While higher mortgage rates are creating affordability challenges for homebuyers this year, there is some good news for those people still looking to buy a home.

As the market has cooled this year, some of the intensity buyers faced during the peak frenzy of the pandemic has cooled too. Here are just a few trends that may benefit you when you go to buy a home today.

1. More Homes To Choose from
During the pandemic, housing supply hit a record low at the same time buyer demand skyrocketed. This combination made it difficult to find a home because there just weren’t enough to meet buyer demand. According to the real Estate Board of greater Vancouver, the # of homes for sale increased by 20% this September compared to September 2021. Even though supply is still lower than more normal levels, you have more to choose from in your home search. That makes finding your dream home a bit less difficult!

2. Bidding Wars Have Eased
One of the top stories in real estate over the past two years was the intensity and frequency of competition. But today, things are different. With more options, you’ll likely see less competition from other buyers looking for homes. If you tried to buy a house over the past two years, you probably experienced the bidding war frenzy firsthand and may have been outbid on several homes along the way. Now you have a chance to jump back into the market and enjoy searching for a home with less competition.

3. More Negotiation Power
And when you have less competition, you also have more negotiating power as a buyer. Over the last two years, more buyers were willing to skip important steps in the homebuying process, like the appraisal or inspection, to try to win in competition. Our experience today is that unconditional offers are very rare.

As a buyer, this is good news. It is so important and less stressful to have the opportunity for complete due diligence on your purchase.

Bottom Line
While buyers still face challenges today, they’re not necessarily the same ones you may have been up against just a year or so ago. If you were outbid or had trouble finding a home in the past, now may be the moment you’ve been waiting for. Partner with your local real estate professional to start the homebuying process today.

Today’s housing market is different than it was just a few months ago. And if you’re thinking about selling your house, that may leave you wondering what you need to do differently as a result. The answer is simple. Taking the time upfront to prep your house appropriately and create a solid plan can help bring in the greatest return on your investment.

Here are a few simple tips to make sure you maximize the sale of your house this fall.

1. Price It Right
One of the first things buyers will notice is the price of your house. That’s because the price sends a message to home shoppers. Pricing your house too high to begin with could put you at a disadvantage by discouraging buyers from making an offer. On the flip side, pricing your house too low may make buyers worry there’s some underlying issue or something wrong with the home.

Your goal in pricing your house is to gain the attention of prospective buyers and get them to make an offer. And with price growth and buyer demand moderating, as well as a greater supply of homes available for sale, pricing your home appropriately for where the market is today has become more important than ever before.

But how do you know that perfect number? Pricing your house isn’t a guessing game. It takes skill and expertise. Work with a trusted real estate advisor to determine the current market value for your home.

2. Keep It Clean
It may sound simple but keeping your house clean is another key to making sure it gets the attention it deserves. As realtor.com says in the Home Selling Checklist:

“When selling your home, it’s important to keep everything tidy for buyers, and you never know when a buyer is going to want to schedule a last-minute tour.”

Before each buyer visits, assess your space and determine what needs your attention. Wash the dishes, make the beds, and put away any clutter. Doing these simple things can reduce potential distractions for buyers.

For more tips, check out this checklist for preparing your house for sale. Ultimately an agent is your best resource for tailored advice, but this list can help get you started.

3. Help Buyers Feel at Home
Finally, it’s important for buyers to see all the possible ways they can make your house their next home. An easy first step to create this blank canvas is removing personal items, like pictures, awards, and sentimental belongings. It’s also a good idea to remove any excess furniture to help the rooms feel bigger and make sure there’s ample space for touring buyers to stand and look at the layout.

If you’re unsure what should be packed away and what can stay, consult your trusted real estate advisor. Spending the time on this step can pay off in the long run. As a recent article from the National Association of Realtors (NAR) explains:

“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”

Bottom Line
Selling a house requires prep work and expertise. If you’re looking to sell your house this season, lean on a trusted real estate professional for advice on how to get it ready to list, how to help it stand out in today’s shifting market, and more.

