Open House- The Real Estate and Mortgage Show: October 13, 2018
Sales and listings are starting to level off, mortgage rates are potentially on the rise- get caught up on this week’s edition of Open House: The Real Estate and Mortgage Show
The number of sales and average sale price are both levelling off as we move into fall. We are still low on listings; there aren’t a lot of active listings and comparables. The number of days on market is considerably less than other years. Pricing your home properly is always important. If you are looking at purchasing a home, working with an agent is still very important. You may find if you make an offer that is too low compared to the listing price you may leave a negative feeling with the sellers who may not even come back with a counter offer. A Real Estate agent can help negotiate these offers and let you know if the home is priced accordingly.
When it comes to some of the ethical processes in real estate, agents are not allowed to solicit listed properties and sellers. Sellers are allowed to contact other agents but those agents cannot only discuss what their services provide and not discuss price or the current realtor.
When it comes to mortgage approvals similar applications can be handled differently between lenders and depending how the application was positioned when submitted. There are no short cuts when it comes to setting up a mortgage approval. Lenders are doing more due diligence when it comes to verification of information and documentation requirements. When looking at getting pre-approved, numbers are subject to the application information at the time. If any of the information changes, the pre-approval is therefore changed to reflect these changes.
Mortgage rates are most likely increasing with the next Bank of Canada announcement on October 24th. Things are trending towards another 0.25% increase which affects not only mortgages and variable rate mortgages but also lines of credit as well.