Hello everyone, With the market the way it currently is, chances are you will be caught in a bidding war. When inventory is low and prices are high, the competition is heightened and buyers will often find themselves in aggressive, multiple offer bidding wars.
1. Know Your Finances and Have a Pre-Approval Done
There is no point in viewing homes until you have been pre-approved by your bank or mortgage specialist. There are many places around Edmonton that offer mortgage services like That Mortgage Place. If you do not know your price parameters, then how can you bid? Offers are often firm (no escape clauses/ conditions for financing), so you need to know your amounts so you don’t get caught buying a home you cannot afford. Be sure your agent knows your down payment amount and flexibility, as if the home goes through an appraisal after purchase, and comes in lower than what you paid, then you have to cover the difference. This is especially important for buyers with only the required 5 per cent down payment as funds, as they have little flexibility.
2. See the Home as Soon as Possible.
I always recommend to view the home as soon as possible. Firstly, it gives time to think about this purchase or have a return visit, as it is typically the largest purchase in one’s life.
3. Home Inspection Often the Seller will provide a pre-list inspection. Be sure that the inspection is a from a reputable company, as you are relying on this for document to state the condition of the home. It is always better to get your own inspection.
4. Be Sure to Get a CMA (Comparative Market Analysis) Your agent should provide you with all the recent sales in the neighbourhood and explain how they justify the value of the subject home. The comparative market analysis does this by comparing recent sales of similar homes in the neighbourhood to come up with a value for the subject home. This is the starting point for multiple offers, as offers will bid up from this value. The advised offer value based on number of bids is called the market value.
Contrary to the popular saying, home in not where the heart is. Home is where the head is- and if you don’t use your head when house hunting, you could find yourself in lots of trouble. Luckily, we can avoid all of this with a few simple steps to smart home hunting.
- Don’t be blinded by the “ LOVE”. That means don’t overpay, don’t rush through the process, and don’t ignore glaring concerns just to win ownership.
- There is no such thing as “ no strings attached”.Make sure to fully understand what the terms in your contract mean. Read your agreement thoroughly and fill in every blank before signing. Get everything in writing. Always get a copy of the contract for your own files, too.
- It’s what on the inside that counts.It’s easy to overlook things in a staged home, but ask questions about the insulation, wiring, plumbing, upgrades etc. Better yet, get a home inspection.
- Check and re-check your deal.The furnace, fridge, and other items at the showing might have been major selling features for you, but never assume they’re part of the package. The furnace could be on lease.
- Know your home’s past relationshipsA simple Internet search for the address can go a long way; or even ask the neighbours for their take on your potential purchase. You never know what kind of mischief the house may have been involved in.
When picking colours for your home everyone wants to be on trend. Although trends are always coming and going, greys seem to be staying around.
For living rooms: Para’s Fan Light Grey (P2103-04) is a great colour for all living spaces, I tend to lean towards this colour because it does not have any blue undertones.
Dining Rooms: Benjamin Moore’s Cloud White (CC-40) is a great colour for dining rooms; it’s a creamy white which is warm and crisp at the same time.
For Selling: Benjamin Moore’s Edgecomb Gray (hc-173) is a great colour for selling your home. This colour is perfect blend between grey and beige. It’s warm and seems to work in any space and any light condition.
Kids room: Finding a soft pink is always difficult Benjamin Moore Pink Bliss (2093-70) has just a hint of pink and it almost acts as a neutral. It is perfect for a little girls room
Benjamin Moore’s Woodlawn Blue (hc-147) is the perfect shade of blue that never feels dated; perfect for a boy’s room or a play room.
Do you have extra paint chips samples lying around that you picked up at the store last year? Bring them to use
1- Gift labels
4- Baby mobile
5- Gift boxes