Navigating the Home Selling Process: What Happens When a Buyer Makes an Offer? This Week in the Victoria Real Estate News.

 

When a Buyer Makes an Offer, What Happens Next? Imagine you’re selling your home and an offer from a buyer comes in. You’re excited. Your home might soon be sold! What happens next? Typically, we will review the offer together. There will likely be several things about the offer that need to be carefully considered. The most common are: The offer price. Evidence the buyer is financially able to purchase the property. Conditions on the offer, if any. If the offer price is far less than you anticipated, there might be an opportunity to counter-offer at a higher price. This is part of the art of negotiation, which is an important step in selling your home successfully. The buyer’s ability to afford your property is also important. Ideally, you’ll want to see a Pre-Arranged Mortgage Certificate from the buyer’s lender, or some other evidence that there won’t be any financial problems closing the transaction. The amount of the deposit is also key. Finally, you’ll want to look at conditions. The most popular condition requires that your property pass a home inspection, but there may be others. Obviously, an offer with no conditions is ideal. CURRENT INTEREST RATES VICTORIA REAL ESTATE SEARCH FEATURED HOMES THIS WEEK IN THE REAL ESTATE NEWS Financial Post – Real estate sector breathes sigh of relief after Bank of Canada holds rate at 5% Financial Post- New Canadian homes could be too risky to insure as weather changes, experts say CREA NEWS - 8 things to think about before running a short-term rental CTV News - New survey reveals how Canadians feel about various housing policies Roughly three in five Canadians support decreasing the number of immigrants coming into the country until housing becomes more affordable, according to a new national survey. Financial Post – Homeowners in these parts of Canada have built hundreds of thousands in equity in 5 years Bank of Canada - Bank of Canada maintains policy rate, continues quantitative tightening Bank of Canada offers a reprieve for mortgage borrowers, but leaves door open to more hikes (Canadian Mortgage Trends)  What the Bank of Canada's rate hold means for mortgage owners (BNN Bloomberg)  RBC CEO sees interest rates coming down next year, allowing for soft landing (BNN Bloomberg)  ‘Unpredictable’ Bank of Canada looms over fall housing market. Here’s why (Global News)  Canadians are terrified to renegotiate their mortgages: Former Canadian politician (BNN Bloomberg)  Canadian home prices forecasted to be flat this fall amid high interest rates: report (City News)  Home prices in Canada are so stretched that even owners want them to fall (BNN Bloomberg)  Housing affordability declines in August across provinces, except B.C. (Calgary Herald)  After the wildfire: Inside the struggle to rebuild homes in Canada (Global News)  Weak GDP data means Bank of Canada rate hikes could be “over and done” (Canadian Mortgage Trends)  Financial Post - Poll finds a lot of Canadians want to sell their homes within 3 years Most Canadian homeowners are not looking to sell in the next three years, but if all those who are planning to sell follow through, there could be a historic number of properties hitting the market, according to a new report by personal finance company NerdWallet Inc. Storeys – Canada will still need 3.5M more homes by 2030 to restore affordability Mortgage interest costs now up over 80% since the start of the BoC’s rate hikes (Canadian Mortgage Trends)  'We need to get a lot of stuff built': CMHC finds Canada still short 3.5M housing units for 2030 (CTV)  Credit card debt hit all-time high in Q2 as financial pressure builds: Equifax (CTV)  CIBC sees “no areas of concern” as 100,000 mortgage clients renewed at higher rates so far this year (Canadian Mortgage Trends)  Average asking rents in Canada reached another record high of $2,117 in August: report (CTV)  One-quarter of mortgage-holders reportedly struggling to make monthly payments (Toronto Sun)   Victoria Times Colonist –  Greater Victoria real estate sales picked up mid-August Victoria Times Colonist –  Spot mopping and no baths: As reservoirs hit lowest level, Tofino reduces water use Victoria Times Colonist –  Early budgeting in Saanich a 'shocker,' signals possible big tax jump Could pre-fabrication be the key to unlocking B.C.’s housing supply crunch? (Global News)  B.C. sets maximum allowable rent increase for 2024 (iHeart Radio)  Victoria Times Colonist – Connecting quality condos to dream locations: Victoria’s Tresah and The Rise on Fifth Victoria Times Colonist –  Two new towers at Dockside get a green light Victoria Times Colonist –  Victoria grants $2.5 million for hospitality-worker housing project Victoria Times Colonist - Victoria council asks province for red-light and speed cameras Cameras could be installed at 50-plus intersections in Victoria. Victoria Times Colonist – Scaled-back apartment building pitched for Esquimalt site, but some neighbours still wary Victoria Times Colonist – Victoria approves 91-unit project at Quadra and Fisgard with minimal parking August home sales fall in B.C. after spring surge: BCREA (Business in Vancouver)  Creatively United's Event Calendar Victoria Times Colonist - Victoria considers resurrecting master plan for Ship Point Victoria Times Colonist – View Royal votes to require use of electricity for primary heat in new builds NOTABLE, QUOTABLE QUOTES “Your passion is waiting for your courage to catch up.” Isabelle Laflèche As always, I'm here to answer any questions you may have about real estate, whether you're getting  mortgage, buying, selling, or simply curious about the market. Feel free to reach out to me anytime by phone or email. Wishing you a fantastic week ahead, and may your real estate journey be filled with success and opportunity. Diana Winger Personal Real Estate Corporation  eXp Realty | CNE, SRS, SRES, ABR Mortgage Agent Level 1 Valko Financial LTD #13047 Dominion Lending Centres  HomeVictoria.com | Housesforsale369.com  WingerRealEstate.ca | SearchBestMortgages.com (250) 588-8839  (226) 705-3369 ON YOUR TEAM!