Real Estate News from Chad & Scott Campbell November 2018   

 
When selling your home, it's important that everything be in tip-top shape. This month's article highlights some fairly common repairs that will help you sell your home fast and for top dollar!

There are also a few tips on how to prevent an invasion of rodents this winter as well as some reminders on foods you should never feed your dog.

Thanks so much for checking out this month's newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Chad & Scott

In this issue...
Bank of Canada Rate Update 
The Bank of Canada continues to hike rates.

In line with financial market expectations, the Bank of Canada announced on October 24, 2018 it was raising its trend-setting overnight lending rate from 1.5% to 1.75%.

The Bank made it clear that it intends to further raise interest rates: “…the policy interest rate will need to rise to a neutral stance to achieve the inflation target” – with the neutral interest rate currently thought to be between 2.5% and 3.5%.”

“It nonetheless remains sensitive to the effect of small interest rate movements on consumer spending and the Canadian housing market, given the currently high level of Canadian household indebtedness.” As such, it indicated that, “the appropriate pace of [interest] rate increases… will continue to take into account how the economy is adjusting to higher interest rates, given the elevated level of household debt.”

As of October 24, the benchmark five-year lending rate was still 5.34%; although it may move higher. This is 0.5% above where it stood a year ago and 0.7% above where it was from mid-2015 through mid-2017. As of January 1, 2018, all mortgage applicants must qualify for financing based on an interest rate no less than the benchmark five-year lending rate, as published on a weekly basis by the Bank of Canada.

Most of Canada’s major chartered boosted their advertised five-year fixed mortgage interest rates on the announcement, with offers ranging from 3.89% to 5.59%. Homebuyers can often negotiate a rate below lenders’ advertised rates depending on their creditworthiness and the degree to which they do other banking business with the mortgage lender. The next interest rate announcement will be on December 5, 2018.

Reaping Returns on Repairs 
Completing basic repairs before selling your home pays off.

If you plan on selling your home in the near future, you'll want to tackle any necessary repairs ahead of time as buyers will be completely turned off if your home appears to have been neglected.

Buyers also factor fix-up jobs into the purchase price, often overestimating the costs involved, so it's best to just take care of them yourself. Here are a few repairs to consider:

  1. Grimy Grout - Dirty grout is a real turn off as it looks like mold so apply new caulking to freshen up the entire area.

  2. Flooring Fixes - Flooring can totally transform the look of your home so replace any cracked floor tiles or torn carpeting and refinish scratched hardwood.


  3. Rough Roof - If your roof needs replacing, it's better to do it before you sell as buyers get so turned off by the cost and hassle that it could be a potential deal breaker.


  4. Fresh Paint - Fill in all holes and cracks in the walls before painting. Make sure to repair and paint your baseboards so they don't look beaten up compared to your fresh walls.

  5. Curb Appeal - Your home needs to make a perfect first impression so patch cracks in the driveway, caulk windows, spruce up your porch and invest in some landscaping.

  6. Dripping Faucets - A dripping tap can signal expensive plumbing repairs to buyers. It'll probably only need a new rubber washer that costs less than a dollar so get it fixed!

  7. The Kitchen is Key - Kitchens are critical and can make or break a sale. Repainting cabinets, adding new hardware or upgrading your countertop are all worthwhile investments.

Buying a home is an emotional experience so it's critical to create an incredible first impression that will make buyers want to own your home the moment they set eyes on it! Although it may initially seem like a hassle to repair a home you'll be moving out of, it'll be well worth the time and money in the end.

Move Over Mice 
'Tis the season for mice who are looking for cozy winter homes!

Rather than dealing with mice who’ve already made themselves at home, try and prevent them from entering in the first place! Here are a few ways to refuse access:

  1. Fallen Fruit - Pick up any fruit that has fallen from the trees in your yard.


  2. Put a Lid On It - Store any food items including pet food and birdseed in rodent-proof containers.


  3. Tight Squeeze - Mice can fit through a hole the size of a pencil so fill any gaps around your foundation and soffits.


  4. Inside Job - Don’t forget to seal holes from the inside of your home and around any openings in your garage or shed.


  5. Controlling Climbers - Mice are great climbers and will try and access your roof by using vines, shrubs and overhanging branches. Cut these back so they're not able to get a leg up on entry points!


One or two mice can quickly turn into a full-scale invasion and once you have them, they’re very hard to get rid of. There’s nothing that’ll keep you up more at night than the sound of mice scurrying around inside your walls so take steps now before it’s too late.

Foods NOT for Fido 
We all share scraps with our pup but certain foods can be toxic.

The holiday season is almost upon us which means lots of delicious food! If your pup hides out under the table looking for scraps, it’s important to know what food you can share and what could be poisonous.

There are plenty of festive foods that Fido shouldn't be indulging in such as fat trimmings & bones, chocolate, salty snacks and sugary foods as they can cause serious issues or even death.

There are also many lesser-known foods that are harmful to dogs such as avocados, chives, leeks, garlic, dairy products, macadamia nuts, cooked bones, yeast dough, the sweetener xylitol, corn on the cob, persimmons, peaches, plums and grapes; to name just a few.

The holiday season is a time for sharing amazing meals with loved ones but not everything should be shared with the dog. Aside from fattening up Fido, certain foods can cause serious damage. If you’re ever in doubt, you can always look it up online.



PS Are you tired of playing telephone tag with agents only to hear "it's already been sold"?  Sit back, relax and let us do the work for you!  Just visit our website and check off the features you're looking for.  Whenever a home or cottage that matches your criteria hits the market, it'll be automatically flagged and emailed to you so you'll never have to worry about missing out on the perfect place ever again!

Not meant to solicit clients already under contract.