We have always found Benjamin Tal a voice of reason.  In this article, he explains how “We simply borrowed activity from the future, and the future has arrived” – and does so in easy to understand terms.

For advice in these challenging times, always turn to the professionals – and not the 6 o’clock news.

Click Here to Read Full Article

Big or small space, there is always a way to create a functional workspace.

As the pandemic rolled out, working from home became the norm for many. But, it can be difficult at times to find a place to feel productive and dedicated to your work.

No matter where you live, spare room or not, you can still carve out a space to call your home office.

5 ways to create your very own dedicated office space:

1.Change your living room layout
A lot of people find themselves working on dining room tables. However, you can actually utilize the space in a living room by just reconfiguring the layout to create something functional and aesthetic.

Tips:

Push your sofa against the wall to make room for a small writer’s desk, or place a slim desk behind your sofa as you would use a console.
Try adding a corner desk so it’s tucked away, like a reading nook.
If there is a window, think about placing the desk in front of it, where you can take advantage of natural light.
Place some decorative baskets beside or below your desk to store computer equipment, files and supplies.

2. Use multi-functional furniture that doubles as a work surface
Consider using furniture that can be used in more ways than one. This saves space, money, and the stress of having to find a location for a desk.

Tips:

Use a sideboard, buffet table or storage bench to store office supplies.
Place a mirror above a desk in your bedroom and have it double as a makeup table.
Get a mobile island that locks in your kitchen. You’ll have a countertop that doubles as deskspace, and you can move it in and out of the way when you are done.

3.Repurpose a closet
This idea is becoming ever so popular. It creates a functional space that can be hidden as needed. But, be warned… It may require some purging of your closet!

Tips:
Using part or all of a closet or an armoire, add a narrow table or sturdy shelf (at desk level) that fits within.
Add shelving above with baskets for light materials, cables or files.
You can also choose a fold-down desk for an all-in-one storage solution and a larger desk space.
Pull up a chair during the work day. And, simply close the doors when you are done.

4.Divide the room
It can be distracting to see your bed while working, so add separation. If you can spare the space within an existing room in the house, simply add some division.

Tips:
Add a folding room divider screen.
Hang curtains to create a fabric wall.
Install mid-sized bookcases to use as dividers that also double as storage on either side.

5.Clean up the shed or garage
At first thought this may not sound ideal. However with some purging and clean-up, conventional storage places make for beautiful office spaces. You just need to be mindful of what to keep, and add charming decor for motivation.

Tips:
Purge and remove anything you haven’t used in a year.
Place all storage items within boxes, on shelves, or in garage-friendly cupboards.
Invest in some floor boards, turf or rug to lay down (you do not need to get it professionally done).
Install a desk and some lighting, and add a heater for when it’s cold.

Some Highlights

When it comes to selling your house, you want it to look its best inside and out so it catches the attention of buyers. A real estate professional can help you decide what to do to make that happen.

Focus on tasks that can make it inviting, show it’s cared for, and boost your curb appeal.

Connect with a trusted real estate professional for advice on what you may want to do to get your house ready to sell this season.

Some Highlights

In a market that’s shifting as fast as it is today, many homeowners wonder what, if anything, needs to be renovated before they sell their house. That’s where a trusted real estate professional comes in. They can help you think through today’s market conditions and how they impact what you should – and shouldn’t – do before selling your house.

Here are some considerations a professional will guide you through.

What You Need To Know About Your Local Market
Since the supply of homes for sale has increased so much this year, today’s buyers have more options than they had last year. That may mean you’re not able to ignore some of those repairs or cosmetic updates you could have skipped in previous months. As a recent article from realtor.com says:

“To stand out in the market, sellers should make their home attractive to buyers, which usually means some selective updates.”

The key word here is selective. Since it’s somewhat of a balanced market, focusing on a few key areas may be enough to make your house stand out from other options. And since inventory is still low overall, it’s also possible buyers may be willing to handle the renovations themselves once they move in. It all depends on buyer demand and the available inventory in your local area. For advice on what’s happening in your market and what to do to make your house show well, lean on a professional.

