Frequently Asked Questions
Make informed real-estate decisions
Should we buy or continue renting?
Looking at the long term market growth, buying a home can be a solid investment. When the interest rates are as low as it has been in recent years, it could be a great time to either upgrade your current property or buy your first home. If you plan to stay in your new home for over 5-years, the answer would be to buy. If you are looking for a short-term, it might be better to rent. Always remember that when buying a home, you will have expenses in addition to the mortgage. It will include utility bills, house insurance, and property taxes.
We own a home, and wondered if should buy first, or sell first?
Buying a new home before you sell has its benefits. It may reduce the pressure of trying to find a suitable property after you sell as when under pressure, you could make mistakes. Another way is to make sure that the purchase of your new home is conditional upon selling your current home. While not every seller will agree to such condition, you can always try.
If you decide to sell your own home prior to buying another one, you should be prepared to rent for a few months until you find and purchase a suitable property.
If you decide to sell your own home prior to buying another one, you should be prepared to rent for a few months until you find and purchase a suitable property.
Should we get a mortgage pre-approval first?
Short answer is, YES. Talk to your bank before you start house hunting. One of the reasons to secure an early pre-approval is because you must know how much you can truly afford to avoid a disappointment. If you could only afford a $900,000 home, there is no point looking at properties priced at $1.2million. If you are a first time buyer, you may qualify for additional benefits, so speaking with your bank or a mortgage broker would be so much more beneficial. Mortgage professionals can guide you through a myriad of options to ensure that you understand the terminology, and are making an informed decision. Feel free to use the mortgage calculator tool.
Who pays Realtor fees?
In most cases, the seller pays the Realtor fees.
What other questions should we ask the Realtor?
While there is no limit to the questions you need to ask, some of the key questions should be as follows:
- How is the neighborhood?
- How are the schools in the area?
- What are the crime rates?
- What is the last 3-year growth?
- Are there any new developments in the area that may impact my decision to buy?
- What are the average utility bills for this property?
- How old are the major appliances, such as furnace and AC?
- What is the age of the roof?
How to Attract More Serious Buyers?
Realize that attracting serious buyers is going to take some time and investment on your part. A lot of your job here is to decipher who is and isn't worth taking on as a client.
Be wary of potential clients who are reluctant to talk about finances, show up late to appointments, or come in with an unrealistic offer. If you're a potential buyer, we offer a great affordability calculator that can help you determine whether or not a home is within your price range.
Be wary of potential clients who are reluctant to talk about finances, show up late to appointments, or come in with an unrealistic offer. If you're a potential buyer, we offer a great affordability calculator that can help you determine whether or not a home is within your price range.
What to do When You Find Yourself with a Bully Offer?
If you do consider accepting a bully offer, it's important to know the ethics involved.
Get familiar with the code of ethics, and know what you can and can't do regarding bully offers. For example, all offers submitted in writing must be considered by the homeowner directly, but verbal offers do not.
There are many rules and regulations regarding accepting offers early or denying them. Make sure that you're familiar with all of them. You need to give your buyers respect, so if you accept a bully offer, make sure you inform them. You need to be on top of things and communicate.
Get familiar with the code of ethics, and know what you can and can't do regarding bully offers. For example, all offers submitted in writing must be considered by the homeowner directly, but verbal offers do not.
There are many rules and regulations regarding accepting offers early or denying them. Make sure that you're familiar with all of them. You need to give your buyers respect, so if you accept a bully offer, make sure you inform them. You need to be on top of things and communicate.
Picking the Best when You Have Multiple Offers?
You'd prefer your home to be off the market sooner rather than later. When you have multiple offers, that power is in your hands.
Review the length of the closing period for each potential buyer. Which ones are ready to jump on the house right away? Which would prefer to wait a few weeks or months?
Decide the closing period length that works best for you. Discard the applicants who do not meet it.
Review the length of the closing period for each potential buyer. Which ones are ready to jump on the house right away? Which would prefer to wait a few weeks or months?
Decide the closing period length that works best for you. Discard the applicants who do not meet it.