Local Spotlight: Michael Plante
We are so excited to have Michael Plante of Nest Realty and the CK Life joining us today on the blog to talk about the current state of home buying and selling. As this is his area of expertise we will happily pass the mic (or keyboard hahaha) over to him to share his insights and tips on real estate in Southern Ontario.
There have been few topics over the last couple of years that have received more attention than that of real estate. The recent real estate boom left sellers fetching large returns many times without much effort or time required. It also often left buyers feeling frustrated and confused.
Things however are changing and with change comes those uncomfortable periods of uncertainty. The balancing market has left both buyers and sellers a little unsure as to what step to take next. So, in an attempt to ease some anxiety and help you navigate the ever-changing world of real estate, here are a few tips and topics if you are thinking of buying and selling in 2022 and into 2023.
Sellers Need To Put the Extra Effort In
This may sound like the start of a dating column, but in reality what sellers are trying to do is attract a suitable mate for their home. For the last 5+ years, it has been a continuous seller’s market. Supply and demand has favoured the seller, meaning that most times, regardless of appearance, location or price, a home could sell fairly quickly. Quickly disappearing are these days.
When listing your home ensure that you are pricing your home based on good, solid, CURRENT market information from your real estate professional. Also, little things go a long way. Before listing, paint odd coloured rooms or those in need of updating, keep your home clutter-free, stage when appropriate and ensure that your curb appeal is spot on. These will all help you stand out to the competition that is now currently out there.
SELLER TIP: Take time and effort on the small details to make your home stand out.
It’s Okay to Have a Starter Home
One conversation that I have had a lot lately is getting first time buyers to re-adjust their views on what a ‘starter home’ should look like. With historically low interest rates for the past several years buyers have been given the opportunity to purchase first homes that are much larger, newer and more updated than those of first time buyers of the past. For previous generations it took 2-3 homes to move into what FTBs (First Time Buyers) have been able to afford right away. Currently, higher interest rates means less affordability and with it FTBs need to look at more traditional, smaller starter homes. Don’t let rates stop from your becoming a homeowner. Find a home that you can afford, make improvements and build equity that can be later used to buy your forever home.
BUYER TIP: Adjust your view of what starter homes should be.
Don’t Let Interest Rates Scare Opportunity
It’s true…interest rates are higher now than they have been the last few years. However, they are more inline with what rates have been traditionally. I’ve heard many people lately who have decided to stay out of the market because of rates. Have they adjusted people’s affordability at the moment?…yes. But remember, unless you are buying a home entirely with cash and no mortgage required, affording a home is more about a monthly payment than a final sale price. Plus, if rates drop, you can refinance to a lower rate.
There are great opportunities out there at the moment as the market corrects and competition lowers. Look at what your monthly affordability can buy you and shop with a long term plan in mind. For a homeowner, real estate is a long term game, so work with your professionals (realtor®, mortgage specialist, financial advisor) to help put that plan in place.
TIP: Interest rates go up and come down - buy real estate with a long term plan in mind.
Anyways, I hope these quick tips and insights help you in making a decision to list or buy a home and if you ever have any questions feel free to reach out the me! All the best in your real estate adventures friends!
Check out Michael’s Instagram, Facebook page, and his Youtube channel for some incredible content on the CK Life (Chatham-Kent Life).