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If you are looking to sell your home, there are some considerations you might want to take before you put your house on the market. There are several things homeowners can do to make their property stand out so that they can avoid being pressured to sell for less than they want or to sell too quickly. Selling a home can be a stressful process but taking the time to prepare your home for sale will allow the process to go more smoothly. The following tips and recommendations will very likely put your property a notch above the typical seller.

 

Clean And Declutter

 

Giving your home a thorough cleaning and getting rid of clutter will make your home look more attractive to potential buyers and help them visualize themselves living there. Removing things like bulky and ill-fitting furniture can help the space flow and easily let buyers see the square footage available. Storage is something that every buyer is looking for, so make sure you declutter all your rooms like the basement and garage and also organize the closet and pantries. 

 

Stage The Home

 

Staging your home will allow potential buyers to see the potential of the space available. Staging could include adding decorative items, removing furniture, and setting the dining table for a dinner party. Also, rearranging your furniture helps to showcase the floor plan and maximizes the use of space.

 

Make Small Repairs

 

Ensure that you fix any small repairs or maintenance issues that you have been delaying. This includes things like replacing burnt-out lightbulbs, fixing leaky faucets, and repairing damage to walls or floors. This is important in case any problems are discovered during an inspection, as it will give buyers the opportunity to lower their offer or lead to a deal falling apart over issues that could have been fixed from the start.

 

Update The Appearance

 

Also, consider making some updates to upgrade the appearance of your home. If your house looks a little run down, consider adding a fresh coat of paint in the interior or exterior (or both), replacing old fixtures, and adding new landscaping. Make sure the grass looks neat and cut, the yard is landscaped, and knick-knacks such as children’s toys are removed. 

 

Price It Right

 

It is important that you work with your real estate agent to decide the right price for your home. This is because you will attract the right buyers and avoid a long and drawn-out sales process when your house is priced right. Establishing the proper asking price is key to selling your home. Determining the right asking price is often difficult for homeowners, and without help, they often overestimate its worth in the current market conditions – an overpriced home can be a deal-breaker and it won’t sell.

By following the tips above, you can get your home ready for sale and increase its chances of selling quickly and for a good price. HW Realty Group is happy to help guide you through the home-selling process. Contact us today!

Buying a home for the first time can be an exciting yet daunting task but the process can be made smoother by doing some logistical groundwork. Being prepared for what you’ll encounter as a first-time buyer will prepare you for the home-buying process as purchasing a house is a major commitment, and most likely be the biggest purchase you’ll ever make. The following are 5 tips to guide you through the process of buying your ideal first home.

 

Check your credit 

 

You should check your credit score well in advance of buying a house as it will give you time to fix any errors and improve your credit score ahead of time. A strong credit score means you’ll have a lower interest rate on your mortgage. Conversely, with a lower credit score lenders may require a larger down payment and charge you a higher interest rate on your mortgage. Your credit score affects your down payment options and final mortgage terms. Check with your bank to see if they provide a free credit score, or if they have any recommendations on where you can access one. Those with high credit scores (800 or more) face lower down payment requirements and enjoy a lower interest rate. 

 

Be Open to New Neighborhoods

 

Even within the same city, home prices can fluctuate dramatically. One of the greatest determiners of price is location. If you are willing to look beyond a certain neighbourhood, you will be able to get a lot more for your money. With the recent rise in remote work (and if you recently transitioned to remote work), this will provide a wider home-searching area than before. Factor in choosing somewhere with an overall lower cost of living, and you’ll give yourself more financial room on your mortgage. It is essentially a balancing act between how much you want to pay and where you want to live.

 

Find the Right Mortgage Lender and Loan Type

 

Make sure you research different mortgage lenders such as banks, online lenders, and credit unions. In addition, look for a lender that’s easy to work with, knows the area you’re looking to buy in, and answers all your questions along the way. It’s also important to pay attention to the rate and fee differences between lenders, as these can differ among lenders even for the same applicant so ensure you get the best rate by shopping around. Even a small difference in the interest rate can save you thousands of dollars in the long run.

Budget other Costs

 

It is important to consider that a mortgage isn’t the only recurring expense. When buying a house, it is important to anticipate other costs such as homeowners’ insurance, property taxes, repairs, and maintenance costs. Maintenance costs such as lawn care, snow shovelling, and raking leaves can also add up to your overall expenses. So when a home may seem affordable on paper, it can become pricey in reality. It is important that you include all these costs and other regular expenses when considering how much you can afford to spend on buying a house.

 

Using a Realtor

 

Using a realtor to find your home is a trusted source for all your home-buying needs. They provide valuable expertise and experience, and are committed to a high degree of professional conduct that is consumer-focused. A realtor helps with the interpretation of the data, and helps a homebuyer with all the information to make an educated decision in terms of comparable prices in neighbourhoods. A realtor also helps with information regarding market conditions and the steps required to go ahead with a home purchase.

HW Realty Group is happy to guide you through the home-buying process. Call us today!

