Tara Matthews

(778) 834-7355

5 Minute Tips: Prep Your Home for Viewing


You have potential buyers coming but you’re already running late for work. What can you do in 5 minutes that will have the most impact?


1. Tidy the foyer / front entrance.

The front entrance is the first impression of your home. Put away your family’s shoes, hats, jackets, mail, etc.


2. Turn on lights and open the curtains.

Brighter homes look larger and more welcoming. Your real estate agent would be happy to turn off the lights and close the curtains after the prospective buyers have left, if you ask them.


3. Give the powder rooms a once-over.

Put the toilet lids down, wipe any hair and toothpaste spills from the sink, and put away toiletries.


4. Remove personal items.

Quickly go through your home and remove personal items such as family photos, bills and jewellery. This will help potential buyers picture themselves making the home their own.


5. Shake off your welcome mat.

Make sure your welcome mat is clean, free of leaves, bugs or other outdoor distractions that have a habit of accumulating.

This quick and easy task list will help you present your home to buyers in the best light, and it will ensure your mind doesn’t wander back to your house throughout the day with worries that you did not leave your home as clean as you could have.


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Why is it so important to know how much you can afford to spend on a home?

Two reasons.

First, you don't want to buy a property and then find out, only after you’ve moved in, that you can't financially maintain it. That would mean having to resell it under stressful conditions.

Second, you don't want to settle for a property that's less than ideal, when you really could have afforded the "dream home" you've always wanted.

So how do you figure out how much you can afford to pay for your next home?

The first step is to talk to a good REALTOR®. I will help you gain a clearer understanding of how much your current home will likely sell for in today's market. That amount, together with other financial resources you might have (such as savings), will determine your down payment.

The next thing you’ll need to figure out is your mortgage. I can help you find a lender who will take a variety of factors into account – income, credit rating, debts, expected down payment, etc. – to calculate the maximum amount of mortgage for which you qualify.

Say, through the proceeds of the sale of your home combined with your savings, your expected down payment is $90,000. If the lender authorizes a mortgage of $270,000, then you can afford a $360,000 home.

Of course, that doesn't mean you'll need to spend that much. In fact, a home that meets your needs in terms of property type, features, and neighbourhood, may in fact cost you less.

One thing is for sure. A good REALTOR® can work with whatever amount you can afford and show you homes on the market that most closely meet your needs.

Looking for a good REALTOR®? Call me today.

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Pick up any newspaper today and no one could blame you if you got a little worried about the state of the economy or the fear of a pending maket correction in Canadian real estate.

 

What if Greece defaults?  What about the "fiscal Cliff" in the US?  Are Canadians taking on too much debt?  Have mortgage rules gone too far?  Is there a housing bubble about to burst?  What if there is a market correction?

 

The real question is, do Canadian homeowners or prospective buyers need to be concerned?  Every time there is talk about a market correction in Canadian real estate, the tone is quite negatiave.  But let's take a closer look at that situation: rather than argue about whether we may have a market correction, let's analyze what it really means to Canadians if there is one.

 

FIRST TIME HOMEBUYERS:

 

If you are a first time homebuyer, you have likely felt the pinch of the rising cost of housing, and the new mortgage rules certainly haven't helped any either.  So a slight market correction would be welcome news for you.  You can still get into homeownership with only five per cent down, but since your maximum amortization is now limited to only 25 years, a drop in pricing is exactly what you'll need to be able to get into this market.

 

CONCLUSION:

A market correction is a good thing for you.

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