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Home Buying Home Work Assignments, it is Well Worth it!

Home Buying Home Work Assignments, it is Well Worth it!

Home Buying Homework AssignmentFor Potential Home Buyers there are a few essential "Home Buying Home Work Assignments" Peter and Linda Pfann suggest in advance of shopping for your future Pfanntastic Greater Victoria Home and have the best possible results.

In a recent article we reviewed some of the preparations Home Sellers should complete before they offer their property for sale to generate the best possible results, (you can read this article here). 

As with home sellers, we have prepared a number of reports and guides that will help potential home buyers along with the entire process, (please contact us to receive free copies)  In the event you are a first time home buyer, we did put together a series of articles about the entire home buying process and all the various steps involved that you can access right now at this location..

So here are the key
"Home Buying Home Work Assignments"
we would urge you to complete in preparation to buy a Pfanntastic Home in Greater Victoria.

First and likely one of the most important questions / assignment right out of the starting blocks..........

  • Are You A Really a Home Buyer or a "Home Seller in Disguise"?Home Buying Homework Assignment
    • Now, we are pretty sure not too many Realtors have ever asked you this question in this way.  But it is really what we ask if and when agents ask you if you own a home currently, because in the majority of cases the answers to this one question will tell us a lot about the process, the timing, the urgency and so on.
    • Here is the reason why it is so important for us as your agent to know the answer.  In today's market place where values of many properties are at best holding, but in many cases are continuing to come down, it is very (financially) advantageous for you to sell quick (at today's prices) and to buy slow (at tomorrow's lower prices).
    • If you decided to do the reverse,  as in commit to buy at today 's prices (even if your purchase is subject to the sale of your current property) but sell your property say 60 day's from now, (at the lower future value) you can see very quickly that you end up with a financial disadvantage (buy high & sell low).
    • So if you need to Sell in order to Buy......... do not worry about the rest of the questions, until you are Ready to Sell (or have have accepted an offer). and Review our post mentioned above about preparing to sell......
    • That does not mean that we would not talk about the buying process and even review some of the available property options, but would urge you to prioritize your next steps in the financially most advantageous manner for you.

 

  • Do You Really Know Where You Want to Live?Home Buying Homework Assignment
    • We all know the 3 most important things about real estate (yes you do, it is that location thing 3 times), we often talk to people that want to live in a certain area, and then to find out that it was more about the feel, the look, the smell, the convenience, the commute etc. which can often time be replicated in a number of different locations.
    • So for you as a future resident in any neighbourhood, it would be a very smart and effective idea, to visit all the areas that you are considering to move in to and spend actual time there. Get out of the car, and walk the streets, go shopping, visit the schools, see the doctors, the bank, the clinic, the rec centre and meet the people that live in your new neighbourhood. We actually suggest to do neighbourhood visits for a number times to each of the areas you are considering as part of your "new home work" pretend you live in the area and commute (during rush hour from and too & pretend the home to work or other frequent destination communte). Go play with the kids in the local park. You get the drift...... it is nearly impossible to fix a location once you are there, so it pay off big time spend a little time doing some fun research. (conversely, you will be calling us again to move, if you pick the wrong location). 
    • For People moving to Greater Victoria from out of town...... and this might be a bit of a shocker, we often suggest one of two things, either buy something cheap that you will move from in a shorter period and keep as a revenue property, or...... Rent for 6 months or as long as it takes you to get a real feel for the community and all its various options and lifestyles Pfanntastic Greater Victoria represents, to establish where it is that you really want to live.

 

  • Do You Really Know How Much You Want to Spend and Can You Afford It, Comfortably?
    • Okay,  technically 2 questions, but and here is the point.... So manyHome Buying Homework Assignment people do not have a good financial strategy and plan in place when it comes down to buying a home. We often hear, "the bank says, we are approved for $..........  (not what we would suggest as a good strategy). In addition many tend to forget some of the costs, (one time and recurring) and often end up stretching things just a bit to tight, which can put extra strain and stress into your life that could have been prevented.
    • We all know that interest rates are super low today, which is great, but wait a second, how likely is that to stay that way......... what would a sudden rate hike do to you and your family.....
    • Or in the case of say, buying  a Condominium / suite or town-home, there are monthly fees to consider, and what if (and it is happening way to often) there is a special levy asking for extra money to fix a problem.
    • Working closely with Peter and Linda Pfann and either your bank, trust company and or a savvy mortgage broker can make a huge difference in your ability to prevent huge financial issues at the time of purchase and or down the road.
  • Do You Really Know What You Need in Your New Home (and what you would like)?
    • Some people think that a want and a need are the same thing, so let'sHome Buying Homework Assignment describe the difference in a practical way;
      •  A "NEED" in a future home is something about or part of the property that if it is not to your satisfaction you will NOT consider buying it.
      •  A "WANT"is something that would be great to be part of your future home, but you would consider buying it even it was not included or part of the property.
    • There is an exercise we urge potential home buyers to complete "BEFORE" they go home shopping.
      • Each Resident in the Home gets to write down all their Needs, and Wants. For the best results, do this exercise independently from each other (no peeking) so that everybody gets to express their preferences, and once all completed, compare notes and create a "compromise" list of NEEDS and WANTS, and discuss your list with your Agents (Peter and Linda Pfann off course), and it would be helpfull to be able to explain some of the reasons for your wants and needs, in order to fine tune our best possible services to you.

