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!

Follow us on TwitterLinkedIn and Facebook!

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 Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

6 Home Renovations to Boost Property Value

Whether they have just moved into a new property and it requires some TLC or you they are looking to make some updates to their current family home, the majority of homeowners will usually undertake some kind of renovation on their property while they live there. But did you know that there are some renovations that will not add value to your home? To help you avoid losing money on renovations that won’t give you a sufficient return on your investment, we’ve gathered together the top six home renovations that are guaranteed to boost the value of your property:

 

1) Manufactured stone veneer

Increase your home’s curb appeal, and reel in potential buyers, by updating your unsightly old vinyl or siding with manufactured stone veneer. This attractive update will give a huge facelift to your home and is almost guaranteed to recoup costs when selling.

 

2) Garage door

Consider replacing your current garage door with a modern-looking one with galvanized steel tracks. This update offers another boost to your home’s curb appeal while also providing a practical investment.

 

3) Deck

A well-made and good looking deck is certainly a worthwhile investment to your home. Often, a nicely installed deck will make you back the dollars spent on it. If you have a small yard, a deck will make especially good use of your outdoor space.

 

4) Front door

Potential buyers often make up their minds within the first 30 seconds of visiting a house. Make sure your home packs a punch with an attractive front door. Other things to consider are a nice-sounding working doorbell and a covered entryway or awning. Nobody likes the thought of getting drenched with rain (or snow!) when fumbling for their keys at the front door!

 

5) Floors

Floor renovations don’t need to cost a lot of money. Do you have hardwood floors that squeak? A few nails can take care of that. Do your wood floors need a refresh? Consider refinishing them. Are your floor tiles cracked or chipped? Replace them. Avoid wall-to-wall carpeting as this is not popular with potential homebuyers.

 

6) Walls

A fresh lick of paint on your walls is one of the easiest and most affordable investments you can make in your home. Neutral colours are most appealing to potential buyers so you might want to consider painting over any bright or bold colours. Before you put your home on the market, make sure to fix any holes, marks, or chipped paint on your walls.

 

You can also save money by choosing the right mortgage for your needs. At Capital Mortgages, we have the knowledge, experience and network to find you the most favorable financing now and for future terms. Contact us today to learn more.