Shannon Bashir

Gone are those lazy Sunday afternoon drives, the kind where everyone hops in the car, heads to an expensive area or your dream location to look at houses. Perhaps a competition amongst the kids to see who can spot the first Open House sign, the car pulls over, everyone jumps out and the fun begins.

Things have been quite different since March, when as professionals we refrained from holding Open Houses. Streets were bare of signs for many months.

Recently, an influx of Open House signs started popping up all over the city as Sellers became more comfortable with people entering their sanctuary, plus the signage helps notify the neighbors that another property is available in their community.

Unlike days gone by, an Open House sign does not necessarily grant you free access to a property. Many Agents are holding Open House by appointment only. This is an excellent way to control the showings into a manageable timeslot.

Protocols are in place to ensure the safety of everyone. Most agents will request you wear gloves and masks and refrain from touching anything. Some sellers with infants have requested buyers to wear booties, this protects their crawling babies from picking up anything you may track into their home.

Don’t be surprised if you have to show ID And fill out a waiver prior to gaining entrance. These measures are for everyone’s safety in case contact tracing is required.

Open House signs aren’t the only way to notice if a home is for sale in your neighbourhood, or that beautifully treed road you just drove down. Download my app below, the next time you take a wrong turn which turns out to be an awesome area, open the app and check “current location” for all properties for sale, you’ll have everything at your fingertips.

Reach out when you’d like to view a property and I will schedule your private viewing.

It’s still a lot of fun, just a tad different.

Download My Mobile App here   

Last week’s newsletter covered the benefits of Curb Appeal, and why it really is important.

You mastered it and grabbed the attention of the buyer the moment they drove up to your property. Their interest was piqued and they want to see more. They talked with their agent and have scheduled a viewing.

Now that you've enticed them, will the interior of your home stand out from the others, will it look bigger, brighter and more inviting than your competition? Will people be able to envision your home as their home?

A buyer will take approximately 5 minutes to walk through your home and decide if they like it enough to stay longer and look more closely. Have you done what you need to create a positive first impression and retain their interest?

A good or even great first impression starts right at the entrance they use to enter your home. What they see in those first moments from that vantage point, is very important and greatly affects how they may feel about the rest of your home. The icing on the cake is to use this same approach for every room as they move through your home. In other words, create a first impression for each room.

Does what they see add or take away from that positive first impression.

Traditional Open Houses have become rather rare. Many Sellers today are requesting that potential Buyers follow a few extra steps prior to allowing access to their homes. This new approach will help eliminate unqualified buyers; people just looking for renovation ideas, killing time, not financially qualified and most importantly, potential health risks to the Sellers.

The days of spending the afternoon checking out all homes in an area are diminishing. Whether your home looked nice on the outside or not, people still stopped to take a quick peek inside.

A serious buyer willing to spend the time and energy, starts the process by reviewing the listing details, photos and floor plan online. Progressing to visiting the neighbourhood and the property itself. Bringing us to a very important detail; viewing the home from curbside. The well-known phrase, curb appeal, rises up to being ever more important.

The seller must grab the attention of the buyer the moment they drive up, they need to see your home as a contender. Does it entice or detract them from making an appointment to view your home? If they like what they see, they will request a viewing.

Take a step back from your home and truly look at it, does it look inviting and well-kept?

Many improvements can be done in a weekend and at very little cost. Trim the trees, edge the lawn, plant a few flowers and give everything a nice watering. A good pressure wash of the siding, steps and driveway will freshen everything up and remove algae. Cleanout those eavestroughs. Next, take a trip to your local hardware store for a new mailbox, house numbers and welcome mat. These inexpensive items will renew your homes exterior. If you want to go one step further, a fresh coat of paint on the front door will look awesome, and a bold color will make your home stand out.

Now people won’t just drive by, they will stop!

This is just the beginning, now it’s time to move inside (part 2 next week)

One very important decision you need to make when purchasing your new home is the type of mortgage you want; Fixed or Variable

A Fixed mortgage rate may be slightly higher than a Variable rate, but it can offer peace of mind to those who like to stick to a budget and not worry about changing interest rates. A Fixed mortgage is just what the name implies, the mortgage payment you have at the beginning of your mortgage term will remain the same throughout your term, even if interest rates change. The potential downside is the penalty you may incur if you need to break your mortgage early.

With a Variable mortgage, your loan is adjusted each time the prime rate fluctuates. If the prime rate decreases, more of your payment will go towards the principle which will pay your mortgage off quicker. Same in reverse, if the interest rate rises, less will go towards your principal. If there is a chance you may need to break your mortgage early, having a variable mortgage may provide the flexibility you require.

Be sure to speak with your bank or broker to have them explain the pros & cons of each type in order to find the best fit for you. If you are looking for a broker, please reach out and I can steer you in the right direction.

The program was designed by the government of Canada to help first time home buyers purchase their first home.