Not All Renovation Projects Are Equal
In addition to making sure your house makes a good first impression, you’ll also want to consider the return on your investment (ROI) for any renovations. According to the How to Value Your Renovations from the Appraisal institute of Canada, here are the projects that could net you the best return when you sell your house (see visual below):

Top 5 Renovations with the Highest Return on Investment
Kitchen - renovation or update with quality of materials and workmanship consistent with the area.
Bathroom - renovation or addition with quality of material and workmanship consistant with the home and the area.
Repainting Interior/Exterior - completed in tones with wide-ranging market appeal.
Updating Decor - Lighting and plumbing fixtures, countertops, replacing worn flooring (vinyl or carpets) or refinishing hardwood floors)
Decluttering - removing all excess items to showcase the features of your home.

Again, your real estate advisor is your best resource. When your agent comes to your home for a walk-thru and consultation, they’ll use their expertise to offer any insight into what you may need to repair, replace, or refinish. They also know what other sellers are doing before listing their homes and how buyers are reacting to those upgrades to help steer you in the right direction.

How To Draw Buyer Attention to the Upgrades You’ve Made
For any projects you’ve already completed or for those you plan to do before listing, make sure your real estate professional knows. They’re not just an advisor to help you decide where to focus your efforts, they’re also skilled at highlighting any upgrades in your listing. That way, potential buyers know about the features that may help sell them on the house.

No matter what, contact a local real estate professional for expert advice on what work needs to be done and how to make it as appealing as possible to future buyers. Every home is different, so a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.

Bottom Line
In today’s shifting market, it’s important to spend your time and money wisely when you’re getting ready to move. Let’s connect to find out where to focus your efforts before you sell.

If you’re thinking of buying or selling a home, you’ll want a trusted real estate professional on your side for their industry experience and expert insights.

The right advisor utilizes the latest technology and can help you navigate today’s home pricing and market values, the contracts and fine print, and the negotiations you’ll face.

Partner with a trusted real estate professional so you have expert advice each step of the way.

One of the top stories in recent real estate headlines was the intensity and frequency of bidding wars. With so many buyers looking to purchase a home and so few of them available for sale, fiercely competitive bidding wars became the norm during the pandemic – and it drove home prices up. If you tried to buy a house over the past two years, you probably experienced this firsthand and may have been outbid on several homes along the way.

But here’s the news you’ve been waiting for: data shows clear signs bidding wars are easing this year.

Many homes were seeing a high of 6 – 8 offers earlier this year. But the latest data shows that average was down to just shy of three offers per recently sold home. This shift is happening largely because rising mortgage rates moderated buyer demand and slowed home sales, resulting in a growing supply of homes on the market. Essentially, more choices for buyers.

What This Means for You

If you put your home search on pause because you were outbid last year or because you didn’t want to deal with the peak intensity of bidding wars, you can breathe a welcome sigh of relief. While it’s still a sellers’ market, an uptick in inventory gives you a window of opportunity to jump back in. You may still be competing with some buyers, but it likely won’t be anything like it was just a few short months ago.

Bottom Line

If you put your plans on pause because of intense bidding wars in recent years, it may be time to kick off your home search. Today, bidding wars are easing and that may mean less competition for you as a buyer. If you’re serious about buying a home or making a move, partner with a trusted real estate professional to get started today.

If you put off your home search at any point over the past two years, you may want to consider picking it back up based on today’s housing market conditions. Recent data shows the supply of homes for sale is increasing, giving buyers like you additional options.

But it’s important to keep in mind that while inventory is improving, in many segments, it’s still a sellers’ market. And that means you need to be prepared as you set out on your home search. Here are three tips for buying the home of your dreams today:

1. Understand How Mortgage Rates Impact Your Homebuying Power
Mortgage rates have increased significantly this year, and over the past few weeks, they’ve been fluctuating quite a bit. It’s important to stay up to date on what’s happening with rates and understand how they can impact your purchasing power when you’re thinking of buying a home. The chart below can help.

