Ben Officer-REALTOR®

The more you know about the best way to reach a goal, the more likely you are to get the result you want. So, whether you’re hunting for a new job, assembling a backyard BBQ, or training for a 3 mile run, you’ll want to use a proven process to help you get there.

That certainly holds true when shopping for a new home.

There is a proven process to getting the home you want, in the neighbourhood you want, at a price you can afford. Here are the highlights:

1. Get Ready

There’s a lot you must do before you pack your energy snacks in the car and go looking at homes. If you own your current home, you must prepare that property for sale. You should also get financing for a new home pre-approved, so you know exactly how much you can afford.

2. Go shopping

Your next step is to view the right homes currently available on the market. It’s a good idea to make a wish list of property and neighborhood features you’re looking for in a new home. You may not be able to get everything you want, but you can probably come pretty close.

3. Make an offer

When you see a home you like, the first thing you’ll need to do is to make an offer. This can be tricky especially if there are other interested buyers.

4. Get an inspection

Always get the home checked out by a qualified home inspector. A property may have issues, such as a foundation leak, that are not obvious during a viewing.

5. Prepare for the move

Once you’ve made the purchase, you need to arrange for moving and deal with other details, such as utilities, telephone, mail forwarding and so forth.

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The Advantages of being Pre-Approved for a Mortgage

One of the best things you can do to ensure you get the home you want is to arrange for financing before you go shopping. This is often referred to as getting “pre-approved”.

Getting pre-approved simply means that your lender has calculated how much of a mortgage they’re willing to offer you, depending on your down payment and current financial situation.

There are two advantages to having a pre-approved mortgage. First, you know exactly what you can afford when shopping for a new home. Second, when you make an offer, you’re likely to be taken more seriously.

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Want a smooth home buying process? Call me today.

Ben Officer, CD   REALTOR®

RE/MAX Real Estate (Edmonton)

I am posting this free information session on my blog so it can get the widest distribution. The REALTORS® Association of Edmonton is hosting this without REALTORS® present, to give you

a comfortable, informative session. No pressure.

Ben

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Home Buyers Seminar

Feedback from our last seminar - over 95% of registrants surveyed found the information presented at the Home Buyers Seminar useful, easy to understand and made them more comfortable about the home buying process.

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There have been a whole lot of changes in the Edmonton real estate market over the last little while. So as a perspective home buyer, where do you start if you've never bought a home before? Or what if it's been a long time since you last purchased a property? Do you know all of the steps required?

The REALTORS® Association of Edmonton is pleased to offer a free, no pressure Home Buyers Seminar to familiarize you with the home buying process. Representatives from the mortgage, home inspection and legal communities will be joining a REALTORS® Association spokesperson to present unbiased advice and information.

Join us on Tuesday, March 2, 2010 at 7:00pm at the REALTORS® Association of Edmonton Auditorium at 14220 112 Avenue. Light refreshments will be served.

Pre-registration is required. Click here to register. You can also contact the REALTORS® Association at 780-453-9350 for more information.

Your name and e-mail address are being collected to provide registration numbers and to remind you of the event (via reply e-mail) and the files will be discarded after the event.

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Ben Officer, CD REALTOR®

RE/MAX Real Estate (Edmonton)

The deadline for the changes that were recently brought in by the Canadian government to put some caps on sectors in the housing market is April 19th, 2010.

Now, that doesn’t mean some banks and lenders haven’t already implemented the changes in advance of that date.

One of the bigger changes was that CMHC (Canadian Mortgage and Housing Corporation) will not insure the mortgages of people who are buying properties that will NOT be owner occupied. Also known as Revenue Properties.

The theory that many investors followed was to purchase revenue properties with a 5% down payment, pay the CMHC fee, and have their tenants pay down the mortgage. With just 5% down, they had more money available to buy more properties.

Did or will that modus operandi cause the market to bubble? Maybe. Maybe not. I don’t know. All I know is, it made for more buyers, then more sellers could move on with their plans.

Should you try to find a lender that will still allow you to do the 5% down to beat the deadline? I suggest you take a hard look at what you want to accomplish. When you do have to renew the mortgage on a revenue property in say, 5 years, the rates will not be as low as they are right now.

Making the requirement to put a minimum 20% down payment on revenue properties was a sound fiscal move for the future, according to many analysts.

Planning and preparation is always prudent, no matter what the situation is.

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The inventory of homes is at a low-level right now in some segments of the Edmonton and St. Albert housing and condo markets. If you are waiting until “Spring” to list your home, give me a call now!

It could be to your benefit financially to sell your home before the spring rush.

Ben Officer, CD   REALTOR®

RE/MAX Real Estate (Edmonton)