Buying Real Estate – Brantford Brant County

The real estate market is always changing. It helps to understand how market conditions can affect your position as a buyer.

Our commitment to you is to provide you with current real estate market conditions and explain their impact in detail.

Market Conditions

Market Condition Characteristics Implications
Buyer’s Market:
The supply of homes on the market exceeds demand
High inventory of homes few buyers compared to availability. Home on the market longer. Price tend to drop in this type of market Your home may take longer to sell. Less negotiating leverage in terms of selling price.
Seller’s Market:
The number of buyers wanting homes exceeds the supply or number of homes on the market.
Smaller inventory of homes. Many buyers; homes will sell quickly. Price usually increase. You may have more negotiating leverage and obtain a higher selling price for you property.
Balanced Market:
The number of homes on the market is equal to the demand or number of buyers.
Demand equals supply. Homes sell within an acceptable time period. Prices generally are stable. More relaxed atmosphere. Buyers have reasonable number of home to choose from.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $200,000. Considering the large downside risk and usually no upfront cost, it would be foolish to consider a deal in real estate without the professional assistance of an SUTTON TEAM REALTY REALTOR®.

It doesn’t matter what real estate office has the property listed for sale any SUTTON TEAM REALTY REALTOR® can help you buy that property.
The MLS by definition is about co-operation. We can sell/lease/provide information to you any property listed for Sale or Lease by any Realtor or person using our extensive knowledge and tools In fact it’s better for you to buy a property through someone other than the listing agent because that listing agent is also working for the seller and represents the sellers interest including obtaining the best possible price for their property.

As your agent, this means we are working with your best interests (and wallet) in mind. By having us work on your behalf as your agent we will work to negotiate the best price and ensure you have the representation you need.

But if you’re still not convinced to use an SUTTON TEAM REALTY REALTOR® to help you with your real estate needs, here are SIX more reasons to use us:

1. Your SUTTON TEAM REALTY REALTOR® can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give an SUTTON TEAM REALTY REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.

2. Your SUTTON TEAM REALTY REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your SUTTON TEAM REALTY REALTOR® can assist you in the selection process by providing objective information about each property. SUTTON TEAM REALTY Agents have access to a variety of informational resources. We can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your SUTTON TEAM REALTY REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your SUTTON TEAM REALTY REALTOR® can advise you as to which investigations and inspections are recommended or required to your situation.

5. Your SUTTON TEAM REALTY REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your SUTTON TEAM REALTY REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your SUTTON TEAM REALTY REALTOR® can help you resolve
issues that might cause problems at a later date.

6. Your SUTTON TEAM REALTY REALTOR® can help close the sale of your new home. Between the initial sales agreement and closing, questions may arise. For
example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most buyers. Your SUTTON TEAM REALTY REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing.

Determine What You Can Afford

  • Purchasing a home involves one-time costs and monthly expenses.
  • The largest one-time cost is the down payment. It usually represents between 5% – 25% of the total price of the property.
  • In addition to the actual purchase price, there are a number of other expenses that you might be expected to pay for. See table below:

Typical One Time Expense

Paid by Purchaser
Mortgage Application and Appraisal Fee At time of application
Property Inspection(optional) At inspection
Legal Fees On closing
Legal Disbursements On closing
Property Survey – (provided by seller most of the times) On closing
Land Transfer Tax On closing
Mortgage Interest Adjustments and Take Over Fee (if applicable) On closing
Adjustments for Fuel, Property Taxes On closing
Mortgage Insurance (and application fee if applicable) On closing
Home and Property Insurance On closing and On-going
Moving Expenses Date of move

Typical monthly costs incurred with home ownership are mortgage payments, maintenance, insurance, condo fees, property taxes and utilities.