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Buyers and Sellers Most Asked Questions: Answered
Home purchasing is probably the most significant financial and emotional investment you’ll make in your lifetime. Sure, it’s exciting, but it can also be overwhelming. But don’t worry, because asking the right real estate questions and getting answers from a trusted team of professionals can put your mind at ease.
Where Do I Start?
Start with getting pre-approval for a mortgage. When it comes to getting pre-approved for a mortgage, there are several benefits that cannot be overstated. Firstly, a pre-approval gives you a clear understanding of how much house you can afford. Armed with this knowledge, you can focus your search on properties that are within your budget and save time looking at ones out of reach. A pre-approval shows sellers that you are a serious buyer and can lead to better mortgage rates.
Is There a Best Time of the Year Price-wise to Buy a Home?
There is no best time of the year to buy a house per se. Seasonal fluctuations play a role. The overall state of the housing market is the most significant factor. Interest rates and economic conditions can also impact home prices. As your agent, I’ll provide you with up-to-date information on local market conditions and guide you through the home-buying process to help you make an informed decision that best meets your needs and budget.
Can I Buy a Home with No Down Payment?
It may be challenging to buy a home with no down payment, but there are options available that can help reduce the amount of the down payment required. The Canadian government offers the First-Time Home Buyer Incentive program that can help eligible first-time home buyers finance a portion of their purchase through a shared equity mortgage with the government. Working with a mortgage broker can also help you find lenders that offer low down payment options. Remember that a lower down payment typically means higher monthly mortgage payments and potentially higher interest rates. It’s essential to do your research and speak with a mortgage professional to determine the best option for your situation.
How Does Mortgage Loan Insurance Work?
The mortgage loan doesn’t protect the buyer. It’s essential to understand how mortgage loan insurance works. If you cannot make a down payment of 20% or more, you will need mortgage loan insurance, which is typically provided by the Canada Mortgage and Housing Corporation (CMHC). Borrowers pay an insurance premium calculated based on the loan-to-value ratio. The premium can be paid upfront or added to the mortgage principal. It’s important to note that mortgage loan insurance protects the lender, not the borrower, in the event of default. If you are considering a mortgage with a loan-to-value greater than 80%, they may need portfolio-based insurance.
How Much Will I Need For Closing Costs?
Closing costs for home buyers in Canada typically range from 1.5% to 4% of the purchase price which can include legal fees, title insurance, home inspection fees, appraisal fees, land transfer tax, and mortgage insurance premiums if putting less than 20% down. Legal fees can cost between $500 and $2,000, while title insurance can cost between $200 and $400. A home inspection can cost between $300 and $500, and appraisal fees can range from $200 to $500. Land transfer tax varies by province and mortgage insurance premiums range from 0.6% to 4.5% of the purchase price. It’s recommended to work with professionals to understand all costs associated with the transaction.
Should I Lower the List Price or Offer an Incentive to Sell My Home Faster?
When deciding whether to lower the listing price or offer incentives to sell a home faster, there are several factors to consider. Lowering the price can attract more buyers looking for a good deal but may result in selling the home for less than its actual value. Offering incentives such as paying for closing costs or a home warranty can make the property stand out and attract more buyers, especially if the home is generating little interest. A real estate agent can provide valuable insights into market conditions and pricing trends to help make an informed decision on the best strategy for selling the home.
What Colour of Homes Sell Quickest?
The best colour for homes is subjective and can depend on various factors, such as location, market trends, and personal preferences. Studies suggest that neutral colours like white, gray, and beige tend to appeal to a broader range of potential buyers, while shades of blue, gray, and beige have been found to sell for more in some markets. Ultimately, the best colour for a home to sell will depend on the specific factors of the property and the preferences of potential buyers in the local market.
What Should I Look for in an Investment Property?
To find a lucrative investment property, consider several factors. Firstly, the property’s location should be in high-demand areas such as neighbourhoods with good schools, public transportation, shopping, and entertainment options. The rental income should also cover mortgage payments, property taxes, and maintenance costs and generate a positive cash flow. The property’s condition should be well-maintained, structurally sound, and in good condition or consider flipping a fixer-upper. The potential for property value appreciation and financing options, including interest rates and mortgage terms, should also be considered. Seek professional advice from real estate agents, accountants, and lawyers before making investment decisions.
