Archive for September, 2019

Demystifying the Real Estate Market for Sellers

Friday, September 27th, 2019

The real estate market, whether you are buying or selling, can be expensive. Whether it’s hiring a real estate agent to sell or to buy, many professional real estate agents will expect a fee – not to mention lawyers and other professionals involved in the process of selling and buying can quickly add up. We break down some myths when it comes to selling a home that unseasoned homeowners may not be aware of, or rather, unsure of when it comes to listing their home.

Your real estate agent will take care of everything…

While we sometimes put our faith in our real estate agent to take care of everything, there are a few things that they do not take care of. Real estate agents are not responsible for any legal aspects of the transaction, nor are they responsible for preparing or planning for an inspection. The real estate agents’ job is to act as the middle-man between the homeowner and the potential purchase (or buyer if they are selling). Homeowners may think that once they’ve hired a real estate agent that is it – but there are many people involved when it comes to buying and selling a home.

Not having an open house means your home won’t sell…

For some real estate agents, they will push for an open house – which for some homeowners, can be demanding and time-consuming. During an open house, the owners have to be away, and the house has to be in pristine condition. The truth is, while open houses allow for those driving and around the area to stop by and check the home out, there are other ways of marketing one’s home to ensure they are gaining exposure. From Facebook to the real estate agent’s website and to lawn signs – open houses don’t always guarantee a house will sell faster than homes that don’t have an open house.

Real estate agents only care about their commission…

There is this perception that all real estate agents make the same commission, this is false. Real estate agents can vary in the commission that’s earned from a sell. Typically, real estate agents can make up to 3% down to 1% commission on a home is value. Though it may seem that a real estate agent only cares about selling as fast as possible, so they earn their cut, real estate agents who are experienced and care about their reputation will ensure that their clients’ get the best deal. Much of a real estate agents business comes from referrals and return clients; therefore, if a homebuyer has a negative experience, they won’t use the same agent, nor will they recommend them.

The real estate market can be overwhelming, and if you are new to the real estate market – it can be stressful. Everyone has a unique experience, whether they are selling or buying, which is why when it comes to starting the journey, it is best to have qualified and knowledgeable assistance and guidance. Don’t feel overwhelmed and don’t feel lost when it comes to embarking on a journey to invest in a house to call home.

Posted in Bonnyville, Real Estate, Selling, Tips | Comments Closed

To Sell Privately or With a Listing Agent – What to do?

Friday, September 20th, 2019

Are you in the market to upgrade or maybe downgrade your home? Selling can be both a fun and stressful time. For many homeowners, when it comes to determining the value of their home, the price will reflect heavily on what they as the current homeowners see. Of course, no one wants to say their home is worth less than they’ve invested; however, for some homeowners who sell, they don’t always get what they ask and want. This decision can come down to a seller’s choice of whether or not to go with a real estate agent or to sell privately.

We share facts that should be considered when determining whether or not to list with an agent or to tackle the real estate market on your own.

Determining Your Home Value

When it comes to selling your home, it is essential to ensure you don’t over or undervalue your home. When it comes to listing, real estate agents have the luxury of being able to see the price of homes that have sold in the area and what the house is presently valued. Listing privately though means the homeowner would have to either guess what others have or are listing their homes for and place their home on the same spectrum. This is not always easy, nor is it still an accurate gauge of one’s homes value. Going with a real estate agent or any professional can ensure you sell your home for the best profit.

The Truth of Selling Your Home

Sometimes having a neutral party tell you the truth is more comfortable than having someone you know and trust. For example, family and friends are less likely to say to you that the bright red spare room might turn off potential buyers; whereas, a real estate agent will have no issues saying it how it is. A professional (especially someone who may have closed many deals in the past) will make the best recommendation for the homeowner – which may include some changes to the aesthetic appeal. While homeowners may think that their outspoken style and taste is what will sell their home, the truth is, it could actually be hindering the potential to have a buyer. When it comes to listing, it is essential that the home is prepped to be a blank canvas. Doing so will allow potential buyers to envision themselves in the house with their style and flavor.

Stress-Free Selling

Selling a home can be a full-time job, which is why when it comes to listing, sometimes it is better to go with a professional than to do it all by oneself. From the photos to the description and the specifications of the house itself – professionals can ensure the information that buyers look for are present. Homeowners who are listing privately may focus too much on aesthetics rather than the features of a home that are important. Hiring a real estate agent means that the homeowner can focus solely on finding their new home and not selling.

The real estate market can be overwhelming for anyone who has little to no experience, which is why when it comes to listing your home – why not go with a professional. In Canada, while there are services such as Purple Bricks, that allow homeowners to list their own home, having an agent from recognized companies such as RE/MAX can ease all the stress and burdens that come with selling a home. Don’t focus on the small stuff, focus on the bigger picture, and that means having someone who will help you from start to finish.

