Real Talk, Real Estate:
Home Buyers

Owning a home is perhaps the most significant financial and emotional investment you’ll ever make. The experience is exciting and can be overwhelming at times, but asking the right real estate questions, and seeking answers from a trusted team of professionals, will put your mind at ease. Home buyers, check out this month’s top five questions on buying a home or cottage property in Muskoka.

Home Buyer Questions | Real Talk, Real Estate

1. With rising interest rates and market uncertainties, should hesitant buyers continue to rent or make the move and buy?

My advice to home buyers is and will always be, buy when YOU are ready. Trying to time the market will drive you bananas. While interest rates have risen (and are expected to continue) prices have started to level out. So while yes, you may be paying a higher rate, you are also [likely] to pay less than you would have a year ago, as home prices are levelling out in the Muskoka area.

2. As a purchaser, what happens after I put in an offer on a home?

The first thing you should do before you even make an offer is to ensure your financing is in order, and you can comfortably afford the home. The 5 key areas of discussion include the offer price, deposit, closing date, and conditions: ie) inspection, financing, and other key terms related to the purchase.

3. What do I need to know after an offer is accepted?

Once an offer is accepted unless otherwise specified, the deposit needs to be delivered to the Listing Brokerage within 24 hours. This is now most often done via wire transfer. Second, would be working away on any conditions related to the offer, such as financing or a home inspection. We review the offer and identify any key dates to track along the way. The offer, once conditions have been met, will then be sent to the Lawyer representing the client. Next, start packing!

4. Should I have the home I’m buying inspected?

I always encourage home buyers and my clients to have a home professionally inspected. You can expect to find deficiencies, no home is perfect, however, the inspection will identify any major deficiencies or structural issues. It also provides you with a ‘manual’ of your home. A good inspector will point out areas of concern in terms of rank, from highest to lowest priority. The Seller (unless) written into the offer, is in no way obligated to remedy anything that comes up in the inspection.

5. What is a buyers market?

A buyers market is when there are more homes than interested buyers on the market. It can be considered a buyers market when there is inventory sitting for 6 months or more.

While some believe we are currently in a buyers market, we remain in a sellers market, continuing to see multiple offers in some areas. With that said, the frenzy has dissipated. From the data and behaviour I see, we are on the path to a more balanced market, and a balanced market is certainly a healthier one for all.

Do you have a real estate question you are seeking advice and guidance on? Let’s connect!

Email Kim Real Estate Question