Determining the value of a property is a complex process with a lot of moving parts. While it may seem like a quick online estimate will do the trick, getting a professional valuation done by a real estate agent will be much more accurate and give you a better understanding of your home’s worth on the market. Here’s a few of the things an agent will take into consideration when determining your home’s value. 

– The size of your home: Homes with more liveable square footage are worth more in general, so the larger your home, the more it will fetch on the market! That doesn’t mean that buyers aren’t looking for smaller houses though. Some buyers, like empty nesters looking to downsize, would love a smaller home, so it’s really just a matter of marketing your property to the right buyers to get the most ROI from your home. 

– The age and condition of your home: Home in great shape will score more on the market. Likewise, homes that require more fixes and maintenance from potential buyers will be worth less. The market loves move-in ready homes, so those properties can be priced at a premium!

– Updates and upgrades done to your home: Does your home have a beautifully done kitchen renovation or just really nice finishes throughout? Buyers love to see upgrades and updates, and so they add value to your home! 

– The performance of neighborhood comps: A good real estate agent won’t just look at the specifics of your home, they’ll look at how homes around you are doing on the market. They’ll look at the homes like yours in your area that have recently sold and are on the market. Then using the data they get from these comparable properties, AKA comps, they’ll be able to predict how much your home is worth on today’s market. 

From learning about these four factors that determine your home’s value, you can see that a simple online estimate likely won’t get you the most accurate value. If you’re really interested in seeing how much your home is worth, then get in touch with a real estate agent! 

Want to get my thoughts on your home’s value and what you can do to increase it in Lloydminster & area? Send me a message and I’ll walk you through the next steps. 

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When you know these five things, you’ll be set up for success in your home buying journey! There are some! foundational things you need to know as a homebuyer to make sure you play the real estate game right and get the best house for you. Here are five things every homebuyer needs to know:

1. Find the right neighborhood. The house is important, yes. But the neighborhood and area you live in can have a huge impact on the quality of your life. As a real estate agent, I highly recommend that you find the right neighborhood for your lifestyle and then find a house within that area. Not only will you make it easier to search for homes, but you’re more likely to be happy with your new house!

2. Send the right first offer. First impressions count when it comes to sellers, so make sure that your first offer is a good one! In this market where there are many potential buyers, it’s common for sellers to get multiple offers, and only send a counter offer to a few. Plus, sellers are people, so if you send in a low offer or one with many demands, they may get offended and refuse to consider other offers from you. Your agent will help you craft a first offer that will catch the seller’s attention and get them to engage with you. 

3. Get an inspection. If you want to make sure you get a good deal on your property and get the most out of your home, a home inspection is definitely in order. A home inspection will ensure that you know exactly what you’re getting into and give you the upper hand in negotiations if any problems with the property are found. 

4. Don’t forget closing costs. You know that you need to put down a down payment when you buy a house, and you probably have a nice little nest egg saved up for that. But did you know that you’ll also need to save up for closing costs? Closing costs are the costs necessary to close the deal–think the inspection, appraisal, title search, and mortgage lender fees. These costs typically range from 3-5% of the purchase price of the home, so it’s wise to save up for them in addition to your down payment. 

5. Rely on your agent! Your buyer’s agent will be by your side to guide you through every step of the way. They’re there to give you advice, provide support, and give you all the information you need to make the best choices for your future! 

If you follow these tips, you’re sure to have a successful home buying experience. Want more tips just for home buyers? Just reply to this email!

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Today, we’re busting some home buying myths that can seriously mislead people. I see the myths floating around all the time, but they’re just not true! Let’s bust these myths so you don’t fall into their traps. 

Myth 1: You need a 20% down payment to buy a house. This is the classic homebuying myth–and it’s so wrong. While you do need to put money down to buy a house, there are many, many mortgage types out there that can decrease the amount you pay upfront. Some programs require as little as 3.5% down, which can make getting into a home so much easier.

Myth 2: You need perfect credit to own a home. Having excellent or good credit is helpful when qualifying for the best interest rate on a mortgage. But is it a requirement? Far from it! In fact, there are many loan programs out there to help buyers with less than perfect credit finance a home. You might be surprised at how low the credit requirement is for some of these programs. I’m happy to tell you more about them, so just send me an email if you want more information!

Myth 3: You need to do it all on your own. This myth is so wrong! When you’re a buyer, you have the opportunity to work with your choice of buyer’s agent, a real estate agent who will represent you as a buyer. Your agent will guide you through all of the ins and outs of buying a home, provide the advice and experience you need to make the best decisions, and be there to support you through the whole process. Plus, the seller typically pays the real estate agent’s commission, so you get all of that advice and guidance for free.

Buying a home can be complicated, it’s true. But now that you don’t believe these real estate myths anymore, you should feel much more confident and empowered to buy a home! A home is within your reach, and I would love to help you through the buying process. 

Have any questions about buying a home in Lloydminster & area? Feel free to contact me anytime.