Does a Higher Credit Score Mean a Better Mortgage Rate?
A higher credit score generally means you are more likely to receive a better mortgage rate. Lenders evaluate your creditworthiness based on your credit score, which ranges from 300 to 900, with a score of 650 or higher considered good credit. Most lenders prefer borrowers with a credit score of at least 620 to qualify for a mortgage. However, lenders also consider other factors such as income, debt-to-income ratio, down payment amount, and the type of mortgage. It’s essential to shop around and compare mortgage rates from different lenders to ensure you get the best deal possible based on your financial situation.
I hope this blog answers some of your real estate questions and you can put your mind at ease. Start with getting pre-approval for a mortgage to understand how much house you can afford and focus your search on properties within your budget. While there is no best time of the year to buy a home, understanding local market conditions can guide you in making an informed decision.
Incorporate Viva Magenta Into Your Home
Pantone releases a Colour of the Year in January, and in 2023 the colour is Viva Magenta. This bold hue represents the challenges and joy in our ever-changing world. Finding ways to incorporate this colour into your home might seem challenging, but here are a few simple ideas to try for yourself!
Accent Wall or Feature Wall
If you want to add Viva Magenta to a room without it feeling like an overpowering colour, consider painting one accent wall. Another great option to break up the colour is to select a vibrant decorative wallpaper with magenta accents. Think about what other complementary colours you will decorate the room with—lighter shades of blues, pinks and purples can subdue and highlight the colour.
Furniture and Accessories
Furniture in the colour Viva Magenta would make a lovely accent piece in a room, whether it be a chair, ottoman or sofa. Choose contemporary furniture with curves and lines that draw the eye in without making the colour feel overwhelming. If you aren’t ready to commit to such a bold colour, a slipcover over existing furniture would be an easy, cost-effective way to add it. Use smaller Magenta accessories to display, like coffee table books or a vase in soft pink or purple for extra interest.
Artwork and Decorations
If the ideas above are still too ambitious for you, there is always artwork and small decorations for a pop of colour. Look for abstract art featuring complimentary colours or vibrant Magenta. Vintage prints come in rich colour palettes, or search for vintage muted tones like soft pastels to keep in the Magenta theme. Decorations such as pink candle holders or small photo frames—little touches can bring together the whole design.
Create Contrasting Color Combinations
Viva Magenta pairs well with various colours but, when used minimally, can create a strong contrast within its own colour family. Colours like shades of yellow or even sunny yellow can create a unique stand-out effect. Opt for lavenders, pastel pinks or deep purples for a subtle yet rich combination of colours.
Pantone’s Colour of the Year, Viva Magenta, is a bold statement colour but has a lot of versatility. Try incorporating it into your home to create a modern, classy look. Whether you paint the walls or find a great accent piece, this colour will energize any room.
If you need help finding a home, contact your local realtor today!
Design Trends We Can Leave in 2022
Trends come and go throughout the years. Here are the trends that are on their way out in 2023.
Hard-Edge Furniture
Curved furniture is still dominating the interior design space. Hard-edge, clean-line furniture is making its way out. However, instead of completely removing these hard-edge space-saving furniture pieces, dress them up with curved accents, such as round cushions, round coffee tables and textured throw blankets. Pairing furniture with these accents can create balance, depth of space, and coziness.
Rounded Fuzzy Textured Statement Pieces
Fuzzy textured chairs and couches were all the rage in 2022, and the end is in sight for these pieces. While not only being hard to clean, their uniqueness feels dated and drab for the new year—skip this trend in 2023. If you have one or two of these fuzzy chairs or couches, don’t eliminate them, as there is still a trend for round pieces next year. Dress them up with flat fabric throws and cushions.
Monochromatic Minimalism
Monochromatic decor has no personality and a cold quality that needs to be left behind this year. Its over-simple and sparse furniture placement leave little to be desired. Opt for more colours, patterns and boldness in 2023 to bring out your personality in each room.
All-White Kitchens
It is sad to see them go. All-white kitchens are losing popularity this coming year. Although they remain a classic colour palette and an excellent base, to begin with. Homeowners are leaning towards a more kitschy kitchen in the new year, with bold accent colours on the walls and the cabinets. Think of fun tile backsplashes, curtains and plants!
