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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Is hosting an open house right for you? For many sellers, open houses can seem like a hassle and not worth the time or effort it takes to prepare for one.

While an open house isn’t right for every property, it can attract attention and generate buyer interest in your home. In the best cases, an open house can even create the right environment for a bidding war! An open house may be worth it when:

– Your home stands out: If your home has unique features that are a selling point–like a mother-in-law suite–or stands out from the other homes in your neighbourhood, then host an open house to show off your property. 

– You live in a high-demand, populated area: If your area sees a lot of foot traffic, you should have an open house because you never know who may stop in! Likewise, an open house can generate more buzz if your area is in demand. Rather than having to deal with a bunch of individual showings, an open house can reduce the time and energy you put in as a seller.

-Your property has highly sought-after attributes that are hard to find: When your home has special attributes, people will want to come to see them in person, so give them an easy way to do so with an open house.

-Your entry-level home appeals to first-time buyers: First-time buyers love open houses because they’re a low-pressure way to see a home. If your home is perfect for first-timers, strongly consider hosting an open house. 

On the flip side, if your home doesn’t fit these guidelines, an open house might not be the best fit for your property. Your real estate agent will be able to provide the best advice for your situation. 

But for most sellers, hosting an open house makes it easier for buyers to see your home, increasing your chance of getting a great offer. 

Want to know if an open house is right for your property? Feel free to contact me.

Harpreet Christie

RE/MAX of Lloydminster

(780)205-7653

BorderCityRealEstate.com

When it comes to selling your home for top dollar and for the least amount of energy and time on your part, you might be wondering if a real estate agent or an iBuyer is the best choice.

iBuyers are companies that use the internet to sell your home online or through an app. They claim they can sell your home quickly and easily for less money than a traditional real estate agent. But that’s not the whole story.

Where a traditional real estate agent like me can help you get your home ready for the market through updates, staging, and professional photos, an iBuyer will list your home as-is with standard photos. This can be a big mistake because real estate is about first impressions. If your listing photos and listing descriptions aren’t good, you might not catch the attention of potential buyers. A real estate agent can market your home for top dollar and ensure it gets seen by the right buyers.

iBuyers say they can sell your home at a discount with a 7% commission. But there are many hidden fees involved with iBuyers, and they’re not upfront about the total cost. A real estate agent will be transparent about all the costs you’ll incur throughout the selling process and will only take the standard commission.

As a result of these issues, iBuyers tend to undersell homes and will net you a below-market return on the sale of your home. You want to get the most money out of your home, which is why working with a real estate agent is so important. Typically, real estate agents can net you 10-15% more on selling your home–which is exactly what you want when you sell!

You want to walk away from the closing table with the most money in your pocket. If that’s true for you, it makes the most sense to go with a traditional real estate agent. I’m accepting new seller clients, so if you want to talk with a real estate agent about selling your home, feel free to contact me.

Harpreet Christie
RE/MAX of Lloydminster
(780)205-7653
BorderCityRealEstate.com

Spoiler alert: even though the market is shifting, you can still win whether you’re a buyer or a seller!

When you work with the right real estate agent, you can make good real estate decisions that fit your lifestyle needs and set you up for financial success–yes, even in our crazy market.

Sellers, you’ll want to consider getting your home on the market soon to meet the highest demand. Because our market is not moving as fast as it was this time last year, working with an agent to market your property for top dollar is even more important.

The reason for this change in demand is that rising interest rates are making some buyers wait to jump into the market. While we still have a lot of demand now, making it a good time to sell, we don’t know what the future holds.

But don’t let this discourage you–there are still plenty of buyers looking for a home like yours, and we’re still in a strong seller’s market.

For my buyers, being patient and strategic is key right now. Although we’re in a seller’s market, great homes that could be perfect for you are hitting the market every day. Working with an agent is key for buyers as well because your agent will be able to guide you through the process of figuring out your wants and needs, getting pre-approved, and hunting for the best home for you.

To win in our market, you need to be patient, whether a buyer or a seller and work with a good agent.

I always recommend that buyers and sellers meet with and interview at least three agents so you can find someone who brings the experience you need, meets all of your needs and is easy to work with!

I’m currently accepting new clients, so if you’d like to set up a time to chat with me about your real estate goals, feel free to contact me.

Harpreet Christie
RE/MAX of Lloydminster
(780)205-7653
BorderCityRealEstate.com

Interest rates are on the rise. While they’re still historically low, they’re higher than a year ago, which can be less than optimal for buyers. Many of the buyers we’re seeing in the market today are very cognizant of this shift.

