Good Mortgage Advice: Planning Ahead

Do you ever think about things you can do now to help protect yourself against the inability to pay your mortgage in case of financial issues in the future? The CMHC (Canada Mortgage and Housing Corporation) has posted an article on their website entitled “Mortgage Planning Tips” giving some great information about how you can be proactive now to possibly prevent damaging financial hardship in the future.

It is always wise not to borrow the maximum amount you have been approved for when it comes to a mortgage. Borrowing the maximum amount you can afford now may not allow you to comfortably cope with unexpected changes in your income or unforeseen expenses in the future.

It is a great idea to sit down with your financial lender to calculate how your monthly mortgage payment would change if the interest rates were to increase (even 1 - 2%) - Could you still comfortably pay your monthly mortgage if this increase should occur? – a very good question to ask yourself BEFORE “signing on the dotted line”.

There are ways to pay off your mortgage sooner in order to have more financial freedom in the future – this could include making weekly or biweekly payments, saving to make a lump sum payment toward the principle and/or increasing your payment a little bit every month. Talk with your financial lender about the options they offer to pay off your mortgage faster.

If you reach a point that you are unable to make your monthly mortgage payments, speak with you lender – they may be able to help you as they may offer ways to help you deal with temporary financial obstacles – Remember, the worst thing you can do is sit back and not do anything and just hope the problem will go away!

For more information regarding these Mortgage Planning Tips please click here to read the complete article from the CMHC.

Until next time,

The Jamie Dann Team

Real Estate Sales for October

We’ve entered the last quarter of the year, it's hard to believe we are almost at the end of 2010 already! In the Real Estate world, home sales have been stable since the third quarter of this year. The average price for homes sold in Barrie and District over the past ten months is up seven percent from the first ten months of 2009. What’s next? Will the market continue to be stabilized? Well here’s an update on sales activity for October in Barrie and District.


Since August 2010, residential property sales have consistently increased, edging up one percent in October over steady increases in August and September, on a seasonally adjusted month-to-month basis. However, the data also shows residential sales remained below last year’s record levels for the month of October. These records are from the MLS® System of the Barrie & District Association of REALTORS® Inc.

According to the President of the Barrie and District Association of REALTORS®, Catherine Gabe, the Real Estate sales market is now calmer as compared to early this year and buyers seem to be taking their time in making their buying decisions. To read more about the figures of real estate sales, click here.

At the present time it seems like we’re looking at a continuous balance of supply and demand in the real estate market, although in comparison to last year at this time sales remain lower than those record levels.

Until next time,

Jamie

Catching up...

It has been a long while since I have last posted. VERY busy spring in terms of work and life in general. I suppose kids keep you busy! Went to Orlando the end of the month for my daughter's cheer leading competition - they won 1st in their division so it was very exciting! While away, another listing of mine sold within a week of being listed. Very excited for D and J! Once I returned, I had purchasers who bought and others who are considering putting an offer in. At the same time, I am busy recruiting another REALTOR® to join Terri (my client care manager) and myself. This way, when someone is away there will be total continuity for my clients.

At any rate, you are probably saying "enough about Jamie, what is happening in the market?" Well, I just came across a very interesting article about Mortgages. The banks have begun to raise the rates a bit, so the article discusses some of the impact. To read the article, click here.

In terms of the Barrie market... According to the Barrie and District Real Estate Board, this past March has been the BEST March on record. There were 50% more sales as compared to last March and there was the largest "month over month" increase in the past 10 yrs! The avg sale price of a home in Barrie reached just over $274,000 for the first quarter which is 8% higher than the same period last year. To read the full article, click here.

Think I've written enough for one day. Hope to keep in touch sooner!

Until next time! Jamie

The Market is DEFINITELY Picking Up!

For those of you who do read my blogs, you will know that on Monday, Feb 22, 2010, I listed a home in Innisfil, ON. I am VERY pleased to say not only did we get an offer in 3 days, but the property sold firm in a week. So, for the last 2 listings, my average of selling firm is 7.5 days. This is incredibly good news for many of us. For the Seller, it says that they are able to sell their house and move on with their plans, in a quick manner. For the Buyers, it says that they need to make their decisions fairly quickly if they want a particular home. That is, if it is priced well.

I do have 2 more listings that have come onto the market.

1007 Sunnidale Rd, 10 minutes from downtown Barrie
click here for the tour of this home

and

78 Joseph Cr., in a lovely subdivision in South Barrie
click here for the virtual tour