Everyone is aware of rising costs in this day and age. You can’t so much as go out for coffee or brunch without noticing the price creep. A dollar there, a dollar here—it seems that nothing is safe from  inflation.

If you’re selling a house, you may anticipate earning a high profit thanks to the rising prices of real estate. However, the increasing costs of everyday life can also affect your transaction. In this post, we’ll explore the challenges of selling your home for outstanding results even in a market where buyers are closely watching their funds.

Understand Your Buyer’s Perspective

You can really begin to understand how inflation affects your sale when you think about the transaction from your buyer’s point of view. This could be a simple task if you plan on buying a new house after yours sells–because you will soon be in their shoes! How will you feel in the next few months as you begin to navigate the market?

When you begin to browse the listings, it can seem that the only thing not going through the roof is your income. You may need to rearrange your funds to come up with a down payment and budget carefully to ensure you’ll be able to handle your monthly mortgage, all while being prepared for any maintenance or repairs.

On top of all of this, you have your daily living expenses that keep getting higher as time passes. These rising costs are something you will bear in mind as you create your home-buying budget. You might even find yourself reconsidering the size of house you need and what neighbourhood you decide to settle down in.

Now that you’ve put yourself in your buyer’s shoes, you have a better idea of what you’re up against when selling your home during times of high inflation. You can begin to create a strategy to meet these challenges.

Knowing what buyers want is the first step to selling in any market. The posts below will give you some valuable insight:

• Why Home Sellers Need to Think More Like Buyers
• Why Am I Not Getting Offers on My Home?
• What Offer Should You Accept?

Targeted Marketing

Effective marketing in real estate doesn’t just mean reaching the maximum number of people. When the market is slower and buyers are being more selective, we want to reach the right demographic. Casting a wide net wastes time and money. Zeroing in on those who are most likely to buy is the key to a successful sale.

An experienced real estate team will have numerous tools at their disposal to help you narrow it down. It starts with an online listing with beautiful photos on high-traffic websites where buyers are seriously looking. 

Customized marketing plans will combine the most effective online and offline strategies to target qualified buyers wherever and whenever they are searching. Even that is just the beginning. The real power is actually in networking, which is why it’s recommended that you work with a well-connected real estate team.  

A Spot-On Pricing Strategy

Setting a low price might seem like a sure way of selling your house quickly. However, there are some flaws in this strategy.

1. Selling your home at a fair price is essential so you will be able to move on to your next step.
2. A price that’s too low can actually backfire. Buyers may see a red flag rather than great value and simply move on to the next listing. 

Your pricing must make sense to you and your buyer to sell your home successfully. The perfect amount communicates excellent value to your buyer while empowering you for whatever comes next in your life.

Impeccable Presentation Is Critical

Presentation has always been a factor in the successful sale of a house. It’s even more critical now that inflation is top of mind for everyone. The good news is that there are still people in search of a home like yours.

However, they tend to be more discerning about what they want and need. Many are still willing to pay more for great value, but you have to help them see your home for the gem that it is.

You’ll need to take your home presentation to a whole new level if you want to earn top dollar from your sale. Before potential buyers come to visit, each room should feel warm, welcoming and absolutely pristine. Here are a few ways to prepare your house to impress: 

• Clean and declutter until your home is spotless and everything is in its place.
• Put away all personal photos and mementos so that your buyer can see it as their home rather than your space.
• If there are minor repairs, be sure to make them before buyers come through. You may be surprised at how much a fresh coat of paint can transform a room.
• Remember to tidy up the outside, especially the front yard. You’ll want to ensure your home looks stunning from the outside since this is the first thing a buyer will see. Many people highly value outdoor spaces, so make them as visually appealing as possible.
• Professional staging can enhance the effect and allow your buyer to imagine what it’s like to live in your space. It’s a technique that can lead to a faster and more successful sale, which is why Woolcott Real Estate provides complimentary staging services to all clients.

Looking for more ideas to turn your home into a showstopper? The resources below will give you some ideas:

• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results
• Worth It or Not? What Renovations Really Help When Selling Your Home

Patience Is Essential

Selling your home during high inflation may be more challenging. It may take time to get the results you want, and rushing the process will only cause unnecessary stress.

