Open House- The Real Estate and Mortgage Show: October 27, 2018
Prime interest rates have increased, snow will likely bring a slow down to the real estate market, and what renovations can help add value to your home. All this and more on this week’s edition of Open House: The Real Estate and Mortgage Show.
Prime interest rates have increased, snow will likely bring a slow down to the real estate market, and what renovations can help add value to your home. All this and more on this week’s edition of Open House: The Real Estate and Mortgage Show.
Given our climate here in Ottawa, as the snow comes to town, the real estate market tends to slow down. When it comes to inspecting a home in the winter, ask the Real Estate agent about to furnace, air conditioner, roofs, and windows. For peace of mind, some mortgage lenders offer a Home Warranty, often free for the first year, which can mitigate some of these risks.
With the Bank of Canada announcement last week, the prime interest rates have also increased to 3.95%.
Remember when renovating your home, ensure the projects you do can get you the value back when selling. Speaking to a Real Estate Agent can help decide what does help increase the value of your home.
Did you know: When making deposits with builders when buying a brand new home, ensure you keep copies of the cheques and bank statements showing the cheques being cashed. In fact, some lenders are asking for copies of deposit cheques on re-sale homes as well. When looking at purchasing a new home, either with a builder or a re-sale, ensure your application information does not change and no debts are incurred or income lost. This is especially important when closing dates are father in the future as lenders will request updated documents and a new credit bureau.
The current Ottawa real estate market is still teetering on a sellers/ balanced market. When buying a home, there is no fee to use a Real Estate Agent as a buyer.