Industrial Hardware
Matte-black plumbing and hardware that coincides with the monochromatic theme are far too casual for the new year. Now that people are dressing and going out again, so are their homes following suit. Polished metals such as chrome and brass are making a comeback and will take center stage in 2023.
Plain Door Frames and Moldings
In 2023 we are looking at vintage homes with interesting architectural elements, such as unique moulding, wider doors and archways. Modern box frame doors have been in for several years, but a shift is coming to create more dynamic living spaces starting with the door frames. Mouldings and cases also avoid contemporary hard edges and opt for scalloped or pentagon shapes.
Before you go and renovate your entire home to fit these trends, you may want to consider just dressing up the existing pieces or fixtures you have–even a fresh coat of paint can make a massive change to a room.
If you need to find a home in the new year, contact your Local REALTOR®.
9 Tips for Surviving the Holidays
Every Holiday season is stressful, with the busyness between meeting up with friends, family and even those Christmas work parties. The feeling of being stretched out thin is inevitable—with the help of these 9 tips, I hope your holiday season can be as stress-free as possible.
Online Shop
Skip all the lines and circle the parking lot, and shop online. Not only is everything you could ever want at the tip of your fingers—but it also conveniently arrives at your doorstep. Frequently online shopping allows for gift-wrapping options. Take full advantage of that service!
Celebrate Minimally
Try to alleviate stress by planning fewer get-togethers and easier ones to host—even better yet, try to avoid hosting altogether and be a guest. If you are hosting, go to the fancy dining and centrepieces, and opt for guests to bring their dish, potluck style and keep decor to a minimum.
Only Buy for the Kids
Purchasing gifts for people can be a huge challenge, from deciding what to get everyone to the financial burden. Skip the adults and only buy for the kids of the family. Children will appreciate the gifts more, and it is more fun to buy and watch them open them. Speaking of gifts, opt for gift bags and tissue paper to save time wrapping.
Minimal Christmas Decorations
A Christmas tree is all you need to set the Christmas mood. Try not to go overboard with too many decorations. If you want to change things up, make your own decorations, from popcorn garland to paper snowflakes—get the whole family involved.
Prepare in Advance
Preparation is your best defence to combat holiday stress. Up until Christmas, pre-bake and pre-cook as many things as possible for the big day. Make lists, plan all your meals, and stock up on extra snacks for drop-in guests. Consider getting some chocolate boxes and small monetary gift cards to have on hand if you’ve missed a gift here or there.
Stock Up in November
The end of November is quickly approaching, so hopefully, you already have some things stockpiled and prepared. Surviving the holiday season means gathering everything you need before the holidays are in full swing—stock up on the essentials like gifts and beverages before the store madness begins. You can easily do this before the start of December.
Call People vs Christmas Cards
Instead of taking time out of your busy schedule to write and order Christmas cards—give those essential people in your life a call before the holiday craziness begins. You may not have talked to friends and family for a while, now’s your chance, even sending off a Facebook message might spark a delightful conversation.
Make Plans in Advance and Re-confirm
Plans are the key to a successful get-together. Make plans days or weeks in advance with your expected company. Re-confirm several times if certain people require it, and re-confirm a few days in advance to ensure everyone is on the same page.
Plan Ahead for DownTime
Regarding schedules, incorporate some quiet downtime into your busy schedule—whether a walk together or alone, a fun family activity like skating or building a snowman, or a drive around the neighbourhood to look at the Christmas lights.
Don’t Sweat the Small Stuff
Nothing in life is perfect, and if you expect everything to run smoothly and go as planned, you are sadly mistaken. Don’t let the little things get in the way of your enjoyment of the holidays. Keep plugging away bit by bit until it’s over.
There you go. I hope you are ready to combat the holiday season with these 9 helpful tips. All we can try is our best and make it through to January.
If you need a home to celebrate the holidays in, contact your local REALTOR®.
Discover How Winter is the Best Time to Sell Your Home
Unlike popular belief, winter can be a perfect time to sell your house. Please keep reading to find out how it is advantageous to list your home as it gets colder.
Winter Spawns Serious Buyers
As the snow falls and temperatures start to plummet, people start to leave their homes less. In spring and summer, it’s easy to attract people to view your home, but how many of them are serious about purchasing it?—verses when you host an open house or a showing in winter when people show up, you know they are serious buyers.
