For First Time

Home Buyers

FREQUENTLY ASKED QUESTIONS

Whether this is your first or fifth real estate venture, here’s a few FAQ’s to help guide your decision!


Q: I just bought a home and now the seller wants to change the closing date – can they do that?

A: The Agreement of Purchase and Sale will have many terms and conditions that both parties negotiate and finally agree to before finalizing a deal. If one party wants to make any changes after the deal has been accepted, it must be done through an amendment to the agreement, a separate document that all parties sign in agreement to the changes.

Q: What if I’ve recently immigrated to Canada?

A: There are some great mortgage and finance options available if you are a newcomer to Canada within the past five years. Programs like HSBC’s “New to Canada” offer some help to newcomers too.

Q: How do I go about getting a mortgage as a first-time home buyer?

A: Banks, trust companies and mortgage companies are in the business of lending money in the form of mortgages. Start with your bank, as it will be familiar already with your credit rating and financial situation. It is a good idea, however, to shop around for the best deal in terms of interest rates, flexibility in payment options, and so on. If you obtain a good deal elsewhere, your bank may match it.

Keep in mind that pre-approval for a mortgage is one of the most important elements for any first-time home buyer!


For Home Owners Looking To Sell

Q: When is the best time to sell a home?

A: This frequently asked question cannot be answered with a simple or general answer.  Every real estate market is different, therefore, the best time to sell a home will be different from real estate community to real estate community. In most cases, the spring months are the best time to be selling a home. April, May, and June tend to be the peak months with this logic.

Q: What’s the difference between a list price and a sale price?

A: This frequently asked question can be answered very easily. The list price is the price a home is currently listed for sale at. The sale price is the price a home is sold at.  A top Realtor should be able to suggest a list price that ends up being very close to the final sale price.

Q: Why aren’t as many people looking at my home?

A: There are a number of factors, but one of the biggest one’s being price. Buyer’s who feel a home is priced to high will choose to look at other homes before yours, likely finding one before they reach yours.  

Q: What are common bank requirements for selling a home?

A: If a home buyer is obtaining financing from bank, the bank will complete an appraisal.  When performing an appraisal, the appraiser is looking for potential safety hazards or concerns.  The buyer will determine in their purchase offer a dollar amount in which a seller is responsible to cover for bank required repairs.  

Some common bank required repairs include missing handrails, broken windows, peeling paint, missing electrical covers, and roofs that are in very poor condition.


Guelph Real Estate

Market Insights

 

Q: Why buy a home in Guelph specifically?

A: There are so many reasons I could detail for hours, but here’s a few standout points: statistically, Guelph has been ranked one of Canada’s safest cities in recent years, there are an abundance of jobs through corporate companies like the Co-Operators, Linamar, and Canadian Solar, and has been regularly ranked as one of Canada’s best places to work, live, and play. In 2017, MoneySense estimated it was the best city in Canada to buy real estate. For more information, check this Guelph fact sheet!

Q: Is it a good time to buy a home in Guelph?

A: The real estate market is in flux and flow not just during different seasons, but different months. Policy changes, economic development, and population changes are just a few of the factors that can impact the market. For a real-time update on the market, feel free to book a consultation with me here.