Make Necessary RepairsAddress minor issues like fixing leaky faucets, replacing cracked tiles, and patching holes in walls. For larger concerns, such as an outdated roof or an old HVAC system, consult your Sullivan Team realtor to determine if these repairs or replacements are necessary before listing.Small Enhancements That Make a Big ImpactNew hardware, a fresh coat of paint, or updated light fixtures can make a significant difference. If your budget allows, consider upgrading countertops or appliances, as these improvements often offer a good return on investment. Be sure to consult with your Sullivan Team realtor beforehand!Neutralize Your SpaceNeutralizing your home is highly recommended to appeal to the broadest range of prospective buyers. Consider painting walls in soft, neutral colours like light grey, beige, or white. The goal is to create a blank canvas where potential buyers can imagine adding their own personal touches. After we tour your home, we will provide a room-by-room list of recommendations to address before home staging and the media shoot.Deep Clean  A spotless home is crucial—schedule a deep cleaning, including carpets, windows, and the garage, about a week before your home’s media shoot to ensure it’s in top shape for potential buyers and online exposure.Enhance Curb AppealAn inviting and well-maintained exterior is generally the first impression prospective buyers have of a home. Tackle tasks like cleaning the siding, painting the front door, and maintaining the landscaping. Adding seasonal plants or a new mailbox can also enhance your home’s curb appeal.By starting early and following these steps, you can rest assured that your home will be market-ready. This will help attract more buyers, reduce stress in the weeks leading up to listing, and increase the chances of selling within your ideal timeframe. A well-presented home not only appeals more to potential buyers but also increases your chances of receiving an offer.The Sullivan Team: RE/MAXEmail: GenevieveForHomes@gmail.comOffice: (905) 631-8118

Preparing Your Home to Sell in Early 2025

Saving for your first home is an exciting and important goal, and with the right approach, you can make it a reality. Start by creating a budget and identifying areas where you can cut expenses and save more. Set a specific savings target and make regular contributions to a dedicated savings account. Additionally, consider exploring government-assisted programs or incentives for first-time homebuyers. As you embark on this journey, it's crucial to have a trusted real estate professional by your side. That's where I come in. As your dedicated real estate professional, I will provide top-notch services, guiding you through the entire homebuying process. From helping you find the perfect property to negotiating the best deal, I am committed to ensuring a seamless and successful experience. Connect with me today to set up a home buyer consultation where we can delve into the process in more detail and devise a personalized plan to turn your dream of homeownership into a reality. Text/Call Genevieve: 416.802.4208Email: GenevieveForHomes@gmail.com

Saving for Your First Home

Preparing your finances is crucial in order to achieve your Real Estate goals.⁠Develop a Budget - Use receipts and your banking transaction history to create a budget that reflects your actual habits over the last several months. This approach will better factor in unexpected expenses alongside more predictable costs such as utility bills and groceries. You’ll probably spot ways to save, like slowing down on the Starbucks runs.⁠⁠Reduce your Debt - Car loans, student loans &amp; credit card debt, you need to get monthly payments on the rest of your instalment debt down to 8-10% of net monthly income. Whatever you can reduce, the better. ⁠⁠Income - Consider a side hustle, if possible, to increase your income. Save for a Down Payment - Designate a certain amount of money to put away in your savings account each month. Although it’s possible to get a mortgage with less money down, you can usually get a better rate if you put down more. ⁠ Interested in buying your first home or building your Real Estate portfolio?Let's get the conservation started. Email: GenevieveForHomes@gmail.com905.639.7676 | TheSullivanTeam.ca

