What should I expect if I decide to sell my home with you?
We highly value our customers' experience and our services are designed to address first and foremost your needs. We understand that selling a home may be a difficult and stressful experience, so our goal is to turn this experience into a pleasant one. We are professional real-estate team that has a solid understanding of the market conditions and we have a wide marketing network for your listing.
Aside from the cost of the home I buy, what other costs will I incur?
How long does it typically take to buy a home?
The home buying process can take anywhere from a few weeks to several months, depending on market conditions and individual circumstances. At Cherry Pick Homes we have worked with buyers/sellers who have bought or sold in a day, and also worked with buyers/sellers for several years before they are ready. The best time to prepare for what is likely to be your biggest investment is now.
Why should I get my financing arranged prior to looking for a home?
A pre-approval is a certificate that allows you to hold the current interest rate for an extended period of time. If the rates go up during that time you are protected, but if they go down, you will get the lower interest rate. It will outline the maximum purchase price and qualified mortgage amount based on your down payment, credit and income. You’ll be able to look for a home with the security of knowing exactly how much you can borrow, and show sellers that you have the financing you need to buy a home. This can be an advantage over other competing buyers who are not already pre-approved. A pre-approved buyer can make an offer to purchase more attractive to a seller.
Now that I’m in the market for a new home, I’m getting emails and property information from other agents, how do I handle this?
It is bound to happen. The more properties you visit, the more people will learn you are looking for a home and the more people will want to help. Realtors are generally very keen about the homes they are selling. Unless they are informed that you are already working in partnership with an agent, they will keep sending you information without full knowledge of your criteria.
Honesty is always the best policy. Just let them know you are working with Cherry Pick Homes and ask them to forward information to us.
How much of a down payment do I need to make?
Saving for a down payment, especially for a first home purchase, is often the hardest part. Many people do not have the 20% of a purchase price to put down for a conventional mortgage. With High Ratio Insurance, you can put down as little as 5% for homes under $500,000 and 10% on the portion of a home price over $500,000. For homes with a purchase price of $1 million or more, the minimum down payment is 20%. High Ratio Insurance protects the lender from default and most Canadian lending institutions require it. The cost for this insurance is a monthly insurance premium charge added to your mortgage (or paid in a lump sum at the time of purchase). The high ratio insurance amount is based on the mortgage amount and varies between 0.6% and 4.5% depending on your circumstances.
If I am also selling a house, should I buy or sell first?
This depends on a number of things, including:
• market conditions: is it a buyers market, sellers market or a balanced market
• the property’s location: the closer to the city core that you are looking for a prospective home, the less likely a seller will be willing to accept an offer that is conditional on you selling your home. Usually this clause is considered to make an offer very weak and because of this you may lose the ability to negotiate. (Buyers with a house to sell often negotiate a long closing on the purchase in order to sell their current house prior to taking possession of a new one).
• how long has the prospective home you are considering been on the market?
