Interest rates are on the rise. While they’re still historically low, they’re higher than a year ago, which can be less than optimal for buyers. Many of the buyers we’re seeing in the market today are very cognizant of this shift.

Today’s buyers still have the same access to the upfront money for down payments and closing costs as buyers from the past couple of years. But buyers realize their money won’t go as far due to rising interest rates.

This is one of the reasons why we see demand start to shift. For example, if your house was listed on the market for the same amount today and last year, today’s buyer would end up paying more for the same house at the same price due to the higher interest rates. Right now, it’s those long-term financials that are the current issue for buyers.

Sellers may want to ask themselves what they can do to reduce the long-term effects of high-interest rates for their buyers to attract the best buyers and get their homes sold quickly. As a result of the rising interest rates, some buyers can’t afford as much of a home because their monthly payments will be higher due to interest.

You’ll also watch out for places where financing may fall through. Because interest rates are rising quickly, you may be in a situation where your buyer was pre-approved at a certain rate when making the offer, but interest rates rose in the interim, and now they can’t get approved for the same mortgage amount. This is an uncomfortable situation for both the buyer and the seller.

If this happens, your seller’s agent will offer options that fit your specific situation. One option may be to buy points from the buyer’s mortgage rate or come to a new negotiated purchase price rather than go through the entire purchasing process again with a different buyer.

Your agent will guide you through every step of this process and market your home so you can attract the best buyers and sell your property for top dollar–even in a time of rising interest rates. If you want help getting your home sold quickly and for the best ROI, feel free to contact me, and we can discuss your real estate needs.

Harpreet Christie
RE/MAX of Lloydminster
(780)205-7653
BorderCityRealEstate.com

Homeowners who are interested in moving from their current homes are faced with more choices than ever. No matter your reason for moving, you’ll have to do something with your current property, and you have two choices for what to do: you can sell it or you can rent it out. 

Renting your home in Lloydminster, rather than selling it, can be a great investment option and can bring in some extra cash. But there are several things to consider before you make the decision to rent your home rather than selling it. Here’s what you need to ask yourself. 

1. Are you ready to be a landlord? Being a landlord is a big responsibility since you’re dealing with people’s living situations. Like any job, it does take time and energy in the form of finding tenants and then ensuring that they’re happy and that the property is in good condition.

2. What will your cash flow be if you convert to a rental? A rental property is first and foremost an investment. If it’s not going to be profitable, you are much better off selling. This is the time to pull out your calculator and do some math. Make sure that your rental income will be enough to pay the mortgage, taxes, and HOA along with taking care of repairs/maintenance, all while still making a profit.

3. Can you break even on a sale? After you’ve done the math on the rental, do some calculations on selling your home for comparison’s sake. You’ll want to see if selling the home would get you more money than the profit margin on renting would give you after a certain number of years.

4. What rules do you need to follow for an investment property? Rentals are typically regulated by laws, lenders, and taxes. Make sure you know what the rules and regulations are for a rental property in your area and factor any extra taxes or costs into the above calculations. 

Once you answer these questions, you’ll have a clearer idea of which option is the best for you. Being an expert real estate agent in Lloydminster, I can walk you through the different things to consider and help you with the calculations to make the best decision for your future. Feel free to contact me, and I’ll get you the necessary information!

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Are you the kind of seller who thinks that staging is just another added cost as part of the process of getting your home ready for sale? If you are, you’re definitely going to want to read this. 

Staging is the process of styling and furnishing your home to show off its best features and help buyers feel like they could see themselves living in the property. 

Studies have shown that staging can increase the price that your home sells for. Instead of being just another cost, staging can make you back all the money you spend on it and then some!

According to a quarter of real estate agents, staging your home can increase the dollar amount of the offers you receive from buyers by 1 – 5%. When we’re talking about the prices of homes right now, that could be a lot of money. That’s not all: other real estate agents say that staging can increase those buyer offers by 6 – 10%! 

If your home is worth around $300,000, simply staging your home could kick your offers up an extra $3,000–$30,000! Staging is starting to sound worth that small upfront cost, right? 

Even better, there are a million different ways to stage your home. You can DIY your staging by decluttering your rooms, pulling some furniture out, and showing off the best parts of your home. Or, if you don’t have the time or the interior design skills to do that, you can hire staging out to a professional stager who will know exactly how to highlight your home’s best features. 

Overall, staging can make a big difference in the sale price of your home and can increase the amount that goes back into your pocket as the seller. That makes staging definitely worth it for any seller, especially for the small upfront cost it poses. 

If you’re looking for more information on staging or want to know whom I recommend for professional staging help in Lloydminster, just send me a message, and I will be happy to help.

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Are you thinking about selling your home? If you are, you’ve probably wondered about how to best go about buying a new home. Do you buy before you sell? Do you sell and then buy a new home? Or are you supposed to do it at the same time?

In a normal world with a normal real estate market, you could sell your home and then buy a new home pretty easily. Yes, you could even sell a home and buy at the same time if you were on a condensed timeline.

But in Lloydminster we have a good market right now, so this can be done. 

Our current Lloydminster market has high demand from buyers and a good supply of available houses. This is the kind of market that will allow you to sell your home for a good value.

Generally speaking, most buyers are putting several offers before they get an offer accepted on a home that they love. Because the market is heavily leaning towards sellers right now, it can take a while to find the right home for you. That means that your safest option is to find and buy a home before putting your current home on the market. 

But that might not be a great option for everyone. Whether you need the equity in your current home to use as a down payment or you just don’t have the time to buy first and then sell, you have other options. You can sell your home and move out then put your furniture in storage and live in a short-term rental or with family while you find the perfect home. Alternatively, you can ask buyers for a longer closing period or put a clause in the purchase agreement to give you time to find your dream home. 

