Questions and Answers on MLS Homes

Buying a home is a length process with many factors involved. It doesn’t matter if your buying for the first time or the third, buying MLS Homes can be complicated. Sometimes it’s nice to have all the basic information in one place, especially when it only applies to your city. I have put together a list of the questions I’m asked on a regular basis. Remember that no question is a dumb question however, sometimes you just aren’t sure whether to ask!


FAQ’s for buying MLS Homes

How do I know if the property I like is overpriced?

If you do not know what the property is worth, have your Real Estate Agent perform a Comparative Market Analysis. A CMA will consider previously sold MLS Homes in the area and will help you determine what fair value for the home is. This will also help you gauge where you should write the initial offer. 

 

Are home inspections necessary?

Home Inspections are not mandatory but for the average person they are strongly recommended. Unless you have been working in the home renovation industry for 20 years, you should have a home inspection performed. Home Inspections can discover defects in the mechanical, structural, electrical and plumbing systems that are not regularly noticed by the buyer. 

Home inspectors create a report all of the items in the home and provide it to the buyer so they have the full story on the home. 

 

What will my property sell for when renovated?

Real Estate Agents and Appraisers cannot predict what a property will sell for when it’s renovated. If you are selling within the next 90 days, we can provide a closer to estimate to what the home should list for and this will give you an idea of its value. 

If you buy a home and plan on living in it while you renovate for 5 years, a Real Estate Agent cannot tell you how much the home will appreciate with the renovations. We can provide the average sales price for the area and for certain types of homes but there are market conditions, comparable property and many other factors that come into play. 

 

When is the best time of year to buy?

In Regina, you can get a great deal on a home at any time of the year. There are more MLS Homes to choose from in the spring but that’s not always beneficial because you are in a race against all of the other buyers who waited until spring. 2017-2019 is a buyer’s market, so you can take advantage while prices are down.

 

How much are closing costs?

Closing costs vary depending on your purchase price. A good rule of thumb is to set aside 1.5% of your purchase price to go towards closing costs. 

  • Home inspection-$500
  • Legal Fees- $1800-2500 
  • Appraisal- $300

 

How will I know what I can afford?

The only way to know how much house you can afford is to talk to a mortgage specialist. Getting a pre-approval will tell you if you can buy and what price range you can buy into. 

 

How long does it take to buy a home?

The duration of your home search depends on your needs. Most people look at 7-14 homes before finding the right property. This could take two weeks or two months. Once you find the property you like and after you have an accepted offer, it will take less than 2 weeks to go through the home inspection and financing process. After you have removed conditions, it depends what the possession day is. From start to finish, the home buying process normally takes about 3 months but can take much less or more depending on the situation.

 

Contact Me

These are the most basic questions I answer on a regular basis and of course, there are hundreds of other questions to ask when it comes to buying MLS Homes! If I haven’t answered one of your questions, give me a call at 306-552-7047 or fill out my online contact form, I am happy to help! 

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