Well the May long weekend has come and gone and the warm weather is here to stay in Saskatoon. With warm weather comes a busy time for REALTORS with families, friends and couples looking to shake things up with their current home. Ideally with the current Saskatoon market you need to be informed and educated as to good deals out there and believe me there are deals out there. Especially for buyers who have their "ducks in a row."
I'm referencing to the new mortgage approval rules released by CMCH (Canadian Mortgage Housing Corporation) after the federal budget. If you are planning on buying with anything less than 20% down (like most people), knowing what you can spend ahead of time and getting things in place so that when "THE ONE" comes available you can act quickly, because even in buyers’ market opportunity can still be missed if these matters are not attended to ahead of time.
Bidding wars and competing offers are still a regular occurrence for properties that have been well cared for, prepped for the housing market and the number one and most important thing is PRICED ACCURATELY. What your home was worth last year or what you want for your home are two items that cannot take any account into the asking price of your home. I cannot stress this enough a buyer has no value associated with your home based off what it WAS worth, what you paid for it or what has happened in the home in previous years. Sentimental value has zero effect on market value.
Buyers want a structurally sound home that doesn't require a mountain of cash to bring it up to the standard that other homes in your neighborhood are at. No lemons and no money pits that continuously require money to be dished out to fix or remedy issues with a home. Don't get me wrong every home, and I mean every home new old whatever has issues there is no such thing as a flawless or a perfect home. All of them have some issue or flaw just like people. The goal I always try to strive for is a smart investment that will appreciate in the future, allow the needs of you and yours to be met and often overlooked RE-SALE!!!! I hate the term "Forever Home" because that’s bad for business but most people don't buy a home thinking they will grow old and pass away while living there. This home your thinking about buying needs to sell-able in the future whether that is five, ten or twenty years down the road the home needs to be a quality product that won't fall to pieces and deteriorate while your living there. You need to know quality or have someone assisting you that does. Personally, I can tell you I have been fired for being too opinionated and voicing my opinion because I have only bought one home in my life and yes, I am under 30, but I have assisted over 100 people buy homes and that's more than the average of 5 a normal person will do so I find it challenging when a client is looking to buy a home that I don't agree with. Yes, I do want to make a sale and selling pays the bills but what doesn't help is unhappy clients calling me a couple months after they move in unhappy with the home we all agreed on. I would rather voice my opinion about the home even if my clients don't agree with it to put my mind at ease knowing that I told them what was up and they decided against it. Yes, there is a risk of being fired (been there) but that’s the job look out for your clients provide service that shows them why YOU were chosen and deliver, DELIVER! Now if they are going to buy a POS that I just can't live with then there is only one option, cut them lose have then find someone else who will just do that paperwork and sell them the home. Personally, I have done this and it doesn't leave a very good feeling inside, I like to connect I try to be a good person and I enjoy what I do so when it’s just a transaction and no connection it really sucks the life out of me.
I’m getting off point though. You need your ducks in a row. Get pre-approval it doesn’t cost anything it’s just inconvenient to dig out those tax forms that nobody likes dealing with. Send them off and let the broker do the work for you that’s what they are there for. While the numbers are being crunched you have one job figure out that area you want to be in, and what your next home NEEDS to have and what you WANT it to have in the form of a list. Call an agent we have been in business for this long for a reason and the silver lining when you’re buying a home we work for free!! Well sort of – buyer’s agents get paid but 99% of the time in Saskatoon it’s by the seller off the total commission paid not the Buyers so don’t be stupid.
It drives me nuts when I enter a market evaluation of a potential new listing and I ask the sellers preliminary questions and they start telling me about all the problems they have had and dealt with and shelled out money for and then I ask well how did you buy this home? They tell me “Oh I saw it on Saskhouses or Kijiji” or some B/S like that and I just shake my head and say okay well that was then this is now my goal is to help fix this issue sell the heck out of your house and work my ass off to get you the highest dollar figure the market will support AS QUICKLY AS POSSIBLE! Happy Clients Happy Life!
Whether your selling or buying a quality product that has no major(structural) issues will sell if the home is prepared professionally and (one more time) PRICED ACCURATELY!!!
Structural issues always raise a red flag because those require experts to fix and it’s a crap shoot until they get in there and start ripping it apart so for those to be beneficial you need a buyer who knows how to use a hammer and acquire the property at a price that takes all the risk factors associated with the home. Hope for the best plan for the worst.