So there you have it, your 4 essential "Home Work Assignments", that you as a future home buyer should complete before you go home shopping, we will add one further suggestion, which might be an obvious one by now........

Make Sure You Work With A Real Estate Professional Team That Is Truly on YOUR Side.
Buying a home is not like shopping for groceries, were aside from the price there is mostly little difference between one store versus the next.....Your Real Estate Professionals should not only be your trusted supporters and advocates, they should be able to Save You Money, Keep You Clear From Pittfalls, Protect You From Fast Talking Sales Pitches, and guide you through the home buying process, minimize stress and inconvenience, while optimizing your preferred outcome, of being a Pfanntastic Home Owner in Greater Victoria.

Victoria Real Estate Market SnapshotPlanning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann offer a Pfanntastic FREE Internet Service, keeping you informed about Greater Victoria Market Activity, including new listings, current and recent sales, price adjustments, statistics, graphs and a variety of additional handy real estate tools for your benefit. 

This absolutely Free no hassle service is completely customized to your specific requirements.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and provides you with an updated
snapshot of the property type(s), location (s) and real estate market activity as per your requirements and at intervals set to your convenience.
The Pfanntastic Victoria Market Snapshot Service is Free, The Information is Invaluable, Request Your Victoria Market Snap Shot Right Now!

 

 

 

Peter Pfann,

CPCA, ABR, SRES, E-Pro, IMSD, Master ASA, C-CREC, Associate Broker.

Text or Talk To Peter @: (1) 250 - 213 - 9490  

peterpfann@gmail.com  www.pfanntastic.com

Pfanntastic Properties in Victoria, BC, Canada, @ Fair  Realty Since 1986.

Regional office: 1540 Fort St Victoria, BC V8S 5J2

 

Comments

Peter and Linda, such good questions. Part of the service a real estate agent provides is helping a buyer sort through the kind of questions you have asked. You are definitely providing your buyers with something valuable in this post.

Cal

Posted by Cal Yoder, Homes For Sale in Lancaster PA - 717.413.0744 (Keller Williams Elite) almost 9 years ago

Hi Cal,

thanks for the feedback and support, we know that a prepared home buyer will benefit from taking a little extra perparation time before jumping into the market.

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) almost 9 years ago

Good information is definitely valuable. And all clients love to have something of value, so this is great info to pass along. Thanks!

Posted by Damion Alexander, Real Estate Sales and Service (Westbridge Realty) almost 9 years ago

Hi Damion,

thank you for your kind words and feedback. It is a post that is too long for us active rain blogger, but for the home buyers that are in the process to deterime what their next steps should be, we believe it is very practical.

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) almost 9 years ago

Peter and Linda, I can improve in this area, thanks for the list

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) almost 9 years ago

Hi Chris,

working with buyers is often all about education and working thru their steps and understanding

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) almost 9 years ago

Peter and Linda - This is really a wonderful post to pass on to clients! Hope you have a wonderful week!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) almost 9 years ago

Suggested! You two just keep churning out these feature worthy, RE-BLOG worth posts! Go get 'em!!

Posted by Joni Bailey, Your Huntsville / Lake Livingston Area REALTOR® (101 Main St. Realty) almost 9 years ago

Hi Barbara-Jo,

Thank you so much for the kind words of support, we hope our clients and those of other agents are finding the information useful. thanks again.

Hi Joni,

Thank you for suggesting, it is much appreciated, with this many years in the business, we have collected a lot of information and blogging is such a wonderful way to be able to share it with our clients and readers, that it is really enjoyable to refresh the information to be current and relevant in today's market place.

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) almost 9 years ago

Hi Peter & Linds,

I just caught this post on a re-blog from Joni. She is right this is an awesome post and right on target. I suggested also :).

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) almost 9 years ago

HI Dorie,

Thank you so much for finding the post and suggesting it, we find that many buyers need a lot more "honest and complete " information than what is often offered by some (particulary lenders) not that they are mis informing the buyers, but just not providing the entire picture

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) almost 9 years ago

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