Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

Tips For Listing Your Home In A Seller’s Market

It bears no need for repeating, but we’ll say it once again – Ottawa (and most of Canada) is experiencing the hottest ever real estate market in history. If you’re a property owner and are looking to move this year, there’s no better time to list your home and reap the rewards of your initial financial investment. It’s not uncommon to see homes selling for more than what is the asking price, due to the incredibly high demand we’ve been seeing. But that being said – it’s also not the rule.

Here are a few tips to set you on the right track when listing your home for sale:

1. Consider whether you have a new home to move into

This one may seem obvious, but considering how expensive prices have gotten, it’s worth having your next home lined up before deciding to sell yours. The goal is to make sure you have an option set in stone that meets your style, size and location specifications and that you won’t have to settle for a property that doesn’t meet these criteria if you don’t, due to current market pricing.

2. List your home just under market value

This is a strategy seemingly favoured by many realtors. While this strategy isn’t always necessary, it attracts more buyers and will likely spark a bidding war, for a lack of a better term, that will get you the offer you’d like – and fast!

3. Get ready to move quickly

Because of high demand and scarcity of properties for sale today, you might see buyers being willing to purchase your home in cash or with minimal financing. Be prepared for the process to move quickly and that you may close on your home’s sale in a very short period of time.

4. Manage your expectations

Just because it’s a seller’s market, it doesn’t mean that your home is automatically going to sell for more than the listing price. Many factors can influence your final sale price, including location, availability within your area or other homes in your neighborhood offering different features. Carefully evaluate each offer you receive, and don’t discount it immediately because it doesn’t meet your initial expectations.

 

If you are looking to purchase a new or secondary home this summer, please don’t hesitate to reach out to Capital Mortgages to get started on the pre-approval process and put your rate hold in place!

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Capital Mortgages opened in January 1999 and has since serviced thousands of clients and arranged several billion dollars in mortgages in Ottawa area.

The Benefit of Rate Holds

The term “rate hold” may be something you are familiar with if you have worked with us in the past. If not, it is a term that all prospective buyers should know!
 
A rate hold is offered by the majority of lenders to clients who are purchasing a new home and need a mortgage. The purpose of the rate hold is to secure the interest rate on your mortgage application for a certain time period. Often, these holds range from 90-120 days. Bear in mind, these are typically not provided for anyone refinancing their mortgage or looking to transfer it from one lender to another. Only those looking to purchase a home or establish a brand-new mortgage.
 
Once you have created an application with us, We can submit it to an available lender who is offering a rate hold on an interest rate you want to take advantage of – all without a property attached.
 
For an example of how a rate hold works, consider this. On day one you submit your application to a lender for a fixed interest rate of 2.64% for five-years. On day 60, that interest rate moves to 3.12%. As long as your mortgage closes in the next 60 days, you are protected and can keep your lower rate of 2.64%. Plus, if rates happen to trend downward, you can also take advantage of the lower interest rate.
 
This rate hold does not commit you to working with that particular lending institution, nor does it commit you to working with us. It also does not hurt your chances of receiving an approval down the road! All it does is protect the agreed upon interest rate for you while you shop the market, so you don’t have to worry about it increasing while you are hunting for your perfect home!
 
Once the 120 days expires, if you have not found that perfect home fit or want to take advantage of different interest rates, there is nothing stopping you from submitting another rate hold! It will just be subject to the current rates on the day of submission.
 
If you are looking to purchase a new or secondary home this summer, please don’t hesitate to reach out to Capital Mortgages to get started on the pre-approval process and put your rate hold in place!