With a flexible strategy and a healthy dose of patience, it is still possible to sell your home and be happy with the results. A local real estate team can help you stay positive and proactive while advocating on your behalf. 

Do you have questions about selling your home in the current market? Our team of experts is happy to help with anything you need. Contact us here or call 905-332-9223 to connect with us right away. 

After owning a house for several years, the time has come to consider a change. Whatever your reasons for moving, you will soon have some life-altering decisions ahead of you. Whether to buy first or sell first is the age-old question. 

The answer is not cut and dry and can be different depending on the person and the scenario. A big part of the decision will come down to what’s happening in the market right now. 

However, your personal goals and ambitions should always be the primary deciding factors. In this post, we’ll talk about the implications of buying first or selling first so you can choose what’s right for you. 

How the Market Impacts Your Decisions

Sometimes, the market leans heavily enough in one direction to simplify your choice. In a hectic seller’s market, each listing sells in the blink of an eye because there are not enough houses to satisfy the insatiable demand from buyers.

In this scenario, you can almost be sure that your home will sell successfully, often within days of hitting the market and above your asking price. Buying will be much more challenging since you’ll soon find yourself competing with other buyers for the few available listings. 

In this case, many people decide to get the hard part out of the way and buy first. Once they’re sure they have a place to go, then they put their existing house up for sale.

Now let’s examine the opposite scenario. It’s a slow buyer’s market, with numerous houses for sale and very few people searching. Your house sits on the market for a long time, and you may have to make several concessions before finally finding a buyer. 

Selling your house can be a bit like pulling teeth under circumstances like these. Once it’s over, you can breathe a sigh of relief. Since finding a new house will be so much easier, selling first might be your best course of action.

Generally speaking, the advice is to buy first when the market is hot and sell first when things slow down. That said, there can be unusual circumstances to consider before selling or buying your next home even when the market seems simple and straightforward.

Are you facing any unusual challenges when selling your home? The posts below can help you rise above:

• Why Sellers Hesitate to List Their Homes for Sale
• What Resources Are Available When Selling a Family Member’s House?
• Can You Successfully Sell a House With a Stigma?

What Are the Risks of Each Option

Knowing the market and planning for success will help you minimize the risk involved with any transaction, whether you choose to sell or buy first. Of course, nothing is without its downsides or challenges, so let’s take a look at the implications of both.

Buying First

When buying first, the biggest risk is that it might take longer to sell your existing home than you planned. You also have no way of knowing precisely how much you will earn from your sale. Your house may go for well above your asking price, but no one can guarantee this will happen. If you decide to sell first, you should always be prepared for the possibility that you might have to carry two mortgages for the time being. 

You can minimize this risk in three ways:

1. Make sure your house is cleaned, updated and staged before you buy your next home. Buying first does not mean you have to be unprepared to sell quickly!
2. Set aside an emergency fund in case you do have to cover the costs of two properties for a time. Alternatively, you can arrange for bridge financing.
3. Work with an experienced real estate team who can showcase your home to a network of qualified buyers.

Depending on the market and your personal circumstances, the advantages of buying first can far outweigh any negatives. 

• With your new home already secured, you don’t have to rush or worry about not finding a place on time. 
• You can begin moving your belongings before your existing home closes. 
• If prices are rising in the meantime, you’ll grow your equity twice as fast for a short time.

Selling First

Selling first is almost always the safest option in most markets and for most homeowners. Even so, this path can have its disadvantages.

• Once your house sells, you’ll need to find a new home quickly. This added pressure can be stressful, especially if listings are limited.
• The moving process is also rushed as you need to be out of your existing home on your closing date.
• In the worst-case scenario, the market might change, and houses become more expensive once you start looking. 

In spite of these risks, there are several reasons many people decide to go this traditional route. In many cases, the peace of mind is well worth it. Selling first is particularly advantageous in a balanced or buyer’s market.

• Budgeting for your new home becomes much easier and more accurate since you will know exactly how much money you have in your pocket after your sale is finalized. 
• You’ll have a competitive edge over other buyers because you don’t have to include a condition of sale in your offer.
• You won’t have to worry about your house taking too long to sell or being on the hook for two mortgages. You’ll have the proceeds from your sale securely in the bank by the time you need to provide your deposit on your new home. 

