Featherrented!

Here is something a little new. Featherrented!!!

I posted my house at 73 Arlington up for rent on Carleton's website. I managed to have 7 different groups come a couple of Saturdays ago. After some due diligence, I was able to find a group of suitable tenants for May.

The ad was only posted for a couple of days, and I was able to get 7 different groups of 4. Since then, I have received over 50 calls from students looking at renting. I knew that it would be easy to rent, but I never thought it would be that easy.

New Mortgage rules

I realize that I am a little slow with my post, but I thought I would help some first time home buyers understand what had happened last week with some changes to the mortgage rules.

In reality, there hasn't been a lot that had changed. The changes were made only to the riskiest of borrowers. The loan amortization had been reduced to 30 from 35. Home lines of credit were no longer being insured by the CMHC. The maximum borrowing amount is now 85% of the home's value, down from 90%.

What does this mean? It really does not affect first time home buyers. First time home buyers should be qualified based on a 25 year mortgage. The fact that it is reduced from 35 to 30 has little impact. First time buyers also do not need home lines of credit as they have not built any equity.

My personal theory (and please seek your own professional advice) is that this is just a signal of some of the measures that are going to come into place in the near future. My prediction is that home buyer's are soon going to need a larger down payment to purchase their homes. This will affect first time home owners. It's not easy to save for such a large lump sum.

There are factors that you should consider before jumping the gun on purchasing a home. You need to understand how the CMHC insurance premium works on homes with less than 20% down. I would suggest that you consult a mortgage professional to truly understand the implications.

My job as a real estate agent is to educate you on all facets on purchasing a home, so that you can find the information you need to make the right decision for you or your family. After all, the home is likely going to be the largest investment in your life.

New Year

I just thought I would wish everyone a Happy New Year! Of course, I'm going to put my real estate twist on it. I'm going to make a real estate resolution. I want to get a few more real estate courses done this year. Thankfully, they are offered on weekends and I shouldn't need to take any vacation time.

There are some particular courses on property management that look interesting and may add some additional value for people. I already think with my CA that I have some of that in my arsenal, but I never pretend to know everything. I want to make sure I can help my clients to the fullest potential.

Feathersold!

I guess I was a little late with this. I have a deal on a duplex that closes early February. It's just in time to pay some of the Christmas bills.

This was a great investment property. It was a duplex just on the outside of beechwood. My client and I had been searching for a few months - waiting on the right deal. This deal will make the house affordable for my client and some income potential down the road.

This is the value that I think that I bring to my friends and family. I can afford to be patient with my clients to make sure they get what they want. I think it's only fair given the fact that they may have to be patient with me as I do have a regular day job. I can't interfere with that, but if two parties want to get a deal done, a deal will get done. It hasn't been a problem yet, so I don't see why it would be down the road either.

New homes

In this post, I want to let you know about why a real estate agent can help you find the perfect home. It can be new or used. When it comes to new homes, you may not think that an agent can help. This is false as agents can still give you sound advice based on their experiences.

This advice can be referrals to mortgage professionals that can get you great deals. This advice can come in the form of getting you a great lawyer. All of these things add up, and an agent can help you make the biggest purchase of your life. Did you know that it is valuable to get a home inspector? Do you know a good one? Maybe you should talk to a real estate agent.

Something you should know is that some builders will pay the agent's commission or at least a part of it. When you deal with an agent, be sure you understand how he or she gets paid. If you don't, an agent may not have your best interest in mind. Buying a new home can be a great way to find your perfect home. There's a bunch you need to know and if you want to discuss some options, I'm all ears.

Market still warm

Although the mad rush to get things done before July 1 had passed, the market is still pretty warm. From other agents, home inspectors and mortgage specialists, the market still seems pretty active. There are pockets of really hot activity and pockets of no activity, but all in all the market in Ottawa seems pretty good.

As a side note, fixed mortgage rates have dropped. I've seen posted 5 year rates under 4%. I'm still a fan of variable rates as those rates have historically outperformed fixed rates. Variable rates have dropped as well, not as a result of prime going up, but as a result of the market trying to remain competitive. Prime -.7% seems to be out there for the right buyer.

Of course, please consult your own financial advisor about what kind of rate you should acquire for your personal needs. If you are tight on cash, you may want to play it safe and fixed your rates.