Trusted Tips and Resources

Trusted Tips & Resources

Trusted Regina Real Estate tip on Navigating Multiple Offers

 Navigating Multiple Offers:

 

Although this phenomenon does not occur on a frequent basis in Regina’s current real estate market, the occurrence of multiple offer situations, sometimes referred to as “bidding wars”, can and does happen. Multiple offers are often dictated by a limited supply of listings and a high demand for good homes, especially in certain price points and neighbourhoods. This scenario is great for sellers(although even some guidance in handling those offers is helpful) but not so great for buyers when it tends to push up home prices and can create a stressful home buying experience.

Our goal is to help you purchase your home at a fair price so you can feel good about the purchase you’ve made. Here are some of our tips to help you navigate the process as a buyer with as little stress as possible:

Create an Attractive Offer
In a multiple offer situation, you will need to be prepared to act quickly and there are a few things you can do to make your offer more attractive. (1) Make sure to have mortgage pre-approval before the process begins. We can share that information with the seller’s agent so they can be assured that your offer is serious (2) Put your best foot forward…offer whatever you are comfortable paying for that property as you may not get the opportunity to consider a counteroffer (3) Making a significant down payment also shows your level of commitment to the purchase of the property.

There are other elements to consider such as possession dates and home inspections but those are specific to the property being considered and your personal situation and motivation for purchasing. That is where we can guide you in the process.


Don’t be discouraged!
While we usually know when we are dealing with multiple offers, we can’t know what those offers will be or how badly someone else wants that home! Remember it’s not a competition to win and there is no winning if you pay more than you really wanted to. We know it can be a frustrating process at times but patience is a virtue here. Don’t be discouraged if the first one doesn’t go in your favour, it isn’t the end of the process until we find you the right house! 

Trust your instincts….and your agent

When you find the right home you will know it and you will feel comfortable with the amount you are offering for the property. If you feel anxiety or pressure to make a decision or to pay more than you’re comfortable with, or can afford, don’t be afraid to walk away! There will always be another house.

You should be working with a REALTOR® who you trust to have your best interests at heart. It is our job to provide you with all the information that you need to make an informed decision on the purchase of your home. We’re on your side and we want to get the best result for you.

If you are looking to buy or sell in the Regina area, we are here to help!

Happy House Hunting!


 


Trusted Regina Real Estate tip on Preparing your Home for Sale

Preparing your Home for Sale

Of course every seller wants their home to sell quickly and for the highest price possible, so how do you give yourself the best shot at that? We believe that from our perspective proper pricing is the most important aspect but also preparing your home so that it makes the best first impression on potential buyers is a very close second and is directly related to your ultimate selling price! So where to start? Here is a list of things to consider and we would suggest giving yourself a specific timeline to work with and get it done!

  1. De-Personalize
    You want people to see themselves creating a life in your house and making it their home so you will want to pack up those personal photographs and family heirlooms. Some buyers can't see past personal artifacts, and you don't want them to be distracted by your “things”. You want people saying “I can see myself living here” rather than “I wonder who lives here”.
  2. De-Clutter!
    Now is the time to eliminate anything you don’t need and don’t want to move with you! Likely anything you haven’t used in a year can be donated or disposed of. You may need to enlist the help of a friend who can help you be objective about your “stuff”. Think of this as getting a head start on the packing up process that you will need to do eventually anyway!
  • Remove or at least edit books and art pieces.
  • Pack up those knickknacks.
  • Put the necessary items that are used daily in a container that can be stored in a closet or pantry where they can be accessed easily.
  • Try going around your home and taking photos and then looking at your rooms through the lens of the camera. It is amazing how we just get used to our spaces and not see what is sitting on tables, counters etc. and how that may appear to potential buyers.
  • Clean off kitchen counters….you want buyers to see loads of counter space!


3. Neaten Bedroom Closets and Kitchen Cabinets.  

  • Buyers open closet and cabinet doors in the process of viewing your home, so open those doors and see what they will potentially see! Closets and cabinets that are organized give the illusion of space. And a neat, well-organized home sends a message that you care for your home. Edit, edit, edit!

4. Rent a Storage Unit If Necessary  

  • Almost every home shows better with less furniture. If you have pieces that are blocking pathways or making rooms look smaller, put them in storage. The same goes for your garage….if you have a double garage but there is only room to park one car because of the stuff being stored in it you may want to consider an intervention there as well!

5. Make Minor Repairs

If the small details are maintained it is assumed that the major things have been as well so now is the time to catch up on the little nitpicky projects you have been meaning to get to……

  • Patch holes in walls and touch up paint… or if necessary consider a fresh coat of neutral paint that will have the broadest appeal to potential buyers
  • Fix or replace leaky faucets
  • Replace burned-out light bulbs

 

The final details! Now is the time for the “spring cleaning” items…..

  • Wash windows inside and out.
  • Polish chrome faucets and mirrors
  • Make sure your bathrooms are squeaky clean & hang fresh towels
  • Clean out the refrigerator!!
  • Dust off those ceiling fan blades and light fixtures.
  • Make sure your house is clean and smells great before showings!! You only get one shot at a first impression
  • Curb appeal counts as well so make sure the yard is clean and lawn cut and adding a welcoming pot of bright flowers at the front door is a nice touch as well!



