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 For larger concerns, such as an outdated roof or an old HVAC system, consult your Sullivan Team realtor to determine if these repairs or replacements are necessary before listing.Small Enhancements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: ShannonForHomes@gmail.comOffice: (905) 631-8118

Preparing Your Home to Sell in Early 2025

Staging plays a crucial role in selling a home, as it significantly enhances its appeal and increases the likelihood of a successful sale. Statistics have consistently shown the positive impact of staging on home sales. According to a report by the National Association of Realtors, 83% of buyers' agents stated that staging made it easier for their clients to visualize the property as their future home. Additionally, the Real Estate Staging Association found that staged homes spend 73% less time on the market compared to non-staged homes. When you choose to list your home with our real estate team, you gain the advantage of our professional staging expertise. Our team understands how to highlight the best features of your property, create an inviting atmosphere, and maximize its potential appeal to buyers. We have a keen eye for design and know how to transform spaces to showcase their full potential. By employing our staging services, you can rest assured that your home will stand out in the market and attract more potential buyers, leading to a quicker and more profitable sale. Contact us today for a complimentary, no-obligation home evaluation and let us show you the power of professional staging in selling your home faster! Call/Text Shannon: 905.220.0178Email: ShannonForHomes@gmail.com

Maximize Your Home's Appeal and Sell Faster with Professional Staging

The Bank of Canada is rapidly raising interest rates in an effort to reduce inflation, cool the demand for goods and services and in turn, make everyday life more affordable for Canadians. For homeowners with a variable rate mortgage, we understand there may be uncertainty about the impact rising rates will have on your mortgage and finances.What happens when rates change:<ul>
<li>When rates increase, your scheduled payment does not increase – rather, more of your payment is allocated to the accrued interest, and less to the principal.</li>
<li>When rates decrease, more of your payment is allocated towards paying down the principal of your mortgage.</li>
<li>When less of your payment is applied to your principal, your amortization will increase, which means it will take longer to pay off your mortgage.</li>
<li>When it’s time to renew your mortgage, your amortization schedule will be brought back to its original timeline. In the case where a rising prime rate has resulted in less of your payment being applied to your principal balance, your mortgage payment will likely increase at the time of renewal, possibly by a large amount.</li>
</ul>Questions? Get in touch with your Mortgage Agent, or let us introduce you to our highly recommended and trusted Mortgage Partner!

Understanding Interest Rate Changes: Variable Rate Mortgages

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: ShannonForHomes@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?

#1 Avoid Making Large PurchasesThis is because any significant cash outflow can impact your broader finances. Remember, when you take on a $500,000 mortgage, you are also enduring new monthly obligations, meaning that your debt-to-income ratio will be higher. This is what lenders monitor. #2 Don’t Co-Sign Other LoansYou may want to help a family member or friend receive a new car loan or get approved for a line of credit by co-signing these credit products, but this can be dangerous since co-signers are legally obligated for these loans if the borrower cannot fulfil their financial obligations. #3 Refrain from Applying for New CreditBe it a new credit card or a personal line of credit, one thing you should refrain from doing at this time is applying for new credit. Even if it is something you can afford, a check on your credit report will show that you have applied for new credit, which may affect your credit rating or score.Remember, you want to have as high a <a href="https://www.equifax.com/personal/education/credit/score/">credit score</a> as possible. Even a slight reduction could affect your mortgage application odds. In the interest of a top-notch score, refrain from seeking out additional credit instruments until after you’ve closed on your purchase. If you have the means to apply for a mortgage, you can enhance your chances by being extra cautious as you wait for that life-changing stamp of approval. Interested in getting started on your home search? Let's chat. 905.639.7676 | TheSullivanTeam.ca

3 Key Things To Avoid After Applying for a Mortgage

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 | ShannonForHomes@gmail.com

Odds of a housing crash are low, says RBC Economics

<a href="https://thesullivanteam.ca" target="_blank" class="btn">thesullivanteam.ca</a>Dedicated and motivated in all things design, Shannon Sullivan graduated from Sheridan College with an advanced diploma in Interior Design, and shortly after became a certified Home Staging Expert. Her passion for design led her to the housing and real estate market and since then, she has never looked back. Shannon elevates her clients’ real estate experience by staying on top of trends in the housing market, and by continuing to advance her skill set through on-going real estate education and by becoming an Accredited Buyer Representative ABR®. Shannon has the foresight and the knowledge to successfully represent her clients based on their individual needs, and in turn, creates an enjoyable and educational process for her clients. Most notably, Shannon was awarded the Top 30 Under 30 for RE/MAX Integra, Ontario-Atlantic, for her professionalism, dedication and commitment to the real estate industry.Shannon, along with her partner Tobias and their three Bulldogs, live in Burlington, Ontario. Caring and generous, Shannon is family oriented and devotes most of her free time to spending it with her adorable nieces and nephews. A passion for travel, Shannon tries to visit a new country each year, and when home, Shannon can be found exploring local restaurants, supporting independently owned stores, walking her dogs on nearby trails, or enjoying a glass of wine. Shannon’s integrity, knowledge and passion are the components that sum up her promise that her clients will always receive the best real estate experience throughout their entire process.