Check out our YouTube channel for a short video of the recent rate changes and activity in the market.
The Royal Bank of Canada (RBC) announced that they were lowering the interest rate of their five-year fixed-term mortgage offering.
According to CBC News, Canada’s largest bank brought down their five-year rate to 3.74% from 3.89%, representing a cut of 0.15%. RBC lowered interest rates in the wake of Canada’s bond yield falling to 1.75%.
Working largely with buyers I recommend getting a home inspection whenever possible especially as a first time home buyer. Our current market is getting active again and with multiple offers happening there is not always time to get one put into the offer. However there is a possibility to have one done prior to submitting one.
What is a home inspection?
A licenced professional performs the visual inspection. The purpose of this is to tell the buyers what the current condition of the home is and what maintenance needs to be done to keep things running smoothly. Another important thing that is talked about is what future expenses the buyer will have to budget for (ex. furnace, windows etc).
What does an inspector look at?
The inspector can only do a visual inspection but if they have proper certification and training they will know what to look for.
On the exterior the roof, eaves troughs, gutters, drainage, foundation, brick and or siding are all loooked over.
On the interior the attic, insulation, electrical, plumbing, basement, HVAC system and more are inspected.
When you receive your report the inspector will go over it with you. No home is ever perfect no matter the age, so there will always be minor things to do. Maintenance is key to the up keep of your home, checking it over in the fall and spring can be a time saver and avoid a lot of unexpected aggravation.
Searching for a house can be a stressful process at times. Having your ducks in a row and working with a professional realtor can make the process a lot easier.
First thing- Get A Per-Approval
The biggest stresses can be getting financing in place. Finding a home you love to find out you don’t qualify financially can be heart breaking. Call a mortgage broker or a mortgage specialist and find out what you can afford, and get a second opinion.
Just because you were pre-approved for an X amount doesn’t mean you should spend that much. Look at all your bills and expenses and the things you spend money on occasionally (dinners, movies, sports etc). You don’t want to be mortgage poor, you want to enjoy your home.
Your must haves
Make a list of your wants and needs. Finding a home that has both on a budget may be tricky depending on the market. Prioritize the needs and you may need to get creative at times.
Finding the professional that will work not only for you but with you
Not all realtors are the same. Talk to a few and do your research, find the one that you feel most comfortable with. You and that agent may be spending a lot of time together make sure its a good match!!!!!!!
I invite you to look around www.soldinwoodstock.com . It is such an exciting experience to be able to provide you with an all-inclusive real estate web resource in the Woodstock, Ontario & surrounding area. There are many features you can explore on the site today! Such as my ‘Guide to What’s On in Woodstock’ page where you can learn about local education & school boards, sports & recreation, community activities and more. As your Woodstock real estate expert I can provide you will all of the information to accomplish your real estate goals.
Buyers: Whether you’re looking for your first home in Woodstock, your dream home or an investment property, I’m committed to providing you with the highest quality buyer service. Check out the most up to date MLS listings on my website! When making the type of investment that buying a home requires, you deserve to have all the latest market information and the very best advice, both of which I can provide you with.
Sellers: The decision to sell a home is often dependent on many factors. Whatever your reasons are for selling, my proven effective marketing strategies will ensure that you get the highest possible price for your home. I guarantee to provide you with professional and confidential service and keep you fully informed every step of the way.
So whether you’re buying or selling, my commitment will ‘move’ you! Feel free to contact me today, I would be happy to help with all your real estate needs. Please stay tuned for more blog posts! I plan to feature more amazing things on my blog soon such as helpful tips that will make your home buying and or selling experience exciting, fun and as easy as possible!