Right now is the perfect time to list your home. Mortgage changes are coming January 1, 2018 that could reduce buying power by uo to 20%. Also, with interest rates rising, and market prices still high, listing your home now makes sense. However, before you put a For Sale sign on your lawn, here are 4 home updates that can help get you top dollar for your home.
Flooring is one of the easiest and most cost-effective ways to put value back into your home. Updating your floors can instantly update the entire look and feel. A simple swap is to replace outdated carpets with hardwood or laminate, and for bathrooms and kitchens look to classic, simple tile designs.
SWITCH OUT HARDWARE AND FIXTURES
Kitchens and bathrooms can instantly make a home appear outdated. One simple update that is to switch out fixtures and hardware. Replace dated brass hardware on cupboards and drawers with a more modern, clean look. Also, consider updating your faucets and light fixtures too-these are budget friendly and can be installed in a few hours.
One of the easiest ways to give your home a facelift is to refresh your paint colours! Choose light and neutral, inviting tones that will work for all buyer types. In addition, select a single colour to use in each room. Keeping it simple, clean, and neutral will add value back into your home and instantly make it easier for buyers to see themselves living there.
DECLUTTER AND DEPERSONALIZE
Your home is just tha…your home. It has pieces of you and your family throughout. However, when you are selling it is important to remove some of those more personal items. That wallpaper you love, the quote over your entry way, or that funky piece of artwork might not appeal to all buyer types. Remove or place these things in storage. At the same time, look at your home objectively and pinpoint any areas that are “clutter zones”. Sort and organize these areas and put any items you don’t use day-to-day in storage as well.
By taking the time to update your home and showcase its best features you will instantly see a return on your investment. Buyers are more willing to buy a home that they can picture themselves living in. Keep in mind that at Young Real Estate Group we have a network of trusted individuals who can help you with these projects! We know moving and listing a home can be a stressful time…and having someone do it for you just makes life easier! Give us a call today and we will be thrilled to meet you and discuss the next steps in getting your home ready to sell for top dollar!
At 63% MarketSpeed™ (sales-to-active listing ratio) we are officially in a seller’s market. But the question is: Why?
- Sales: 25% less than the previous year, and with an average list price of $623,000 giving us a 5% increase compared to this time last year, and a 2% increase month over month.
- Active Listings: Active listings totaled 3169 which is a 15% decrease year over year, but a 5% increase month over month
- Days on the Market: Homes were on the market for an average of 10 days in April, which is an 11% increase from last year, and 23% less than the previous month.
All of these factors play into producing a Seller’s Market in the Fraser Valley. If you are interested in learning about the stats in your area please contact us and we will be happy to send you a report!
This new program for first time homebuyers called the HOME Partnership Program may be able to help them! In a nutshell the program breaks down as follows:
- Offers qualifying home buyers loans of up to $37,500, interest and payment free, for five years.
- The province has started accepting applications, started on January 16, 2017.
- To qualify, buyers must:
- be buying their first home
- obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price
- have a combined gross household income not exceeding $150,000
- have saved a down payment amount at least equal to the loan amount
- be a Canadian citizen or permanent resident for at least five years
- have lived in BC for at least the full year preceding their application.
- The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.
- The Facts:
- The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price
- The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees)
- After five years, buyers can either repay their loan or enter into monthly payments at current interest rates
- Loans through the program are due after 25 years.
- The Application:
- Applicate/purchaser applies for loan
- Expected fees are $560.00
- Expected turnaround time is 5 days
- Housing Loan Approval is good for six months *** Pre Approval Certificate is required from a Bank before applying for the BC Housing Loan for Down Payment ***
- Applicants selects a home and writes offer.
- Lender approval and final contract to be sent to BC Housing minimum 14 days prior to closing date
- BC Housing will send instructions to lawyer/notary 4 days before closing date
- Please allow extra time if your client is applying for the program for subject removals.
For easy reference, please view the PDF Flow chart, power point, and scenario’s.
If you or someone you know has questions about this program, please contact me. I would be delighted to help!