Factors a Home Seller Controls that Make the Home More Saleable

It’s up to you to make your home as “sellable” as possible by making it attractive. Here are some tips on saleability factors that you control that will help ensure that your home is sold at the right price.

1. The condition of the property

Your home needs to be in great condition in order to secure the best sale price. Ensuring the home is well-maintained is crucial.
Make sure that there is no clutter in the home and that everything is well-serviced and neat. By presenting a house that is well taken care of and requires little maintenance will really appeal to home buyers.

2. Terms

Don’t make your home difficult for people to purchase. Why not offer an incentive or provide them with a home inspection report? By doing so you will be reaching out to a wider market.

3. Availability

If you want to increase your chances of selling your home then you need to work out a schedule that will fit around the home buyer’s needs. You want to make sure that you are flexible.
Another saleability factor that you should consider is preparation. Showing potential buyers that you are prepared to move out quickly will greatly appeal to them.

4. Upgrades and extras

This has to be one of the more important aspects of saleability. This could mean anything from renovating the kitchen, installing a new heating system, upgrading to the windows, to something as small as a coat of paint. Some renovations will appeal to home buyers, however don’t fall into the trap of thinking that all renovations will add value in buyers’ eyes. Many renovations that involve decor are subjective to taste, and therefore keeping renovations neutral and practical can greatly increase your home’s appeal.

5. Price

By ensuring you have set the right price for your home, there is a far greater chance that you will sell your property in a timely manner. It is best to do some research so you have a better chance of choosing the right selling price.
A Comparative Market Analysis works well, as does comparing recently sold homes in your area and recently listed homes. It is crucial to know about the sales market so you can work out a suitable and realistic price for your home.
If you’re getting ready to sell your home and want to know how you can save thousands of dollars in commission fees, come to one of our free info sessions!

Contact me today for a Free Home Value Report by going to www.kimlouie.net

How Your Credit Score Affects your Mortgage Rates

Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you represent for lenders, compared with other consumers.

Your credit file is created when you first borrow money or apply for credit. On a regular basis, companies that lend money or issue credit cards to you — including banks, finance companies, credit unions, retailers — send specific factual information related to the financial transactions they have with you to credit reporting agencies.

When you apply for a new loan, the loan officer will check your credit history first.  Your credit score in most cases influences the amount you can borrow and also your interest rate. Understanding your credit score in a better way enhances your chances to develop a higher score and thus benefit from loans at better terms and conditions.

A credit score is calculated from many different factors: your payment history, your credit card balances, bank accounts, including savings and chequing accounts, and any other form of credit including all outstanding personal loans, mortgage loans, store credit cards, etc. Each credit reporting bureau has their own standards and formulas that they use for the purpose of calculating a consumer’s credit score. The following is a generalized classification of a credit score rating:

Excellent credit rating - No late payments, no collection notices, no bankruptcies or repossessions.
Good credit rating - May contain a late payment within the last two years.

Fair credit rating - More than one late payment. May or may not have a bankruptcy or repossession in the last two to three years.

Poor credit rating - Recent collection attempts, late payments within the last year, bankruptcies and/or repossessions within the last two to three years.

The reason why a credit score is important is that it will determine your eligibility for a loan. A low credit score may hinder approval, and it will also impact the interest rate you will have to pay for the money that you borrow.

Since individuals with less than perfect credit traditionally present more of a risk of defaulting on a loan, lenders are able to justify charging more interest to those consumers. The extra interest the lender earns on the loan is intended to compensate the lending agency in the event the consumer defaults on the loan. Over the course of a 15 or 30 year mortgage, those extra interest points can add up to an astounding amount of money.

Your credit score is an indication of your financial health. You should do your best to avoid damaging your credit history with late or missing payments, too many outstanding loans or too many loan requests. Watching your credit score closely especially before you make any major purchases will help you avoid unwanted surprises.

Contact me for a Free Home Value Report by going to www.kimlouie.net!

SEPTEMBER HOME SALES SHOW NO SIGNS OF COOLING

 KITCHENER-WATERLOO, ON (October 5, 2016) ––A total of 540 residential properties changed hands in Kitchener-Waterloo and area though the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) in September. This represents a 29.2 percent increase in sales compared to September of 2015, and is a new record high for the month.

On a year-to-date basis 5,241 residential units have sold compared to 4,456 during the same period in 2015, an increase of 17.6 percent. This is the first time sales have exceed the 5000 unit mark at the end of the third quarter.

“While demand remains strong, the supply of active listings continues to be elusive,” said KWAR President Charlotte Zawada. Residential listing inventory on the KWAR’s MLS® System to the end of Septembers totalled 815, a decline of 51 percent compared to September 2015.

Showing the most traction, were the sales of condominium type units, which include any property regardless of style (i.e. semis, townhomes, apartment, detached etc.), increasing 80.6 percent to 130 transactions in September relative to the same month a year ago. Meanwhile, 333 single detached homes sold last month, an increase of 19.8 percent, compared to last year. September’s sales also included 31 Semi-detached homes (down 18.4 percent) and 33 freehold townhouses (up 22.2 percent).

The average price of all residential properties sold year-to-date was $380,692, a 9.7 percent increase over 2015. The average price of a detached home to the end of the third quarter was $443,554, an 11.8 percent increase over 2015. During this same period, the average sale price for an apartment style condominium was $231,187, an increase of 4.5 percent. Townhomes and semis sold for an average of $281,709 (up 8.3 percent) and $293,167 (up 8.5 percent) respectively.

The median price of all residential properties sold year-to-date increased 9.9 percent to $350,000, and the median price of a detached home during the same period increased 10.9 percent to $400,500.

“Like many of our neighbouring market areas, it continues to be a sellers’ market here in Waterloo region,” says Zawada. “The tight supply of listings we’re experiencing is putting upward pressure on prices.”

Although growth for the region is generally positive, and demand for residential real estate continues to be strong, Zawada acknowledges that the recent measure by the federal government to introduce a mortgage rate “stress test” on all new insured mortgages could delay home purchases for some would-be first time buyers, as they assess what they can afford, and possibly save for a bigger down payment. “While the changes shouldn’t impact our market to a large degree, the very fact that the government is taking these steps could cause a slight cooling of the market,” says Zawada.

Contact me today for a Free Home Value Report!