Author: Staff Writer

As the fall season approaches, many homeowners may think they can take a break from preparing their homes for sale. However, this couldn’t be farther from the truth. While it’s easy to assume that curb appeal doesn’t matter in the fall, or that buyers won’t care about the interior temperature of your home, these misconceptions could actually hinder your chances of selling quickly and for top dollar. Here are some common myths about the fall real estate market and how to debunk them:

Myth #1: Curb Appeal Doesn’t Matter in the Fall

Reality: Curb appeal still matters, even in the fall. In fact, it’s more important than ever to make a good impression on potential buyers. Clear away any leaves and debris from your walkways and gutters, keep your lawn mowed and trees trimmed, and consider adding some festive landscaping to welcome visitors. This will not only enhance your home’s appearance but also demonstrate your attention to detail and commitment to maintaining your property.

Myth #2: The Weather Is Cold, So Your Home Should Be too

Reality: While the outside temperature may be dropping, that doesn’t mean your home’s interior temperature should follow suit. Instead, consider making some cosmetic changes to warm up your space, such as painting the walls a brighter color or adding some cozy textiles. You can also use lighting to create a welcoming atmosphere, even on chilly fall nights. By making your home feel inviting and comfortable, you’ll be more likely to attract potential buyers who are looking for a place to call home.

Myth #3: Buyers Won’t Pay Attention to Price in the Fall

Reality: Price remains a crucial factor in any real estate transaction, regardless of the season. It’s essential to research the current market trends and determine a fair and competitive list price for your home. An experienced real estate agent can help you navigate this process and ensure that your home stands out from the competition. Don’t underestimate the power of proper pricing – it can make all the difference in securing a quick and profitable sale.

Myth #4: Once You’ve Sold Your Home, You’re Done

Reality: Unfortunately, the sale of your home is just the beginning of the process. Preparing for a move can be overwhelming, especially during the holiday season. That’s why it’s vital to plan ahead and address any logistical challenges beforehand. From scheduling moving services to coordinating utility disconnections and connections, there’s a lot to consider. By taking care of these details early on, you can minimize stress and ensure a smooth transition into your new home.

While the fall real estate market may present some unique challenges, it’s essential to debunk these common myths and prepare your home accordingly. With a little bit of effort and planning, you can maximize your chances of selling your home quickly and for top dollar. Contact Nadia Rizk to get ready to welcome the fall season with open arms and a beautifully staged home!

Based on https://blog.remax.ca/fall-real-estate-selling-myths/

If you’re planning to buy a home in Canada, you’ll need to save up some money for two important payments: the deposit and the down payment. But what’s the difference between these two terms, and how much do you need to pay for each? Let’s look at a deposit vs down payment, how they affect your home purchase, and some tips on how to save for them.

What is a deposit?

A deposit is a sum of money that you pay upfront when you make an offer to buy a home. It shows the seller that you’re serious about the purchase and that you have the financial means to buy the home. The deposit is usually at least 5% of the purchase price of the home, but it can be higher depending on the market conditions and the seller’s preferences. It is part of your down payment, so you don’t have to pay it twice.

The deposit is usually paid by a certified cheque, bank draft, or money order, and it’s held in trust by the seller’s real estate brokerage until the deal closes. If the deal goes through, the deposit is applied towards the purchase price of the home. If the deal falls through, you may or may not get your deposit back, depending on the conditions of the offer and the reason for the cancellation. For example, if you include a “subject to financing” condition in your offer and your mortgage is not approved, you can get your deposit back. But if you back out of the deal for no valid reason, you may lose your deposit to the seller.

What is a down payment?

A down payment is the amount of money that you pay towards the purchase price of the home, while the rest is covered by a mortgage loan. The down payment is usually expressed as a percentage of the purchase price. In Canada, the minimum down payment is 5% for homes under $500,000, and 10% for the portion of the price above $500,000. For example, if you buy a home for $600,000, you’ll need a minimum down payment of $35,000 (5% of $500,000 plus 10% of $100,000).

However, if you can afford to pay more than the minimum, you may want to do so for several reasons. First, a larger down payment reduces the amount of money you need to borrow, which means lower monthly mortgage payments and less interest over time. Second, a larger down payment may help you qualify for a better mortgage rate, as lenders consider you less risky. Third, a larger down payment may help you avoid paying for mortgage default insurance, which is mandatory for mortgages with less than 20% down payment. Mortgage default insurance protects the lender in case you default on your loan, but it adds to your overall cost of borrowing.

How to save for a deposit and a down payment?

Saving for a deposit and a down payment can be challenging, especially in today’s competitive and expensive housing market. However, there are some strategies that can help you reach your goal faster and easier. Here are some tips to consider:

Start saving as early as possible. The sooner you start saving, the more time you have to accumulate money and take advantage of compound interest. You can use a savings account, a tax-free savings account (TFSA), or a registered retirement savings plan (RRSP) to save for your home purchase. Each option has its own advantages and disadvantages, so you may want to consult a financial advisor to find the best one for you.

Budgeting

Set a realistic budget and stick to it. To save more money, you need to spend less than you earn. This means you need to know how to make a budget that tracks your income and expenses, and identifies areas where you can cut costs and save more. For example, you can reduce your discretionary spending on things like eating out, entertainment, and travel, and put the extra money towards your home savings. You can also look for ways to increase your income, such as taking on a side hustle, selling unwanted items, or asking for a raise.

