Closing Day, Renos Yay or Nay? Interest Rate Rise & More...

 

Should You Buy a Home that Needs Work? Imagine you find a home on the market that checks all the boxes. There’s only one issue. It needs work. Perhaps the paint has faded, or the kitchen is old, or there are repairs needed. Should you make an offer on that home? That depends on many factors, of course. The first thing you should consider is whether or not the home is otherwise ideal. If it has everything you want — location, size, style, number of bedrooms, etc. — then you may only be a few improvements away from a real gem. You should also consider how much those improvements are likely to cost. Cosmetic projects — such as painting, replacing light fixtures, etc. — tend to be more affordable. In many cases, those projects are also DIY-friendly. However, major improvements, such as upgrading the kitchen with new countertops, sink, and cabinetry, can be expensive. Fortunately, homes that need work don’t show as well as pristine listings. So, the cost of doing the improvements you need might be offset by getting the home at a lower price. The bottom line is, buying a home that needs work is definitely worth considering. Search MLS® Property for Sale Plans to Make before Closing Day When you sell your property and buy your next dream home, closing day can come faster than you might imagine. Before you know it, it’s just weeks away! So it’s important to make the proper plans to ensure everything goes smoothly. Here are the most common plans you’ll need to make: Contact the post office to get your mail forwarded. No matter how thorough you are in updating your address with companies you deal with regularly, you’re bound to miss a few. Using the mail forwarding service will ensure you get that mail. Double-check that your home insurance will be transferred on closing day, so your new home is covered from day one. Also, don’t forget to update vehicle and personal insurance (medical, life, etc.) Make arrangements with utility companies – phone, electricity, heating, etc. – as soon as possible. Remember, you might be closing some accounts and opening new ones. That can take time. If you are upgrading your internet at the new home, a visit from a technician might be required. Make that appointment now. There may be more arrangements to make before closing day. Create a checklist (or ask us for ours) to make getting it all done easier and less stressful! Find out how much your home is worth in today's market Headline Highlights Canadian Mortgage Professional – Could rising interest rates crash Canada's housing market? Storeys – 60% of Canadians plan to resume home-buying plans in the ‘near future’ CBC News – Bank of Canada hikes rate again to 3.75% Financial Post – Bank of Canada hikes interest rate by 50 basis points Globe and Mail – Bank of Canada announces 0.5 percentage point rate hike Storeys – Here’s where median-income households can still afford to buy a home in Canada Canadian Mortgage Professional – Canadians are delaying home purchases amid rising economic pressures Canadian Mortgage Trends - Fixed mortgage rates expected to rise this week  Canadian Mortgage Trends - CIBC’s Tal: “This is not a meltdown,” but expect short-term pain  Keyspire Blog - Using Registered Funds to Invest in Real Estate Vancouver Sun – Metro Vancouver pre-sale condo market slows as buyers retreat, developers delay projects Business in Vancouver – Chinese interest in Vancouver real estate recovers Victoria Times Colonist – Somass Mill site plan attracts interest from developers   Mortgage Commentary Mortgage Commentary David Steinberg Oct 25, 2022 Rates Up. What you need to know. Read more. Notable, Quotable, Quotes! “You do not find the happy life. You make it.” Camilla Eyring Kimball   “You are never too old to set another goal or to dream a new dream.” C.S. Lewis   “One of the greatest regrets in life is being what others would want you to be, rather than being yourself.” Shannon L. Alder Read Testimonials The ancient Greek philosopher, Heraclitus, said, “Change is the only constant in life.” Well, that’s certainly true. Things change. Often! Kids get older.  People take on new hobbies. Careers evolve. As a result, a house that was perfect when the owners originally purchased it may no longer be ideal. That can be the reality even if they’ve only been living there for a short time. While you may not be in that situation now, you might be in the next few months or years. When that happens, you can count on me to help. In fact, there are a couple of ways I can work with you as your house needs evolve. For example, if you need to renovate, I may be able to recommend a good contractor. And, of course, if you need to find a new, “more perfect” home, I can work with you to make that happen. Just know that I’m here to help ensure your home continues to be the ideal place for you. So, when you have questions or need advice, reach out to me. Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR Housesforsale369.com | 250-588-8839 On Your Team! Share Tweet Forward

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Using Your Registered Funds to Invest in Real Estate

Using Your Registered Funds to Invest in Real Estate

Victoria's summer real estate market conditions push into September

 

Victoria Real Estate Board MLS® Statistics Victoria's summer real estate market conditions push into September October 3, 2022  A total of 410 properties sold in the Victoria Real Estate Board region this September, 46.1 per cent fewer than the 761 properties sold in September 2021 and a 14.2 per cent decrease from August 2022. Sales of condominiums were down 58.8 per cent from September 2021 with 126 units sold. Sales of single family homes decreased 33.2 per cent from September 2021 with 221 sold. "September heralds the start of the fall season, which traditionally brings a more active market than what we see in the summer months. October is generally the peak of the fall and winter market," says Victoria Real Estate Board President Karen Dinnie-Smyth. "This year sales have dropped month over month since May and we saw a reluctant September with some of the lowest sales numbers for that month in decades. While the rate of decrease has slowed due in part to concerns about rising interest rates and inflation, this level of activity may not necessarily reflect the actual demand that exists in the marketplace. While overall activity is below historical norms, well-priced properties are still receiving plenty of attention. Multiple offers on these homes are still quite common, which may not be reflected in the overall statistics, but is noticeable if you are actively buying and selling." READ MORE Search MLS® Property for Sale Headline Highlights Posthaste: Why Canada needs to come out 'full guns blazing' on housing Home prices to fall as much as 15%: CMHC forecast Despite falling prices, homes in Canada have never been so unaffordable: RBC VIDEO: September home sales likely lowest in 30 years Could it really be — at long last — a homebuyer’s market? Ten most affordable places to rent in Canada in 2022 ‘We are in a fill-blown housing crisis’: RESCON outlines new supply mandate  A deep-dive into the mortgage stress tests (Part 2): They’re necessary, but the design is flawed Housing market recession deepens in B.C. Ian latest: Storm’s insured losses seen as high as $57B Reverse mortgages are for people 62 and older who meet strict financial and housing requirements  The US housing market slowdown will last longer that originally expected as pending home sales fall off a cliff, says the top economist at the National Association of Realtors   Find out how much your home is worth in today's market Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR Housesforsale369.com | 250-588-8839 On Your Team!