Change in the Wind?

Inching Toward a Balanced Market…

The graph shows the sales to active listing ratio since 2004.  Above the grey bar is a sellers’ market and below, a buyers’ market.  As you can see, buyers have had lots of time and choice for the past 5 years.  In recent weeks though, buyers have been seeing more of their choices for viewing with accepted offers or with competing offers.  It’s subtle so far, but a noticeable change from previous months when buyers had a wide range of selection and days or even weeks to decide whether to make an offer.

Staging for Sale…

An article in the National Post out of Toronto recently stated that staging a home can add between six and 15 percent to the asking price of a home.  We don’t see formal staging that frequently in Powell River.  

As I’ve said before, there’s a lot that you can do to make your home more attractive for sale without spending tons of money doing it.  Many of the homes for sale are “dated” meaning that the kitchen and bathroom are twenty or more years old and paint and floor covering may be worn and scuffed.

If you’re selling in the next year, it’s not economical to spend money on kitchen and bath makeovers.  You probably won’t see the selling price cover the money you’ve put in. Expect to sell for less than those that have updates.  Neutral coloured paint is an inexpensive ‘pick-me-up’.  It can freshen up and brighten the rooms and be attractive to a large variety of tastes.  Wall-to-wall carpet is still okay if it is clean and new looking.  Most people seem to prefer a hard-finished floor these days visually and for ease of cleaning.

Best bang for your buck:  Clean and uncluttered.  Even to those of us who are practiced at “seeing past” these things, a clean, uncluttered home presents itself much, much better than one with stuff (even good stuff!) lying around on counter tops, in closets and piled high in the basement.  Box it and put it in storage if necessary.  Your home is much more appealing to others without it.  Less is more!  Even too much furniture can give a cluttered appearance to a home.

Credit Scores for Young and Old…

How is my credit rating decided?  Each lender has it’s own formula, but here are some rough guidelines for what counts:
35% of the score is based on payment history – late payments and severity of delinquency
30% is about how much of your credit you have used.  Running over your limit does not look good
15% is the length of your credit history – start young with a car loan or credit card with regular, on-time payments
10% is on how many high risk credit and retail cards you have – a person could run up an unmanageable bill in a very short time
10% is on the history of background checks on your credit – people who seek credit a lot are considered higher risk.

Generally speaking, it takes two years of good credit to get over a bad rating.  When it comes to giving a mortgage, the prime lenders (those with the best rates and terms) can pick and choose who gets the best terms.  If your credit rating is poor, you may still get a mortgage, but you’ll have to work with a non-prime lender whose rates will be much less appealing.

I’m advising my recently-working children to get a credit card for gas or small regular incidentals and pay it off regularly, so when it’s time to look at mortgages, they’ll have more choices!

Easy, Central Townhouse

•       Nice ocean view from sundeck
•       3 bedrooms, 3 baths,1240 sq ft
•       Quiet neighborhood, close to shopping

12-4651 Harvie Ave

$165,000

Call me for a showing!