How to Deal with a Low-Ball Offer

Posted on September 14, 2015 by Stan Wiebe

Posted in Abbotsford Real Estate, Offer, Real Estate

How to Deal with a Low-Ball Offer

If you take care to price your home correctly — that is, at a price that is in line with what similar properties in the area have sold for recently — then you have a good chance of selling it at or near your asking price.

That doesn’t mean you won’t get a low-ball offer. You might. So what do you do when that happens?

First, understand that the buyer may not necessarily be trying to steal away your home at a bargain-basement price. He might simply be mistaken about its true market value. Of course, he might also be coming in at a low price in the hopes he’ll get lucky.

You will never actually know the buyer’s motives. So it would be a mistake to get angry or dismiss the offer out-of-hand. That low-ball offer might end up being the beginning of a negotiation that results in you selling your home at a good price.

Your first step is to work with your REALTOR® to determine:

How serious the buyer is.
How qualified the buyer is. (For example, does he have a pre-approved mortgage?)
How amenable the buyer is to a counter-offer that reflects the true market value of your home.
What that counter-offer should be.

This isn’t an easy process. It takes knowledge and experience to get it right. That’s why working with a good REALTOR® is essential.

Looking for a REALTOR® who is an expert at this stuff? Call today.

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Discovering that a home you like has “issues”

Posted on August 14, 2015 by Stan Wiebe

Posted in Abbotsford Realtor, home inspection, home selling, real estate

Say you’re viewing a home and are impressed with how it looks. The walls
are freshly painted. Everything seems bright and new. You’re considering
making an offer.

Then, while standing on a mat in the kitchen, you hear a squeak below your
feet. You lift the mat and see that some tiles are broken. Obviously the mat
was there to, literally, cover up that defect.

A few broken tiles are not a big deal. But now you’re thinking, “What else
might be wrong with this house?”

There’s no reason to worry that every home will have maintenance issues
hidden from view. However, it’s smart to do your due diligence to ensure the
home you’re considering is truly as good as it looks.

One way is to have a professional home inspector check out the property as
a condition of your purchase offer. He or she will inspect the home from top
to bottom, inside and out, and point out any issues you should address.

It’s also smart to ask questions. Find out the age of certain features, such as
the roof, furnace, and appliances. Ask about any recent renovations, and
determine whether they were done by a professional or by the homeowner.

Most importantly, work with a good REALTOR® who can provide you with
information on the property that you would have difficulty getting on your
own. Your REALTOR® has a stake in making sure you buy a home with
your eyes wide open — knowing all the potential maintenance issues you’re
likely to encounter.

Want to talk to a good REALTOR®? Call today.

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How Much Should You Budget for Home Maintenance?

Posted on July 28, 2015 by Stan Wiebe

Posted in budget, home maintenance, property value, real estate

If you own a car, you know there’s more to the cost-of-ownership than just finance payments and gas. You also need to budget for maintenance andrepairs. If your car is older, those costs are going to be higher. That’s just common sense.

The same is true of your home. It’s wise to budget for anticipated repairs and maintenance. Otherwise, you might be caught by surprise when you find that your furnace stops working and needs to be replaced. That can easily be a four-figure expense.

Experts recommend that you set aside 1% of the value of your home for repairs and maintenance. For a $500,000 property, for example, that would be $5,000. That is, of course, merely a rule of thumb. If your home is older, you may need to budget more.

Another recommended method is to budget $1 a square foot. If you have a 2,500 square foot home, that would be a budget of $2,500. Again, that number would need to be higher for older properties.

When budgeting, consider things that are getting old and will likely need to be replaced within the next three years. Examples include roof shingles, furnace, A/C unit, deck, fence, plumbing, and windows. Depending on the size and model, a new A/C unit will cost at least $5,000. Anticipating that expense will help you plan accordingly and avoid the shock of an unpleasant and costly surprise.

Keep in mind that budgeting $2,000 for repairs and maintenance doesn’t mean you’ll actually spend that money this year. But, if needed, the budget will be there, and that’s peace-of-mind.

