Tuesday, January 31, 2017

Buyers Were Asking: Future Proof Your Mortgage Debt

Future Proof Your Mortgage Debt

This has been a rough market so far for all buyers with our current lack of inventory and low interest rates, both proving to be fuel for bidding wars.  And, although we have been warned to keep spending in check in the event of a huge reality check if these historically low interest rates go up, it's still not easy with the lack of inventory fuelling the fire. 

Low rates are fantastic way to buy your last house sooner, but, be aware of the potential pitfalls of overextending yourself.  A suggestion to employ is to 'future proof' your mortgage by paying the amount equivalent to a higher fixed rate interest.  Once you are used to paying that little bit more, you'll not only be safe guarding yourself against an increase, but, you'll be putting more toward the debt load you're carrying.  

It goes without saying to keep your credit cards in line, but, we still run into buyers who are challenged financially by our newly adopted 'instant gratification' lifestyle.  Canadians are becoming much more comfortable with the idea of carrying more debt, which is fine, as long as you're preparing yourself for the rate increase.

Looking for a professional to help ensure you're financially ready for your purchase?  We've got some you covered, see our recommendations, here!

If now is your time to buy, let's talk it through, please don't hesitate to contact us!

Friday, January 27, 2017

Sellers Were Asking: Pricing Right

Pricing Right

Here are a few points to consider when deciding on how to strategically price your home.  Most sellers have a price in mind, but so do their Realtors as well as buyers and their Realtors.  Pricing comes down to these factors:
  1. Your property is worth what a buyer is willing to pay, not what a seller paid or the amount of money the seller has put into it. 
  2. An accurately priced home sells faster and at a higher price.
  3. If you underprice your home, you will sell quickly and likely have competing offers.  But you are left with the possibility that you left money on the table. 
  4. An overpriced home has fewer showings, receives lower offers, takes longer to sell and actually contributes to the sale of other homes. 
  5. By the time an overpriced house is reduced to the market value, it may be too "shop worn" for buyers to offer full price.  Have you ever asked how long a home has been on the market?  What conclusion did you draw?
If time is of the essence, you will have to price correctly at the outset.  If time is not an issue, you may be listing your home in a time of the year (a Spring market) where you and your Realtor can afford to play the odds a bit.  

If I can help you, please contact us

Sunday, January 22, 2017

Sellers Were Asking: My House Will Sell Itself

My House Will Sell Itself!

Not all homes sell fast. Listings that sell fast are usually those that are in high demand, are priced right, are well located, and are in move-in condition. There may be a factor beyond your control that's causing your home to take longer to sell, like a small lot or outdated floor plan. Homes in higher price ranges tend to remain on the market longer. 

In Burlington, homes listed over $500,000 generally take longer to sell and require a targeted market plan which may have to be adjusted as the market changes. Homes listed over $1,000,000 may take a few years to sell. Homes in this range are targeted to a small percentage of the market who likely will want to price out renovations to suit their individual needs. 

Market conditions also play a big part. In a fast paced seller's market with a low inventory of homes for sale, listings usually sell quickly. But even so, homes with incurable defects, like a lot of highway noise or cut up floor plan may take longer than average to sell. No matter the market conditions, if your home is unusual or doesn't have broad based appeal, you should expect it to take longer to sell. Taking a home like this off the market might be a big mistake. The buyer for your home is out there somewhere. It's risky to take a home you need to sell off the market because market conditions are constantly changing. You could end up in a worse situation if the market falls while you're taking a breather. 

It's usually a better strategy to do what you can to improve the marketability of your home today.

We'd love to meet to offer some suggestions... please feel free to reach out, and contact us!

Friday, January 13, 2017

Sellers Were Asking: Is There a Right Time to Sell?

Is There a Right Time to Sell?
Housing needs change throughout our lives.  At first, singles need a place to call their own.  Then you families move to get more space for the kids.  Later, 'first generation' retirees may want less to take care of, and finally 'second generation' retirees may need more support and services.  Many seniors stay in their family homes and are perfectly content to stay there.  

Here are a few things to consider if you or older family members have reached the point where a retirement move might be the best strategy.

  • Are you over-housed?  Are you rattling around in your 'empty nest', paying more than you want for taxes, utilities and maintenance?  If retirement has meant a cut in income, would a lower-priced home, townhouse or condominium be easier to manage?
  • Do you need the equity from your family home?  For some home owners, the equity built up in a home is their main retirement savings.  Sometimes a move is needed to convert that equity into cash and income to be secure for the years to come. 
  • Is the home's upkeep manageable?  Do you have the time, energy or interest to paint, clean, mow, etc?  Will the roof need replacing soon?
  • Does your home style match your physical ability?  Are there too many steps or step-down rooms in your current home?
  • Has the neighbourhood changed?  If friends, relatives, neighbours, doctors and stores have gone, maybe it's time for a change.
  • Do you want to be closer to family?  Maybe a move will save long trips and increase your visit time with the grandchildren.
  • Would a move improve your lifestyle?  If travel is important, the 'turn-key' lifestyle may appeal to you.  
If you're in the deciding process, I'd be happy to show you how you can...

Experience the Edwards Difference!  

Friday, January 6, 2017

You Were Asking: Selecting your Realtor

Selecting your Realtor

After completing the preparation steps and getting your home into its best physical condition, it's time to select a Realtor to market your home.  Choosing that person or team of people to assist in selling your home should take into account a number of important factors.  Your family and friends can recommend someone.  Or, if you're new to the area, your current Realtor can recommend a colleague in the City you're moving to.  

Most top producing agents have a team backing them.  Each team member is responsible for a critical function in the sale of your home.  From marketing to sales, you'll become acquainted with each member of the team.  Teams work well to ensure you can always reach someone who can help answer the myriad of questions and concerns you will have during the entire process.  

When you have chosen your Realtor, then it's time to sign the listing.  Depending on the price range, the contract period should be 90 days (homes above $500,000 will typically take some time to sell).  Try to understand the Triple T Rule... Things Take Time!

If we can help, give us a call!  We'd love an opportunity to show you how you can...

Experience the Edwards Difference!

Wednesday, January 4, 2017

Happy New Year

Sending wishes for a Happy and Healthy 2017 to all our Clients - Past, Present and Future!  We look forward to another year in Real Estate, and giving you the opportunity to...

Experience the Edwards Difference...

Happy New Year!

What's your resolution?  If a home sale or purchase is in the cards, please give us the opportunity to meet with you and discuss how we can help!