May 23, 2024 | News

FAQ about Comox Valley Real Estate

Entering the Comox Valley real estate scene can spark a lot of questions, especially if you're new to the game.

We get it, and that’s why we’ve put together a list of FAQs – the top eight things you might be wondering about when buying or selling your place in Comox Valley, BC.

What’s this thing called a Trust Account?

Think of a trust account like a safe, neutral middleman in a real estate deal. It holds onto important stuff like your down payment, any deposits you make, and important documents until everything’s ready to go. It’s just there to make sure the deal goes smoothly for both the buyer and the seller.

What’s a Buyer’s Market?

Imagine this: more houses up for grabs than people looking to buy them. That’s a buyer’s market. With so many options, buyers have more bargaining power, and prices might even drop a bit.

What’s a Seller’s Market?

Flip the script – a seller’s market means there are more buyers than homes available. This drives up demand and usually means higher prices because everyone’s trying to snag a place.

Do I need a Home Inspection?

Absolutely! It’s like giving your future home a check-up before committing. A home inspection can catch any sneaky problems and save you from making a bad investment or shelling out for surprise repairs later on.

How do I start buying a house?

Step one: get pre-approved for a mortgage. It gives you a solid idea of what you can afford and helps speed up the buying process. Plus, you can check out potential mortgage rates to plan ahead.

How much do I need for a down payment?

In Canada, it depends on the price of the home and your credit score. Generally, the higher the home price, the bigger the down payment. But it’s usually around 5-20% of the home’s price.

How many houses should I check out?

That’s totally up to you! The more places you see, the better you’ll understand what you want. Some folks find their dream home after looking at just a few, while others need to explore a bunch before deciding.

Do I really need a Real Estate Agent?

You don’t have to, but having a REALTOR on your side can be a game-changer. They’re like your real estate experts, with all the insider knowledge and skills to help you find the perfect place. Plus, they’re pros at handling all the paperwork and negotiations.

Do you have more questions or are you ready to dive into Comox Valley real estate? Reach out to us at the Rick Gibson Group at Royal LePage Comox Valley! Whether you’re eyeing one of our listings or need some guidance, we’re here to help you find your dream home hassle-free!

Rick Gibson and Felicity Buskard

Rick Gibson Group, Royal LePage Comox Valley