Rising Interest Rates Making YOU Uneasy?

It’s hard to escape the talk about rising interest rates and how they’re supposedly scaring away potential buyers and sellers.    If you’ve been thinking about selling, there’s a good chance it might be causing you to put those plans on hold and wait for buyers to re-enter the market.

But before you put your home sale plans on hold, there’s a timeless truth that bears repeating: there are always “life happens” buyers in the market looking to buy a home.   While interest rates are a significant factor, they don’t deter everyone from pursuing their dream home.

 Here are some examples of “life happens” events that cause people to buy a new home:

New job opportunities: People are always being relocated by companies to new areas, and they’re often given a “relocation package” to help them buy a house in the new area. But it doesn’t even have to be an out-of-state move that causes someone to buy; they could just be getting a much better paying job and they now have the financial capacity to invest in a larger or more desirable property.

Need for more space: Growing families, the desire to accommodate aging parents, or simply a need for additional living space can drive the decision to buy a new home.

Access to better schools: For families with children, the quality of local schools can be a motivating factor to purchase a new home in a specific area.

Less competition: Some buyers who struggled to successfully buy a home in the past due to intense competition are seizing opportunities as the market evolves.

Getting married: Whether it’s a first marriage, or a couple on their second trip down the aisle, starting a new life together often involves buying a house together.  If a marriage date is just around the corner, they are not going to wait for interest rates to drop before the buy.  

Getting divorced: Unfortunately, some marriages don’t last, which can cause one household to become two, causing at least one of them to buy a new home, if not both of them.

It makes more financial sense than continuing to rent: Rent isn’t always less money per month than buying a home, and even if it is, rents continue to rise and people become aware that they are not building equity by owning a home.

Security and stability: Owning a home provides a sense of stability, preventing renters from being at the mercy of landlords when leases expire unexpectedly.

Downsizing: As empty-nesters or retirees, some individuals choose to downsize, selling their larger homes to buy smaller properties.

They came into some money: Receiving a financial windfall, such as an inheritance, a significant bonus, or even a lottery jackpot can prompt someone to buy a new home.

It’s important to remember that interest rates are just one piece of the puzzle. Sure, it may deter some buyers, but it may also spark them to buy now before rates go higher!  People buy homes in every real estate market, regardless of the interest rates for a variety of reasons. In fact, buyers who are in the market now despite the rates are likely highly qualified and motivated, making this a perfect time to capitalize on the market.  Buyers looking right now are more highly motivated to buy verses those who are just looking.

There Is Still High Demand and Low Supply… for Now!

It’s also important to note that there is still a significant demand for homes in many areas. The limited inventory of homes for sale continues to create a competitive market. So, if you’re contemplating selling your home, you may find that you can still get a premium price for your home, and sell it quickly in many areas.

While the current real estate market remains favorable for sellers, there are potential challenges on the horizon. One factor is the Bank of Canada active efforts to influence the housing market through interest rate hikes. Their continued commitment to ongoing intervention suggests that the market might continue to fluctuate.

Another looming factor is the aging Baby Boomer generation. As they approach retirement age, projections are that more of them will put their homes on the market, which could significantly increase the amount of homes for sale, creating more competition among sellers and potentially lower sale prices.

So, if you’ve been hesitating to list your property thinking that it might be smarter to wait until interest rates come down and more buyers flock to the market again, it might be time to reconsider. There are always “life happens” buyers in the market, and your house may be the home they’ve been desperately waiting to see come on the market.

The Takeaway:

Rising interest rates have certainly priced some buyers out of the market, and made others take a break from their home search hoping that rates will come back down. In turn, this may cause some potential sellers to not list their house for sale, and wait for buyers to re-enter the market.

But there are always buyers in the market, regardless of interest rates, because life events cause them to need to buy a house. Considering there is still high demand from buyers and not enough homes to satisfy that demand in many markets, it’s a great time to sell now, rather than wait for the market to potentially shift in buyers’ favor due to interest rates, or because of a large number of listings hitting the market due to Baby Boomers in the near future.  The choice is yours, sell now or wait to see what happens with interest rates.  The future is never certain, knowing what the market is doing right now is.

