Okanagan Real Estate Market Q&A
Entering the current Okanagan Real Estate Market can be a scary yet positive experience. It’s important to be informed, here are questions you may be asking yourself.
Why is it important to use a realtor when buying or selling in this current Okanagan market?
Our current Okanagan Real Estate market can be tricky to navigate! An experienced Realtor can provide you with the knowledge you need to make an informed decision. But it’s not just as simple as picking any Realtor. Trust is key – get to know your Realtor, let your Realtor get to know you. Choose a Realtor that you are comfortable communicating with, one that has the knowledge, experience, and dedication required to guide you through the process. At VREG we are committed to providing you with the best service possible!
- Accountability
- Dedication
- Integrity
- Knowledge
- Perseverance
- Professionalism
- Understanding
What are the risks of unconditional offers?
There can be many risks associated with unconditional offers. Are you ready and willing to accept those risks? My go-to response with unconditional offers is “Just don’t do it”. However, having said that, in some instances, it may be an option for you. It’s really dependent upon each unique situation.
Before making such an important decision you may want to consider:
What if something goes sideways?
What if the sale of your current home collapses and you are not financially able to carry the cost of both properties?
What is there are issues with the home that could have been discovered in a home inspection (i.e. outdated plumbing or wiring, asbestos, former grow op)
What if you are preapproved but your financial situation changes suddenly?
What if the bank requires an appraisal and the appraisal comes in lower than expected?
These are just a few things to consider and you should always discuss these and other risks with your Realtor before making an offer.
What are your tips for first-time homebuyers?
Your first home is usually your first big investment. It’s an exciting time but it can be overwhelming if you’re not familiar with the process.
First and foremost choose a Realtor to guide you along the way! Your Realtor can aid you each step of the way and make things much less stressful for you.
Get preapproved – Before you start looking for that new home, make sure you know exactly what you can afford. The last thing you want to do is find the perfect dream home only to discover you cannot qualify to purchase it.
Create a budget – There are other costs involved than just purchasing your home. Your Realtor and mortgage professional can help you determine the other costs you will need to consider. Legal fees, Property Transfer Tax, Utilities, Taxes, maintenance, strata fees, etc.
Determine what your needs and wants are – create a wish list and discuss it with your Realtor. Some things to consider while making your wish list: Are there certain neighborhoods you prefer? How many bedrooms/bathrooms are a must? Are you willing to look at a fixer-upper or does it need to be move-in ready? Your Realtor will help you narrow down your wish list and save you valuable time by looking at the appropriate properties for you.