Posted in Bonnyville, Real Estate, Selling, Tips | Comments Closed

3 Things Every Home Buyer Should Know Before Buying a Home

Friday, September 13th, 2019

For many people who are living in major cities such as Vancouver, Toronto, or Montreal, the thought of buying a home seems like a faraway possibility. While, for those living in Ottawa, Calgary or Halifax purchasing a home is (somewhat) within possibility. Before one makes the decision to go from renting their one-bedroom shoebox home in the sky to a more spacious townhome, there are a few things a homebuyer should be aware of. By thinking of these three questions, homebuyers can get a better sense of the market, but more importantly, they can ensure they are informed with all the tools to make the purchase of a lifetime.

What and When

The housing market (depending on your city) may feel like it’s always on the rise or that there are never enough homes or choices available. While this may feel like it at times, the reality is that there is a paradigm that shifts when it comes to the housing market. There are times where the buyers’ market is hot, and those looking to get into the market can benefit greatly; however, when it is a sellers’ market, those very people may find themselves struggling to find that perfect home, but they may also find themselves paying a lot more.

Before taking that step to looking for a home, see what the reports are saying about the housing market. Is it a buyer or a sellers’ market. If you are in a rush to move out or if you have time to ride the market out – this can help the process. Not to mention, in Canada, where the winters are long, this can sometimes be a double-edged sword. The deals may be out there; however, the home inspections may not always reveal all because of the snow.

Location, location, location

Ever go on the Realtor app and see a home and think to yourself, there is no way that home is worth that? Well, it could be that the house may not be worth what it’s being sold for, but the location is. It can be handy to do your research when entering the real estate market and know what you are willing to spend the money on. Are you ready to pay more for location and neighbourhood or are you willing to pay more for space? In Ottawa, certain districts offer million-dollar listings, while if you just cross the street, the homes are worth a fraction of the cost. The difference? One has a reputation for “being hood” while the other is much more family-friendly and up and coming.

Know the Home Inside and Out

Pictures can be deceiving, which is why it is crucial to not only visit the house (preferably more than once) but also to have it inspected by a certified home inspector. Sometimes a fresh coat of paint can cover more than a scratch, which is why it is vital to have experience on your side. The last thing you want to do after spending all your savings and investments is to find out that your “new” home actually requires hundreds and thousands of dollars in repairs and upgrades. Don’t be afraid to ask questions and don’t be scared to go back to check the house out with a fine-tooth comb.

At the end of the day, when you are looking at the real estate market and making the leap to invest, you are doing more than just buying a home. What you are doing is investing in your future and finding that place to call your own. Whether you are moving out, looking to upgrade for your growing family, take the time to ask yourself the following, and you’ll be prepared to enter the market prepared and informed.

Posted in Bonnyville, Buying, Real Estate, Tips | Comments Closed

Money Talk for First-Time Home Buying in Canada

Friday, September 6th, 2019

In the market for your first home? Moving out of your parent’s basement? Or, maybe you are looking to get your toes wet in the real estate market – whatever, your real estate needs, there are a few things you should keep in mind to ensure a successful home buying experience.

Save for a down payment and then some…

Before one buys a home, it’s essential to ensure one has the finances to do so. Why? When it comes to buying a home, one of the first things to get the process rolling is having the down payment.  A down payment is the amount of bulk money that one puts down towards the purchase of the home. Typically, the down payment is anywhere between 5% to 20%. The higher the down payment, the better the interest rate on the house.

For example, looking to buy a home that is worth $500,000, but only has $25,000 in savings, this would mainly be the bare minimum of 5%. While the house that is worth half-a-million may be your dream home, it may not be the best for your budget. Determining how much to put down and whether it is worth all your savings is to speak with a mortgage broker. They would be able to provide the best advice on how much to spend or what is well within your budget.

Closing costs, land transfer, etc.,

Having the down payment is one thing; however, other costs are not always apparent until the very end or near too. For example, closing costs, lawyer fees and the land transfer. Doesn’t matter who it is, where the house is, these are fees that can add to the overall costs but also to what a person should have when it comes to buying a home. Land transfer tax varies from province to province; however, if this is your first home, some regions do offer a tax-break to recoup some of the costs.

When it comes to buying a home, the rule of thumb that is best kept in mind when ensuring one has enough money is to save anywhere up to 2% of the total home value. In the case of the half-a-million-dollar home, having an extra $10,000 set aside on top of the down payment can be a helpful safety net.

Buy and Shop Wisely

Starting the search for a home can be stressful and overwhelming. It can be even more stressful if you aren’t financially prepared or aren’t sure where you stand financially. To make the process a smooth and positive experience, consider meeting with mortgage brokers, a financial planner but also checking your credit score. Doing all these means, you are mitigating the potential of not being qualified or being able to afford that dream home.

Posted in Bonnyville, Buying, Real Estate, Tips | Comments Closed