Port Elgin Real Estate, Southampton (Saugeen Shores), Paisley, Tiverton, & Kincardine
Helping you make the right move.
Port Elgin and Area Real Estate News
Updates on the Port Elgin, Southampton (Saugeen Shores), Paisley, Tiverton, & Kincardine real estate market, home buyer & seller tips and general real estate advice.
Getting out of debt can be tough, unless you have a plan.
Debt management isn’t a popular family topic but talking about it with your kids and loved ones can help them avoid a lifetime of financial woes. Here are a few of the basics:
- First Things First – Focus on paying off high interest, non-deductible debt first.
- Budget Crunch – List all income and fixed expenses such as house and car payments. Next, list variable expenses to see what can be reduced or eliminated.
- Consolidate – Monthly payments can likely be lowered by consolidating debt through a home equity loan as the interest rate will be much lower.
- Reach Out – Creditors will often reduce monthly payments if a debt repayment plan is arranged through a reputable credit counseling service.
Managing debt may seem like a daunting task but it can help avoid a financial crisis that could devastate a person’s credit rating and their ability to borrow money at attractive rates. Almost everyone feels the credit crunch at some point in their life but with a little planning, it can almost always be overcome.
Have your home “show ready” at a moment’s notice!
When your Port Elgin home’s on the market, getting ready for showings can be a real challenge but it’s even harder when you share your home with little ones!
The trick to selling a house with kids is to try and make it appeal to buyers who have children as well as those who don’t. Here are a few tips to help you prepare your home for show with kids in tow:
- Depersonalize – It’s important that buyers are able to imagine themselves living in your home so clear the kids’ artwork off the fridge and take down photos, awards and mementos.
- Play Time’s Over – Keep just one box of toys on hand and pack up the rest as too many toys look messy and make rooms appear smaller.
- Clean Your Room! – Pack up stuffed animals, books and trophies in the kids’ rooms. Any remaining items should be placed on shelves instead of the floor.
- Behind Closed Doors – Buyers can never get enough closet space so get rid of any clothes and shoes that are out-of-season or that your kids have outgrown.
- Time to Grow Up – Buyers should be able to visualize your playroom as their rec room so get rid of kid clutter like arts and crafts so it’ll appear large enough for their pool table.
- Curb Appeal – Don’t leave toys, sidewalk chalk or bikes strewn outside your home as drive-by viewings can occur at any time.
- Ready to Go – Have a diaper bag that’s ready with everything you need in case you have to make a quick getaway for a last minute showing.
Selling your Port Elgin home is a great opportunity to declutter and by doing it now, you’ll have less to pack when it comes time to move. Showings can happen in an instant so make sure you have a system in place that enables you to vacate in a matter of minutes. Although keeping everything perfectly staged with kids can be a challenge, it’ll be well worth the effort!
Address these common turn-offs so buyers don’t run for the door!
When you put your Port Elgin home on the market, it must appeal to a large cross-section of buyers in order to generate a frenzy of activity.
Buying a home is such an emotional decision that even a seemingly small issue can create a bad impression. Here are six of the top turn-offs you need to know:
- Get Out – Make yourself scarce during showings as nothing turns buyers off more than a stalking seller.
- Fido & Fluffy – Pets and their associated smells will put many buyers off so relocate them before showings and hide their bed, bones, toys, etc.
- Killer Clutter – Buyers want to imagine themselves living in your home but most can’t look past other people’s clutter, even if it’s tucked away in closets and cupboards.
- Problems Down Below – If your basement’s unfinished, you’ll want to show that it has potential so investigate any signs of moisture and paint the floor white to make it feel more spacious.
- Grubby Grout – It’s imperative that your entire home remains thoroughly cleaned right down to the inside of your microwave. Neglected personal spaces like bathrooms will have them running for the door!
- Forgo the Fish Fry – It’s best not to cook fish, bacon or other strong smelling foods while your home’s on the market. Always air out your home by opening the windows instead of using artificial scents as some people are allergic.
When you sell your Port Elgin home, your goal is to get the highest price in the shortest amount of time. Sometimes the best way to do that is by focusing on the small stuff. It’s definitely worth the effort and the good news is that depersonalizing, decluttering and thoroughly cleaning your home doesn’t cost a fortune.
Bank of Canada decides to keep rates on hold.
In line with financial market expectations, the Bank of Canada announced on May 30, 2018 it was keeping its trend-setting overnight lending rate unchanged at 1.25%.
The economy continues to unfold largely as expected. Inflation is close to the 2% target, a little higher than the Bank had projected back in April.
That said, the Bank attributes most of that to the bump in gas prices in recent weeks and said that, as usual, it will look past the transitory impact of gas price fluctuations.
The Bank noted that “housing resale activity has remained soft into the second quarter, as the housing market continues to adjust to new mortgage guidelines and higher borrowing rates.”; however, in line with CREA’s forecast for home sales, the Bank also expects activity to start to pick back up later this year in line with solid underlying fundamentals.
The Bank reiterated that higher rates are still on the way, with financial markets betting the next 25 basis point hike will be at the next scheduled policy announcement on July 11.
That said, the Bank also reiterated that it will be taking a gradual approach to future hikes, given that the economy is likely more sensitive to interest rate movements now than it was in the past. Should business investment improve further as the Bank hopes, the associated increase in the economic potential of the country could also require fewer rate hikes to keep inflation on target.
As of May 30, the benchmark five-year lending rate was 5.34%, where it has been since it was bumped by 20 basis on May 9. Prior to its recent increase it had been steady at 5.14% since January. It is also now 70 basis points above where it was at the end of May last year. As of January 1, 2018, all mortgage applicants must qualify for financing based on no less than the benchmark five-year lending rate.
Canada’s major chartered banks advertise five-year fixed mortgage interest rates ranging from 3.74% to 5.59%. Homebuyers may negotiate a rate below lenders’ advertised rates depending on their creditworthiness and the degree to which they do other banking business with the mortgage lender.
The next interest rate announcement will be on July 11, 2018. It will be accompanied by The Monetary Policy Report, which updates the Bank’s economic forecast.