I will be able to walk you through all the options available and point you in the direction of options that fit your needs. 

If you want to talk about what’s best for your situation and your real estate goals with an expert, feel free to contact me, and we can discuss what is best for you.

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Should I sell before the real estate market crashes in Lloydminster? This is a question a lot of homeowners are asking themselves lately. And with good reason! The real estate market has been unpredictable lately, and no one knows what the future holds. However, there are a few things you should keep in mind before making a decision.

First, it’s important to remember that the real estate market is cyclical. It goes up and down, but it always comes back up again. So even if there is a crash, it’s not likely to be permanent.

Second, Lloydminster is a unique market. Because it straddles the border between Alberta and Saskatchewan, it’s not as susceptible to market fluctuations as other cities in Canada. So even if there is a downturn, it’s not likely to be as severe here as in other places.

And finally, remember that your home is more than just an investment. It’s your home! So even if the market does crash, you don’t have to sell if you don’t want to. You can always ride it out until the market recovers.

So there you have it! Here are some things to think about if you’re considering selling your home in Lloydminster. Ultimately, the decision is up to you. But whatever you decide, I wish you the best of luck!

If you’re looking to sell your home, now might be the best time to do so! To get the stats on your neighbourhood’s market and your home. Contact me anytime, and I’ll send that info over to you!

Harpreet Christie

RE/MAX of Lloydminster

(780)2057653

harpreet@bordercityrealestate.com

Sometimes working from home can feel like the best thing ever. You have access to all the comforts of home (read: the kitchen), don’t have to put on pants, and can be close to your family throughout the day. In many ways, working from home can make life so much easier.

But like anything else, sometimes working from home can be too much of a good thing and can make getting your actual work done a little trickier. Here are my favourite work from home tips to make working from home work for you!

1. Customize your environment. Make your work from home set up work for you! A nice lamp and some cute decorations that make you smile can go a long way to producing a work-friendly environment.

2. Set boundaries with others. This is a big one. Because you’re working at home, you’ll need to let the other people in your home know when you’re available and when you need to focus on your work. Set these boundaries and make sure they’re crystal clear to everyone involved.

3. Prepare your meals in advance. Being able to walk into the kitchen to grab a meal is great–until you realize that you don’t have anything for lunch and now have to make an entire meal or subsist off of snacks found at the back of the pantry. Meal prepping is your best friend for work from home.

4. Log out of your social media accounts. This is setting a boundary with yourself. When you’re on work time, keep the social media turned off. There are enough distractions already, and it’s so easy to get sucked into social media and wonder where the hours went.

5. Work from a home you love! Working from a place you don’t love won’t support your best work. But when you work from a home you love, working from home becomes amazing.

If you want some help finding a home you love with the perfect workspace setup, then send me a message!

In our crazy real estate market, many would-be buyers are turning to renting rather than buying. And I don’t blame them. But it might not be their best choice.

Renting has pros and cons, like anything else. In fact, if you’re not ready to settle down in one place or know that you’ll be moving to a different location in the near future, renting is absolutely the way to go.

But sometimes it seems that for every pro renting provides, it has at least two cons. Unlike owning your own home, you can’t design or decorate your living space the way that you want. If you want to paint a fun accent wall or even hang a beautiful painting, chances are you can’t unless you want to forfeit your deposit.

And right now, buying a house is definitely tricky. But renting is also becoming more and more difficult to get into. Rent costs are skyrocketing across the country, and rental markets are becoming incredibly competitive. Renting used to be a good way to save up for a home, but now rents are as much as a mortgage, and it makes less sense.

And then there’s what might be the biggest problem with renting: you can’t build up equity. When you own a home, the money you pay into your monthly mortgage bill goes directly towards your home.

That means that when you go to sell your home, you get all of that money back–and then some if you play the real estate market correctly.

But with renting, there’s no way to build equity. All of the money from your rent payment goes directly into your landlord’s pocket. And you never see a cent of it again!

So if you’re tired of renting, tired of the upstairs neighbours stomping around at all hours of the night, and tired of seeing your money disappear, let’s have a chat. There are other options out there when it comes to housing that could be the perfect fit for you.

Just send me a message and I’ll get you the information you need to get out of renting and make smart choices for your future.

If you’ve decided to buy or sell a home, you need to get some professional help from a real estate agent. But finding the right agent can be stressful and overwhelming–there are so many of us real estate agents out there to choose from!

But if you follow this process, you’ll be able to find an agent who will help you achieve success in this competitive housing market.

First, decide how you will meet with the agent. You can do this in-person at your home, the agent’s office, or a coffee shop. And if you’re not feeling up to meeting in person right now, that’s totally fine, too! Most agents are more than happy to meet on Zoom so you can feel comfortable through the interview process.

Next, once you’re at the interview, you need to do a vibe check. How is the agent making you feel? Do you think your personalities mesh well? And can you see yourself working with the agent in a long-term capacity? You and your agent will be spending a lot of time together, and they will guide you through some stressful moments, so it’s important that you can work well with them. 

Then ask what this agent can bring to the table. Like everyone else, each agent has particular strengths and skills that have helped them become successful. You will want to make sure that these skills line up with what you’re looking for. 

And lastly, ask about their experience. Each real estate transaction is different and has its own intricacies. For example, if you’re selling an inherited piece of property, you’ll want to find someone with experience so they know what to expect. Make sure that the agent’s experience fits your situation. 

I always recommend that you interview at least three real estate agents so you can find the agent who will work best for you and help you achieve your real estate dreams.

And if you want to set up an interview with me to see how I can help you buy or sell a home, just reach out and we’ll get one set up!