Winter weeds out the tire kickers from the dedicated clients.
Less Competition
In winter, fewer homes are on the market, reducing the competition significantly. As long as the demand is there, you could sell your home faster than in warmer months because fewer options are available.
Highlight Your Homes Energy Efficiency
If you have lived in your property for a few years, you might have significantly upgraded your home. These improvements might include energy-efficient upgrades like a new furnace or windows. When selling in winter, highlight these investments in your listing that could save the new owner money in the long run.
Other key features to show off in cold weather, such as a hot tub or fireplace, are lovely ways to beat the winter chill and have buyers wanting to feel cozy.
The days are getting shorter, and the snow has started to fly, making it the perfect time to sell your home. I hope this blog has sparked your interest to list your home in winter to get in on the hot seller’s market.
BONUS TIPS :
Check out these other sure-fire ways to attract home buyers.
Checklist to Secure Your Home While You Are Away
Travelling is always an exciting time, but how do you ensure your home is safe and secure while you enjoy a vacation away? You can do several things to prevent break-ins and decrease the risk of damage.
Consider this checklist next time you travel:
- Ensure all windows and doors are closed and locked, and double-check the basement and garage doors.
- Timers for your lights are another solid investment. Install the timers indoors and outdoors. Set the on and off times to the natural rhythm of when your home lights would typically be on. Setting them to be on 24 hours daily is a clear sign something is a miss.
- Securely lock up and put away all your valuables, such as jewellery, cash or other sentimental items. Avoid leaving valuables out in plain sights, such as near a window.
- Never leave spare keys hidden around your property. Contact a trusted friend or neighbour to hold onto any extra keys while you are away in case of an emergency.
- While you are at it, get that trusted friend or neighbour to check on your home while you are away. They can ensure that your house is still in one piece throughout your vacation, preventing frozen pipes, water damage and bringing your mail inside. Doing so will also give off the impression that someone is home. In winter, hire a company or friend to clear your snow, so it looks inhabited. Plus, it saves you the headache of shovelling when you return.
- If you haven’t already, install an alarm system and security cameras. You can check on your home via your cell phone and alert your trusted person to anything amiss. Doorbell cameras are another excellent investment; alerts can be sent to your phone when people approach.
- Shut off the water and unplug unused electronics if you go away for extended periods.
- Check your fire alarms and carbon monoxide detectors before you leave. Replace the batteries and ensure they are in good working order.
- As exciting as going away is, avoid posting about it on social media until you return. You do not want to alert the public that your home is unattended.
Use this checklist to plan the security of your home and give yourself a piece of mind while you are gone on vacation.
If you are looking for a home (to be away from), contact your local REALTOR® today!
4 Sure Fire Ways to Attract Home Buyers
We are currently in a seller’s market, but you still probably want to sell your property quickly to make top dollar on your house if possible. The first step is to get buyers interested in the property.
Here are four simple tips to get potential buyers interested in your property.
1. Boost the Way it Looks Online
Homebuyers have become savvier and are doing research online as a first step in the home buying process—over 90% of buyers look online before committing to a REALTOR®. Listing a house online is crucial these days, and the next step is social media ads targeted to your audience. Social media makes it easy for people to share the for-sale ad, which will significantly extend the reach of your listing.
The photos are the first thing people see when looking at your listing. It’s easy to snap pictures with your smartphone quickly but consider investing in a professional home photographer. Their knowledge of angles and lighting in a home will vastly improve your photos, making them more appealing. If you can’t afford a photographer, consider staging the house to make the most of your interior. Here are a few tips for setting yourself up for successful photos:
· Use bright natural lighting
· Touch up paint and update finishes in your home
· Focus on statement pieces and standout elements of the house
· Stick to a specific style or theme overall
· Remove personal items or clutter from areas if possible
Compare other homes for sale online, see how they look and view the pictures for inspiration. Not only will this help you with your photos, but also it will let you know what to avoid.
2. Keep Things Clean
Try to keep your house clean at all times to ensure buyers will have a positive experience. Your real estate agent should inform you when people are coming by to look at your home, but if it’s a last-minute viewing, it’s ideal to have a clean house and not worry about it.
