Yes it has been a long winter... spring slow to arrive and almost suddenly Mothers Day weekend and its officially spring. The grass that wasn't there 10 days ago needs cutting.. garden centres are flourishing, dandelions are popping up almost welcomed ( almost) and the true sign spring is here.
THE REAL ESTATE SPRING MARKET is thriving.......... No signs of the last two years of recession talk as MULTIPLE OFFERS are the name of the game. As we went around the office meeting last week one agent told of the 14 offers that had been registered on a single detached home. It was listed at the appraised price and sold tens of thousands of dollars over asking. The next agent said he had 4 offers on his listing, a residential 4 bedroom property ...... again sold thousands of dollars over the asking price. The next agent meekly said... we only had two offers!....hummph.
GREAT news for the sellers .... what about the buyers?
What do you do when you really, really want the house you just saw?
KNOW YOUR NUMBERS......
The Internet has changed how we all look and find out information about what is for sale on the open market today, but you had better know your numbers before you attempt to jump into what is common today.. BIDDING WARS. The best way is to have a realtor who has the truth about what a house sold for not just the asking price. It is not uncommon for a house today to be on the market a mere week and have agents and public ask two questions.
1.WHATS wrong with the house?
2. WHEN are the sellers REDUCING THE PRICE?
And truthfully it is even more common to see just that happen. Today's market calls for a savvy realtor who can provide crucial information prior to an offer going forward on your behalf. You may loose out on one.... It seems you see one you might like and its SOLD before you get to see it - because when you are actively looking for a home and you begin the process most everything looks good on paper.. ( OK on the Internet!)
Wide angle shots, "staged" homes... cropped photos (so that UGLY one next door doesn't show) .. all make for great photos but maybe not the greatest find. I repeat you can't SMELL WHAT A HOUSE IS LIKE from the Internet... and in the rare case that is a GOOD thing.
Your realtor will sit down and go over all the details of the most recent sales of COMPARABLE homes that have sold. The homes make look similar but upgrades, improvements, general condition, appliances, even which side of the street a property is located on EFFECTS the selling price. Recently one property I was showing was a long crescent and a train ran behind the homes on the other side of the street. We are all now grateful for the advances in GOOGLE earth so you can see a many things on the Internet before you start.
4.KNOW your numbers and know your limit. THERE WILL ALWAYS BE ANOTHER ONE.
Just like the saying ... you'll know the right one when you see it, If you are qualified by a mortgage lender and not just filled out a form on line, if you have your down payment accessible if you have worked out your budget on what you WANT to afford not just what you can afford... take the advice of your realtor.. make an intelligent bid... know about required conditions and GO FOR IT !
This is ,for most people, the biggest single investment you will ever make in your lives. It is where we raise our kids.. nurture our dreams and arrive safely to.... at the end of some very long days! It is not worth owning.. (strange words from a realtor) if you really can't afford it ... if you really are just settling... if you haven't done your homework! (pun intended)
THE REAL ESTATE SPRING MARKET is thriving.......... No signs of the last two years of recession talk as MULTIPLE OFFERS are the name of the game. As we went around the office meeting last week one agent told of the 14 offers that had been registered on a single detached home. It was listed at the appraised price and sold tens of thousands of dollars over asking. The next agent said he had 4 offers on his listing, a residential 4 bedroom property ...... again sold thousands of dollars over the asking price. The next agent meekly said... we only had two offers!....hummph.
GREAT news for the sellers .... what about the buyers?
What do you do when you really, really want the house you just saw?
KNOW YOUR NUMBERS......
The Internet has changed how we all look and find out information about what is for sale on the open market today, but you had better know your numbers before you attempt to jump into what is common today.. BIDDING WARS. The best way is to have a realtor who has the truth about what a house sold for not just the asking price. It is not uncommon for a house today to be on the market a mere week and have agents and public ask two questions.
1.WHATS wrong with the house?
2. WHEN are the sellers REDUCING THE PRICE?
And truthfully it is even more common to see just that happen. Today's market calls for a savvy realtor who can provide crucial information prior to an offer going forward on your behalf. You may loose out on one.... It seems you see one you might like and its SOLD before you get to see it - because when you are actively looking for a home and you begin the process most everything looks good on paper.. ( OK on the Internet!)
Wide angle shots, "staged" homes... cropped photos (so that UGLY one next door doesn't show) .. all make for great photos but maybe not the greatest find. I repeat you can't SMELL WHAT A HOUSE IS LIKE from the Internet... and in the rare case that is a GOOD thing.
Your realtor will sit down and go over all the details of the most recent sales of COMPARABLE homes that have sold. The homes make look similar but upgrades, improvements, general condition, appliances, even which side of the street a property is located on EFFECTS the selling price. Recently one property I was showing was a long crescent and a train ran behind the homes on the other side of the street. We are all now grateful for the advances in GOOGLE earth so you can see a many things on the Internet before you start.
4.KNOW your numbers and know your limit. THERE WILL ALWAYS BE ANOTHER ONE.
Just like the saying ... you'll know the right one when you see it, If you are qualified by a mortgage lender and not just filled out a form on line, if you have your down payment accessible if you have worked out your budget on what you WANT to afford not just what you can afford... take the advice of your realtor.. make an intelligent bid... know about required conditions and GO FOR IT !
This is ,for most people, the biggest single investment you will ever make in your lives. It is where we raise our kids.. nurture our dreams and arrive safely to.... at the end of some very long days! It is not worth owning.. (strange words from a realtor) if you really can't afford it ... if you really are just settling... if you haven't done your homework! (pun intended)
In Hot markets like this, Realtors can guide you through the process. It is what most of love about real estate. It is a whirlwind right now... but its worth it to arrive a the right house at the right price .... aka......... HOME.
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