If you’re reading this, then I’m sure that you’ve heard all about the benefits of becoming a homeowner. From diversifying your investment portfolio and setting your financial future up for success to having a place that you can truly personalize and make your own, buying a home is something that many people look forward to. 

But how do you know if you’re actually ready to buy a home? Answer these four questions, and you’ll have a pretty good idea. 

1. Do I have a steady job and reliable income? You need to be able to pay your mortgage every month without fail, so having a good job is key to buying a house. Mortgage lenders also like to see at least 2 years of steady job history. If you answer no to this, then keep on working and save up more more your down payment in the meantime.

2. Do I have enough money saved for a down payment AND closing costs? Your down payment (the “seed” money that goes towards your mortgage) is a big cost that you need to save for in advance. But you’ll also need to save money for closing costs, which can run anywhere from 3-5% of the purchase price of the home. These costs include title searches, appraisal, inspections, and lender fees. Don’t get surprised by these closing costs, and make sure you have enough saved!

3. Is my credit history reasonably strong? Your credit score can make or break your mortgage payment and how much home you can afford. A better credit score will help you qualify for a lower interest rate, while a worse credit score will make your interest rate higher–and also increase the chances that you might not even qualify for a mortgage. Make sure your credit is in a good spot before even thinking about buying a home. 

4. Do I plan to stay in my home for at least a few years? To make buying a home worth your while, you need to plan to stay in it for at least a few years and preferably 5-10. This will give your home time to appreciate in value so you can make a profit when you sell! 

If you’ve answered yes to these four questions, then you’re ready to become a homeowner! If you answered some questions with no, that’s totally fine too because you can turn those into “YES!” with a little bit of time and planning.

Interested in buying a home in Lloydminster & area? Let’s connect. 

Subscribe to my newsletter

Is hosting an open house right for you? For many sellers, open houses can seem like a hassle and not worth the time or effort it takes to prepare for one.

While an open house isn’t right for every property, it can attract attention and generate buyer interest in your home. In the best cases, an open house can even create the right environment for a bidding war! An open house may be worth it when:

– Your home stands out: If your home has unique features that are a selling point–like a mother-in-law suite–or stands out from the other homes in your neighbourhood, then host an open house to show off your property. 

– You live in a high-demand, populated area: If your area sees a lot of foot traffic, you should have an open house because you never know who may stop in! Likewise, an open house can generate more buzz if your area is in demand. Rather than having to deal with a bunch of individual showings, an open house can reduce the time and energy you put in as a seller.

-Your property has highly sought-after attributes that are hard to find: When your home has special attributes, people will want to come to see them in person, so give them an easy way to do so with an open house.

-Your entry-level home appeals to first-time buyers: First-time buyers love open houses because they’re a low-pressure way to see a home. If your home is perfect for first-timers, strongly consider hosting an open house. 

On the flip side, if your home doesn’t fit these guidelines, an open house might not be the best fit for your property. Your real estate agent will be able to provide the best advice for your situation. 

But for most sellers, hosting an open house makes it easier for buyers to see your home, increasing your chance of getting a great offer. 

Want to know if an open house is right for your property? Feel free to contact me.

Harpreet Christie

RE/MAX of Lloydminster

(780)205-7653

BorderCityRealEstate.com

When it comes to selling your home for top dollar and for the least amount of energy and time on your part, you might be wondering if a real estate agent or an iBuyer is the best choice.

iBuyers are companies that use the internet to sell your home online or through an app. They claim they can sell your home quickly and easily for less money than a traditional real estate agent. But that’s not the whole story.

Where a traditional real estate agent like me can help you get your home ready for the market through updates, staging, and professional photos, an iBuyer will list your home as-is with standard photos. This can be a big mistake because real estate is about first impressions. If your listing photos and listing descriptions aren’t good, you might not catch the attention of potential buyers. A real estate agent can market your home for top dollar and ensure it gets seen by the right buyers.

iBuyers say they can sell your home at a discount with a 7% commission. But there are many hidden fees involved with iBuyers, and they’re not upfront about the total cost. A real estate agent will be transparent about all the costs you’ll incur throughout the selling process and will only take the standard commission.

As a result of these issues, iBuyers tend to undersell homes and will net you a below-market return on the sale of your home. You want to get the most money out of your home, which is why working with a real estate agent is so important. Typically, real estate agents can net you 10-15% more on selling your home–which is exactly what you want when you sell!

You want to walk away from the closing table with the most money in your pocket. If that’s true for you, it makes the most sense to go with a traditional real estate agent. I’m accepting new seller clients, so if you want to talk with a real estate agent about selling your home, feel free to contact me.

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

Spoiler alert: even though the market is shifting, you can still win whether you’re a buyer or a seller!

When you work with the right real estate agent, you can make good real estate decisions that fit your lifestyle needs and set you up for financial success–yes, even in our crazy market.

Sellers, you’ll want to consider getting your home on the market soon to meet the highest demand. Because our market is not moving as fast as it was this time last year, working with an agent to market your property for top dollar is even more important.

The reason for this change in demand is that rising interest rates are making some buyers wait to jump into the market. While we still have a lot of demand now, making it a good time to sell, we don’t know what the future holds.

But don’t let this discourage you–there are still plenty of buyers looking for a home like yours, and we’re still in a strong seller’s market.

For my buyers, being patient and strategic is key right now. Although we’re in a seller’s market, great homes that could be perfect for you are hitting the market every day. Working with an agent is key for buyers as well because your agent will be able to guide you through the process of figuring out your wants and needs, getting pre-approved, and hunting for the best home for you.

To win in our market, you need to be patient, whether a buyer or a seller and work with a good agent.

I always recommend that buyers and sellers meet with and interview at least three agents so you can find someone who brings the experience you need, meets all of your needs and is easy to work with!

I’m currently accepting new clients, so if you’d like to set up a time to chat with me about your real estate goals, feel free to contact me.

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

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