Multiple Offers – Durham Market

Well I cannot believe the prices some of these homes are selling for?   Please, please, please make sure when you are purchasing a home to use a LOCAL agent … they know the neighbourhoods and the comparables.   When you use an agent who is from another area, they don’t.   People are paying ridiculously high prices for homes which in my humble opinion aren’t worth it.

I understand there is a shortage of listings but does that mean Buyers are to be pressured into paying some of 

these crazy prices… I say NO !!  I have told my clients on many occasions, walk away !

People are going in firm on homes that clearly have issues with no inspection conditions.  I have been in numerous houses and after inspections found mould in the attics, faulty wiring, etc.   Make sure you know what you are getting into and that your agent knows the age of the property etc.  

It is great to win in multiple offers and see your happy Buyer’s face but make sure you are doing it for the right reasons.   I always say, “If I meet you at the local grocery store or park, I don’t want to run and hide because I feel you overpaid.”   People hire Realtors to protect their interest and from some of the shananigans I have seen lately, I have to wonder.

If you are a Seller, this clearly won’t mean much other than you are going to get TOP dollar for your home right now.  But if you are Buyer, choose wisely.   Choose someone who knows the market and is diligently working on your behalf to protect your interests and your money.  

Ok my rant is over … just looking at some of the sales the past few weeks and shaking my head. I hope the market continues to stay strong but if it doesn’t, I hope you have a lot of equity in some of these homes because if the market drops … they won’t even be able to sell them and get their initial downpayment out of them.

All I am saying is GET REPRESENTATION that you TRUST.  Yes it is great to win but at what cost 

Good luck to all the buyers out there and to all the sellers… who are getting top dollar for their homes.  If you are thinking of selling – TRUST ME, now is the time to sell.  I have never seen a market so busy and desperate for listings.

To your success !!!  

If you have any real estate questions, please feel free to call me or email me … I love what I do and will be only too happy to answer them.  Cheers !!!

The House Hunt is On ! Now What?

 The House Hunt: How Many Homes Should I See?

So, you are beginning the hunt for a new home, and you ask yourself the question that most buyers ask, “How many homes should I see?”

There are different theories on this. They range from the golden rule claim that you MUST see many properties to a mild suggestion of staying within a 5-20 house range. The truth is, there is no set-in-stone answer to this question. The good news is, there is much you can do to narrow down your search and help you find the home looking for, hopefully sooner rather than later.
Here is an estimated break-down on what happens for most buyers:
43% will look at 2-10 homes before purchasing, 27% will check-out more than 20 properties, 22% will see 11-20 homes, while 8% may fall in love and purchase the first home they see.
But, these are statistics, and at the end of the day who knows where you will fit into these. The key is to find a Realtor whom you trust and who knows the market you are bidding in. Next you should clearly share with them what you are looking for.
And, no, there is nothing wrong with purchasing one of the first homes you see- so long as you know it is what you want.

Some questions to clarify with yourself and your Realtor before starting your house hunt:

 

  • What are your central objectives for purchasing? Is this going to be your dream home, or somewhere you envision staying for only a few years? Is this a family home or an investment property?
  • What are the most important elements you are looking for in your new home? Is it the neighborhood or perhaps the size of the house? Is it important that there are good schools near-by? Prioritize these and other features in order of importance.

  •  If you are buying as a couple, do you both have the same vision of what you are looking for? Deciding up front what you want, collectively, can greatly help simplify and clarify your search down the line.
Have you finalized your financing? Do you have pre-approval for your mortgage and do you know what price you are comfortable with within your pre-approved range?
Another question to ask yourself is, “Am I being realistic with my parameters?”
Buyers can spend forever trying to find a “great deal” on a house. They tend to think that the only way they’ll get what they want is at the expense of someone else- in this case the seller.
But, in real estate, a win/win situation is what makes for a great deal. When good negotiations are made, both buyer and seller are pleased with the final deal. 
Remember this, as you define your search parameters.
Finding a home that is 20% below market value may take you forever- if never. But, knowing what you are looking for will lead you towards a quicker and easier search for your home.
If you are thinking of buying a home and need assistance, give me a call. I would be happy to help or visit my website www.Homes4Sale-Durham.com for loads of insight and current listings. I am only a call away !