Buying Real Estate in the Comox Valley
Comox Valley is a great place to call home and a good investment!
While property values increased approximately 30% in 2021, real estate continues to be very affordable compared with the lower mainland and Victoria markets. Even though the market appears to have peaked as we enter the midway point in 2022, demand for well priced homes in desirable areas remains strong and often ends up in a multiple offer scenario. The median price for a detached home was $875,000 at the end of April, 2022.
Please contact me to help you successfully achieve your real estate goals in this adjusting real estate market.
The Comox Valley real estate offerings are diverse and widespread. It is here that beautiful, seaside villas back on to fertile agricultural farmland and ski in-ski out accomodation is only a few minutes away.
The Comox Valley is somewhat protected from many global, economic peaks and valleys for several reasons including:
Whatever reasons you may have for buying or selling real estate, you will see great value in my professional services. I have experience working with all kinds of real estate and have the tools and expertise to ensure that your buying experience is efficient, stress free and rewarding. I will guide you through the process and explain each step, so that you can be comfortable and confident with your decisions.
The Buying Process
Below is a brief summary of what Buyers should expect, and prepare for, in a Real Estate Transaction:
Step One: Narrowing your Focus
Your first step in buying a home or acquiring an investment property is to first ask yourself why you want to buy a home: To stop paying rent? To build equity? To have a place of your own? To raise a family? To retire? To update? For future earnings? Next, make a list of what kind of home you'd like and where you would like it to be. Be specific. Separate the "must haves" from the "want to haves."
Think of yourself as zeroing in on a target, going from the general to the specific. Consider the area (urban, suburban, farm or rural); community; neighbourhood (older and settled or sparkling new); a particular school zone; recreational facilities; other community services such as transportation, day care, library, stores, entertainment. Ask yourself questions regarding whether you want to commute or not, and what yard space and amenities are most important for you (and your family).
Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? How many bedrooms and bathrooms are optimal? Consider size and type of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.
Always remember that home buying is most often a process of elimination...not selection.
Step Two: How Much Can You Afford?
Once you have addressed what you want to purchase, it is then important to determine how much you can afford to spend. In this Sellers market it is strongly recommended that you contact your bank or a mortgage broker to help you with this 'pre-qualification' process. I have provided a list of Comox Valley Mortgage Specialists to get started and feel free to contact me directly for more assistance. The valuable 'pre-approval' process can often be done within a few days.
Bonus: For quick mortgage cost estimates visit my mortgage calculator.
Step Three: Finding The Right Home For You
Once you have a general outline of the type of home or property you want and the desired price range, please contact me. I will update you on current market conditions and set you up with a customized search of all the MLS listings in the Comox Valley or chosen area that fit your criteria. From there we will select properties of interest, obtain more information on them, and I will often arrange to take you on a personal tour (or virtual tour to see them firsthand. (Note: Many Sellers and tenanted properties often require 24 hours notice).
Step Four: The Offer Process
I am an experienced and skilled negotiator that seamlessly tailors the most effective negotiation techniques for each given situation. I work hard to ensure my clients always get the best terms and conditions possible.
Once you have found the ideal property and/or home, I will work with you to get as much due diligence done in advance as possible as well as determining if we will be in a multiple offer scenario, how many offers are coming and when they will be presented to Sellers. Next I will work with you to prepare an offer to give you the greatest chance of success while still containing the terms and conditions you may need, and present it to the sellers on your behalf. While some offers are agreed upon at the outset, it is most common for Sellers to make a counter offer with their desired terms and dates. If this is the case, I will present you with their "counter" and provide you with advice and feedback to allow you to make informed decisions about agreeing or making a "counter" to their "counter". I will work with you throughout the process to ensure your best interests are served and hopefully an agreement is reached.
Step Five: The Due Diligence Stage
Once you have an accepted offer, it is time to complete your due diligence (if the offer is conditional) to ensure it meets your expectations and that you lending is secure. Besides Finance, other common subject conditions are Title & Property Disclosure Statement review and acceptance, building inspection, site survey review & confirmation the property can be insured. There are also a multitude of other conditions which may form part of the contract. I will guide you through this process, working with you through each stage to make sure you get all of the facts and information you need to be comfortable with your transaction.
Step Six: The Completion Process
Once you have finished the due diligence process and removed the subject clauses, it is time to prepare to complete your purchase. Again, I will be at your side during this last stage of the process to ensure that it goes smoothly until the keys to the property are in your hands.