In a nutshell, the Government will lend you 5% or 10% of the purchase price of your home (10% applies to new construction). When you sell your home, or after 25 years, you are required to pay the same percentage back (either 5% or 10%), based on the value of the home at that time.

Example:

            You receive a 5% incentive ($20,000) on a $400,000 purchase price

            If your home increases to $500,000, you will need to pay back 5%, ($25,000)

            If your home decreases to $350,000, you will need to pay back 5%, ($17,500)

The Benefits:

            Gives you more buying power

            Allows you to buy now rather than later 

            Lowers monthly expenses due to a smaller mortgage 

            Makes home ownership more affordable

Many families have found the program a viable entry into home ownership. Take the time to review the incentive and see if it may be worth pursuing.

Link to Government of Canada First-Time Home Buyer Incentive

https://www.placetocallhome.ca/fthbi/first-time-homebuyer-incentive

Many of us decorate our homes with objects that provide us with comfort. They mean something to us and remind us of places we’ve been, they remind us of our experiences, gifts from family & friends or art lovingly crafted by our kids or grandkids. Across from the fireplace mantel lined with family photos you might find an old and tattered comfy chair, squished in beside the couch, it is our favorite chair to snuggle into with a good book. All of these cherished things make our house a home – to us.

Now that you’ve decided to sell, someone told you to pack that stuff away.

But, is that really necessary when you think it works well, looks so good and makes you so happy?

The answer is simple, people have a hard time envisioning your home as their home when many of our personal things are on display or there are just too many things. Decluttering your home is a well-known catch phrase but it rings true almost every time. The key is to declutter your home to make it appealing to as many potential buyers as possible. The aim is to create an uncluttered, bright and a reasonably blank canvas (although not sterile) to help buyers visualize their furniture and things in the rooms, and their photos on the walls. In other words, the goal is to depersonalize the space but still try to evoke emotion to a prospective buyer and to foster the feeling that this home, your home, will suit them.  

Another thing to consider after decluttering is packing some of your belongings since you now have the room to sort things out. This will actually make the transition to your new home much easier, you won’t be as rushed, and you will have time to reminisce as you wrap things carefully for the move. You want to create as much space as possible.

Once your home is decluttered and you have packed a few things, it is time to do a deep clean and make any needed repairs. You want people to notice the nice tile in the bathroom, not the grout that needs cleaning or the loose cabinet doors.

Your goal as a seller is to make your home stand out from the rest of the comparable homes on the market. You want everyone who walks through your door to “notice” your home for what it is, and remember only good things.

You may be amazed how much more open and inviting your home feels after going through the process of getting it ready.

Declutter, Pack and Repair. Now you’re ready!

Everyone is paying someone’s mortgage, but whose do you want to pay, yours or your landlords?

How much are you paying annually for rent? How much money went out the window in the last 5 years … I bet that’s an eye opener!

For example, If you purchased a property 5 years ago, your mortgage amount would have decreased while your property value increased, this is how you build equity.

In your own home, that same square footage you were renting, can become much more useable and organized because you can customize it, because you OWN it, you have the freedom to change your environment, you have the control.

If you are putting off buying a new property until you save a larger down payment, please keep in mind that property prices usually increase each year, this means each year, your down payment has to grow just to buy the same property, is this a wise move?

With today’s low interest rates, it makes sense to get into the market sooner than later. If you buy a home today and sell it five years from now, for the “exact” same price you bought it for, you would have paid down your mortgage and lived rent free for those five years.

People are waiting on the sidelines anticipating a drop in prices, however we haven’t seen much evidence of that happening. The question to ask yourself is, are you comfortable waiting until everyone else is ready to buy, or would you prefer buying when there is less competition?

Now is the time to be prepared to buy.  Contact your mortgage broker or bank and get pre-qualified, and remember, I’m always available to answer your questions.

Genworth Canada and Canada Guaranty announced they will maintain their credit score qualifications even though their competitor, Canada Mortgage and Housing Corporation (CMHC) announced they would be increasing the bar on lending standards, making it more difficult for some to borrow money for a home purchase.

This is great news for those who plan to purchase a home with less than 20% down and may have been impacted by the CMHC change.

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Article by: Canadian Mortgage Trends 

Have you found yourself working from home, perhaps in a makeshift office in the corner of your bedroom? Are your cute kids constantly underfoot with no separate room to play? Many of us have recently realized our homes are not quite as large as we once thought.

Years ago, it wasn’t common for companies to allow employees to work from home, however, this new norm is showing how effective it can be. Studies have shown that employees who work from home tend to be more productive and have less stress, many tech companies have used this strategy for years.

Companies are embracing the change and some will continue this trend in the future. If businesses can downsize their commercial office space by continuing to allow employees to work from home, they will recognize huge savings in their bottom line. This will be a win/win.

If commute times were no longer a concern it will open up doors to a new way of life. You might consider a home further away from the downtown core, where a nice yard is not a dream but a reality.

Our world has changed, and some things are positive.