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Bank of Canada 50 year LOW
On January 20, 2009, the Bank of Canada lowered it’s key lending rate to 1%, the lowest it’s been in 50 years! A few mortgage lenders have followed suit by lowering their prime rate to 3%. If you have been thinking of a move…this may be the time for you! Yes, property values are down some from the past couple of years, but, this is not a bad thing if you are looking to move up.
Buying up in a down market makes you, the seller, more money. Sell a $300,000 home at 20% discount, losing $60,000. Buy a $500,000 home at a 20% discount, gaining $100,000 for a $40,000 net gain.
This is great news for anyone with a variable rate mortgage! The latest move by the Bank of Canada shows an aggressive attempt to boost the economy.
If you would like to find out what you would qualify for, or to help you make a decision on whether or not it is the right time for you to make a move…please give us a call. We would love to refer you to some really great mortgage brokers!
Real Estate 101
What does “buyer’s market” really mean?
A buyer’s market happens whenever a supply of something exceeds demand. When the term is applied to real estate, it means that a six-month or greater supply of inventory is available.
What does this mean to you as a prospective Seller?
It means that if you are considering selling your home, you need to meet specific marketability factors to get the price, terms and timing you need to realize your financial goals.
What does this mean to you as a prospective Buyer?
It means that the number of homes you have to choose from is larger than it has been for years. And, with interest rates still low, the odds of finding your dream home—and facing less competition for it when you do—also are better than they have been in years.
Effectively listing and selling homes in today’s market requires an educated approach. If you would like to learn more about how today’s trends affect your buying and selling strategies, please feel free to call us. We have the answers you are looking for…and, we’d love to discuss them with you.
Conduct Your Own Home Energy Audit
While energy efficiency continues moving up on our global ‘must-do’ list, there’s no time like the present to make changes right in our own homes. As we kick start the new year, let’s take a look at a few things we all can do today to plug the costly.
1. Drafty doors. Can you see light coming in from under your exterior doors or the door leading to your garage? If so, then you are losing valuable heating and air conditioning. If it’s through your garage access door, you also could be allowing dangerous fumes in. Install a new door sweep if yours is cracked or missing, and seal gaps around the doors with weather stripping.
2. Pull the plug. It’s a fairly common misconception that electricity is not being used when an appliance or electronic device is “off.” NOT TRUE! Microwaves, computers, printers, toasters, cell phone chargers, stereos and more all have the capacity to run your electric bill up and waste tremendous amounts of energy. Pull the plug on items not in use, and you’ll save big. You also might want to invest in a few “smart” power strips that sense when equipment is not in use.
3. Fireplace foes. Open hearths and dampers are two of the biggest sources of air loss in homes. It would be smart to install a tight-fitting glass door over the hearth, and close the damper when not in use. For even more efficiency, consider a fireplace insert.
4. Not-so-hot water heater. Older-model water heaters tend to be inefficient and can cost you big over the course of a year. Consider putting a thermal blanket around your water heater, and turn it down. If you have a circulating pump that sends hot water through the pipes so that it’s always on standby, ask a plumber to install a timer that operates the pump only during peak water usage times.
5. Bathroom water loss. Did you know that the bathroom is the number one culprit for water loss and is responsible for more than half of the overall household water use? Go with the energy-efficient “flow” by replacing old showerheads, low-flow toilets and aerated sink faucets.
6. Weatherproof those windows. If you can rattle your window, it’s probably not air tight! Use caulking or weather stripping to fill in the gaps and keep the outside air OUT and the inside air IN!
Saving energy is about more than just dollars in your bank account. It’s about moving forward with our neighbours around the globe who are helping us discover new ways to fuel our homes and businesses and protect our planet. Visit www.energy.gov or www.energysavers.gov to learn more.
Real Estate Insight
“One Size Does NOT Fit All?”
There are pros and cons to be considered for every family, in every economy. Should you sell? Should you buy? Should you invest? What’s smart for your long-term financial goals? There’s a lot to consider, we know. We’re here to help you understand every nuance of market trends and to answer these questions and more.
We would be happy to sit with you one-on-one to look at your overall goals and help answer the questions that pertain to you most. In a buyer’s market, if you are looking to move into that bigger, better home of your dreams and can get it for a dramatically reduced price, then it makes sense. If you are unsure of the future or are curious about how to analyze the financial formulas, We’re just a phone call away. There is no “one size fits all” when it comes to making the most of your investments. It helps to have a friend you can turn to, an advocate you can trust, a person who has done the homework for you.
Call us today, and we’ll not only see what makes sense for your family now, but we also can take a look at your long-term goals so that we can always be on the lookout for your perfect “fit!”
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