Have you considered purchasing a home?
I know, here is another realtor asking if I want to buy a home. "He is the only one that can provide me the service I need and if I don't buy with him, I'm missing out."
In most cases, I'm not going to lie, that question is usually how my conversations start and it gives me the opportunity to show where I can add value to their purchase.
But instead of speaking to you about all the benefits of buying a home right now, I want to ask you a simple question.
"Are you ready to buy your next home?"
I know at first glance that might be a no-brainer. Right?
When you read that question, your first instinct will turn to your financial position and if you have the funds to purchase a home. "Sure, I have the down payment and our pre-approval is ready".
That all might be well and good but are ready to make the change?
The changes involved with purchasing a home are significant and can alter your life for the next 5-20 years depending on your intentions.
Making a move includes uprooting your whole family, potentially changing cities or towns, spending more on homeownership like maintenance and fees, and above all else adds another commitment level to your life. Are you ready for this shift? In my experience, some aren't even though they are financially sound. Others, can't deal with the pace of the process of purchasing a home and need a bit more time. These are absolutely important concerns and aren't ones that should be taken lightly.
Next, let's look at the process. Do you know that once you submit an offer here in Alberta, you need to provide a deposit right away to accompany the purchase contract? This can range from $5,000 - $20,000 depending on the deposit.
The scenario is usually played out like this, "Great we have an accepted offer, you will need to provide your deposit within the next two business days"
😳 "Excuse Me?"
Do you have these funds liquid and ready to go? Or is your downpayment tied into an RRSP that will take you a few days or a week to access? If not we might have some issues with your purchase right at launch.
The next step, conditions! In this market, conditions are either being skipped or rushed through and you need to be comfortable with the choices you are making in purchasing a home. The window to get conditions waived are usually 10 business days but can be shorter or longer depending on the purchase contract.
For us realtors, these two weeks are a long time and sometimes we forget the amount of work involved for the buyers to do in this time to go ahead with their sale. Our goal is to make sure you are making the best decisions possible by providing the best advice and information for the circumstance. This is usually the most stressful part of the entire purchasing process.
Once conditions are waived, we have a time and are in a holding pattern until possession day. What to expect during this time, what the roles of the lawyers are, what will happen on possession day, etc are all questions amongst the 100s of others that you will have during this time.
I hope I haven't scared you off of moving this year or next.
These are all parts of the purchase that people really don't consider when we ask them the question, "Have you considered purchasing a home?"
In the beginning, I had mentioned that this question is usually where my conversation starts with a potential buyer. I had mentioned that it gives me the opportunity to present my value to earn their business. I believe the search for a home, working through the purchase and thereafter as well as coaching my clients through all of these hurdles is where I, their real estate professional add the most value.
Teaching and coaching them through the process is fundamental. Being that support system for them outside of their friends and family giving them all kinds of different advice is critical. Being that one resource they can always rely on with such a significant purchase is where my value is.
If you have any friends or family considering a move, or even have questions that I can answer for them. Send them this article and have them reach out with any questions they have. Some of the common questions I get are below:
What is the market like?
Will the market cool off at some point?
Does it make sense to take advantage of CMHC premiums?
What other costs are associated with a purchase aside from realtors?
If you have questions like this or have friends and family that do, please reach out by any means above or book a time with me below and let's talk about your situation and how we can navigate it together.
Purchasing a property is not as easy as the advertising would like you to think it is. I want to make sure you are 100% successful on your terms to get the home you want.
Thanks! Talk soon.