Are You In The Market to Buy or Sell a Property – Here are a few things you should know
Why Use One Realtor
Many Buyers believe that when they are looking for a cottage or home it is to their advantage to have a number of Realtors looking to find them a property. That usually results in frustration for both the Realtors and the Buyers. A local realtor works and lives in the area they sell in and can help guide you throughout your purchase, using their knowledge and experience of the area, the lakes, rivers and more.
As a Buyer in this challenging market we are experiencing, you need to build a relationship with your Realtor so that they can get to know you, your family and the criteria that is most important to you in your search. New cottage Buyers usually begin their search with an idea in their mind of what they are looking for. Always keep an open mind when looking for that perfect waterfront property. There will be much to learn during this experience and each property will be distinctly different.
Know Your Market
(Supply Greater Than Demand)
When the number of properties for sale is greater than the number of buyers looking, we are in a Buyers Market. This market traditionally sees prices tend to drop and properties staying on the market longer. This means that as a Buyer you could have better negotiating power when it comes to buying a property.
(Demand Greater Than Supply)
When the number of buyers looking for property is greater than the number of properties for sale, we are in a Sellers Market. This market traditionally sees prices increasing and properties selling quicker. This means that as a seller you could have more negotiating power and ultimately get a higher selling price for your property.
(Supply Equals Demand)
When the number of properties on the market is equal to the number of Buyers looking to purchase a property we are in a Balanced Market. This means that the prices are traditionally stable and sell in a reasonable amount of time if the property is well priced.
Home Inspectors (Inspections)
Buying real estate of any kind will be one of your greatest assets and care should be taken to make wise decisions. That is why as a realtor, Joanne will always recommend that you enlist the services of a home inspector to make sure that any patent (obvious, visible) defects are pointed out to you so that you are aware of them thus helping you make a more informed decision.
The Home Inspector is there to represent you and give you a report on all things visible on the property. These include: plumbing, foundation, roof, electrical and heating/cooling systems, structural and insulation. He will identify any defects found with the home and make suggestions as to how they are best rectified and how serious they are. He can only report on things that are visible to him and can not report on anything that may be behind a wall etc. that is not visible. (latent defects).
Once he has given you his report, you can make an informed decision as to whether to sign the “Fulfillment of a Condition of Inspection” and move forward with the transaction.
The cost of the Home Inspection is related to the location of the property, it’s size and whether there is also going to be separate additional inspections that are not generally included in a home inspection. Some of those inspections could be a septic inspection or a wett inspection of a woodstove or fireplace.
There are a number of reputable Home Inspectors that can assist you and Joanne can supply you with a few names to contact. Once you have spoken to them you can make an informed decision as to whom you are going to hire.