If you are interested in knowing more about what your home is currently worth, call me and lets sit down and discuss your future plans.  My information is free, the knowledge is invaluable.

Or visit my Home Evaluation https://tonyrinella.com/home-evaluation.html

Tony Rinella – B.A. Urban Studies,

REALTOR®

Ethos Realty

204-771-3866

Is your home ready to sell?

In today's market most buyers are looking for that move in ready home that doesn't require any upgrades or renovations.  Buyers have a checklist of what they want and if your home does not meet their criteria they will just move on. Working with your REALTOR to make sure that your home stays at the top of their list is crucial.  By reviewing with your REALTOR what buyers are currently looking for in a home, and getting your home ready to sell will ensure you get your home sold faster and for top dollar.

So, what are the key areas that are most important to buyers today?

First and foremost is curb appeal and first impressions are crucial.  Studies have shown that 90 % of todays buyers start looking for a home on the internet.    In order to attract them to schedule a viewing the pictures you present must attract their attention.  Having professional photos and videos taken of your home is of the utmost importance.   Do not have your REALTOR take photos or videos with their phone!   Ensure your REALTOR is hiring a reputable and Professional Real Estate Photographer that knows how to shoot your home in its best light.   You only have a few seconds to impress them on the internet and those first seconds are your only chance to make a good first impression.

In order to capture curb appeal at a photo shoot, your home must be camera ready and ready to sell.   When the photographer arrives, your home must be ready to sell – pretend your home is being showcased at the parade of homes and you have pride in ownership.  When a buyer arrives at your home to view it the first thing they see outside.  The exterior will determine how excited they are to come in and view the rest of it.  If the exterior is tired looking, the lawn is not kept up, and it hasn’t been painted in many years, it will leave them with the impression that you do not care and will set the tone for the rest of the viewing.

Grab their attention with pictures first, entice them to schedule a viewing and then have them come inside.  Once inside your home it must have a good interior flow that feels spacious.    By removing unwanted clutter and rearranging or getting rid of bulky furniture you will create space and present your homes best features.  No truer saying was said in “Less is more”!  If your furniture is old and has outlasted its life expectancy, even if you think its still good, that may not be the case for a young buyer who wants a modern look.  Remember we are trying to impress, not make them feel they are visiting Gramma and Grandpa’s house.  If its old, take it out and replace it with something modern.   Stagers have a great eye for bringing in the right furniture to make it look modern.   Hire a stager, its worth it!

Buyers absolutely love updated kitchens and modern bathrooms.  Look at your kitchen and bathroom and determine how you can bring them up to the same standard of recent homes sold in your neighborhood.   Your REALTOR will know what other homes in your neighborhood are selling for and what buyers are wanting.  If you need recommendation on renovators or stagers your REALTOR will have a list that can help you bring your home up to standard.

Having a warm and welcoming Primary Bedroom is so important, buyers are looking for space they can call their own and a retreat where they can close the door and escape from their day-to-day hectic lifestyle.

Flooring needs to be up to date, and Hardwood flooring is the most desirable feature in any room.If you have hardwood flooring under your carpet, take out the carpet and refinish the flooring if needed. 

When a buyer steps into your home to view it, the first thing they do is look down to step into your home and the first thing they see is your floor.  Make sure it is clean and welcoming to come in.

Remember you need to view your home thru a buyer’s eyes.  Go thru your home with your REALTOR and determine what needs to be done to make it ready to sell.   Buyers will use any excuse they can to offer you less and inflate the cost of repair to bring it up to standard.  If it needs to be done, do it!  Buyers will not overlook the issues and you won’t get a second chance to make that first impression.

For more about how to improve your home’s value, call me and let’s go over what you still need to do to get your home ready to sell.

Tony Rinella

Ethos Realty

204-771-3866

trinella@shaw.ca

www.tonyrinella.com

Landscaping may not be the first thing that comes to mind when selling your home in autumn. However, the outside of your home is still the first thing buyers see, so it’s worth exploring ways to update your landscaping to create a cozy and welcoming feel.