Whether buying or selling, it pays to have a plan. The posts below will help you be ready for anything:

• What Is Bridge Financing and Do I Need It When Selling My House?
• A Home Seller’s Guide to Closing Costs
• Should You Use the Same Agent to Sell and Buy a House?

Hidden Factors to Consider

The decision to sell or buy first can also depend on the structure of your house itself and the neighbourhood you live in. For example, imagine you currently own a home with a very unique design. As spectacular as it may be, it can take longer to sell. 

On the other hand, some listings in highly desirable neighbourhoods go very quickly and at high dollar amounts. These niche markets can run counter to how the market is behaving overall.

An experienced real estate team will help you plan for the unexpected and make the most out of every hidden opportunity. With expert guidance, you can maximize the sale of your current home while negotiating the best possible price on your next. There’s no better way to streamline your transition to the next chapter in your life.

Do you have questions about when or how to sell your home in the current market? Our experienced real estate team can give you the information you need to move forward. Contact us today or call 905-332-9223 to connect with our offices. 

If you’re about to put your home on the market, no one needs to tell you that getting it into pristine condition is one of your top priorities. It’s important to have your property looking its best because impressing potential buyers is the key to earning the highest possible amount from your sale. 

Often, subtle improvements and upgrades can add a substantial amount to your bottom line once your transaction is finalized. However, the extent of your home preparations can open up a long list of questions, including what repairs need to be done and what should be left to the new owner. 

When you think of how much everything costs in both materials and labour, it can be tempting to look for shortcuts. DIY (do-it-yourself) upgrades can help save and make money on your sale, at least in theory. Since this is a topic on nearly every homeowner’s mind, it’s worth a deeper exploration.

Knowing all about your buyer and what they are looking for is essential for getting the best results from your transaction. The related reading below will help:

• Why Home Sellers Need to Think More Like Buyers
• Why Did My Neighbour’s House Sell but Mine Didn’t?
• What’s Your House Really Worth?

How Much Money Can DIY Save?

Renovations can seem prohibitively expensive when you start thinking about all of the small repairs you’ve put off over the years. Inflation and high gas prices have driven up the costs of tools and materials significantly. However, these pale compared to the cost of labour when using professional contractors to perform the work for you. 

If you’re handy and can handle the repairs yourself, the savings can add up very quickly. That said, there are several considerations to keep in mind before mapping out a renovation schedule. You need to be careful not to overestimate your ability to perform the renovations to a high standard. Otherwise, you may end up paying even more for a professional tradesperson to redo the project or lose out on the full potential of the sale.

It’s often better to do nothing at all than invest in unprofessional-looking renovations that can actually detract from the perceived value of your home. When deciding whether or not to handle a project yourself, first think of the time and effort it will take you and how that might affect your sale.

• You may have to take time off from work, which could result in a loss of income.
• You might have to delay putting your home on the market. If you’re up against a deadline, performing any upgrades yourself may not be possible.

Remember the Intangible Costs

Getting your home ready to sell isn’t just expensive and time-consuming, but it can also be stressful. Even without renovations, your to-do list is long and there never seems to be enough hours in the day.

Before committing to massive home improvement projects, ask yourself what the total price of all of your upgrades will be. Keep in mind that many of these costs are intangible. 

• You might save money on paper, but later realize that it wasn’t worth the time or the stress. Bringing in professional tradespeople is worth it if living the next few months in a construction zone is more than you can bear.
• As critical as it is for your home to present well, current market conditions can also impact how much you earn from your transaction. You want to strike when the iron is hot, especially if houses are selling for over their asking prices. It’s worth paying for extra help to prepare for a fast sale. Otherwise, it’s possible for the market to fall out of your favour because you waited too long. 

Focus on Value, Not Cost

Upgrading your home before selling is about more than adding cosmetic appeal at the lowest possible cost. Your primary focus should always be on how much more your sale will earn versus the investment of your time and money.

• For example, you might save $10,000 in labour costs by fixing up your kitchen by yourself. On the other hand, getting it done professionally could add much more than that to your final selling price. It’s all about creating tangible value in the eyes of your potential buyer.
• Not every renovation is necessary. Potential buyers nearly always have their own ideas of what their house should look like. 
• Buyers will also have a budget in mind to customize the house to their liking. 

You might think that your $10,000 project adds value. In the meantime, your buyer plans to tear it all down and redo it according to their own specifications.

