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

5 Tips for Selling Your Home During the Pandemic

Due to the unprecedented amount of time people are now spending in their homes, the demand for larger homes has increased. People are selling their previous dream homes for new ones that can accommodate everything from online learning to at-home workouts to working from home. This has led to a unique situation where folks are putting their homes up for sale and buying new ones despite the global pandemic. If you are one of these people, read this blog for some important tips for selling your home during the pandemic.

1. Don’t undervalue your home:

While you may feel like you need to make changes rapidly, do not make an emotional decision and put your home up for sale at a low price out of fear. According to studies, there continues to be low inventory on the market and therefore prices are remaining in tact. Moreover, low interest rates are enabling buyers to spend more than they may have a year ago.

2. Sell safely:

While many open houses have gone completely virtual, if you are planning on having an in-person open house, be sure to wear a mask, have gloves and sanitizer on hand, and deep clean your home before and after potential buyers come through. Be ready for virtual appraisals, inspections and bidding wars too!

3. Boost your curb appeal:

Due to the limiting of open house and in-person home visits, potential buyers are more likely to look at the front of your home again and again. From front yard gardening to decorating to a fresh coat of paint, try to improve your curb appeal for all those drive-by potential buyers. 

4. Be Patient:

The virus has changed the way the world works, and you cannot rush the process right now. This may result in a lot of last minute cancellations due to illness or delayed closings due to inspection or appraisal bookings.

5. Go for it:

It is still a great time to list your home, especially considering how many other people are aching for a new space, different space or more space in their own home in order to manage this new at-home focussed life. If you want to sell, go for it!

Are you planning on selling your home during the pandemic, and are looking for a team that you can trust to help you secure a new mortgage loan for a new home, contact us at Capital Mortgages today.  

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

Young Canadians Are Buying More Homes During the Pandemic

The pandemic has had an incredible impact on many peoples biggest life decisions. From selling or buying homes, to delaying or changing wedding plans, to cancelling birthdays and reimagining retirement entirely – it is without a doubt that the impact of the pandemic on peoples lives will be unforgettable. 

 

One interesting way that the pandemic has had an affect on many of our clients here at Capital Mortgages is that “nearly one in five young Canadians aged 18-34 say the pandemic has accelerated their plans to purchase a home or investment property, according to a recent Scotiabank survey.” Read on to learn what is motivating them to do this.

 

1. Interest Rates have Dropped

The current low interest rates have catapulted many young peoples decisions to buy homes now, rather than later. Even if home prices have not dropped substantially, the remarkably low interest rates are making purchasing a new home accessible for many buyers who did not have this option pre-pandemic. 

 

2. The Purpose of the Home has been Redefined

Suddenly, with working from home, homeschooling, eating in more often and even working out from home, the home has been completely redefined. Many people are looking for more space, or rather, more functional space, to do each of these new things we did not previously do from home. 

 

3. Outdoor Space has become Essential

While urban dwellers have certainly embraced daily walks during the pandemic, there is nothing more valuable, especially to young families, then having ones own outdoor space to play. Many people are seeking new homes with more space inside and out. 

 

4. Optimism about Price Drops has Increased

Young Canadians are eager and optimistic that home prices will fall drastically due to the pandemic, and therefore, they are making plans to buy but sitting patiently to make the offer. 

 

5. Cottages are Calling

Many young Canadians who cannot afford to buy in high-priced urban centres have retreated to buying their rural pandemic-friendly retreat. From fixer uppers to dream country escapes, Canadians are taking these low interest rates and hard times to secure their future. 

 

Canadians are spending an astronomically bigger amount of time inside their houses and the overall value of owning a home has become highlighted during this pandemic, especially when public spaces were (are) closed down. If you are interested in purchasing a new or second home, an investment property or a dream cottage, contact our team to get pre-approved for your mortgage today.