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Canmore is a vibrant and active market. It is not uncommon for properties to be listed and sold quickly. In this type of market a real estate associate needs to be well informed and diligent to meet their client’s needs. Using the right Realtor is your way of ensuring that when the ideal property does come onto the market you do not miss out. Choosing that Realtor and committing to work with them alone is your way of keeping your best interests at the forefront of this high paced market. Buying a home can seem like a difficult transaction but it does not have to be. Follow these steps and discover that buying a home is an exciting adventure. The following information includes:
To assist you in making your next move, I promise to do the following: I'll put the features you want into our Private Client Services Web Portal. Matching compatible properties will begin at once and continue until we have found your new home. As soon as suitable homes come on the market, you will be alerted. I can provide you with the names of some mortgage specialists to get you pre-approved for a mortgage so you'll know how much you can qualify for before you begin shopping. When you find your perfect home, I'll access information on market conditions and sales activity in the neighborhood to help you make the right purchasing decision. When you are prepared to make an offer, I'll assist you with aspects of your negotiations such as delivering and communicating your offer to the sellers. You can count on me to be available to see that your purchase goes smoothly. Determining what you can afford… Purchasing a home involves one-time costs and monthly expenses (mortgage payments, maintenance, insurance, condo fees, property taxes and utilities). The largest one-time cost is the down payment. It can represent approximately 5-25% of the total price of the property. The more you put down, the less you have to pay to the bank or mortgage broker. In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for including:
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for new home. I can refer you to mortgage specialists and they will answer all your questions and help you determine which financing terms and options are right for you. Documents you may need to finalize your mortgage include:
The real estate market is always changing. It helps to understand how market conditions can affect your position as a seller. Buyer's Market: The supply of homes on the market exceeds demand which means a higher inventory of homes, fewer buyers compared to availability, homes on the market stay longer and prices tend to drop in this type of market. Seller's Market: The number of buyers wanting homes exceeds the supply or number of homes on the market. This is characterized by a smaller inventory of homes, with many buyers, where homes sell quickly, and prices usually increase. Balanced Market: The number of homes on the market is equal to the demand or number of buyers. Thus, demand equals supply, homes sell within an acceptable time period and prices are generally stable.
Price: Depending on market conditions and your opinion of value and market information provided by me, the price you offer may be different from the seller's asking price. Deposit: The first deposit shows your good faith and will be applied against the purchase of the home when the sale closes. The second deposit is usually greater than the first and is deposited upon removal of all conditions; this is also applied against the purchase of the home when the sale closes. Terms: Includes the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate. Conditions: These might include "subject to home inspection", "subject to you obtaining financing", or "subject to you selling your property". Inclusions and exclusions: These might include appliances, and certain fixtures or window coverings and mirrors. Closing and possession date: Generally the day the title of the property is legally transferred and the transaction of funds finalized unless otherwise specified.
I will assist you in drafting your offer. I will communicate your offer (referred to as "offer to purchase") to the seller, or the seller's representative, on your behalf. Sometimes there may be more than one offer on a property coming in at the same time. The offer can be firm or conditional. A firm offer to purchase, usually preferable to the seller, means that you are prepared to purchase the home without any conditions. If the offer is accepted, the home is yours. A conditional offer to purchase means that you have placed one or more conditions on the purchase. The home is not sold until all the conditions have been met.
Your offer to purchase will be presented as soon as possible. The seller may accept the offer, reject it, or submit a counter-offer. The counter-offer may be in reference to the price, the closing date or any number of variables. The offers can go back and forth until both parties have agreed or one of you ends the negotiations. Hire a legal professional to represent your interests and to process the legal documentation required ($500-1000). Have the home inspected by a qualified home inspector who will give you the added confidence that you have made the right decision (around $250-$500). When the home inspection is complete, you may wish to ask for a full written report plus estimated costs for any necessary repairs.
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