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.

What to Remember When Scouting for a New Home to Buy


If you’re looking to buy a home, you know it entails a significant investment because it’s a serious commitment that will require years to accomplish. You have to go through a process that involves browsing listings online and visiting the homes for sale one by one.

 

Other than that, there are more factors involved before you can finally say you own a property and that you and your family are ready to move into your new home. Make sure that before you start viewing houses up close and personal, you’re well-prepared for it to avoid facing delays and issues down the line.

 

Keep reading below to find out tips to know before you begin hunting down the right property that will satisfy your wants and needs and make your family the happiest they can be. 

You Should Apply for a Mortgage

Before you even think about looking at properties for sale and listing down your choices, it’s crucial to apply for a mortgage and receive a pre-approval. It doesn’t matter if you’re aiming for a family home or a vacation home—you will always require a mortgage loan to complete the transaction.

 

Applying for a mortgage is a considerable part of home buying, so even before you begin house hunting, you must remember to get pre-approved. That way, you know the price of the homes you can only afford and are interested in viewing to prevent going past what your finances can address.

You Should Stick to a Budget

When you seek a mortgage loan, part of it is to determine how much you’re willing to spend your savings on and what your ideal budget is. When you set limits to how much you can provide, it’s essential to follow them to avoid risking your finances since you have other priorities you need to answer for.

 

Buying a house comprises so much more expenses, such as closing fees, long-term maintenance, and other charges involved that could take you by surprise if you aren’t prepared. If you want to remain on the safe side, get pre-approved for a loan first, and then you’ll have a better idea of how much your budget should be, thus keeping you from going past your boundaries.

You Should Hire a Real Estate Agent

Besides having a reliable mortgage broker to connect you with a moneylender, you will also need to hire a realtor to help you purchase your dream home. Navigating the real estate industry on your own will be difficult and is something you shouldn’t do if you don’t have enough experience buying or selling homes.

 

With a real estate agent by your side, they can provide you with some of the best properties in the market that you may not have seen from browsing hundreds of listings. Since they’re experts in the home buying process, they will guide you and be with you the entire time, from viewing the houses to negotiating with homeowners.

Conclusion

Once you’ve decided that you’ve come to a point in your life when you’re ready to move on and dedicate yourself to buying a home for you and your family, you have to make sure you’re ready. Remember to apply for a mortgage, stick to a budget, and hire the best real estate agent to help you out. Doing all the essential things leads you one step closer to moving into a property you can finally say is yours.

 

Are you looking to purchase houses for sale near you? Chris Low is a real estate agent dedicated to residential, commercial, and farm real estate in Brandon & Virden, Manitoba. Get in touch today to book a consultation!

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