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2020 has been an absolutely strange year.  At the beginning of the year (in Winnipeg) at least there were rumblings of the Coronavirus in Asia and I don’t think we were prepared for what the next few months would bring.  With early spring/summer seeing the first cases in Canada and Manitoba there were predictions for the Winnipeg real estate market of a complete decline in sales and home values.  From this REALTOR®’s perspective that couldn’t have been further from the actual scenario.  With homes consistently selling for over list price in multiple offer bidding wars throughout the city it became clear early on that this year would not be the same as many previous.


Winnipeg Realtors Helping in Bidding WarsAs an observation on the market I believe a large proportion of the reason for these bidding wars has been a higher number of people who are currently in a smaller property, whether that be renting an apartment, or just living in a smaller home have realized that they wanted something with some more space to allow for working from home, home schooling and general isolation due to our situation with the coronavirus. This has brought out a massive demand for similar property options around Winnipeg, while the amount of homes actually going up for sale has decreased approximately 30% on average compared to 2019.  This has limited the amount of options available to the people looking to purchase and has created our heated bidding and offer system, and also increasing home prices significantly versus the same time last year.


That being said we have also seen issues with appraisal values due to the overpayment of properties, we have seen plenty of banks who offered pre-approvals not give financing to the same clients after an offer was presented on homes.  It seems like even though there is demand for homes there are still barriers to entry into the market during this pandemic. 


Some things to note during this pandemic are that the real estate industry is listed as an essential service and as such we are still operating, but not as usual.  Some of the new systems in place during this pandemic include new guidelines and rules for how to view a property, who can view a property and also when you can view a property.  Below are some guidelines for potential purchasers or sellers that have changed due to the Coronavirus:


1. PREAPPROVAL

  • If you want to tour a property, ensure you have a valid, recent (withing the last 1-2 months) pre-approval in place.  Agents are required to pre-qualify buyers before showing them a property and it is in your best interest to know what you can afford especially with all of the bidding wars happening on properties

2. WHO can view a home?

  • The Winnipeg Realtors rules for viewing homes have changed and only 2 people (not including the realtor) are allowed in a home at a viewing.  Also, only the people who are going to be on title for the home should be viewing the property.

3. When can you view a property?

  • With the new COVID-19 rules we as realtors are not allowed to overlap any showings with other groups.  This means that now you are required to book a viewing (in 30 min intervals) and to go through the property as quickly as possible.  The goal is to limit the amount of touching and overlap between people in any given property.

4. Additional requirements

  • Some additional requirements for viewing properties include a requirement to fill out a COVID-19 declaration form.  This for is required for EACH viewing of any home. If you view 5 homes you need to complete 5 disclosures.  These ensure that you are healthy, have not had an opportunity to trace infect yourself or anyone else if you have been exposed to the coronavirus.


The big things to take away from this new system is to get yourself pre-approved prior to any requests with a realtor, ensure that if you are sick you are not viewing properties, and to not unnecessarily tour properties during the pandemic.


If you have any real estate related questions about the new rules, or want to know any other information on the current market feel free to contact us. 


Top Realtor in Winnipeg Logan Queen#AgentLogan


Logan Queen

Tel: (204) 226-1261
Email: Logan@JenniferQueen.com

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The 2020 spring market is about to ramp up and the Jennifer Queen Team (JQT) wants to help protect you and your investments. We pride ourselves on helping people find their dream home, whether it be your first home, or you’re downsizing or upgrading. Whatever situation you’re in, we don’t want you to fall victim to the dreaded home buyer’s remorse. So this month Agent Amy has come up with 8 ways to help avoid home buyer’s remorse.


Let’s start at the beginning… What is Buyer’s Remorse?


Buyer’s remorse is the sense of regret after having made a purchase. We usually see regret more frequently after making a significant purchase, such as a home or vehicle.  Sometimes we find buyers experience remorse because they have purchased something they can’t really afford, including finding themselves in a significant amount of debt to cover the cost of an item. However you can be responsibly managed with a modest mortgage that properly suits your budget. Keep in mind that buying a house is an exciting decision and is nothing to be afraid of if you are well informed and have the proper support where needed.


Understanding the Buying Process

The first step in avoiding buyer’s remorse is understanding the home buying process. The more information you know before committing to a purchase, the less chance of you finding out something you don’t agree with after closing. Knowing what to look for, questions that should be asked and common technical oversights can be addressed with experience. This is where the JQT comes in….

