Buyer FAQs

Why is my offer not being accepted?

The truth is sometimes, it is the nature of the market. But sometimes, it may be you. Here are some of the reasons your offer may not be getting accepted…

1) You’re not being flexible on the possession date.
If your seller needs more time to move, be okay with a later possession date. It can make your offer more appealing and makes you at least *seem* like a laid-back, down-to-earth buyer, which, BTW, sellers love.

2) You’re asking for too much.
Write in the terms and conditions that are essential, and leave out the rest. In a hot market, a “cleaner” offer may lead to better results.

3) You’re not being responsive.
Buying a house can be first come, first served.
Don’t lose out because you weren’t quick to write to respond to an offer.

4) You’re not willing to get your financing in order first.
A pre-approval tells sellers, ‘I’m serious and not here to play.’ So get your stuff in order FIRST, then make an offer that’s all buttoned up. Also, include a strong deposit if it is available to you.

You can’t control everything, but for the things you can, you absolutely should. And in this market, the name of the game is flexibility, compromise, and preparation.

What is the mortgage process like?

Our clients often come to us feeling overwhelmed by the process of getting a mortgage. They tell us they’re confused and don’t know where to start. That’s why we make sure to guide them through the process step by step, so they can feel confident and secure in their decision to buy a home.

And we’re here to do the same for you.

Determine your budget. Consider your income, debts, and down payment. Remember to be realistic. The last thing you want is more house than you can afford.
Choose a mortgage broker that works for you and submit an application. Don’t be shy to shop around.
Gather documents and get pre-approved so you’ll be ready to make an offer when you find a home you love.
Documents are submitted and reviewed by the underwriter. If approved, you’ll receive more paperwork outlining the terms of the loan.
Review terms and sign the mortgage documents.
Start making those monthly mortgage payments!

Is there any advice you could give when buying a home?

Buy the house you can afford, not the maximum the mortgage lender thinks you can afford.
Don’t dismiss school districts – even if you don’t have kids. Buying in a sought-after neighbourhood will come in genius at resell.
It’s okay if you don’t have a 20% down payment. Just talk with a reputable lender ASAP to see which loans are right for you. (We have some great ones we can refer you to!)
Don’t be afraid to walk. Foundation problems, an overwhelming list of repairs from the inspection, or a nagging hunch that won’t quit? You’re the buyer. You’re in charge. And you can walk at any point if you’re not satisfied with your conditions.
Buying is costlier than renting. You’ll be your own landlord now, so you’ve got to factor repair costs, utilities, and furniture into your budget. Another reason to revisit number one is above.

What does the home-buying timeline look like?

If you’re looking to buy a home, the process typically takes several weeks to a few months, depending on a variety of factors. Here’s a breakdown of the different stages and how long they typically take:

Find a trusted real estate agent: 1-2 weeks
It’s important to work with a real estate agent who understands your needs and can help guide you through the process. This can take some time to find the right fit.

Get a pre-approval letter: 1-2 weeks
Before you start looking at homes, it’s a good idea to get pre-approved for a mortgage. This can take a week or two, depending on the lender.

Come up with your non-negotiables list: 5 minutes to 3-5 days
This step can take as little as a few minutes to as long as a few days, depending on how clear you are on your priorities.

Tour homes: 1 week – 4 months
The amount of time it takes to find the right home can vary widely. Some buyers find their dream home in a week or two, while others may need to look for several months.

Make an offer and negotiate the deal: 1-3 days
Once you’ve found a home you like, the process of making an offer and negotiating the terms can take a few days.

Get your loan approved and inspections completed: 7-10 days
After your offer is accepted, you’ll need to get your loan approved and have the home inspected. This can take up to a week or two.

Close on your home: 1-2 weeks from the removal of conditions
Once the conditions of the sale have been met, the final closing process can take a week or two.

Overall, the home-buying process can take anywhere from a month to several months, depending on your individual circumstances. On the quick end of things, it’s possible to buy a home in as little as four weeks.

What matters when home shopping?

