Now that Fort McMurray has been ranked as the worlds most affordable market (relative to average income and according to a recent Calgary Herald article) (NO REALLY LOL)!
If you’re searching for a home online, you’re not alone; lots of people are doing it. The question is, are you using all of your available resources, and are you using them wisely? Here’s why the Internet is a great place to start the home-buying process, and the truth on why it should never be your only go-to resource when it comes to making such an important decision.
According to the National Association of Realtors (NAR) in the US, the three most popular information sources home buyers use in the home search are:
- Online website (93%)
- Real estate agent (86%)
- Mobile/tablet website or app (73%)
Clearly, you’re not alone if you’re starting your search online; 93% of home buyers are right there with you. The even better news: 86% of buyers are also getting their information from a real estate agent at the same time.
Here are 3 good reasons why using an experienced real estate professional in addition to a digital search is key:
1. There’s More to a Real Estate Transaction Than Finding a Home Online.
It’s a lonely and complicated trek around the web if you don’t have a real estate professional to also help you through the approximately 230...
There are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that the minimum down payment is set at 5% currently but there are still banks that are able to reduce that to as low as 0% through alternative down payment programs.
If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs.
Typical closing costs in our Fort McMurray market are:
- Inspection costs
- Legal fees
- Lender and/or appraisal fees if applicable
We’ve heard from many first-time homebuyers in the Fort McMurray market that they wished that someone had let them know what closing costs are.
Is there any way to avoid paying closing costs?
Work with your lender and real estate agent to see if there are any ways to save on your closing costs.
Home buyers can also negotiate with the seller over who pays these fees. Sometimes the seller will agree to assume some of the buyer’s closing fees to get the deal finalized, which is known in the industry as ‘seller’s concession.’
Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out you’ll need to cover unexpected costs is not a surprise anyone is ever looking...
A recent study of more than 7 million home sales over the past four years revealed that the season in which a home is listed may be able to shed some light on the likelihood that the home will sell for more than asking price, as well as how quickly the sale will close.
It’s no surprise that listing a home for sale during the spring saw the largest return, as the spring is traditionally the busiest month for real estate. What is surprising, though, is that listing during the winter came in second!
“Among spring listings, 18.7 percent of homes fetched above asking, with winter listings not far behind at 17.5 percent. While 48.0 percent of homes listed in spring sold within 30 days, 46.2 percent of homes in winter did the same.”
The study goes on to say that:
“Buyers [in the winter] often need to move, so they’re much less likely to make a lowball offer and they’ll often want to close quickly — two things that can make the sale much smoother.”
If you are debating listing your home for sale within the next 6 months, keep in mind that the spring is when most other homeowners will decide to list their homes as well. Listing your home this winter will ensure that you have the best exposure to the serious buyers who are out looking now!
The study used the astronomical seasons to determine which season the listing date fell into (Winter: Dec. 21 – Mar. 20; Spring: Mar. 21 – June 20;...