Preparing Your Finances to Purchase a Home

#1. Property Taxes - Every jurisdiction has its own suite of property tax rates. In some places, the property tax rate is too high, and in others, it is below the rate of inflation. Either way, homeowners can expect a bill at the end of the year, equivalent to roughly between 0.5 per cent and 2.5 percent of the market value. #2. Home Insurance - Home insurance is critical when you own a home. You must obtain a comprehensive package to protect your property and home contents from a broad array of issues: vandalism, theft, flooding, and fire. You’ll also need liability insurance in the event someone is injured on your property. Whatever the case, home insurance is necessary. #3. Condo Fees (If Applicable) - It's always necessary to factor in the condo fee with your realtor and mortgage agent before offering on a condo because you need to know how much the costs will be in addition to carrying a mortgage. Your realtor and lawyer will also help you investigate how much the condo board has in reserves for upgrades and outlays like a new roof, new balconies, new windows, etc. #4. Utilities - If you have rented for many years, you might have avoided paying monthly hydro, heating, gas, and water bills. Although these costs are quickly becoming the norm in renting, new homeowners may have never had to deal with these payments. So, now that you own a home, you will be paying a wide range of utilities that can add financial pressure to your budget every month.<ul>
<li>Electricity</li>
<li>Air conditioner (if rented)</li>
<li>Heat</li>
<li>Gas</li>
<li>Water</li>
<li>Cable, phone, and Internet</li>
<li>Water heater rental</li>
</ul> #5. Maintenance - Landscaping, snow removal, gutter cleaning, HVAC maintenance, and home cleaning are just a few of the things needing maintenance when owning a home. In addition, if something in your home needs repairing or replacement, such as the dishwasher or washing machine, it's recommended to keep a reserve fund of your own to be able to pay for these replacements without being too 'out-of-pocket'.

What Are the Monthly Expenses of Carrying a Home?

April 27, 2022Homebuyers have been reaping the benefits of super-low interest rates since the onset of COVID-19. Now, with the Bank of Canada having made its second hike to the overnight rate in what is expected to be a series of increases this year, higher rates could change the trajectory of the housing market."We now expect home resale activity to slow more quickly than previously anticipated and, perhaps more important, we see prices peaking this spring as market sentiment sours from extreme bullishness,” said Robert Hogue, RBC's assistant chief economist. “In this altered landscape, local markets could experience a mild price correction, partly reversing outsized gains recorded in the past year.”Rates could rise another 100 bps in six monthsCanadians could see the greatest hike in interest rates in the shortest period of time in decades. RBC Economics predicts we could see another 100 basis-point increase over the next six months, sending rates to two percent or slightly above pre-pandemic levels at 1.75 percent.Higher rates reduce borrowing capacity, leave “no escape”The rate increase is pushing up the mortgage stress test’s qualifying rate, knocking some buyers from the market. Even for those who do qualify, Hogue pointed out that higher rates will reduce the size of the mortgage they can get. For households earning the median income, for example, the rise in fixed mortgage rates will shrink the maximum purchase budget by roughly 15 percent.RBC revises housing forecasts for pricing and salesRBC expects home resales in Canada to drop 13 per cent to 578,000 units in 2022, and fall another 14 per cent in 2023 to 500,000 units. Previously, RBC had anticipated 580,000 unit sales in 2022 and 548,000 sales next year in their previous forecast.“This implies a significant slowdown over the spring to fall period before sales stabilize in 2023 on a quarterly basis,” said Hogue. “We think this cooling will help the market return to balance.”Higher rates may bring positive market changesThe odds of a market crash are low. Millennials who are entering their prime home-buying years will support demand in the market, as will higher immigration levels. With home supply still chronically low, there are few signs of oversupply or overbuilding in Canada. Housing construction and cooling demand will help to rebalance the market.Final thoughts:“Rather than pose a major threat, we think rising interest rates are likely to bring welcome changes to the market—including more sustainable activity, fewer price wars, more balanced conditions, and modest price relief for buyers,” said Robert Hogue. “After the extreme price increases and heated bidding wars of the last year, this would be a positive shift.”Looking to break into the market? The time is now. Contact me to arrange your homebuyer consultation!Office: 905.639.7676 | GenevieveForHomes@gmail.com

Odds of a housing crash are low, says RBC Economics

Residential Real Estate Market

April 2022REALTORS® Association of Hamilton-Burlington (RAHB) - Market activity in selected area.

Local Market Stats!

This report will review how RE/MAX Escarpment stands up against the REALTORS Association of Hamilton-Burlington when it comes to new listings and unit sales.As listing inventory stays strong, RE/MAX Escarpment continues to be the trusted name in real estate in Hamilton-Burlington.

Market Pulse - April 2022

Passionate about contributing to the local community through volunteer work, Genevieve Serroul, a University of Guelph graduate, is trustworthy and a hard worker. Dedicated to ensuring that her clientele are educated throughout their real estate process, Genevieve represents her clients to the best of her ability – it’s her guarantee.&nbsp;This active gal is into sports, loves dogs and being outdoors. If she’s not spending the evening attending seminars and workshops to improve and grow professionally, then she’s either at home enjoying a glass of wine with her dog, volunteering at the Humane Society, or checking out an investment property.&nbsp;Genevieve is known for her honesty and outstanding service. You can be confident that you’ll make the right decision with Genevieve.