For many homebuyers, the mortgage process is an important part of the homeownership experience, and you may have several questions in your mind if you are going through it for the first time. The following are some commonly asked questions regarding how home mortgages work, and what factors you can anticipate when applying for a home loan.

 

How Will I Qualify For A Mortgage?

 

The most important factor that is reviewed when considering someone for a mortgage is their financial condition. There are three factors that will determine whether or not you will be able to qualify for your first mortgage, and these are your credit history, income, and down payment. If you are seeking to purchase your first home, you will need to qualify for your first mortgage so it is advisable to talk to a broker and follow the steps to become pre-qualified for a home loan. After that, you will learn whether you are able to purchase immediately or come up with a strategy to help you become qualified for a loan later. In order to qualify for a loan, you will need to demonstrate that you have been paying your bills, that you have the income to cover the expenses of home ownership, and have a down payment.

How Will Interest Rates Affect My Mortgage?

Interest rates fluctuate in response to the economy and world events, and can impact the amount one pays for a home over the lifespan of the mortgage. When interest rates rise, the cost of borrowing increases. Higher interest rates can amount to many thousands of dollars over the lifetime of a mortgage. Lower interest rates on the other hand allow prospective homebuyers to save thousands of dollars in interest payments each year. Lower interest rates are preferable as it allows one to save money in the short and long term, and use that money elsewhere. It is advisable to lock in your mortgage at a fixed rate when interest rates are low. The money that you pay in interest doesn’t apply to paying off the principal balance of your home, and this is why it is better to get a low-interest rate on your mortgage and then pay off your house as soon as you are able to.


How Much Should I Save for a Down Payment?

For a house that is priced from $500,000 to 999,000, the minimum down payment is 5% for the first $500,000 and then 10% on the remaining amount. For a house priced at $1 million and higher, a 20% down payment is required. When buyers put a larger down payment on a house, this means that they won’t need to borrow as much money for their mortgage and will get access to lower interest rates and their monthly mortgage payment will be lower despite the length of the payment term. Lower interest rates will allow you to pay off your mortgage sooner, and save thousands in interest over the repayment of the loan. On the other hand, a smaller down payment will raise the monthly mortgage payments over the long term, raise interest rates, and accumulate toward the overall costs of your home mortgage.

HW Realty Group is happy to answer any questions you have about the home-buying process. Contact us today to find your dream home in Calgary.

Why Do Housing Prices Fluctuate?

 

There are many factors that impact housing prices. Some factors among these are interest rates, the economy, and population growth. Factors such as consumer confidence, inflation, migration, unemployment and interest rates contribute to the real estate housing market as well. Another major reason contributing to increasing prices in the Canadian housing market recently has been the pandemic, where the country has seen unprecedented housing prices for more than a year. In March and April 2020, sales volumes and price growth slowed down as buyers reacted to the uncertainty caused by the pandemic and reduced their purchases. However, two years since then, there have been record-low interest rates and homebuyers started looking for more space after being in a small house or condo while working from home.

 

Housing Predictions for Calgary 2023

 

According to a housing report by Desjardins, Edmonton, Calgary, and Winnipeg will see the largest improvement in housing affordability in 2023. Regions that saw the greatest decline in affordability like Ontario and British Columbia during the pandemic will be slow to get back to the pre-pandemic levels of affordability.

 

The average home price in Calgary is still comparatively affordable and is expected to continue. A recent Housing Market Outlook report from CMHC reveals that Alberta will likely see strong home sales and be stimulated by energy sector investments and higher energy and commodities prices. Also, the growth in housing prices is predicted to be below the national average, therefore, reflecting more balanced supply conditions than in other regions. For example, the benchmark house price in Calgary during the peak in February was just over $487,000 compared to more than $718,000 in Ottawa, whereas the average price of a detached home was $1,797,203 in the Greater Toronto Area (GTA). Going forward, Calgary’s strong economic growth will encourage strong support for the housing market in this region. In addition, with the growing demand for workers and high quality of life, Calgary is expected to continue to be a net recipient of interprovincial migrants. Calgary is predicted to see the smallest decline in its housing market when compared to other provinces in Canada. This is due to the fact that Calgary never achieved the big bubble that took place in Toronto and Vancouver, and has remained relatively stable and will continue to do so.

 

Desjardins released a real estate outlook report recently and revealed that provinces with large oil and gas economic footprints like Alberta and Saskatchewan will see slower declines in housing prices than Ontario, Quebec, and British Columbia. Alberta will see less of a decrease because of stronger energy prices. The Calgary housing market cooldown is not sharp like in Vancouver and Toronto, so Calgary realtors and business leaders are positive for the upcoming year. Migration to Western Canada continues to create housing demand, as prospective home buyers from Ontario and B.C., are priced out of their respective local markets. As a result, Calgary has become a relative hotspot for many first-time homebuyers and young couples.

Contact us today to find your perfect home in one of the most livable cities in the world!