Open houses are a great way to showcase your home. Make sure to declutter and clean it well before viewers arrive.
It’s important to note that people want to envision themselves living in your home—while it’s okay to keep your belongings out, buyers don’t want to be surprised by things like:
· Dust
· Mould
· Mildew
· Presence of pets
If you have moved out or currently live in the home, make sure you stop by regularly to tidy and check over things to prevent mould and mildew and make your home as attractive as possible.
3. Make Things Cozy and Warm
Excellent pictures attract buyers, but when they visit your home, you want it to feel inviting—staging and cleanliness only go so far. The moment your house feels uninviting, homebuyers will second guess their choice.
One easy way to add warmth in summer is to open all the blinds and curtains and let the natural light fill up the space. If it is wintertime, turn up the furnace an hour or so before people come for viewings to warm things up. These simple tricks will draw buyers in and add a sense of security and comfort to your space.
Consider setting out cookies, coffee or tea for added coziness. The smell of cookies always feels homey and inviting.
4. Curb Appeal
Potential buyers first notice the outside of your home and the front yard. Curb appeal not only boosts the asking price of your listing but will provide a sense of comfort to buyers.
There are lots of inexpensive ways to boost curb appeal. Check out these ideas:
· Paint your home’s exterior or door a bold colour
· Invest in a quality maintenance-free fence
· Replace the front door
· Groom and trim the existing greenery
· Replace roof or shingles
Implementing these few tips will boost your home’s interest and hopefully make it a quick sale for top dollar. If you need more suggestions or recommendations, contact your local REALTOR® today!
5 Local Places to try in Saskatoon this Summer
Summertime is here, which means one thing…it’s time to get outside and enjoy all Saskatoon has to offer. There are many places to eat in Saskatoon, and choosing one to meet up with family and friends can be challenging. Here are five local restaurants to try in Saskatoon that will win anyone over.
Indigenous Cuisine
Bannock Express
Bannock Express is a locally owned indigenous restaurant. It started as a Farmer’s Market stall and now has a restaurant on Avenue B, shared with Botte Chai and Dulce Bakery. The menu features bannock-centric offerings, which all look delicious. If you need to cool down this summer and are downtown, the menu also features various lemonades! The Co-op also sells the restaurant’s signature bannock—so stop in there if you can’t make it downtown. Inside the business is a pinboard that encourages people to donate and provide meals to feed the less fortunate.
Burgers
Ace Burger
Ace Burger began its life as a food truck and transitioned into a restaurant that is located on Broadway. The patio is perfect for summertime meetups with family and friends to enjoy great burgers, hot dogs, poutines, chicken sandwiches and out-of-this-world fries. Modern and cozy vibes fill the space. On your way out, pick up an Ace Burger shirt and hat! They also offer take-out—a nice break from cooking on a hot Friday night.
Farm-to-Table
Odla
Odla is another restaurant gem found on Broadway. The owners of Farm One Forty started the place with their holistic approach to farming and food. The menu consists of high-end meals made with products from local farmers and producers—featuring a vast list of wines and unique cocktails. The atmosphere is casual, yet sophisticated. Check out their patio to relax and enjoy a fantastic meal. If dining in isn’t for you, they also have an extensive selection of “market items” that you can purchase to cook or reheat meals at home.
Korean & Japanese Fusion
Sticks & Stones
Sticks & Stones has a delicious menu with an array of Korean and Japanese fusion eats. It has a casual, yet modern vibe, conveniently located downtown. Stones is the perfect place to enjoy a warm bowl of Ramen and a tasty ice cold drink—exclusively open in the evenings, offering table reservations or ordering online.
Pizza
Thirteen Pies Pizza + Bar
Thirteen Pies is open only in the evenings and is located downtown. The pizza is self-described as “Brooklyn style”—definition: it has a thin crust and is foldable to go down quickly. Their white sauce pizza is terrific, the drinks are divine, and the atmosphere is an upscale pub. If you are wandering downtown on a summer night and are looking for some late-night eats, pick this place—they offer delivery too.
From sushi to pizza, there is something for every taste bud in Saskatoon. Even better is supporting local businesses, producers, farmers and families. I hope that a few of these places spark your interest and you try them out this summer!
If you need help finding real estate close to any of these hot spots, contact your local REALTOR® today!
