The Real Estate Council of Ontario (RECO) did a study last fall to determine what the challenges were for Ontario home buyers and sellers.
RECO Registrar Joseph Richer says, “Buying or selling a home can seem confusing and stressful to many, but there are steps everyone can take to make the process easier and more satisfying, including brushing up on the basics, doing some homework, asking the right questions and working with a registered real estate professional.”
He went on to say, “32% of first time home buyers reported that they did not feel prepared and knowledgeable about the process, and only half of Ontario homeowners age 18 to 34 felt they were prepared and knowledgeable about it.”
Registrar Richer indicated that, “among things clients reported wishing they had approached differently when purchasing or selling their home was having a better understanding of the process. (Buyers 26%, sellers 12%), seeing more houses (21%), having a home inspection (15%), spending more time selecting a Realtor (9%) and understanding the contracts better (buyers 14%, sellers 9%).
As a result of this study, I have put together four recommendations for home buyers/sellers that I think are essential before they venture into purchasing or listing a home.
There are so many things to consider when you are selling or buying a home. These recommendations are the best place to start.
1. Be careful when selecting your Realtor. Have interviews with at least 3 before you pick one.
2. Be sure you have taken the necessary steps to ensure your financial organization has advised you on your spending limits.
3. Be very open and honest with your Realtor about your needs and knowledge.
4. Plan ahead on what your needs are and know the difference between needs and wants.
5. Ask questions. Ask questions. Ask questions. If in doubt, ask more questions!
Submitted by: Jim McLachlin