TEAM WEIR NEWSLETTER - MARCH 2021
In This Issue…
- David’s Update
- Picking The Ideal Neighbourhood For Your Next Home
- What To Do When Closing Dates Don't Match
- Make A "Great Things" List
- Notable, Quotable, Quotes!
DAVID'S UPDATE
Hi Folks,
As many of you know, in the Quinte Region like many other areas, the real estate market is on the up tick or even “on fire”. This can cause stress not only for buyers but sellers as well.
With many homes selling at well over asking price - it is a stressful time certainly for first time buyers who are worried about being able to get into the market with the high prices. Even seasoned buyers are worried about being in competition with other buyers and possibly over paying with a possible real estate down turn on the horizon.
Take this a step further and envision yourself being in another country making an offer in competition with other buyers. The home is in Canada and you are trying to buy it virtually ie. you will not see it in person, you will not “touch it”, you will not get a good feel for the neighbourhood, and even with today’s technology you won’t know if it smells like mould, pets etc.
This is the reality for many buyers today - particularly military personnel who are returning from overseas or perhaps being transferred in from another province. We deal with these folks on a regular basis.
On the other side of the equation Sellers need to be aware of the possible pitfalls in this high stakes process. For example knowing when NOT to take the highest offer on their home, what price to list their home at to get multiple offers - but not so low that they get offers well below market value just for the sake of creating “activity on their listing”. In the times of Covid - why would you want potential buyers through your home who can’t afford the asking price let alone market value which may be even higher.
As a final “teaching point” many buyers and sellers don’t realize that if a recently purchased home has a bank appraisal completed after the sale but before the closing - and it appraises below the purchase price - than the buyer is responsible for the difference. In other words, if a seller accepts an offer of 100K over asking price and the home subsequently appraises for $50K below the agreed upon price - the buyer needs to come up with the additional $50k before closing. This is why some real estate transactions don’t close or don’t close on time - because the buyer doesn’t to have access to additional $50K. This is why as a buyer you need the true value of what you are buying and why as a seller you need to be wary about taking the highest offer.
In these times it is even more important to hire an experienced professional to guide buyers and sellers through the process.
Yours in successful real estate transactions,
David Weir BA, CD
Team Weir members are available to complete a no cost - no obligation market evaluation if you are considering selling your home.
PICKING THE IDEAL NEIGHBOURHOOD FOR YOUR NEXT HOME
Imagine moving to a neighbourhood that has something you really want, like a nearby golf course, more wooded areas and walking trails, or a faster commute to work. How would that impact your lifestyle?
Chances are, it would have a big impact! In fact, your choice of neighbourhood plays a huge role in your overall enjoyment of your home.
Of course, you might love living where you are right now, but if you’re looking for a change, here are some tips for finding a new area that fits your desired lifestyle:
Make a list. Write down all the things you want in a neighbourhood. For example, you might want to live in a bustling urban setting with nearby access to public transit, theatre, and shopping. Or, you might want just the opposite! The point is to clearly define your ideal neighbourhood.
Go on weekend scouting missions. Check out neighbourhoods that closely fit your criteria. Go for a walk. Check out the local amenities (parks, shopping, nearby golf course, etc.) Look at the types of homes in the area.
Talk to the neighbours. When visiting a targeted neighbourhood, try to chat with a few of the residents. If you see someone walking a dog, for example, say hello. Strike up a conversation. Get an idea of what it’s like to live in the area.
Get the facts. There is a lot of data available on neighbourhoods, including crime statistics, demographics, and more.
Check affordability. There’s no sense trying to get into an area where the homes are priced way beyond what you’re willing to spend. Conversely, you might be surprised by the type of neighbourhood you can afford. Find out.
Finally, the best way to find a home in the neighbourhood of your dreams is to get expert help. If you’re looking for that, call today.
WHAT TO DO WHEN CLOSING DATES DON'T MATCH
If you want to sell your current property and purchase your next dream home, you might be wondering whether the closing dates need to be on the same day. You might even be worried that you’ll lose a property if the closing dates overlap, or you’ll be put out on the street if the dates are far apart!
For the most part, these concerns are unfounded. Thousands of properties change hands every day and usually everything works out just fine. In fact, it’s amazing how often closing dates actually do match!
But, what happens if the closing date of the home you want to buy is days or weeks earlier than the closing date of your own property?
Most lenders anticipate this situation and offer something called “Bridge Financing.” It is a special loan that allows you to purchase the property with the earlier closing date. When your current property closes, the bridge financing ends and your new mortgage – if you need one – begins on the new home.
Alternatively, if the home you want has a later closing date, we will work together to explore options, such as a short-term rental.
MAKE A "GREAT THINGS" LIST
What’s great about your home? Is it the spacious foyer and generous main floor closet space? Is it the beautiful washroom? Is it the playground that is only a short walking distance away?
Although some properties may look similar at first glance, every home is unique – with features and characteristics that make it special. If you’re considering putting your home on the market, make a list of all the great things about your property that potential buyers will want to know.
Start by thinking about the most desirable features of your home. Write down what you really love about the house and the surrounding area.
Next, think about what comments friends and other visitors to your home have made. Have you ever heard anyone say something like, “I really love your kitchen!” or, “This is such a quiet street”? Those are indications that potential buyers will like those features and characteristics too.
Once you have your list, let’s talk. Together, we’ll review all the great things about your home and area, and decide how to market them effectively.
Notable, Quotable, Quotes!
“The question isn’t who is going to let me; it’s who is going to stop me.”
Ayn Rand
“A dream becomes a goal when action is taken toward its achievement.”
Bo Bennett
"It matters not what someone is born, but what they grow to be.”
J.K. Rowling