Over 600 Lakes!

Over 600 Lakes!
Bat Lake - Minden

Wednesday, January 20, 2016

2016 - Are You Ready?

As we leave a banner year and start anew, it is "cleanup" time for real estate agents. Review our marketing strategies, reconnect with clients, price properties that may be listed in the coming year, take some courses.....Winter is a time of renewal and I love it!
I attended a seminar with TD Canada Trust last week, and our local Mobile Specialist, Dale Bull presented some excellent material. One tidbit of information is that there is an unusual amount of mortgages coming due for renewal in 2016. Up to 25% of all mortgages are coming due this year.
Gull River - Minden
What does this mean as it relates to real estate? One factor many Sellers do not take into account when they decide to sell is the inevitable "early repayment" fees when they pay off their mortgage. For many, this can be a very significant expense, and depending on your lender. Many Sellers assume there will be no fee because their next purchase will be through the same lender. It does not work that way and even though you have been with your lender for several years, you must re-qualify for the next mortgage and there are fees. Assume nothing - be ready.
Have a chat with your financial advisor when you think you may want to sell. The best real estate transaction is a "no surprise" one, and doing your homework with your lender is a great way to start.
There may be more listings this year with mortgages coming due - it eliminates the early repayment fees. Do you know when your mortgage is due?
More listings due to mortgage renewals and more Buyers due to the continued lower interest rate - another balanced market in The Highlands.

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