If you are buying your first home, there are many things to consider and to learn.
The first, and perhaps most important tip, is the fact that using a Realtor® costs absolutely nothing for a Buyer. You get the benefit of years of experience and the Seller pays the commissions. You should always start by interviewing a few Real Estate Agents and decide on the one who best meets your personal needs. Communication is very important so you should feel comfortable with this person.
Secondly – you need to know what you can afford. It is best to get pre-approved for a mortgage before you start to look for homes. Mortgage rules change and Incentive packages come and go. You don’t want to find that perfect place and only then discover that you simply can’t afford it.
Once you have an Agent, and you have a budget, your Agent will help you to narrow down your needs (size, style of home, location, etc) and your wish list. There is likely going to be a need for compromise!!
Now you start to look. Your agent will set up appropriate homes for you to view. Once you find “the one”, the offer process starts and this is where you really get the benefit of a knowledgeable Realtor®. There is a lot of paperwork involved in a real estate transaction. Your offer is likely to start out being conditional on a number of things such as financing, home inspection, insurance, etc. Once conditions are fulfilled, the sale is complete and you prepare for the big move on Closing Day.
Your agent will lead you through the process, step by step, offering suggestions and recommendations and answering questions as you go along. If you listen well, things should happen without issues and you will soon become first-time home owners!
I always enjoy helping people purchase their first home and never tire of it. It is always an exciting adventure. Please don’t hesitate to contact me even if you are just in the initial thought process. In fact that is the best time to get me involved.
From Kris' Blog
What a year it was! The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2017 was 17,083 vs 15,526 in 2016, an increase of 10%. Residential sales volume was up 16% and the condo market up 22% increase in the number of units sold. Average 2017 residential sale price was $425,063, an increase of 6.8% over 2016, while the average condominium sale price was $269,903, an increase of 3.4% over 2016. For the month of December, members of the Ottawa Real Estate Board sold 771 residential properties through the Board’s Multiple Listing Service® System compared with 711 in December 2016, an increase of 8.4%. The 5-year average for December sales is 687.The average sale price of a residential class property sold in December was $434,098, an increase of 3.4% over December 2016. The average sale price for a condominium class property was $255,335, a decrease of 3% from December 2016. December saw an increase of 8.4% in the number of units sold in residential sales and 25% in condo sales. This could very well be attributed to the changes in the mortgage qualification rules implemented January 1, 2018. Since every area is different, if you are thinking of buying or selling, please do give me a call. And – don’t forget those referrals – they are a huge contribution to the success of my business. Kris...