Our Real Estate Blog
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With a change in the interest rates usually comes discussion about the impact the change will have on the local marketplace. But it’s important to look at historical context when reviewing interest rates in the Brockville real estate marketplace. To help guide you in analyzing your costs and determining the impact of a rise in interest rates, we’ll highlight the changes in interest rate in recent years.
A Historical Context
Looking at Brockville real estate interest rates requires you to carefully consider the historical context for the current rates. While it’s true that prices for homes are at their highest in decades, it’s also true that interest rates at lower than ever before. There has never been a time at which interest rates were lower than they are now. This means buyers are experiencing low purchase costs.
Average Pricing Impacts Payments
The price for your home is a far greater indicator of the overall mortgage payments you’ll pay than the current interest rate, particularly in a market environment where interest rates are so low. You’ll find that the Brockville real estate market continues to be one of the more affordable markets in which to purchase property in Ontario. This is certainly the case when you consider the large amount of lakefront property available in the city. The median 4-bedroom home price in Brockville remains only $249,900 when compared with the local Toronto price of just a 2-bedroom home in the GTA is $449,000, you can see how affordable Brockville is compared with other cities.
A Move to More Affordable Cities
While real estate trends are rarely set in stone, and a new change in government policy can impact the marketplace over a period of a few weeks, there are indicators that highlight the trends as interest rates rise. The data shows that more families are likely to remove themselves from marketplaces such as Toronto and the GTA and seek more affordable homes within a few hours’ drive. Areas such as Brockville, Belleville, and Kingston are set to benefit as interest rates push buyers out of the city and toward a more affordable level of home ownership.
The MLS listings have become crucial for brokers and agents in helping provide another avenue for promotion for their properties. But what about the benefits for buyers and sellers? In our latest post, we’re focusing on the MLS system and the benefits of working with MLS listings for buyers and sellers in Brockville.
Sell Properties Quicker
One of the leading benefits of the MLS listings for sellers is the opportunity to sell their properties more quickly. Sellers will be able to get access to several thousand buyers a day. Each buyer is reviewing local properties knowing precisely what they’re looking for. Since the MLS listings connect Brockville buyers and sellers in this way, sellers don’t have to actively market the property alone. There’s already a forum designed to promote their property and catch the eye of the buyer.
Narrows Down Searches for Buyers
When you’re trying to buy a new home, it can seem as if the options are endless. Many buyers find that there are hundreds of properties that meet their precise buying parameters. The MLS listings are designed to help narrow down the search. The listings sort the properties into specific categories based on the buyer’s unique purchasing considerations, helping them eliminate those properties that are unsuitable from their search and ensuring that the ideal property is found within a shorter timeframe.
More Options Fitting Search Criteria
While the search options can be narrowed down by using the MLS listings, Brockville buyers can also gain more options fitting their specific criteria. Instead of having to choose a property that doesn’t quite fit their precise needs, they can use the listings to find that ideal home that fits their requirements with the utmost precision. It’s the type of service that connects families with that unique property built for their requirements in the long-term.
The Service is Affordable
Another benefit of the MLS listings is that the service is affordable for buyers and sellers. The service is designed so that it’s completely free for buyers and sellers to use, ensuring that buyers don’t have to spend more in reviewing local homes, and sellers reduce marketing costs in finding qualified buyers for their properties.
A real estate agent should be someone with decades of experience and a comprehensive knowledge regarding the industry. But many homebuyers don’t know the steps involved in choosing an agent, and this can often mean they make significant mistakes in the process. In this latest post, we’ll explain how to choose a real estate agent.
Make Sure They Understand the Industry
A key mistake that some homebuyers make in deciding how to choose a real estate agent is they choose a person they know privately who doesn’t have an understanding regarding the real estate marketplace. Not only does this mean that the person won’t be able to answer all of your questions, but it also means you’re less likely to change your mind halfway through the process, leaving you with an expensive mistake. Make sure that the agent has at least a decade of real estate industry experience and has the knowledge to back their experience.
Look for Agents with Local Knowledge
While industry expertise will help you in understanding the process of buying real estate, agents with local experience are required to help you choose the right property in the right location. Local experience means knowing where the transit hubs are and which street will be closest to business developments. It also means that your agent will know the history of a property and of a location and will be able to show you homes that match your buying parameters with precision.
Speak with Past Clients
Make sure when consulting with various agents that you speak with their past clients. Find out more about the client and their experience with the agent. Did they enjoy a strong working relationship? Did they achieve what they wanted from the deal? Meet with a number of past clients and speak with them directly about their experiences. The most qualified agents will be happy to connect you with their clients and provide you the information you need to make an informed, effective decision.