farm real estate. Whether you’re buying, selling, or simply want to estimate your home’s worth, get in touch with us today!

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