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Real Perfection with the Best Real Estate Options for You

Posted on March 15, 2020 by Roma Auna
Honolulu HI realtor

Once your personal items are tidy, see if the rooms in the house seem overcrowded. Moving, donating or throwing away bulky furniture and items will help make the property more spacious and attractive. From the Honolulu HI realtor you will have plenty of options now.

Honolulu HI realtor
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Be aware that large-scale work is rarely necessary. On the other hand, the following small gestures could make the difference between a quick sale at a good price and a painful sale with price reductions:

  • Repair a leaky faucet.
  • Change a burnt bulb.
  • Repair a door that closes poorly.
  • Paint a worn wall.

In addition, while awaiting the arrival of the representative, you will be asked to open all the light sources to facilitate the taking of beautiful photos. This advice remains valid when you have visitors. The desire to access property is part of our culture. Acquiring a home also helps build wealth. Homeownership is a financial goal for many people, but today this dream may seem unattainable.

Interest rate hikes and new rules

The federal government and several provincial governments have introduced new mortgage rules that make buying a home more difficult, especially for first-time buyers. Those whose down payment is less than 20% must meet a series of new criteria and submit to conditions of crisis simulation. A recent study by the Real Estate Company has established that in the country, one in three potential buyers must give up their purchase because of the new rules for stress testing.

Interest rates are also a major concern of buyers and homeowners. The central bank’s key rate, or overnight rate, has experienced three increases since December 2017. Note that the overnight rate is used as a benchmark for personal mortgage loans.

Rising house costs in Canada

The new rules [of the stress test], the rise in interest rates and the ‘lower confidence’ in the housing market have focused the attention of potential buyers on houses whose price is in the bottom third of the market, All of this has resulted in an escalating phenomenon that continues in this sector of the market, while demand for other, more expensive homes is slowing in most cities.

How rising interest rates affect Canadians

Despite this difficult situation, the expert points out that first-time home buyers continue to buy in large numbers. We note with interest that the establishment of uninsured mortgage loans has been on the rise for the past eight years. He is referring to purchases for which the down payment represents more than 20% of the purchase price and, therefore, mortgage loan insurance from the Mortgage and Housing Corporation is not required. So how do these owners make their dream come true?

Advice for people wanting to buy a house

Create a strategic savings plan with an advisor. Analyze your cash inflows and outflows, and examine if you are spending too much and for what reasons. Try to cut down on all your unnecessary expenses. This will allow you to save optimally. Once this analysis is done, make a detailed budget with your advisor and stick to it. The budget is essential for saving for the initial down payment, and then for subsequent expenses related to the house utilities, renovations, property taxes, etc. You must also reduce your existing debts before contracting new ones.

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