  • FIND A GOOD REALTOR. If you are reading this blog (which you are) then look no further. You have found the best real estate team in Manitoba (that’s our opinion anyways). We go above and beyond for our clients. We have put together a detailed home buyer’s guide to help inform buyers of the process. Want one? Just ask. We’d be happy to provide you one. We have hard copies as well as digital copies.
  • Once you have found a Realtor, ask to set up a meeting. It doesn’t have to be formal just an afternoon coffee will do. At the JQT we truly enjoy our jobs and we would love nothing more than for you to join us for a cup of coffee, where we can talk about something we are passionate about, real estate, and we’re sure you’ll learn a thing or two! It’s a win win!


Examining the Financials

Financials for Home BuyersThe second step is another important one. It is imperative that you obtain a trusted mortgage broker. This can be a bit daunting because just like Realtors, there are lots of mortgage brokers out there. The JQT has compiled a short list of mortgage brokers we have worked with in the past and would recommend to all our new clients. These mortgage brokers are trusted, reliable people who will work hard for you and will do their very best to help you turn the key on a house you love. If you’ve found a mortgage broker you trust, we have no problem working with them as well. Finding the right mortgage broker brings confidence and comfort during a crucial time of the home buying process. Arranging a pre-approval prior to starting your home search will alleviate stress and anxiety during the process.


Patience and support

If you’re anything like me, maintaining patience is a struggle. Once I commit to do something, I want it done now!! As mentioned previously, buying real estate is an exciting time, it’s important that you are able to keep your composure and stay patient. Personally, I found support to maintain my patients in my husband. We are very opposite in this respect. If you can relate with my lack of patients, you might consider bringing someone else along. Whether it be a parent, trusted friend, boyfriend/girlfriend etc. Someone that is willing to see properties (preferably all of them) and have an unbiased opinion, might be a great option for you. If you need someone like this but don’t have anyone in the city, as your Realtor we can play that role, just say the word! Remember that buying a house is a major decision even though there are times the process may seem rushed, take your time and ensure that you are ready and comfortable with the decision, and keep in mind sometimes this can take a while. The JQT is here to wait with you.


Home Buying Tips to Avoid Buyers RemorseThe List - Want vs. Need

A great way to start your home buying search is to come up with a wants and needs list. This one is pretty self-explanatory, but shouldn’t be taken lightly. Write out a list of things you can’t live without -NEEDS- and things you would like to have but could live without -WANTS. If the patience step gives you anxiety you may want to bring your list with you to showings or reference it on a regular bias. As you view houses, you may become inspired to add to your list, be sure to reflect back on your Needs vs. Wants. This will help prioritize the important items to consider in the house.


Home Inspection

A home inspection is a great resource in helping minimize buyer’s remorse. It allows you to gain loads of knowledge about your future home before you have completely committed to it. Including a home inspection as a condition within your offer will help you get a thorough view of the property, but also allows you to terminate the contract if you need to. I usually tell my clients a home inspection is a great way to become acquainted and well informed about the property and also helps you make a “to do list” that every homeowner has. Whether deficiencies need to be address ASAP or it is something you need to budget for in the future, home inspection can help prioritize the “to-do’s”. If you are finding yourself in competition with another buyer and feel that writing in a home inspection hinders your chances of getting the property, I would suggest you request to conduct a home inspection prior to writing an offer. Yes, it cost money and the owner my not accept your offer, but I feel a home inspection is worth the risk.


Need a great home inspector? We have a short list of great home inspectors we use regularly. Just ask us for our Recommend Service Supplier List. We’d be happy to share.


Stick to Your Budget

Once you have taken the time to meet and commit to a mortgage broker. Make sure you take some time and go over your expenses and decide what an appropriate budget is for you, and stick to it! Just because the bank says they will give you a mortgage for $400,000, doesn’t mean that’s what you’re comfortable spending. Sit down and thoroughly go through your expenses and come up with a mortgage payment you are comfortable with (considering other bills…) and stick to it.


ASK QUESTIONS!

I truly believe there is no such thing as a stupid question and if you know me at all, you will know that I follow this mantra as well. I ask a lot of questions. If I don’t know something I ask. And that’s what you need to do as well, no judgement here. If you don’t know something about the buying process, ASK! If you don’t know something about the house, ASK! Don’t feel embarrassed that you don’t know something – real estate is what I do for a living, take advantage of experience and expert advice. I am a modest person and recognise I don’t know everything, however I have access to my team, colleagues and other experts in the industry and I will find out. Be reassured that knowledge will give you confidence to buy, the JQT is here to help you through this process every step of the way. 


The spring market is going to be heating up very soon (excuse the pun) and we are trying to make sure clients are ready and educated. Our job is to assist you. The last thing we want is for you to regret the major purchase we just helped you through. So take your time, go step by step and enjoy the process. While the process of buying a home can be stressful, it’s a very exciting time and we want you to remember it as such.


Happy Hunting!


Realtor In Winnipeg

#AgentAmy


Amy McDermid

Sales Associate

Phone: (204) 470-5356
Email: Amy@JenniferQueen.com

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