This is the number one question I get when someone is buying a newly constructed home. Unfortunately, even though it is brand new there are often many issues with new homes. Prior to completing a purchase on a new home, you will have a walk through with the builder. Having a home inspection report in hand, is a great way to review the deficiencies with the builder prior to taking possession of the home.
A seller’s market is a market where the seller has the upper hand or advantage. There are fewer homes available in a market where there is a large pool of buyer’s. Oftentimes sale prices will rise in this type of market. That is exactly what is happening in Nanaimo right now. Buyer’s must act quickly by writing an offer on a home and may find themselves participating in a multiple offer situation. Competing for properties is often what pushes the prices up above the asking price.
The real estate market in Nanaimo is currently a very active sellers market. It is not a fun time to be a buyer as there is a lot of competition for almost every listing that comes up. There are ways to ease the stress in a competitive market like this including: Getting pre-approved BEFORE you shop for a home, shop only in your price range, know what your closing costs are going to be and have the money set aside and choose what neighbourhoods you want before viewing homes. Working with a Realtor is important as you navigate your way through what can be a very tricky market.
Selling houses in Nanaimo BC can be harder than you might think, especially when your real estate deal begins to fall apart! Things that can go wrong include the Buyer not being thoroughly qualified by the Lender, Contract Contingencies that have not been resolved, and poor results from a home inspection.
Need tips for selling your home in Nanaimo? The first, last and most important tip is to use a Realtor. And no, this isn't a self-serving post. Here's why. Realtors are legally required to follow certain rules and codes of conduct, plus they are trained to spot flaws and defects that the average lay person would miss. Just as importantly they can foresee problems with contracts, inspections, loans and closing issues - and get them solved before they end up harming your deal. Selling and buying houses is their specialty.
Homes for sale in Nanaimo BC often sell fastest over the holiday season. Surprised? It's true that many home sellers believe that November and December are the worst months for selling a home. While there are fewer buyers out looking for a home to buy over the holiday season, those that are looking are typically highly motivated. These buyers need to buy fast due to a job relocation, because they have already sold the home they live in now, or a change in family situation.
There are usually not as many home buyers in the market in the winter months but those that are shopping are usually motivated. To get your home sold in the winter time, it’s important that it shows well. Here in Nanaimo the winter months can be a little dreary so making your house look cozy and inviting is a great way to make people ‘feel at home’.
There are three important things to think about when pricing your Nanaimo property. First, the greatest opportunity you have to sell your home is when your property is new to the real estate market. Next, that means that pricing your home accurately is extremely critical to your success. Which means that over pricing your home - something that many inexperienced sellers try to do - will reduce the pool of interested, qualified buyers by almost half.
Wondering what the top tips are for selling your home in today's Nanaimo BC real estate market? First of all, be sure to declutter your home. You want a prospective home buyer to imagine that they are living in your home, not you. Next, seriously consider staging your home for sale, especially if it is vacant or your furnishings are older and outdated. Your Realtor can give you tips on whether or not home staging makes sense for you.
When you are looking at condos for sale in Nanaimo BC you should keep in mind that buying a condo is not like buying a house. Condos typically come with a lot more amenities than do houses, things like social areas, swimming pools and club houses. There are also fees for the utilities, maintenance and repairs costs, so it is important to know which ones you will pay for and which expenses are in included in the monthly Strata.