Take advantage of government programs and incentives. The Canadian government offers several programs and incentives to help first-time home buyers save for their home purchase. For example, the Home Buyers’ Plan (HBP) allows you to withdraw up to $35,000 from your RRSP to buy or build a home, without paying tax on the withdrawal. The First-Time Home Buyer Incentive (FTHBI) offers a shared-equity mortgage with the government, where you can borrow up to 10% of the purchase price of a new home or 5% of a resale home, and lower your monthly mortgage payments. The First-Time Home Buyer Tax Credit (HBTC) gives you a tax credit of up to $750 for buying your first home. You can learn more about these programs and see if you qualify on the Canada.ca website.

Deposit vs. Down Payment

Buying a home is a big financial decision that requires careful planning and saving. By understanding the difference of deposit vs down payment, and following some of the tips above, you can make your home buying journey easier and more rewarding. If you need more help or advice, feel free to contact us. We’ll be happy to assist you with your home buying needs.

Contrary to what we see on most home transformation TV shows, everyone’s not on the same page when it comes to home design. One person could walk into a postwar bungalow and fall in love with the original bathroom with pastel pink fixtures and tiles, while the next person who views the home sees it as a dealbreaker.

But in the grand scheme of complaints about a home, decor is among the least problematic. Here are a few examples of dealbreakers for potential homebuyers that you’ll want to take care of before putting your house on the market.

Common dealbreakers for potential homebuyers

Unless you’re selling the home as-is at a price that reflects the amount of work the house requires, it’s usually a good idea to take care of its biggest problems before putting it on the market. According to a 2022 survey by HomeAdvisor, these are some of the most common dealbreakers for homebuyers:

Cracked walls or ceilings

Ceilings and walls crack for a number of different reasons. In some cases, they’re signs of an underlying structural issue, water damage, or poor workmanship.

Other times, they’re simply a result of the natural settling of the foundation, or expanding and contracting as the temperatures change seasonally. Either way, fix the underlying issue, or make the cosmetic changes to get rid of the cracks before listing the house.

Exterior problems

Curb appeal is one thing, but when people see damaged or discolored siding, or obvious weatherproofing issues in part of the home’s exterior, it may be enough for them to walk away.

Noticeable flaws in the foundation

Even if someone doesn’t know a lot about home construction, if they can easily spot major cracking, sagging, or other flaws in the foundation, they’ll also likely see major expenses in their future.

A significant number of repairs needed

Unless the house is being sold as a fixer-upper, a potential homebuyer shouldn’t be able to walk through the home and find multiple necessary repairs.

While they might have some leeway when it comes to homes that clearly haven’t been remodeled in decades, if a house has recently been updated or flipped, shoddy craftsmanship is a major red flag.

Whether it’s the work of a contractor who cut corners, or a DIY project gone wrong, a potential homebuyer isn’t going to want to deal with someone else’s mistakes.

As we welcome the autumn season in 2023, the real estate market in Toronto, Ontario is heating up once again. The city’s housing market is primed for a potential surge in activity.

Housing Market Trends:

1. Supply and Demand: After a prolonged period of low inventory, the Toronto real estate market is finally witnessing an increase in new listings. This improvement in supply is expected to continue throughout fall 2023, providing potential buyers with more options to choose from. At the same time, demand remains strong due to the ongoing population growth and favorable economic conditions.
2. Price Appreciation: The housing market in Toronto has shown remarkable resilience in the face of economic uncertainty. While prices may have plateaued in recent months, there are signs that they could start to rise again in the fall. As the supply of homes on the market increases, buyers may feel more confident in their purchasing decisions, leading to potential price appreciation.
3. Investment Opportunities: Toronto has always been a popular destination for investors, and the current market trends are no exception. With the recent shift in global economic powers, the city is poised to become an even more attractive destination for international investors. As a result, there may be increased competition for properties, which could lead to higher prices and stronger rental yields.
4. Mortgage Rates: Mortgage rates have been steadily increasing over the past year, and this trend is expected to continue in the fall. While higher mortgage rates may make it more challenging for some buyers to secure financing, they can also lead to a more balanced market. As the cost of borrowing increases, buyers may be more cautious in their purchasing decisions, which could benefit the market in the long run.
   Predictions for Fall 2023:
   Based on the latest trends and market conditions, here are some predictions for the fall real estate market in Toronto, Ontario:
5. Continued Stability: Despite some concerns about a potential housing market crash, the Toronto real estate market is expected to remain stable in the fall. With the ongoing supply of homes, a strong demand from buyers, and increasing investment opportunities, the market is poised for a period of sustained growth.
6. Increased Home Prices: While the housing market has shown remarkable resilience, there are signs that prices may start to rise again in the fall. As the supply of homes on the market increases, buyers may feel more confident in their purchasing decisions, leading to potential price appreciation.
7. Increased Investment Activity: With the ongoing population growth and favorable economic conditions, Toronto is expected to remain a popular destination for investors. As the global economy continues to shift, the city’s real estate market is poised to become even more attractive to international investors.
8. More Balanced Market: As mortgage rates continue to increase, the real estate market in Toronto may become more balanced. With fewer buyers able to secure financing, the market may slow down, leading to a more balanced market in the long run.
   
   
   The fall 2023 real estate market in Toronto, Ontario is shaping up to be an exciting and promising one. With a strong demand from buyers, increased supply, and favorable economic conditions, the market is poised for sustained growth. While some challenges may arise due to rising mortgage rates, the overall outlook for the fall season is positive. As always, it’s crucial to stay informed and work with trusted real estate professionals to make the best decisions for your property investments.