Keep It Simple With High Value Upgrades

An experienced real estate agent can give you excellent guidance as to what renovations you should and shouldn’t make to get your home ready for buyers to walk through. For the most part, it’s best to keep things simple:

• Focus on deep cleaning and decluttering so buyers have a blank canvas to imagine what their life would be like in your home.
• Perform any minor repairs that would otherwise be distracting, such as filling in nail holes from pictures and a fresh coat of paint.
• Expert staging can help your listing stand out even with minimal upgrades. Since this so often results in a faster sale and a higher return, Woolcott Real Estate provides complimentary staging services to all clients. 
• Kitchen and bathroom upgrades tend to be the most expensive, but also the most worthwhile. Still, the scope of your project will depend on the age and condition of your home. A relatively new build or recently updated room will likely only need a few minor touches. 

Generally speaking, you’ll want to focus your efforts on inexpensive repairs that are proven to have a high payoff. Extensive renovations might allow you to sell your home for more, but only you can decide if they are worth the time and effort.

Are you still looking for ideas to make your home look spectacular? The resources below will give you some inspiration:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• The Power of Staging When Selling Your Home
• Does Curb Appeal Still Matter When Selling A House Today?

A Combination Approach

For the best possible results with the least amount of investment, you can always consider a multi-tiered strategy for getting your home ready. This means doing some of the work yourself, such as cleaning and decluttering your home. You may also take on minor projects such as painting and replacing outdated lighting fixtures.

If your Realtor® determines that more substantial upgrades will be worth your while, hiring reputable contractors assures that the work will be completed to the highest quality standards. With the right connections, you can get your home prepared for the market quickly and begin generating excitement about your listing. 

Knowing what to do yourself and when to ask for help allows you to experience the best of all worlds, making the most of your transaction with the least amount of investment and stress on your part. 

Whether you’re ready to get your home on the market or just need some advice to get started, Woolcott Real Estate is here for you. Connect with us right here or call 905-332-9223 to reach one of our experts today. 

If you want the best possible results from your home sale, the place to start is on the outside. This focus on the exterior is often referred to as creating “curb appeal,” and it is crucial to making a lasting and positive first impression on potential buyers. 

In light of this, our experts at Woolcott Real Estate have put together their best tips and tricks to help improve the curb appeal of your home before you sell.

The Importance of Curb Appeal

Simply put, curb appeal is the visual appearance and attractiveness of a property for sale and its surroundings as seen from the street. When a potential buyer drives by your home to scope it out, they may be persuaded by the appearance. Or they may run for the hills.

A poorly maintained, outdated or simply unattractive exterior can put the entire sale at risk. Potential buyers may not even give your home a second thought or they may offer considerably less than asking. Without a neutral look and clean aesthetic, your buyer may be left with a sour taste in their mouth. 

If that happens, buyers typically walk away without so much as a hint of interest. In the off chance that they come back later on, they will likely try to negotiate for a much lower price, which means you are not maximizing the full value of your home. This, of course, is the bad news.

Fortunately, a few small upgrades are often all you need to create a neutral, clean, and attractive property. Now, curb appeal is a selling point that works in your favour, especially if any competing sellers near you have not taken this step.

There’s a lot of thought and planning involved in selling your home successfully. You can get a look at what goes on behind the scenes in some of our related reading below:

• Why Home Sellers Need to Think More Like Buyers
• Do I Really Have to Update My Home Before Selling It?
• Why Did My Neighbour’s House Sell but Mine Didn’t?

See Your Home Through the Buyer’s Eyes

While you can never appeal to everyone, the goal is to design your home in a way that pleases the vast majority of buyers who come to visit in person. Improving your curb appeal helps to provide a clean slate for potential buyers to imagine their own lives in the space. 

Prospective buyers should be able to effectively visualize the improvements that they could make and how they would accessorize and decorate to add their own personal flair to the home. Most importantly, you want to enable them to see their own family living there.

When you’ve lived in a house for a long time, you may be used to the tiny imperfections to the point where you don’t even see (or smell) them anymore. 

• That broken step doesn’t bother you – you just skip over it. 
• You’ve glanced past the unmaintained flower garden a thousand times. 
• The dirt on the siding isn’t that bad. Or is it?

