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A REALTOR® owes their client the highest standard of care: fiduciary duty. When buying, Real Estate Agents assists in finding the right home, property market evaluations, writing contracts, negotiations, due diligence, and have experience through various property types.
When buying a home, for most instances, REALTORS® are paid a commission from the seller.
The first step in buying a home is getting a mortgage pre-approval. This will help you better understand your budget.
The amount of downpayment needed to purchase will depend on your personal finances. In BC, if the home is for principal use, the minimum downpayment required from $0-$500,000 is 5%, from $500,001-$999,999 is 10%, and $1,000,000+ = 20%. E.g. $700,000 purchase price: $25,000 + $20,000 = $45,000.
Closing costs will vary depending on the type of property being purchased. As a safe recommendation, keep between 2-4% of the purchase price aside for closing costs.
The time it takes to purchase a home varies from person to person and the market’s conditions. On average, the process takes 1-3 months with an average closing taking between 45-60 days.
Yesterday! In all seriousness, the most popular time to purchase a home is in the Spring. This is typically when most homes are listed on the market.
List prices on re-sale homes are negotiable. The final sale price, however, will depend on the market’s conditions.
A REALTOR® owes their client the highest standard of care: fiduciary duty. When buying, Real Estate Agents assists in finding the right home, property market evaluations, writing contracts, negotiations, due diligence, and have experience through various property types.
Each home’s preparation needed will vary. Commonly, touching up paint, maintenance items, increasing curb appeal, and de-cluttering (even if you need to rent a storage unit) will go a long way in achieving a favourable sale outcome.
Costs associated in selling vary. You can expect to pay: real estate commissions, notary or lawyer fees, and potentially, staging, maintenance items, and a mortgage discharge fee. Depending on the home’s value and various other factors, the total cost to sell ranges between 3-6% of the sale price.
The assessed value of a home is determined for tax purposes and market value is how much a buyer is willing to pay for a property. These values often vary due to many factors.
There are three different ways to sell and buy another home:
Which tactic is best suited will vary situationally and on the current market conditions. It is important to consult an experienced REALTOR® to ensure a smooth transition.
The time it takes to sell a home will depend on market conditions. In active markets, properties sell on average between 7-14 days. In less active markets, this time can extend to between 30-90 days. From the point of sale, closing dates average between 45-60 days.
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