- June – Local Real Estate Market Overview
- Lower Inventory – Seller’s Market
- Three Reasons To Pressure Wash Your Home
- Why It’s Harder To Refinance & Get A Mortgage
- Projects To Transform Your Home
Local Real Estate Market Overview
The following statistics provide an overview of Single-Family Home sales from the Lakeland Association of Realtors and Barrie Board of Realtors. If you would like a breakout for other areas or types of properties contact me and I would be happy to provide this for you at no cost or obligation.
June 2020 Market Overview
Buyer Market – Seller Market – Balanced Market
Type of Market
Inventory is a reflection of how many homes sell in a month compared to how many homes are currently listed in the market.
Seller Market = Under 4 months (less than 120 days) of inventory.
Balanced Market = 4-6 months (approximately 120 to 180 days) of inventory.
Buyer market = 6+ months (over 180 days) of inventory.
What type of market are we in now? Throughout the region, a lower inventory of homes for sale in June provided a seller’s market.
For more details on finding out what your home is really worth call toll-free line for the RECORDED MESSAGE outlining this FREE offer. Call 1-855-227-3592 and enter code 3675 or CLICK HERE to request your home evaluation report.
Three Reasons to Pressure Wash Your Home
You may be planning to spend more time at home this summer than ever before, so why not make your home look its best? Pressure washing can make your home look cleaner and newer, but it also has surprising maintenance benefits as well. Whether you tackle this as a DIY project or bring in a pro, here are the top three reasons you should pressure wash your home.
Prevent Mold, Mildew, and Dirt
Over time, mold, mildew, and dirt can cause your home to deteriorate. If mold and mildew makes its way through your walls into the home, it can cause health concerns, particularly for those living with allergies or asthma. Pressure washing can help prevent damage to your home and protect your family.
Prepare for Paint
Have you been thinking about repainting your home? Pressure washing it first can clear off any grime or loose paint so that you can apply your new paint to a smooth surface and get the best possible results.
Improve Curb Appeal
First impressions can leave a lasting impact on how your guests view your home, and having a clean exterior can have a dramatic positive impact on your curb appeal. Having good curb appeal can also give your home a boost in value should you decide to sell your home.
Why COVID-19 Is Making it Harder to Get or Refinance a Mortgage
Mortgage rates remain at some of the lowest ever seen, but many buyers are having trouble accessing them due to the current difficulty getting a mortgage. Homeowners are also having a hard time gaining approval to refinance their homes, leaving many in a tight spot if they don’t plan ahead.
The unemployment rate of the past couple of months has caused lenders to tighten their loan requirements. Many lenders are now requiring larger down payments on mortgages as well as a higher minimum credit score. Many companies are also looking more closely at debt to income ratios and employment status before approving a loan.
Historically low refinance and mortgage rates have also caused a surge in refinance applications that has limited the amount of mortgage credit currently available. Mortgage Bankers Association reported a 16% drop of available credit in March, the lowest it has been since June of 2015. So, if you’re thinking about buying or refinancing your home, work on maintaining your credit score. Avoid making any major purchases before your new mortgage is in place plan now to check with your bank or broker if a purchase or refinancing is on the horizon.
Projects to Transform Your Home
Thinking about making some home improvements, but not sure where to start? These projects will add value and help attract buyers should you decide to sell your home.
You don’t have to completely redo the kitchen to make a big difference. If you have outdated countertops, cabinet doors, light fixtures, or a leaky faucet, just renovating those aspects of the kitchen can make a big difference! You’ll also be surprised at the difference a new backsplash can make.
Almost every room can benefit from a fresh coat of paint, especially if you aren’t happy with the colours you have now. Start fresh or even just touching up your existing paint can make a big difference!
Does your home’s bathroom remind you of the spa? If not, it may be time for some updates. Simple changes like a new shower curtain or rug are a cost-effective way to make a big impact, but even bigger changes, like replacing a toilet or showerhead are easy to do and won’t break the bank.
Whatever this summer has in store for your family, I’m here to answer any questions you have about real estate and the current market. If you or someone you know is in the market, please let me know! Each buyer and seller I assist provides support to Building Hope.
For more details on “Love The Home You Buy” call the toll-free line for the RECORDED MESSAGE outlining this Guarantee. Call 1-855-227-3592 and enter code 1383 or CLICK HERE to request more information.
Please share this information with those you know planning to buy or sell a home.