Moving into Shuswap homes for sale can present lots of questions for homeowners. Many of which are often asked by first-time buyers and sellers. Having all the information can make buying a new home much easier. This is why I have compiled a list of 10 frequently asked questions that I receive more than any others! Read below to gain a better understanding of buying and selling real estate in Shuswap, BC.
1. How can I best prepare my home for sale?
Preparing your home for sale is all about decluttering, depersonalizing, and deep cleaning. You want to ensure that when buyers walk through your home, they aren’t distracted by your fantastic family photos. This way, they can better imagine their own family living in the house.
In addition, sellers are encouraged to get rid of things they no longer need. These could be old children’s toys, kitchen supplies, clothing, etc. Decluttering before you sell isn’t essential, but from my experience, it will make moving easier in the near future. It also promotes more buyers being interested in your home. Once you’ve determined what to get rid of, you can donate or sell the items. Facebook Marketplace and the Castanet classifieds are both great local resources for selling used personal items. For more information on preparing your home for sale click here!
2. What’s a Buyer’s Market?
This is a question frequently asked by first-time buyers, as well as those who have been out of the game for some time. A buyer’s market happens when there are fewer buyers than Shuswap homes for sale. The large supply of real estate in a buyer’s market makes it easier for people to negotiate. Moreover, they may also discover that houses are listed at a lower cost. And, have the cost cut down significantly especially if they’ve been sitting on the market for a length of time. Talk with your Shuswap agent about the current market conditions, as they will greatly affect the success of your home buying experience.
3. What’s a Seller’s Market?
A seller’s market is identified by more buyers than the houses listed. If you find yourself looking for Shuswap homes for sale in a seller’s market you may notice higher costs. This is due to the high demand and low supply. Buyers have a much more difficult time finding what they want and negotiating when the market is like this. Often times you will see some reckless behaviour take place in a seller’s market, including forgoing a property inspection among other things that could come back to haunt you. It’s important to have an agent with great negotiating skills if you need to buy a home during a seller’s market.
4. What’s the right price?
The right price all comes down to what the market is like. If it’s a buyer’s market then it’s a great time to stand your ground and negotiate a deal. If you aren’t sure where to start, look at the comparables. Find homes that recently sold in the area around that price range. Or ones that haven’t sold, and determine why they haven’t sold. Is it because the price is too high for the value of the home? Is it the location? Or, the condition of the property? There are lots of ways to ensure you pay a fair price.
This advice is the same for sellers! Checking comparables and doing your due diligence is the best way to make sure that you sell your home for a great price. There are no shortcuts when it comes to pricing your home for sale. Getting it right the first time is the secret sauce to having a good real estate agent with a pulse on the local market. You never want to leave money on the table, but you also don’t want your home to languish on the MLS forever either. A good agent will help you price your property appropriately.
5. Do I need a home inspection when buying Shuswap homes for sale?
Getting a home inspection is a very important step in buying Shuswap homes for sale. By receiving an assessment of the home, you’ll avert buying a problem property. It may also save you money on repairs and help you to further bring down the asking price if there are significant issues. This is a crucial step that should not be avoided by new buyers, regardless of the market.
6. What’s the first step in buying Shuswap homes for sale?
The first step to buying any home is to receive a mortgage pre-approval. This will ensure that you view homes that you can afford. Additionally, it will make getting a loan much easier when the time comes to make a purchase. Furthermore, it will give you a chance to view potential rates for your future mortgage. While this doesn’t guarantee you will receive a specific rate, it’s a good starting point. Shopping before you’ve seen a mortgage broker is a no-go! Click here to learn more about mortgages.
7. What is the value of my down payment?
In Canada, your down payment is determined by the price of the home in which you buy. As well as, the state of your credit card. For homes 500,000 and below, you can expect to put at least 5% down. Houses between 500,000 and 999,999, require buyers to put a minimum of 10% down. And, for a home 1,000,000+ homeowners will need to set aside 20%. These values are the minimum acceptable in Canada. Buyers may need to dish out a larger payment if they have poor credit.
8. How many properties should I view?
The amount of homes you view is completely up to you. The more you see, the more likely you are to find the best property for you. Shuswap homes for sale have lots of options for every buyer. So, searching around is a good idea. For some, finding a home will be a matter of viewing 2 houses. And, for others, it could take 10 or more. Buying real estate is a big decision and it’s important to find listings that fit your needs. Narrowing down your selection to specific neighbourhoods or near specific amenities can be a great start!
For more support on your questions about Shuswap homes for sale, contact me today! I’d be happy to help you find the perfect real estate in Shuswap. Be sure to check out my social media for the latest updates and more. I look forward to hearing from you soon