Trusted Regina Real Estate frequently asked questions



1. What does a home inspection involve and should I have one?

A home inspection is a visual examination of the property to determine the overall condition of the home. In the process, the inspector should be checking all major components (roof, ceiling, walls, floors, foundations, attics, etc.) and systems (electrical, heating, plumbing, drainage, exterior weather proofing, etc.). The results of the inspection are provided to the purchaser in written form and are generally discussed in detail during a walk-through once the inspection is completed.


The inspection may indicate only minor issues for you to address at some point or that the home needs major structural repairs which need to be factored into your buying decision and comfort level. A pre-purchase home inspection helps you learn more about the property upfront so you can proceed with greater confidence and peace of mind.

2. What is a pre-approved mortgage and should we have preapproval before we start looking for a home?

A pre-approved mortgage provides a set interest rate guarantee from a lender for a specified period of time and for a set amount of money. Your mortgage broker will help you determine what you can afford to pay for a home and explain the down payment requirements. When you find the right house and it comes time to make an offer, you will be prepared to act. Keep in mind your pre-approval is based on your financial picture at that time and any significant changes in your life can affect that number.

Most REALTORS® will ask if you have a mortgage pre-approval in place before you start your search for a home. This is to ensure that they are showing you properties in your price range. You never want to fall in love with a house only to find that it does not fit within your budget. Pre-approval is one of the first steps you should take before beginning the buying process so you can shop with confidence!

3. How do I prepare to sell my home? 

The first step is being really ready to move on. You need to detach yourself emotionally from your home and see it as a commodity you want to sell. We know this can be difficult when your life is reflected in your home, however it is important to be honest about how your home looks and how it should look when it goes on the market.

Your home’s appearance and condition play a big role in the sale process more today than ever. With the internet and all of home renovation programs people have easy access to, it can set high buyer expectations. Many buyers want a home they can move right into, especially if they are under short time constraints.

Selling price is determined by a number of factors including previous sales of comparable houses, how many other homes similar to yours are currently on the market, and the condition of your home compared to your competition. Some of these factors are out of your control but you can control how your home looks when it hits the market. You only get one shot at a first impression so now is a great time to de-clutter and touch up that paint!

When you decide to work with an agent you should choose someone you feel comfortable with and trust to have your best interests at heart. We can answer your questions and concerns and provide referrals for staging, mortgage brokers, home inspectors, real estate attorneys, and pretty much anything else you may need in the purchase or sale of your home! We are your advocate and guide through the process.



 

 

 

Trusted Regina Real Estate trusted tip on It's The Price That Sells a Home


 The Price That Sells a Home: 

As much as we all have an emotional attachment to our own homes and there is an inherent value to us because of the history created in there and maybe the blood sweat and tears that we put into creating a home, not just a house, unfortunately, that doesn't add value to a buyer when it comes time to sell. Selling your home can be an emotional process but when it actually comes to negotiating the sale the emotion has to be removed and it becomes simply a business transaction that is about dollars and cents....or actually hundreds of thousands of dollars! 

There are many factors that affect a sale price including specifics about location, floorplan, curb appeal, interior decor, etc.....but as it is well said in this article, at the end of the day it's about the price and value. Market Value quite simply stated is what someone is willing to pay for your property on any given day.

You've heard the old saying - "Location, location, location."

The real truth is "Location, condition, and price." And price trumps every other factor.

Location affects the value of a home, but it's price that sells a home.

Oceanfront, mountainside, or penthouse, the most desirable location in the world won't sell at the wrong price.

Every property has a potential buyer, but like rock, paper, scissors, it's sometimes hard to know which factor is going to win the showdown.

A good location will sell at a fair price. A bad location will sell at a fair price, too. It just won't be as high as it would be for a good location.  

A home in good condition will sell for a fair price. A home in poor condition will also sell at a fair price. Again, it won't be as high as a comparable home in better condition.

But neither location or condition will sell any house. Only one thing does that - price.

So if you're a seller waiting for that "special buyer" who will appreciate your faded pink and black bathroom tile, your vintage orange shag carpet and is willing to help you put your kids through college because of your real estate prowess, you're going to have a long wait.

So if your home is represented by an agent, and it's been on the market for a long time, chances are it's your own fault.

Maybe you didn't listen to your agent when he said you're pricing your home above the market. Maybe you got mad at the first few folks who looked at your home and didn't make offers.

When the showings stopped completely, maybe you accused your agent of not doing a good enough job.

You put the blame on everyone except where it belongs - on you. It's not about you, what you want, or how much you need for your retirement.

It's about the price.


Trusted Regina directory Home Building & Real Estate Law show on NewsTalk 980 CJME

Trusted Regina.com  is THE Regina Directory and is thrilled to be hosting a Talk to the Experts show " The Trusted Show' Monthly on Newstalk 980  Find them all here in our tips library or on our Trusted Channel on YouTube which is a fabulous resource of Tips, Interviews, Demos and Tours.

Listen to all the shows ON DEMAND, you can share them with friends who may be interested in the show's subjects and this makes sure you never have to miss a Trusted Show - www.trustedregina.com   is the ONLY Local Regina Directory that works for you...and the only place to offer this kind of service in Regina!  

This latest show we are featuring is the TRUSTED REGINA DIRECTORY Home Building & Real Estate Law  Show.

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