1. Consider Resale Homes First
Many home and condo buyers in Edmonton are drawn to the sexy new developments cropping up. And why not? The show homes are finished to the nines and look simply fantastic. However, shrewd buyers know that the real gems are in the resale market. That is Edmonton homes and condos that already exist and are several years old. Why? First, if you buy a brand new home you are paying full retail. That is you are paying for current construction costs, the developers marketing budget and perhaps a little bit of hype. In many cases, for about the first 5 years of a home’s existence, the value could actually go down, relative to prices paid when new. Older homes will usually be stable in value and will appreciate with the wider market. In any event, we believe that buying any home is better than renting. And with home values in January going down, this could be a great time to get into the market.
2. Meet the Home Seller
It’s not considered ‘normal’ in the Edmonton market place, at least not by traditional Realtors®, that the buyer ever meet the home seller. We think you should insist on it. Why? Nobody can tell you the story of the neighbourhood and home better than the actual owner. Also, if they like you, your Realtor® might be able to negotiate a better deal.
3. Get Approved for Financing
Bring some value to the table. Get yourself approved for financing and you might be able to get your Realtor® to convince the seller to accept your price and deal terms, i.e. you negotiate from a position of strength.
4. Find a Realtor® who will give you Cash Back
Do you know what you want? Will you only need to see a few homes to make a decision? If so, try and find a Realtor® that will rebate some of the commission they earn. After all it’s your money that pays the fee. Based on a typical value of an Edmonton home currently, most often the commission paid by sellers to a Realtor® representing a buyer is $8793.75*. If you buy your new home after seeing just one or two listings, is this fair value?
Can we help you buy? To reach our broker owner Stuart Neal, please call him at: 780-760-2014 or visit www.CashBacktoBuyers.com
Real Estate Done Differently – Lower Realty Fees & Outstanding Results
*Based on a home value of $425,000 000 and a commission structure of 7/3 split 50/50 including GST.