Take some time to view your property from the buyer’s perspective. To do this effectively, bring in a neutral third party who won’t hesitate to point out what you might be missing. An experienced real estate agent is the perfect choice for this.

Without fail, we can always find a few things that can be updated, maintained or cleaned to help improve the curb appeal. The smallest details might end up having the most impact once the offers start coming in! Here are a few things to watch out for:

Exterior Maintenance and Cleanup Checklist

Not sure where to begin? Think simplicity, safety and cleanliness when sprucing up the exterior of your home. If a minor update can add resale value, even better! Below are some of the main elements that are near and dear to the hearts of most potential buyers. 

Roof

The roof is a big one. If it’s been decades since your roof was revamped, it leaks when it rains or it appears unattractive, you should look to have it repaired before putting your house on the market – especially if it’s missing any shingles. 

Far too many potential buyers will not even look at a home when there are problems with the roof. Not only will fixing any issues help improve curb appeal, but it will also help raise the value of your home.

Siding

After a long winter or particularly wet spring, the siding of your house can get a little on the dirty side. This is a flaw that you likely don’t even notice anymore in your day to day life. However, buyers will notice – if only subconsciously. 

Now is a great time to grab your power washer and get to work. You might be surprised at what a sparkling clean exterior can do for the aesthetic of your home!

Deck

Decks and patios aren’t just about lounging outdoors. They are where you form many memories. A well-maintained deck can even help to create the perception of greater square footage! 

Since you already have your pressure washer out, give the deck or patio a good soak as well. If that doesn’t help improve the look, it might be time to stain and seal.

Walkways & Driveway

Are the stones or pavers in your walkway broken or chipped? After enough time passes, your driveway may be more rocks and rubble than smooth asphalt. 

Upgrading the walkway and driveway is more than just about aesthetics and boosting property value; it’s about safety, too. Anything that looks like it might be hazardous is an instant turnoff to buyers, especially those with families.

Your local real estate agent can recommend a contractor to repair or reseal your driveway. This upgrade is just one more subtle effect that will make a potential buyer’s eyes pop with interest. 

House Numbers

Your house numbers should always be clean, bright and easy to read. If it’s been a while since they were last updated, now is the time. Consider the style of your home when choosing the new numbers for an added effect.

Backlit house numbers make it easy for friends and visitors to find you. They also add a lot of visual appeal. This is one very minor upgrade that can go a long way to impressing potential buyers.

Furniture

Old and dingy outdoor furniture can diminish the curb appeal of a home, especially if everything else is neat and tidy. Either use this time to invest in some new furniture for when you move or toss the old stuff.

Landscaping

Landscaping is arguably the most important part of creating desirable curb appeal. Brown grass with bald spots and flower gardens that have gone wild, combined with weeds, leaves, sticks and everything else, can completely change the way a buyer sees your house. 

Your lawn and yard might look like a disaster, but you’d be surprised at what you can accomplish over a short weekend. Grab a pair of gloves – and possibly a friend to help – and start pulling weeds and cutting the grass. 

Aerating, watering and fertilizing your lawn will make it even more green and beautiful. Planting fresh flowers and trimming the hedges add the perfect finishing touches. A little TLC can go a long way to transforming the outside of your home!

Lighting

Have you ever noticed the difference between a house that has exterior lighting and one that doesn’t? Illuminating walkways, driveways, flower gardens and the physical exterior of your home can add a sense of luxury to your nighttime curb appeal. 

More lighting can also improve safety and even deter trespassers. Thanks to solar lights and torches, you can add beauty and illumination without additional charges on your hydro bill.

Clear All Clutter & Garbage

You’ve worked hard to transform your home’s exterior into an outdoor oasis. Let’s not ruin the effect by allowing clutter to accumulate.

It’s time to pack away all of your garden tools, bikes, old pots, garbage cans and recycling bins into a shed or neatly organized in the garage. It goes without saying that broken furniture or discarded accessories do not belong in your front yard. You can often arrange for their disposal by calling the city.

Periodically, you’ll also want to get outside to remove any sticks, leaves or other debris that blows into your yard. Take a few minutes each week to keep your home looking as neat and tidy as possible.

Seasonal Curb Appeal

Contrary to popular belief, you can create gorgeous curb appeal in the wintertime. Simply committing to keeping your yard free of snow and ice will go a long way to making your home appear well-maintained and cared for. 

