Last month's statistics are here and the data falls in line with the overall trend as of late. The market has not disappeared, but, more normalized with overall average sales price decreasing and days on the market increasing. We have also noted a decline in the number of properties listed over the last 31 days... not unusual given the time of year.
Tuesday, August 8, 2017
Monday, July 31, 2017
Why Isn't My House Selling?
Taking photos with a smart phone or even having your Realtor take some snaps may sound like a great way to show off your home in a pinch but, are you really doing it justice? Having a professional real estate photographer capture every square inch of your home in high quality will ultimately set you apart from the DIY’ers. After all… a picture’s worth a thousand words!
Typically the first reason homes do not sell is due to their price. Market value is a delicate balance of what a Seller is willing to sell for and a Buyer willing to pay. It’s important to price yourself based on market trend and not just the last neighbourhood sale. If Buyers are complaining of too many renovations required or are not showing true interest, chances are price is your ‘silent complaint’.
Finding the right Realtor means discussing their knowledge of market and neighbourhood trend, a detailed marketing plan as well as pricing strategy for your home. Commission dollars should not be the only deciding factor. This is your largest asset… hiring just anybody will only get you average results.
Are you putting your best foot forward? We’re not talking major renovations but, ensuring a clean and tidy house is key… a Buyer should never utter the words “What’s that smell?” Fixing those nagging repairs, touching up paint and freshening up decor will go a long way in both photos and in showings. Having a professional view your home gives you an outsider’s perspective on things.
We know it’s not easy cleaning yourself out of the house everyday but, it’s important not to restrict access to your home for showings. Allowing for showings, within reasonable hours, will always improve your chances. You simply can’t sell a house you can’t show!
Sometimes, there just is no rhyme or reason to why a home won’t sell. Real Estate is like the tide… it ebbs and flows. If you’ve considered all other factors, then it really is just a matter of time before the next wave comes rolling in.
Monday, July 24, 2017
The amount of mortgage one can qualify for is found from what are known as qualification ratios. These are your Gross Debt Ratio and Total Debt Service Ratio, or ‘GDS’ and ‘TDS’. Your lender will take a look at your monthly income as well as your monthly debt obligation to come up with an appropriate amount you can safely spend on your new home. Generally, an acceptable GDS ratio ranges from 28-32%. This means that 28-32% of the household income can safely be set aside to put a roof over your head. Your TDS ratio is higher at 36-40% and is earmarked to service your entire monthly debt.
You may wish to spend less than the figure your lender extends so that you can avoid becoming house poor. If you’re accustomed to eating out frequently, you may be in for a rude awakening, discovering very quickly that you can no longer afford the three times weekly outings. Some advice? Start scaling down your entertainment needs at least six months before you move. This way, you can add back when you feel comfortable.
Finally, buyers are starting to see the benefit of utilizing a mortgage broker’s services to explore their finance options when choosing a mortgage. A mortgage broker will be your unbiased resource to assist in sourcing out your best rate, term and option for savings. Because they have no ‘attachment’ to any one bank, they can and will access the entire mortgage market to help you make the wisest choice whether searching for your first mortgage or renewing an existing one. Don’t stress over pre-qualification, let us help you find the right broker to start making your home purchase a reality!
For more on the process of buying a home, check out our section for Buyers on our website!
Friday, July 14, 2017
Thursday, July 13, 2017
Check us out! We're on Facebook.... :)
Monday, July 10, 2017
Market Conditions and Summer Forecast
Friday, July 7, 2017
It's interesting to see the difference a month can make! We saw slowdowns in the market through May but the numbers still showed a thriving market. Now that June's numbers are out, the average price has fallen 10% in the area and days on the market returning to a normalized range. The peak of listings hit in May with fewer Sellers entering the market come June. Expect more of the same through the remaining summer market until we hit Fall again.