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The “3 U p” Strategy for Selling Your Home Quickly

Posted on July 6, 2015 by Stan Wiebe

Posted in Real Estate, Selling Home, Strategy

There are many reasons why you may need to sell your home quickly: a sudden job relocation; a change in family situation; or perhaps an opportunity to purchase a new home that you just can’t pass up. Whatever the reason, this strategy will help when you need to sell fast.

It’s called the “3Up” strategy.

•Fix it up.

•Clean it up.

•Spruce it up.

First, you need to fix it up. That simply means getting things repaired around your property, such as a broken floor tile in the kitchen or a sticking patio door that’s difficult to open and close. Maintenance issues like these distract buyers from the appealing qualities of your home. Fortunately, repairs can usually be done quickly.

Second, clean it up. Obviously, when your home is clean and tidy it’s going to look its best. You also want to eliminate as much clutter as possible. You don’t need to make every room look like a magazine cover — but that’s a good attitude to have when prepping your home for a quick sale!

Finally, spruce it up. That means making any quick improvements that are going to make your home even more appealing. It might mean replacing the kitchen counters or giving the main rooms a fresh coat of paint. Of course, the number one strategy for getting that SOLD sign on your front yard is to select a great REALTOR®.

Looking for a great REALTOR®? Call today.

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Upgrades That Hold Their Value

Posted on May 25, 2015 by Stan Wiebe

Posted in home, home upgrades, home value, improvements, real estate, renovations, value

Do you have a renovation project in mind–and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:

Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.

Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.

Another high-payback project is the garage door. This once again

demonstrates the importance of a home’s “curb appeal.” If you’re tackling a big project, such as a basement renovation, you’ll be

glad to know that, according to the study, a project like this adds a lot of value.

Finally, minor improvements to bathrooms and kitchens–such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home. Of course, these figures are averages and can vary widely depending on

location, type of property, and other factors.

Need help determining how a particular home improvement might impact the selling price? Call today.

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“Closing Day ” Terminology You Need To Know

Posted on May 6, 2015 by Stan Wiebe

Posted in Completion Day, Real Estate, Real Estate Terms

Closing day is an exciting time. After all, you’re moving into your new home! However, it can be stressful as well. The last thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.

Disbursements. This is the allocation of funds to the appropiate parties, such as the seller. Your lawyer will take care of this for you.
Possession. This is the moment on closing day or a few days after when you are legally able to take possession of your new home. It's usually when your REALTOR® will hand you the keys.
Title. This is a legal document that identifies the property and its owner.
Closing Costs. These are expenses, exluding the selling cost of the property, that are due on closing day, such as legal fees, reimbursement for pre-paid utilties, utility deposits, insurance, and taxes.
Closing Adjustments. These are expenses pre-paid by the seller that need to be reimbursed on closing.

There may be other terms you come across on closing day as well. Don’t worry, a good REALTOR® can help make the day go smoothly for you and your family.

Looking for a good REALTOR®? Call today

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Easy-to Miss Home Security Tips for Your Vacation

Posted on April 15, 2015 by Stan Wiebe

Posted in Home Security, Home Tips, Real Estate, Security, Vacation

If you’re relaxing on a Caribbean beach, or enjoying a bus tour through historic Paris, the last thing you want to worry about is your home. Most people know the basics of keeping a home secure while away.

Here are some additional tips that are easy to miss:

• Tell your kids not to boast about your fabulous vacation plans,

especially on social media. The fewer who know that the house will

be empty, the better.

• Ask a neighbour to pick up any mail and flyers dropped at your doorstep. But don’t rely on that alone. Also call the newspaper and

post office to temporarily halt delivery.

• You can buy timers to automatically turn lights on and off. However,

most will stop working if the power goes out and restart with

the incorrect time when the power comes back on. That’s why you

should keep at least a couple of lights turned on continuously, and

not connected to timers.

• If you’re leaving in the evening, or before dawn, don’t forget to open

the blinds. Closed blinds during the day are a dead giveaway that the

owners are away.

Finally, experts recommend creating a home security checklist, so you don’t forget anything. That will give you peace of mind.

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The Wiebe Team

RE/MAX Truepeak Realty