Those outdoor lights are more valuable than ever in brightening your exterior during shorter daylight hours. A few pieces of seasonal yet neutral decor can add warmth and ambiance to your home no matter how cold it gets outside. You can also consider a few evergreens and other weather-resistant plants to add greenery and life all winter long.

Are you curious about what other upgrades can have a significant impact when selling your home? The resources below will give you some ideas:

• Worth It or Not? What Renovations Really Help When Selling Your Home
• The Power of Staging When Selling Your Home
• Minor Upgrades, Maximum Results

Reach Out for Support

Have you completed many of the steps above, but still aren’t sure if your house is ready to hit the market? Feel free to contact our team of experienced local Realtors®. One of our friendly and knowledgeable local real estate agents would be happy to counsel you on how to improve the curb appeal of your home. Not only that, our top real estate agents can provide a free home for you, help you put your property on the market and sell it at the best price possible!

Reach out to us right here with any questions, or call 905-332-9223 to connect with one of our experts today. 

Do you ever wonder what goes on in a buyer’s mind before they finally pull the trigger and purchase a new home? Understanding how your potential buyers are thinking and feeling is a significant part of a successful sale. 

This can be a challenging endeavour if you’ve been out of the real estate market for a long time. Even though you were once a buyer yourself, a lot has changed over the past few years. 

Navigating today’s challenging market may require some creative thinking and a slight shift in your strategy. In this post, we’ll shed some light on your buyer’s thought processes so that you can make your listing even more desirable.

Think About Your Own Goals

As a seller, it’s easy to get caught up with what you want and need from the transaction. Earning top dollar and a seamless, almost effortless close are the ultimate goals for most people. Knowing what you are hoping to achieve also makes it easier to understand your buyer; they want the exact opposite.

• You want to command the highest price. The buyer is hoping for a deal. 
• You’d rather sell the house without making extensive upgrades. The buyer wants a home that’s ready to move in right now.
• You’d prefer a flexible closing date that allows you plenty of time to find a new place, pack and move. The buyer wants to take possession as soon as humanly possible. 

Who will get more of what they want and who will have to make some compromises depends on a few factors. Current market conditions may dictate most of the terms, but both parties should also come prepared, with clear goals and knowing what concessions may be required.

Tip: One way to know what potential buyers may be thinking is to read what they may be reading. The posts below could be a great starting point:

• Our Ultimate Handbook for First-Time Buyers
• Hidden Costs of Buying a Home You Need to Know Now
• How To Win In A Multiple Offer Scenario

The Psychology Behind a Real Estate Purchase

On the one hand, buying a home is an extremely logical process that involves a lot of financial planning and analysis. Your buyer will think long and hard about where they want to live and what type of house they want to purchase. 

They’ll be on various real estate websites calculating what their monthly expenses might look like once they own a house. There is a lot of left-brain style thinking and analysis that happens before a buyer begins placing offers.

At the same time, buying a house is one of the most emotional decisions anyone will ever make. Your typical buyer is both exhilarated and terrified. Your goal as the seller is to help nervous buyers feel less worried and more excited to take the next step. The way you do that is to prepare your house to dazzle and set a competitive price that attracts attention.

The Market Versus Opinions

It’s not just buyers who get emotional about their big move coming up. Selling a house where you have a lifetime of memories can also bring up complex and conflicting feelings. Nevertheless, it’s critical to base your selling plan on up-to-date facts and accurate information rather than on opinions.

Overpricing a home based on an outdated evaluation or the assessment of a friend or relative is one of the biggest mistakes a seller can make. In the battle between opinions and the market, the market will win every time. Partnering with an experienced real estate team who is deeply familiar with the current landscape is an integral part of a successful home selling plan. 

Tips for Thinking Like a Buyer

As a seller, it’s imperative that you prepare your home with the buyer in mind. Every design decision you make should be directed toward making your buyer feel less nervous and more enthusiastic. A dark purple accent wall may appeal to you personally, but many potential buyers could find it distracting. 

You probably don’t have to invest in extensive renovations before putting your home on the market. However, you can never go wrong with thoroughly cleaning and decluttering each room so that the buyer can paint their own imaginary picture of living in your house. In addition, a fresh coat of neutral paint can make even an older home appear newer and well-maintained.