Today’s buyers still have the same access to the upfront money for down payments and closing costs as buyers from the past couple of years. But buyers realize their money won’t go as far due to rising interest rates.

This is one of the reasons why we see demand start to shift. For example, if your house was listed on the market for the same amount today and last year, today’s buyer would end up paying more for the same house at the same price due to the higher interest rates. Right now, it’s those long-term financials that are the current issue for buyers.

Sellers may want to ask themselves what they can do to reduce the long-term effects of high-interest rates for their buyers to attract the best buyers and get their homes sold quickly. As a result of the rising interest rates, some buyers can’t afford as much of a home because their monthly payments will be higher due to interest.

You’ll also watch out for places where financing may fall through. Because interest rates are rising quickly, you may be in a situation where your buyer was pre-approved at a certain rate when making the offer, but interest rates rose in the interim, and now they can’t get approved for the same mortgage amount. This is an uncomfortable situation for both the buyer and the seller.

If this happens, your seller’s agent will offer options that fit your specific situation. One option may be to buy points from the buyer’s mortgage rate or come to a new negotiated purchase price rather than go through the entire purchasing process again with a different buyer.

Your agent will guide you through every step of this process and market your home so you can attract the best buyers and sell your property for top dollar–even in a time of rising interest rates. If you want help getting your home sold quickly and for the best ROI, feel free to contact me, and we can discuss your real estate needs.

Harpreet Christie
RE/MAX of Lloydminster
(780)205-7653
BorderCityRealEstate.com

Homeowners who are interested in moving from their current homes are faced with more choices than ever. No matter your reason for moving, you’ll have to do something with your current property, and you have two choices for what to do: you can sell it or you can rent it out. 

Renting your home in Lloydminster, rather than selling it, can be a great investment option and can bring in some extra cash. But there are several things to consider before you make the decision to rent your home rather than selling it. Here’s what you need to ask yourself. 

1. Are you ready to be a landlord? Being a landlord is a big responsibility since you’re dealing with people’s living situations. Like any job, it does take time and energy in the form of finding tenants and then ensuring that they’re happy and that the property is in good condition.

2. What will your cash flow be if you convert to a rental? A rental property is first and foremost an investment. If it’s not going to be profitable, you are much better off selling. This is the time to pull out your calculator and do some math. Make sure that your rental income will be enough to pay the mortgage, taxes, and HOA along with taking care of repairs/maintenance, all while still making a profit.

3. Can you break even on a sale? After you’ve done the math on the rental, do some calculations on selling your home for comparison’s sake. You’ll want to see if selling the home would get you more money than the profit margin on renting would give you after a certain number of years.

4. What rules do you need to follow for an investment property? Rentals are typically regulated by laws, lenders, and taxes. Make sure you know what the rules and regulations are for a rental property in your area and factor any extra taxes or costs into the above calculations. 

Once you answer these questions, you’ll have a clearer idea of which option is the best for you. Being an expert real estate agent in Lloydminster, I can walk you through the different things to consider and help you with the calculations to make the best decision for your future. Feel free to contact me, and I’ll get you the necessary information!

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Are you the kind of seller who thinks that staging is just another added cost as part of the process of getting your home ready for sale? If you are, you’re definitely going to want to read this. 

Staging is the process of styling and furnishing your home to show off its best features and help buyers feel like they could see themselves living in the property. 

Studies have shown that staging can increase the price that your home sells for. Instead of being just another cost, staging can make you back all the money you spend on it and then some!

According to a quarter of real estate agents, staging your home can increase the dollar amount of the offers you receive from buyers by 1 – 5%. When we’re talking about the prices of homes right now, that could be a lot of money. That’s not all: other real estate agents say that staging can increase those buyer offers by 6 – 10%! 

If your home is worth around $300,000, simply staging your home could kick your offers up an extra $3,000–$30,000! Staging is starting to sound worth that small upfront cost, right? 

Even better, there are a million different ways to stage your home. You can DIY your staging by decluttering your rooms, pulling some furniture out, and showing off the best parts of your home. Or, if you don’t have the time or the interior design skills to do that, you can hire staging out to a professional stager who will know exactly how to highlight your home’s best features. 

Overall, staging can make a big difference in the sale price of your home and can increase the amount that goes back into your pocket as the seller. That makes staging definitely worth it for any seller, especially for the small upfront cost it poses. 

If you’re looking for more information on staging or want to know whom I recommend for professional staging help in Lloydminster, just send me a message, and I will be happy to help.

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com