Buyer FAQs

Am I ready to buy a house?

Well, let's look at some of the pros of owning a home versus renting:

  • Once you've paid off your mortgage, your home will be yours and you won't have to worry about paying for somewhere to live;
  • If your home increases in value, you could use the equity (its market value less the mortgage debt) to help buy a bigger home or fund a comfortable retirement;
  • You can spend money improving your home and increasing its value without having to ask a landlord.

Would I qualify for a mortgage, and if so, what are my options?

Here at Bow Realty, we work with a variety of mortgage professionals who would love to sit down with you and discuss your options – at no cost or obligation whatsoever. Don't let not knowing the particulars of financing hold you back from thinking about buying a home – knowledge is power, and we would love to help you become as informed about the process as possible!

How does the home buying process work?

In a nutshell, the process involves several steps including, but not limited to:

  • Meeting with a mortgage professional;
  • Meeting with your REALTOR® to determine which type of home works best for you;
  • Writing the Offer (including, terms, conditions, possession, etc.)
  • Acceptance or further negotiations;
  • Condition removal (including financing, home inspection, etc.);
  • Meeting with your lawyer to sign the purchase and mortgage documents;
  • And lastly… POSSESSION DAY!

Keep in mind, the above is simply the consolidated home buying process in a nutshell – but, we would love to meet with you to discuss the process in more detail, so that you know what you're getting into!

What costs are associated with buying a home, and how much money do I need to save before writing an Offer?

There are a few costs that you will need to keep in mind, including, but not limited to:

  • The cost of a home inspection, well water quantity/quality inspection, septic inspection, any other ancillary inspections requested;
  • The deposit and the down payment (which may vary depending on whether you qualify for an insured or conventional mortgage);
  • Interest charged on any amount of the purchase price not received by the seller on possession date;
  • Closing costs – lawyer fees (although fees differ from firm to firm, we would be happy to provide you with an itemized list of the fees and disbursements charged by the lawyers we regularly work, upon request), tax adjustments, Land Titles fees, etc.;
  • House insurance.

SELLER FAQs

When is the best time to sell my house?

Unfortunately, the real estate market is much like the waves of the ocean – constantly and forever changing. The long and short of it is that the market is simply not static, and as such, this is a particularly tough question to answer on the fly. So, if you're thinking of selling, our best advice is to contact us today in order to discuss what's happening in the market RIGHT NOW. In addition, we can offer a Comparative Market Evaluation, which is completely complimentary and obligation free, so that you can see for yourself what comparable homes in your area are listed for and have recently sold for.

How would you determine how much my home is worth?

As mentioned above, we would provide you with an in-depth Comparative Market Analysis. This analysis will pull properties which are most comparable to your home, and which are either currently listed or have recently sold. The criteria that we will use to pull comparable properties include, but are not limited to:

  • Square footage;
  • Number of bedrooms;
  • Number of bathrooms;
  • Upgrades and renovations;
  • Lot features;
  • Interior and exterior features and benefits (central air conditioning, central vacuum, garage, etc.)
  • Location.

Although a Comparative Market Analysis isn't a crystal ball that will tell you exactly what your home will sell for, it will vastly narrow down the price point you can expect to sell for, and the value which you could list your home at in order to attract the most qualified buyers the fastest.

Should I price my home a bit higher to leave room for negotiations?

This is one of the MOST COMMON MISTAKES amongst sellers. A well priced home WILL sell quickly, and it WILL sell for close to list price. There is no need to leave room for negotiations. Most buyers today are very well educated, and represented by a REALTOR® - they know when a home is over-priced. Pricing your home too high, thinking that it will leave room for negotiations, may actually end up costing you in the end.

What steps should I take to prepare my home for sale?

Here at Bow Realty, we will provide you with a checklist to ensure that you get the most you can for your home as quickly as possible. Not properly preparing a home for sale can put a homeowner at a huge disadvantage – the expression "you never get a second chance to make a first impression" is no joke when it comes to selling a home.

What are your commissions?

If you're thinking about selling your home, we at Bow Realty would love the opportunity to sit down with you and discuss what we can offer you, as well as our commission structure. We guarantee your satisfaction!