• Before your listing officially hits the market, it’s a good idea to walk through each room with fresh eyes and look at everything that you may currently take for granted. 
• Even better, see if you can get an honest and unbiased opinion about the appearance of your home. It can be a trusted friend, but it has to be someone willing to tell you what you may not want to hear. Someone who is “too nice” to tell you that your house has an off-putting odour could cost you in the end. 
• Getting a pre-listing inspection can also reveal any small areas where you can make vast improvements in the appearance and appeal of your home. 
• The best way of all to tell if you are ready for the market is to work with a Realtor® who understands what buyers are looking for in your area. 

Looking for more ways to formulate your plan to sell your home? The posts below will help you get ready for the market:

• The Power of Staging When Selling Your Home
• Our Full-Service Real Estate Team’s Guide to Marketing Your Home
• What’s Your House Really Worth?

Set a Compelling Price Point

If you want the highest possible return, your price has to be realistic and competitive. Again, think about how your potential buyer will feel once they spot your listing. 

• A low price point might seem compelling at first glance, but the buyer may see a bright red flag and worry that something is badly wrong with the property.
• If your price is too high, they won’t even consider your home.

The perfect price point is both reassuringly high and pleasantly low at the same time. The buyer feels like they are getting value for their money. And you have a better chance of earning a higher amount because you may attract the attention of multiple buyers. There’s nothing like a little healthy competition to help you earn top dollar when selling your home. 

Do you want even more tips to sell your home in a challenging market? Our experts are here to help you plan your winning strategy. Reach out to us right here or call 905-332-9223 to connect with our office today. 

For decades, financial and real estate experts have loudly proclaimed that there is “no better time for first-time buyers to get into the market.” High housing prices make it challenging to follow that advice in the current landscape. 

However, the benefits of buying a house are as important, if not more important, than ever. With a place of your own, you no longer have to worry about rent going up or the landlord deciding to sell the home. Plus, each monthly payment builds your equity and brings you closer to the day when you will be mortgage-free. 

The question now is, how can you get started? In this post, we’ll take you by the hand and walk you through all of the steps to buying your first home. 

Choose Expert Representation

There are a lot of myths floating around about the pros and cons of working with a real estate agent. Sellers often believe that they can save money by doing all of the work themselves. This is usually not the case. More often that not, a seller will struggle to keep up with all of the demands on their time and end up with less than they would have if they used an agent.

However, it makes no sense to go it alone when buying. Friends and family may love to provide their expertise. The seller usually pays all real estate commissions, which means you get all of the benefits of working with a Realtor® with no out-of-pocket expenses. 

You may have a list of about a million questions about buying a home or whether it’s even a good idea for you right now. It’s important to have an expert you trust to guide you and represent your best interests at every stage of the process. How can you choose an agent to represent you when you’ve never dealt with the real estate market before? 

The following tips will help you get a head start on your research:

• There’s more information available online than ever before. Browsing the websites of local real estate teams and checking their Google reviews is a great way to get the lay of the land. 
• Find out how long the real estate team has served your area. Ideally, you want someone who knows how to navigate the market even when it’s not in your favour. 
• Make a list of potential real estate agents who seem like a good fit. The next step is to email them with a few of your questions. How they respond—and how quickly—can indicate the type of service they will provide.

Do you need more resources before starting the search for your first home? Here is some related reading you may enjoy:

• Hidden Costs of Buying a Home You Need to Know Now
• How To Win In A Multiple Offer Scenario
• 7 Amazing Benefits of Working with a Real Estate Agent

Beginning the Process

Once you’ve found an expert you trust to represent you, you can take your first tentative steps towards home ownership. What might that process look like?

If you’re just getting your feet wet, you can start with a mortgage pre-qualification. This is a simple step that you can complete in just a few minutes from your laptop or smartphone. You’ll answer a few questions about your income, assets and debts. 

Within minutes, you’ll get an estimate of what the major financial institutions might lend you. It’s not an amount you can take to the bank, but it’s a good start!

When you know for certain that you’re ready to buy your first home, ask your real estate agent to recommend a mortgage broker. You can get a pre-approval, which is a far more accurate estimate of how much you will be able to borrow, presuming nothing changes between now and your closing date. 

