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.

Why Brandon is the Best Place to Buy Real Estate in 2021


The Canadian real estate market scene is seeing substantial growth lately as it bounces back from the economic downturn experienced in 2020. Brandon, one of the country’s centers for agriculture, is one particular city that’s giving way to several prime investment opportunities for savvy entrepreneurs. On the other hand, if you’re looking for a new place to settle in and start anew, Brandon might just be the perfect place for you with lots of housing options. Let’s dive in on the current state of Brandon, Manitoba’s real estate market, and why it’s a great place to invest in.

What’s the Current State of the Brandon Housing Market?

As far as any city in Manitoba goes, the city of Brandon is enjoying record-breaking sales activity and prices as it experiences steady growth this year. As public health restrictions are starting to ease, that growth is more likely to continue and improve in the coming months. Some of the highlights of the Brandon housing market include:


  • Increased Demand for Houses
  • Growing but Still Limited Inventory
  • Borrowing Has Never Been Cheaper
  • Consumer Trends are Evolving


Recent data on the real estate market shows that there’s steady growth in the city, very much like all markets across the province, with few roadblocks on the horizon to quell this heated activity. Whether that can be sustained or not remains to be seen, but looking at how many cities are opening up and upscaling their vaccination drives, there really is nowhere to go now but up.

Rising Real Estate Sales in Brandon

With the demand for real estate increasing, residential sales of single-detached homes have advanced significantly. According to the Canadian Real Estate Association (CREA), it enjoyed a 133.3% year-over-year increase in February, totalling 56 units. Overall, in the first two months alone of 2021, home sales in the areas surged a whopping 111.4%, with 93 real estate transactions.


In terms of prices, houses in Brandon have recorded double-digit growth. The median sale price for single-detached homes increased at an annualized rate of 23% to $309,900. On a year-to-date basis, which industry observers consider to be more comprehensive, it rose 14.2% to $274,000.

Why Invest in Brandon Real Estate?

One of the biggest concerns of many people in Canada and the rest of the world is how the real estate markets could become largely unaffordable due to the fallout of the coronavirus. This is due to the increase in supply with little to no demand in the markets in 2020. This year, however, many of Canada’s housing markets have already bounced back while still staying within the range of families’ budgets.

Conclusion

Despite being Manitoba province’s second-largest city, Brandon still possesses that small-town charm that many of today’s homebuyers are looking for. It is, in its essence, an agricultural town dubbed as the "Wheat City of Canada" where life is a little simpler than bigger cities. If you’re interested in the residential and commercial real estate of Manitoba, particularly in Brandon, now’s a great time to invest.


If you’re a home buyer or an entrepreneur who wants to buy or sell commercial property, you’ll need a reliable REALTOR® you can trust. Chris Low is just the person you need who has the experience and technical know-how to help you buy or sell a house in Manitoba. When you are ready to see a listing in person, or just have a simple question, contact Chris Low REALTOR® today.

Comments:
No comments

Post Your Comment:

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.