Here are just a few ideas:

1. Add potted plants: Potted plants are an easy way to make your outdoors more attractive, especially along walkways and around your front door. And, because they’re potted, they can quickly be removed should the weather turn inclement.
2. Keep it Tidy: As leaves begin to fall, make sure to rake them up and keep your lawn and landscaping looking neat and tidy. This will help potential buyers see the full potential of your outdoor space without being distracted by clutter.
3. Light it Up: As the days get shorter, outdoor lighting can be a great way to showcase your home's exterior. Consider adding some string lights to your patio or walkway, or installing some spotlights to highlight your landscaping.
4. Emphasize Outdoor Living: There is a growing trend for enjoying outdoor living well into the fall. So, emphasize your outdoor living spaces by adding comfortable seating or updating your patio furniture to make it suitable for cooler days and evenings.
5. Add Seasonal Accents: Adding some seasonal accents to your landscaping can help create a cohesive look. Consider adding some pumpkins or gourds to your front porch, or incorporating some autumn-themed decor into your outdoor spaces.

By following these autumn landscaping tips, you can help make your home more attractive to potential buyers. So, embrace the changing seasons and use your landscaping to create a warm and inviting atmosphere that buyers will love.

Want more tips on how to make your home more attractive to buyers?

Call me today and find out if your home is ready to sell.

 Tony Rinella - Ethos Realty  204-771-3866

What is downsizing?

Bigger isn’t always better. If you have a large home, you might be stuck paying more for your mortgage, property tax or bills than you can comfortably afford, not to mention having an excess of space to maintain.

These are just some of the reasons why many older Canadians are choosing to downsize their properties to make their lives easier. If your children have grown up and left the nest, or you just want to simplify your life, downsizing your home for a smaller house or flat can make life easier and free up funds to do the things you love.

However, downsizing can be easier said than done, especially if you have a lot of belongings and memories invested in your current home, but the benefits can be worth it. This short guide explains how to downsize your house and how a REALTOR® can help you to sell your home and gain the equity to enjoy your retirement years

When is the right time to downsize?

Depending on your assets and liabilities after you retire, now is a great time to look at how much you require for downsizing. But deciding to sell your home and move somewhere new is a big step that needs to be taken with care.

You might benefit from downsizing your home if:

• your housing costs are too expensive and eating into your savings

• you have a large home that’s difficult or expensive to maintain]

• your children have moved out and you don’t need the extra space

• it’s a good time to buy and sell property and you think you could sell your home and use some of

  the equity to travel or simply live a simpler life.

If you’re not sure whether it’s the right time to downsize, talking to a financial advisor or REALTOR® could help you to decide what’s best in your circumstances.

What should you keep?

Packing up all your belongings when you move can be a hassle, but it’s also an opportunity to clear out and declutter and streamline your life. This is especially the case when downsizing your home, as a smaller house or an apartment might not have the space to store everything.

If you need to downsize your belongings as well as your home, it’s a good idea to organize your stuff into things you need and things you can live without. While these are always going to be personal decisions, there are some items it’s generally recommended you hold on to:

• Important documents related to birth, death, marriage and divorce, pensions, insurance, medical records and legal documents.

• Essential kitchen equipment, unless your new house is fully furnished.

• Basic furniture and bedding, but only what you need.

• Family heirlooms, whether their value is financial or sentimental.

 Items you want to keep but don’t have space for can be put into storage, but this will carry a cost.

What should you let go?

If it’s been a long time since you moved, the idea of selling or throwing away your belongings can be difficult, but it can also be liberating. Not only could you free up space and make money from selling unwanted items, you’ll also save money and time when moving.

You don’t have to be ruthless, but you should be realistic. If you haven’t used or worn something in the last 12 months get rid of it by gifting to family and friends or donating them to charity, although some may need to be thrown away. These might include:

• Clothes you never wear or that no longer fit.
• Furniture you don’t use that takes up valuable floor space.
• Old or unnecessary appliances and electronics that are obsolete (like a VCR or a Walkman)
• Sports and musical equipment that could find a new owner.
• Books, magazines, CDs and DVDs that are available digitally.
• Ornaments and decorations that don’t have sentimental value or are rarely used.