Little PSA that when buying a home, there are things you need to pay attention to and things you need to ignore. When you know which is which, you’ll end up with a home you love and no regrets or surprises.

Today, I’m going to break it down for you. And don’t worry—if we work together (and I hope we do!), I’ll be there to remind you every step of the way.

Pay attention to:

Location, neighborhood, and distance from your work, schools, etc.
Your budget + cost of improvements
Your non-negotiables list
Condition of major systems like furnace, windows, roof and foundation.

Ignore things like:

Seller’s style and decor
Clutter and disorganization
Poor landscaping or junky yard
Rooms used for odd purposes

Is there anything I should know as a new homebuyer?

Here’s the thing: Buying a home is super exciting. It’s arguably the largest financial investment you’ll make, and it tells the world you’re officially adulting!

Once you’ve signed on the dotted line, follow these 10 tips for homeowning like a pro:

Change the locks as soon as possible.
Ask around to find a reliable handyman.
Find a secure home for all those warranties and manuals so you’ll be able to find them whenever necessary.
If possible, paint before you move in. It’s much easier in an empty house.
Meet the neighbors. You never know when you’ll need a friendly favor.
Plant shade trees. In a few years, you’ll be so glad you did.
Replace the air filters, especially if the home was on the market for a while.
Start an emergency fund for repairs and maintenance.
Be slow to take on major renovations.
If you do renovate, make improvements that will add value. (We can help!)

Should I wait for a lower interest rate?

The biggest misconception we hear about buying right now is that it’s smart to wait for interest rates to come down.

You DON’T need to wait!

What DO you need? If you know you’re ready to buy, you need an agent who knows the market in your desired location and a trusted lender who can help you understand what you can afford.

The truth is if you buy at today’s rates, you can always refinance if rates drop. But if you wait with the hope of rates coming down, you can’t go back and borrow at today’s rates if that doesn’t happen.

So the next time you think to yourself, “Maybe I’ll wait.” Don’t do it! Let us at least show you homes in your price range so you can make a decision based on facts.

Are there any investments I should avoid as a new homeowner?

Ready to buy and make your home your happy place? Then, you need to sidestep these three rookie mistakes:

Making major changes too soon. Instead, move in, live, and discover exactly how you use your spaces before costly renovations.
Hiring a shady contractor. If you have small jobs (paint, flooring, etc.), do your research, ask friends for referrals, and don’t pay in full upfront.
Overestimating your handyman skills. Sure, home reno shows make it look easy, but the reality is much different. Be honest about your DIY ability, and don’t hesitate to toss certain projects to the pros.

How many homes do I look at before I put in an offer?

The decision is entirely yours! Typically, people view around 5-10 homes before making a confident decision. However, the number of homes available for sale may vary depending on the market and price range. I have worked with clients who took more than a year to decide, while others fell in love with the first home they saw.

What are the advantages of owning my home?

Owning a home offers both financial and emotional rewards, which are typically realized over the long term due to the high costs associated with real estate transactions and the inconvenience of moving.

Financially, homeownership provides several advantages such as paying off the mortgage and increasing equity, protection against inflation as real estate prices tend to rise over time, and the opportunity to establish a strong credit history.

Emotionally, owning a home can be particularly beneficial for families as it offers the freedom to personalize and renovate the space according to their preferences, and provides a sense of pride and fulfillment that comes with homeownership.

How can I save money as a new homeowner?

Compare Insurance and service providers

Shop around and compare rates and services from multiple insurance and service providers to ensure you’re getting the best deal possible. Consider bundling services, such as home and auto insurance for additional discounts

Conduct Energy-Efficient Upgrades

Energy-efficient upgrades can help reduce your monthly utility bills and save you money over time. Consider installing LED light bulbs, smart thermostats, and low-flow showerheads. Also, ensure your home is properly insulated to keep heating and cooling costs low.

Do it yourself

Learning to do simple home repairs and upgrades yourself can save you a lot of money over time. Watch tutorials on Youtube or read DIY home improvement blogs to learn how to do basic repairs and upgrades. Additionally, consider doing yard work and landscaping yourself instead of hiring a professional service.

Buyer FAQs

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