In the meantime, it’s best to avoid applying for new credit cards or taking out other loans if you can help it. Another benefit of getting pre-approved is you can lock in the lowest interest rate for 90 to 120 days. 

Do you want more information on how to finance your purchase? You may enjoy enjoy “Pre-Qualification Vs Pre-Approval – Which Is Better?“

Create Your Wish List

This might be the most exciting part of preparing to buy your first home. You get to dream about what your new house will look like and what attractions might be in your new neighbourhood. 

Creating a list of needs and wants will help you move from the planning stages to actually packing your bags and moving into your new home. Start by dreaming big, then outline what compromises you are willing to make. A starter list might look like the following:

• What structure are you looking for? A convenient condo with no maintenance or detached home with a backyard?
• Where should your new home be located? What city and what neighbourhood?
• Do you want a newly constructed home or something in a more established area?
• How many bathrooms and bedrooms do you want?

Understanding Down Payments

With the average price of housing up dramatically over the last few years, buying a house requires some financial resources. You may have heard repeatedly that you must have at least 20% upfront before you can even think about breaking into the market. However, this is one more misconception that prevents many would-be buyers from moving forward. Here’s a more detailed look at what you actually need to secure your first home. 

• For all properties $500,000 and under, you will need a 5% down payment ($25,000).
• You will need 10% on any amount between $500,000 to $1 million. The down payment for a $700,000 house breaks down like this: $25,000 for the first $500,000, then 10% on the remaining $200,000 ($20,000) for a total of $45,000.
• A $1 million home may seem ambitious for a first-time buyer, but it does happen. You would need to come up with a minimum of $75,000 to make this a possibility. That is $25,000 for the first $500,000 plus 10% on the remaining half, which works out to $50,000.
• Now imagine the down payment you would need if you jumped right into a luxury home priced at $2 million. The breakdown is the usual 5% on the first $500,000, then 10% on the next $500,000. Any amount over $1 million is where you will need 20%. In this case, it works out to $25,000 + $50,000 + $100,000, for a total of $175,000 upfront.

There may be another reason for the myth that you can’t buy a house with less than 20% down. Most housing loans will be subjected to mortgage insurance, one of the most significant closing costs. However, there is a way to avoid it–by putting a 20% down payment. 

What Closing Costs to Expect

Speaking of closing costs, let’s talk about some of the other expenses associated with your home above and beyond the purchase price. To be safe, it’s a good idea to set aside anywhere from 3 to 4% to ensure a comfortable transition. Many of these costs can be included in your mortgage.

• Legal fees to ensure the title is free of any liens that could interfere with your purchase.
• Title insurance to protect against identity theft or real estate fraud.
• Utility hook-up fees and any home maintenance costs.
• Property insurance, home inspections and appraisal fees.
• Land transfer taxes, which cannot be included in your mortgage.
• And, of course, mortgage insurance on any purchase with a down payment of less than 20%. You can pay this in one lump sum or as part of your monthly mortgage.

What goes on behind the scenes in a real estate transaction? The following resources will help make you an educated buyer:

• What Real Estate Lawyers Do
• The Deal Fell Through. What Happens Now?
• How To Negotiate A Real Estate Contract

Government Resources for First-Time Buyers

Calculating how much you’ll need to buy your first home can seem mind-boggling. If the numbers add up but leave you feeling a little bit crunched, there is good news. The provincial and federal governments offer incentives to ease your financial burden and help you get your first foothold on the property ladder. 

• Home Buyer’s Plan: You can withdraw up to $35,000 from any tax-sheltered investment without penalty as long as you repay those funds within 15 years. 
• First Home Savings Account: This relatively new program allows young Canadians to start saving for their first home payment as they turn 18. Each year, you can put up to $8,000 into a tax-free investment up to a maximum of $40,000. Unlike the Home Buyer’s Plan, there is no need to repay these funds. Best of all, your investment can grow, which substantially increases your purchasing power as time goes by.
• Land Transfer Tax Rebate: Land transfer taxes are one of the most significant closing costs when purchasing a home. Fortunately, first-time buyers qualify for an instant rebate of up to $4,000.
• First-Time Buyer Tax Credit: First-time buyers can qualify for a tax credit of up to $1,500, which can help cover incidental costs when moving into a new home.

Do you have more questions about the process of buying your first home? Reach out today or call 905-332-9223 to connect with our office.