Another idea is to take a picture of them with your cell phone and look back on them when you wish to reminisce.

How to calculate your retirement budget

 Life expectancy is now over 80 years for both men and women, so many of us can look forward to a long and healthy retirement. Working out your retirement budget will give you an idea

of whether you’ll be able to afford the lifestyle you want. You can also get an idea of whether downsizing could help your money to go further.

The amount you need for retirement depends on your living situation and the level of comfort you want.

To calculate your personal budget, you should add up everything you spend in an average month or year and see if your income or pension covers it.

This includes housing costs, bill payments, food and drink, services, clothing, healthcare, transport, leisure and other expenses.

What are your assets and liabilities?

Assets

This refers to anything of value you own that contributes to your net worth. This can include:

• money in bank accounts

• savings and investments

• life insurance

• other retirement funds

Liabilities

These are debts that detract from your net worth. This includes the amount still to pay on loans such as mortgages, car loans or other personal loans, credit card debt and any other money you owe.

Subtracting your total liabilities from your total assets will give you an idea of your net worth.

Taking steps to reduce your liabilities, such as downsizing your home and switching to a cheaper mortgage, could mean there’s more money to go around.

How to Find the Right New Home

There’s more to choosing a home than the price alone. Talking to a REALTOR® about your needs and preferences should help you to find the ideal property that ticks all the boxes.

Location, location, location

Unless you’ve already picked out your dream retirement location, most people who downsize their home prefer to stay in the same area.

It’s familiar, your family and friends are there, and it’s less hassle to move your stuff.

Don’t go too small.

Downsizing doesn’t mean living in a shoebox. Make sure you visit the property in person to check that it’s large enough for your needs, especially if you like to have guests over. This includes the outdoor area.

One, two, or multiple levels?

Many downsizing seniors choose single level homes, so they don’t have to deal with staircases. Even if you’re fit and healthy now, a downstairs bedroom with an en-suite could be convenient in the future.

How to prepare your current home FOR SALE!

When it’s time to sell your home, you’ll want to make sure you’re getting the best price you can. However old the property is, some simple home improvements could add real value and make a better impression on your buyers. Improvements such as:

Spring cleaning: Make sure your home is as presentable as possible, inside and out. If there are stains in the carpet that you can’t get out,  you might consider hiring professional cleaners or replacing them all together.

Decluttering: Clearing floor space and removing personal items from display will make it easier for people to imagine themselves living in the home.

Maintenance: If you’ve been putting off replacing a faulty door or fixing a leaking tap, taking care of these problems yourself or hiring trades could go a long way.

Tidying the garden: First impressions matter. Make sure your front yard and entrance make the right impression on your buyers.

Where to get help

When it comes to your retirement home, you want to get it right first time. Even if you have experience of moving,  navigating the real estate markets and dealing with contracts can often be difficult and stressful. That’s where talking to your REALTOR® can help.

REALTORS® are specialist in property evaluations and understand the complex legalities involved in buying and selling a home. A REALTOR®  can offer professional advice and take care of ALL the paperwork that needs to get done so you won’t have to go it alone.

Tony Rinella of Ethos Realty has been helping seniors to buy and sell in Winnipeg and the surrounding communities for over 20 years and has the skill and knowledge to ensure your transaction is completed successfully.

 Contact me:

Tony Rinella – B.A. Urban Studies

Ethos Realty 755 Osborne Street, Winnipeg, MB.  R3L 2C4   204-771-3866

Email:  trinella@shaw.ca

Webpage  www.tonyrinella.com

You can also find me on my Facebook Page Tony S Rinella

or on my Business Page: Ethos Realty Tony Rinella

as well as on Twitter, Instagram, and LinkedIn

YOUR REAL ESTATE EXPERIENCE MATTERS

MADD Canada – Manitoba Chapter Board of Directors (2020 – present)

Manitoba Realtors® Shelter Foundation Past Chair (2022-2023)

Recipient of the CMHC & MREA Distinguished REALTOR® Award (2019)

Winnipeg Regional Real Estate Board of Directors – Director at Large (2017-2019)

Manitoba Real Estate Association – Board of Directors – Director at Large (2013-2016)