As you go through the home buying process, your lender is there to help. But they're more than just a great resource and your ticket to homeownership–they can customize your loan to your situation.

In today's video, you'll learn about the 3 things you should tell your lender so they can get you a personalized loan that works for your situation. Want more tips like this? Get your free copy of the Buyer Guide by commenting "buyer guide" below!

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Many buyers and would-be-buyers have the same question when it comes to interest rates and their relation to housing prices. They often ask what will happen to housing prices if interest rates go back down. The short answer is that housing prices will rise along with buyer competition. Let’s go into why this will happen.

First, remember that the real estate market is all about balance. That balance is based on the economic principle of supply and demand. When supply is low and demand is high, prices will increase. When supply is high and demand is low, prices decrease.

Right now, we’re in a period of increased interest rates for mortgages and other loans as you have probably heard much about. During COVID and the following recession, interest rates were dropped to historic lows to stimulate the economy. Many people went out and bought houses to take advantage of these low rates, which created a white-hot housing market where demand was high above the available supply. As a result, housing prices skyrocketed.

In 2022, inflation became a problem and the Bank of Canada started to raise interest rates to curb the amount of money moving through the economy. Since then, interest rates have risen pretty steadily. As a result, the housing market cooled slightly.

Because interest rates are now higher, many potential buyers have started to put off buying. This has decreased demand for homes, and–you guessed it–has either made home prices plateau or decrease depending on the area’s market.

But when interest rates go back down, buyer demand will certainly increase. Following supply and demand, the increased demand will make home prices rise–along with the competition to snag one of those homes.

At the end of the day, the real estate market will always be in flux because of supply and demand and outside market forces. This shows that there will never be a “perfect” time to buy for everyone. Instead, the right time to buy depends on your specific financial situation and where you are in your life. If it makes sense for you to buy a home now, then go for it! You can always refinance to a lower interest rate down the road.

My advice will remain the same: buy a home when it’s the right time for you. If you need help to see if now is the right time for you to buy, reply to this email and let’s talk!

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653

With the autumn season approaching, now is the perfect time to do a few projects around the house and get your space looking great before the rush of the holidays. One of the best ways to take a room from dinghy or dated to fresh and bright is through paint! 

When sellers ask how to boost their home’s value, painting is one of the first suggestions offered. That’s because the way a room looks and feels is entirely dependent on the colour of the walls and ceiling. Now that you know why painting is such a great fall home project, you’ll want these 8 painting tips to make the painting process as easy as possible. 

• Safeguard belongings: Take all of the easily moveable things out of the space with a focus on anything breakable or fabric. While no one wants an accident to happen, it’s better to be safe than sorry!

• Fill holes: Look over your walls and find any holes from hangings that need to be filled. For small holes, spackle or drywall compound will do the trick.  

• Repair cracks: Check out your walls and ceiling for any cracks and patch them up. If you find any large cracks, it’s a good idea to get an inspector to check them out.

• Add caulk: Next, take a look at anywhere caulk is applied (baseboards, windows, door frames) and caulk anywhere there’s a gap. 

• Clean and prime: Don’t skip this step! Cleaning and priming your walls will make the actual painting part go so much faster and you’ll use less of your paint–saving money in the long run. 

• Tape it all up: Once your walls are dry and ready to go, tape it up and drape tarps/drop cloths over any large pieces of furniture.

• Gather your supplies: You’re nearly ready to paint. Make sure to gather all your supplies into the room to make everything easily accessible. 

• Paint!

These tips will help you make your space look like it was painted by a professional without the expense. With just a gallon of paint or two and a little time, you can refresh your home and make it the space to be as the weather gets colder. 

Harpreet Christie
RE/MAX of Lloydminster
780-205-7653