Happy May everyone, we hope you and your family have been staying safe and keeping well!
What an awesome year it has been so far, both personally and professionally; there has been a lot going on in the Real Estate world (as you have probably seen from our social media), from boating with clients to see properties, house hunting in the tri-city region all the way over to the North Shore working with both Buyers and Sellers, we have been busy!
We absolutely love this time of year, and yes, the weather is a big part of it, but it is also because now is the time that both Buyers and Sellers really start to get going with the big move!
This month’s blog is your official checklist to make sure you have everything you need to cover, covered!
CALCULATE SELLING EXPENSESWhen you make the decision to Sell, it is very important to list and calculate all the repairs that will need to be done to ensure your home is in “selling condition.” On top of that, make sure you account for closing costs, moving expenses, protracted property taxes, and costs related to getting a mortgage for your new place are some expenses to consider.
HIRE A LISTING AGENT AND START TALKING STRATEGYIn a competitive housing market, the right real estate agent makes a difference. With a listing agent, you’ll want to work with someone who has a compelling track record, and can help you effectively market your home and negotiate offers so you come out ahead. Make sure you get a detailed outline of what to expect during the process and what kind of return you can expect; remember, transparency is huge.
DETERMINE MARKET VALUEThere are many factors to consider when Selling. The last thing you want to have happen is that your price is too high and it deters interest. This is where we come in as we will do a comparative market analysis (CMA) and look at similar homes to yours in the area and what they sold for and what homes are listed at. Our best tip? We are in a very competitive market right now, so if you price low, you could prompt a bidding war on your property that may result in much higher numbers than you initially expected!
REVIEW PURCHASE OFFERSThe market is moving quickly, and there is a good chance you will get into multiple offer situations right now, so make sure you have a plan if that happens; otherwise, you will be making impulse decisions based on emotion. We recommend narrowing it down to the ones that have a pre-approval letter. Why? It means they have “cash-on-hand” and are financially ready to move!
And voila! You will be moving in no time. The best part? We have an incentive when you list with us (hint, hint, nudge, nudge).
FIND OUT WHAT YOU CAN AFFORDVery important; calculate your monthly income and debt, and also make a call to your credit card company to get your credit report to get a better understanding of your remaining capital. We make it easy for you with our mortgage calculator, as it will show you a mock of what your mortgage payments could be.
TWO WORDS… PRE… APPROVALRight now, as you read above, Sellers, in most cases, will not even bat an eye at a deal that does not have a pre-approval as it comes with too much risk financially. We have an awesome mortgage specialist in Julie Isaac with The Mortgage Group. You can get in touch with her at (778) 318-1799 or via email at firstname.lastname@example.org.
DETERMINE WHAT YOU WANTTime to make a list of “needs” and “wants!” These are very important to put thought into and ensure that it is realistic because your realtor will be scouting based upon this list. Choose your ideal location, house type, price range, size, architectural style, and also amenities you would like to be close to. Call Whittall Real Estate Team, and we can help you with inside information on neighbourhoods, schools, and homes that fit your criteria.
WALK/DRIVE THROUGH NEIGHBOURHOODSTake the area(s) you are considering for a “test drive.” See what parks are there, what the crime rate is, what traffic is like, zoning, and even maybe try to see if you can meet some of the people in the area! This is when the fun begins; once we have determined your area of interest, we get to house shop and look at homes or condos that best suit your needs and wants.
MAKE OFFER AND FINALIZE DEALWhen we make the offer on the house, you want to include contingencies such as an inspection. Make sure you include repair requests, a move-in date, and of course, the purchase price (your offer). Once the offer has been accepted by the Seller, start finalizing the deal by getting the house appraised, getting a professional home inspection (you can use this to negotiate later), do a final walk-through, and then complete the loan process with your lender.
CLOSING TIME (Such a good song…)We are at the finish line, but before you cross, it is important to review the settlement document at least 2 days before the closing date to see how the money will be collected and distributed. Once done, get a cashier’s cheque with the closing amount, which should include the down payment and closing costs.
There you have it, your all-in-one checklist for Buying and Selling; we know you will be putting these to great use because moving is an exciting time, and we know from first-hand experience how helpful tips like these can be.
For our Buyer’s guide, click here to see how we will help you get the results you are looking for!
Until we chat again next month, take care, stay safe and remember your referral is the biggest compliment you can give us!
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KIM WHITTALL(604) 720-3659 | WHITTALLREALESTATE@GMAIL.COM
SEAN WHITTALL(604) 880-9400 | WHITTALLREALESTATE@GMAIL.COM