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Remember last year when the housing market was red hot and bidding wars were all over the place? Many buyers were desperate to get their offer accepted on the home of their dreams, and they were willing to do whatever it took to get the sellers to notice them: even waiving the home inspection. 

To all the home buyers out there, we’re not doing that anymore. Home inspections are one of the most important parts of the real estate process because they can save you from making a bad decision that can impact the rest of your life. On top of simply being a smart choice, a home inspection will bring you several benefits like these. 

1. A home inspection can eliminate any surprises that may cause the home to fall out of escrow. If you find a serious problem with the property during the inspection, you’ll know ahead of the appraisal and will be able to work with the seller to come to a favorable outcome. 

2. A home inspection gives you the upper hand in negotiations. Again, if your home inspector alerts you to some problems with the property, you’ll be able to negotiate with the seller better. Your agent will guide you through this entire process and provide the advice you need to negotiate well.

3. A home inspection gives you an out. Let’s say the worst happens and your inspector finds some huge problem with the property that makes it a bad deal for you. With an inspection contingency in your purchase agreement, you’ll be able to get out of the deal rather than being stuck in a bad house. 

4. A home inspection helps you understand your investment and how to maintain it. You should always take the opportunity to attend the home inspection, because you’ll learn so much about the house from the inspector. They’ll show you things you never even knew to ask about, and as a result, you’ll be able to better take care of one of your biggest investments. 

Getting a home inspection has virtually no downsides—but comes with so many benefits. I highly recommend that buyers take full advantage of the opportunity to conduct an inspection. If you’re looking for some good inspectors in our area, just reply to this email and I’ll send you my recommendations.   Looking for a Home Inspector in Lloydminster & Area?  Let’s Connect.

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Appraisal-required repairs can sound a little intimidating for both buyers and sellers. But once you know what appraisal-required repairs are and why they exist, you’ll feel prepared for any appraisal!

First, let’s go over some definitions. During the closing process, lenders will require an appraisal before they process the buyer’s mortgage. This is required by the lender to ensure that they make a sound investment since they’re putting up the funds for the mortgage.

However, sometimes problems are found during the appraisal. If this happens, the lender will require that repairs are done before they give the green light on the mortgage. Appraisal-required repairs usually deal with the livability of a house and include the following repairs:

-Replacing lead-based paint and/or asbestos

-Repairing stairs in poor condition

-Repairing an old or damaged roof

-Replacing or repairing a damaged foundation

-Repairing mechanical systems

-Updating or repairing electrical, exposed wiring, and fuse boxes

Whether you’re the buyer or the seller, you want to avoid finding an appraisal-required repair. As a seller, you can get an inspection done before listing and make any updates to ensure the house goes through the appraisal process smoothly. Buyers can ensure that they include an appraisal contingency in the purchase agreement. 

If appraisal-required repairs are found, the buyer and the seller will come to an agreement concerning the repairs so that the buyer can obtain the mortgage to buy the home. If the parties can’t agree on the repairs, the lender won’t fund the mortgage, and the contract will fall through. 

Have any other questions about the closing process and things to watch out for? Feel free to contact me.

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Harpreet Christie

RE/MAX of Lloydminster

(780)205-7653

BorderCityRealEstate.com

If you’re reading this, then I’m sure that you’ve heard all about the benefits of becoming a homeowner. From diversifying your investment portfolio and setting your financial future up for success to having a place that you can truly personalize and make your own, buying a home is something that many people look forward to. 

But how do you know if you’re actually ready to buy a home? Answer these four questions, and you’ll have a pretty good idea. 

1. Do I have a steady job and reliable income? You need to be able to pay your mortgage every month without fail, so having a good job is key to buying a house. Mortgage lenders also like to see at least 2 years of steady job history. If you answer no to this, then keep on working and save up more more your down payment in the meantime.

2. Do I have enough money saved for a down payment AND closing costs? Your down payment (the “seed” money that goes towards your mortgage) is a big cost that you need to save for in advance. But you’ll also need to save money for closing costs, which can run anywhere from 3-5% of the purchase price of the home. These costs include title searches, appraisal, inspections, and lender fees. Don’t get surprised by these closing costs, and make sure you have enough saved!

3. Is my credit history reasonably strong? Your credit score can make or break your mortgage payment and how much home you can afford. A better credit score will help you qualify for a lower interest rate, while a worse credit score will make your interest rate higher–and also increase the chances that you might not even qualify for a mortgage. Make sure your credit is in a good spot before even thinking about buying a home. 

4. Do I plan to stay in my home for at least a few years? To make buying a home worth your while, you need to plan to stay in it for at least a few years and preferably 5-10. This will give your home time to appreciate in value so you can make a profit when you sell! 

If you’ve answered yes to these four questions, then you’re ready to become a homeowner! If you answered some questions with no, that’s totally fine too because you can turn those into “YES!” with a little bit of time and planning.

Interested in buying a home in Lloydminster & area? Let’s connect. 

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