Costly Mistakes to Avoid when Buying a Home in Calgary
So you’ve finally decided to buy your next home. Problem is while you were making up your mind, other fence sitters jumped into the home market too. Now you may be facing some competition for the best property home listings.
What to do? Just because there are other buyers in the housing market doesn't mean you can’t come away with your dream house. But to be a successful buyer in today’s real estate market you’re going to need help. This is where Tom’s experience can help you avoid costly mistakes when buying a home.
Your best move is to know a few inside real estate tricks. The following tested tips will increase your market savvy and sharpen your competitive position. You’ll then be ready to act quickly the minute you see your perfect house.
1. Step 1: Get Pre-Approved
Your first step to improve your competitive position: get pre-approved. You will go through a mini-application process (paperwork, credit check, etc.) prior to shopping for a house. Mortgage pre-approval is more effective than pre-qualification, which only gives you a rough idea of the amount a lender will lend you—assuming no hang-ups in the credit and income checking process. When you are pre-approved, it’s like carrying around a suitcase full of money. In the eyes of the seller, pre-approval makes you a very desirable “cash” buyer. That’s a real advantage over another buyer whose financing is uncertain.
2. Beat the Competition to the Newest Listings
Once you know your specific price range or Waller Real Estate real estate agent will send email notifications on all new MLS® listings that match your criteria. This will give you a head start on other buyers because you will get the real estate listings before they are advertised. Timing can be a vital part of your home buying experience.
Waller Real Estate automatically sets this up for clients – helping to give them this advantage! Simply fill out the form on our buyer's page
3. Do Your Research
Make yourself a “value expert” by investigating local properties to get an idea of price points, listing-to-sale-price ratios, hottest areas, and best places for a bargain. Once you know what your money will buy, your Waller Real Estate agent can add up-to-the-minute knowledge of what comparable properties sell for in specific neighbourhoods and what impact specific features have on price. Working with a good real estate agent will guarantee you the best price and terms.
4. Have Your Agent Present the Offer Promptly
Nobody wants their offer lingering on a fax machine in the listing agent’s office while other buyers have submitted offers to the listing REALTOR®. The offer should be emailed or delivered in person immediately. If emailed a request for confirmation of receipt from the listing REALTOR® is essential.
5. Prove You Mean Business
An excellent way of showing the home seller you are serious about buying the house is to include your deposit along with the offer you make. The deposit can range anywhere from $5000.00 – $50,000.00 depending on the value of the home and length of possession. Give the home seller their possession and only ask for chattels offered.
6. Stay Cool
When deciding on your dream home you do not have to overpay to get it. You may have to offer something other than the asking price, such as paying some or all points, inspections, closing costs, or offering a settlement date that fits the seller’s timetable. If you overpay now and have to sell your house in the future, it will be harder for you to get back equal value.
7. Keep It Clean And Simple
You want to make sure that your contract isn’t sloppy or cluttered with contingencies such as repairs. Keep contingencies to a minimum. Even better, offer to be helpful, take care of repairs, order a home inspection in 48 hours, or be willing to take care of any required local certificates such as smoke detectors and water safety. Be open and flexible in helping to accommodate the needs of the home seller.
8. Don’t be a Lone Wolf
What you need most in today’s market is experienced professional guidance. As your real estate specialists, Waller Real Estate agents can help you get pre-approved, find a prized property, and negotiate the best deal on your next home, no matter how heated the competition.
With many more tips and tricks to put you at the front of the pack and gain your dream home, contact Waller Real Estate to help be your experienced real estate professional.