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Here’s Why You Need To Use A Realtor To Buy A Home

Do you have what it takes to buy your home yourself?

Can you read pages of fine print and understand it?

Do you have the time to do tedious amounts of research?

Can you be unbiased when it involves probably the largest expenditure of your lifetime?

If you answer “yes “ truthfully to all of the above then, you have “what it takes” to buy a home.

Otherwise you need the services of a professional real estate agent to buy your home.

 

The realtor’s role is to get you from thinking about buying a home to becoming a happy homeowner in the safest and most expedient way possible. There is no cost to you for this as the seller will be paying your realtor.

This is why you need a realtor to help you buy a home and how one can help you:

 

Find the right home

A knowledgeable and experienced realtor will help you find properties quickly and easily using the access to a detailed and extensive database they have at his/her disposal. Once the realtor is aware of the things that are most important to you, efforts will be made to make sure that both the home and the neighborhood are right for you.

Coordinating viewings

After you have shown interest in certain types of properties, a realtor will help you book showings, coordinate showing times and access with other listing agents. This is more important today than ever with the COVID 19 pandemic, as access to homes is not as easy as it used to be in pre-pandemic times.

 

Perform the due diligence

This is particularly important for first time buyers. The real estate agent will ask all the questions that you the buyer may not be aware of and also be able to investigate the property and ask pertinent questions like:

Were the renovations done with permits?

What are the on going costs of the property?

How are the neighbors?

 

Negotiate the best price

Because the realtor will have done a comparative market analysis for the property you are interested in, you will be able to understand the current market value and work out an offer strategy that includes a reasonable purchase price.

The seller may want to negotiate the price, so it is the realtor’s undertaking to negotiate back and forth until both parties reach an acceptable solution. Don’t forget the fact that all realtors are well trained in negotiation.

 

Prepare the contracts

A realtor has undertaken taken extensive training in preparing legally binding contracts. There are a number of terms that need to be included in a contract to ensure your safety as a buyer. A well thought our and prepared legally binding contract can then be presented to the listing agent/seller.

The contract carefully prepared by the realtor, will ensure that you as the buyer have your interests secured and the process from a firm deal to completion is flawless.

 

Help with Closing

The process of closing is very important as it involves a lot of conveyancing with the lawyers and mortgage brokers involved in the deal, and if you don’t get the process and the paperwork right, you can end up with a costly lawsuit. Once again, a professional realtor has been thoroughly trained in the process and will guide you effortlessly.

 

We have been in the real estate business for over 30 years. If you are planning to purchase a new home, or have any real estate related questions, why not get in touch with us for some useful advice? Call us on 604 913 1000, contact us  or follow us on Facebook.

 

In a “normal” world, low unemployment indicates that the economy is functioning well and this bodes well for house prices. On the other hand, a weak economy does the opposite: high unemployment results in less demand for homes, which translates to lower prices.

According to Moody’s analytics, for every 1% increase in unemployment, there is a drop of around 4% in house prices. Between February and August this year, the unemployment rate doubled, however, the housing market was hitting all time highs!

So why wasn’t there a plunge in house prices and increase in homes available for sale with all this unemployment and economic downturn?

1) Thank you banks and the government. The income replacement programs that were hastily introduced to cushion the sudden lack of funds in a family’s budget, and the mortgage deferment program, has given some affected homeowners some financial reprieve and allowed them to keep their homes off the market.

2) Interest rates have dropped to unprecedented lows, significantly lowering the cost of borrowing for potential buyers. The lower rates increased demand at a time when the housing supply was relatively low, and this is partly responsible for house prices to rise.

With the dialing back of the government rescue package and expiring mortgage deferment period, the next few months will be a good indicator of how the housing market will fare.

Of the 7% of mortgage holders who deferred their payments, some did it as a safety issue to conserve cash in case things got really bad, others deferred as they lost their jobs, but got government help to fill their income gap and have resumed work. It is the mortgage holders that are still unemployed that may have to sell their homes, and they are the most vulernable.

For those who are forced to sell, they will be getting a better price as house prices are going up on a month-by-month basis – this should give them some consolation in an otherwise desperate situation.

The pandemic has also reshaped the way we work.  Since proximity to work is no longer a requirement, the home office has gained more importance. There is now a shift from a downtown condo in favor of a detached home with a back yard in the suburbs. An excess supply of these condos may cause a price decline in the long run.

The real estate landscape in Vancouver is changing dramatically. If you are buying or selling a home, you need to get in touch with us. We are an experienced real estate company and will advise you on how to move forward. Contact us by email or call us on 604 913 1000.

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Vancouver, BC, Canada
Tel: 604 913 1000


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