Let’s say your budget allows for a monthly mortgage payment in the $2,100-$2,200 range. The green in the chart indicates a payment within or below that range, while the red is a payment that exceeds it.
As the chart shows, even a small change in mortgage rates can have a big impact on your monthly payments. If rates rise, you could exceed your budget unless you pursue a lower home loan amount. If rates fall, your purchasing power may increase, which could give you additional options for your search.

2. Be Open to Exploring Different Options During Your Search
The supply of homes for sale is improving, which gives you more homes to choose from. But historically, supply is still low. That means as you search for homes, if you still don’t find something that meets your needs, it may be worth expanding your search.

A few things buyers can consider today - LOCATION. If there’s a location you’ve previously ruled out (like a particular area, for example) it may be worth taking another look.

TYPE - And if you’re able to, opening your search up to include other housing types, like newly built homes, condominiums, or townhomes can further increase your pool of options. Even as the inventory of homes for sale improves today, finding ways to cast a wider net during your search could help you find a hidden gem.

3. Work with a Local Real Estate Professional for Expert Guidance
Ultimately, you need to be prepared when you set out to buy a home. Jeff Ostrowski, Senior Mortgage Reporter for Bankrate, explains:

“Taking the leap to homeownership can provide a feeling of pride while boosting your long-term financial outlook, if you go in well-prepared and with your eyes open.”

No matter where you’re at in your homeownership journey, the best way to make sure you’re set up for success is to work with a real estate professional. If you’re just starting your search, a real estate professional can help you understand your local market and search for available homes. And when it’s time to make an offer, they’ll be an expert advisor and negotiator to help yours stand out above the rest.

Bottom Line
Strategically planning your home search by understanding today’s mortgage rates, casting a wide net, and building a team of experts can be the keys to finding the home of your dreams. To make sure you have expert advice each step of the way, partner with a local real estate advisor.

While the Bank of Canada is working hard to bring down inflation, the latest data shows the inflation rate is still going up. You no doubt are feeling the pinch on your wallet at the gas pump or the grocery store, but that news may also leave you wondering: should I still buy a home right now?

Greg McBride, Chief Financial Analyst at Bankrate, explains how inflation is affecting the housing market:

“Inflation will have a strong influence on where mortgage rates go in the months ahead. . . . Whenever inflation finally starts to ease, so will mortgage rates — but even then, home prices are still subject to demand and very tight supply.”

No one knows how long it’ll take to bring down inflation, and that means the future trajectory of mortgage rates is also unclear. While that uncertainty isn’t comfortable, here’s why both inflation and mortgage rates are important for you and your homeownership plans.

When you buy a home, the mortgage rate and the price of the home matter. Higher mortgage rates impact how much you’ll pay for your monthly mortgage payment – and that directly affects how much you can comfortably afford. And while there’s no denying it’s more expensive to buy and finance a home this year than it was last year, it doesn’t mean you should pause your search. Here’s why.

Homeownership Is Historically a Great Hedge Against Inflation

In an inflationary economy, prices rise across the board. Historically, homeownership is a great hedge against those rising costs because you can lock in what’s likely your largest monthly payment (your mortgage) for the duration of your loan. That helps stabilize some of your monthly expenses. Not to mention, as home prices continue to appreciate, your home’s value will too. That’s why Mark Cussen, Financial Writer at Investopedia, says: 

“Real estate is one of the time-honored inflation hedges. It’s a tangible asset, and those tend to hold their value when inflation reigns, unlike paper assets. More specifically, as prices rise, so do property values.”

In a nutshell, your home search doesn’t have to go on hold because of rising inflation or higher mortgage rates. There’s more to consider when it comes to why you want to buy a home. In addition to shielding yourself from the impact of inflation and growing your wealth through ongoing price appreciation, there are other reasons to buy a home right now like addressing your changing needs and so much more.

Bottom Line

Homeownership is one of the best decisions you can make in an inflationary economy. You get the benefit of the added security of owning your home in a time when experts are forecasting prices to continue to rise.