Your REALTOR®:
David Hale
April 2020
Real
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Don’t Try to Outsmart the Markets
Getting ready to refinance your mortgage but waiting for rates to fall just one more time? Is that extra 1/8th percent ready to drop? Some consumers begin to follow economic news and perform no shortage of due diligence trying to pick the perfect time to lock in an interest rate. Loan officers are asked on a daily basis, “What are rates going to do?” The fact is nobody knows and for those who say they know, well, they don’t. Even the most learned of financial analysts get it wrong. There are just too many ingredients that affect mortgage rates, some expected but many unexpected, for any solid projection to come to fruition. Yes, there are certainly general trends that can be pointed to but trying to outsmart
Mortgage Rates
Canada averages as of April 2020:



1 yr. closed: 2.69%
3 yr. closed: 2.64%
5 yr. closed: 2.24%
10 yr. closed: 3.24%


Source: www.ratehub.ca






interest rate markets can go wrong rather quickly.
      Conventional mortgages, both fixed and adjustable, are tied to specific indices. A traditional 30 year
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New York Might Pass an Anti-Flipping Bill. Are Other States Far Behind?
     That dream of buying a house in a state of disrepair and fixing it up to sell for a big profit is one many of us share. And the people you see on TV aren’t the only ones who are doing more than dreaming. According to ATTOM Data Solutions’ most recent stats, more than 200,000 U.S. homes were bought and resold within a 12-month period in the year 2017. 
      “That’s just under 6% of all the single-family homes and condominiums sold that year,” said Investopedia.
      But, if the state of New York has its way, it might soon be harder to pocket that cash. There are actually two bills making their way through the system: Assembly Bill A5375A and Senate Bill S3060E. Each of them “Imposes a tax on the



What Is a Home Renovation Loan and Should You Think About One?
     For many homebuyers, a picture-perfect, move-in ready home is the dream. For others, a project house they can get for a discount and then put their personal stamp on is too good to pass up. The problem with many of these “project houses,” though: coming up with the money to complete the projects. 
      Once you’ve depleted your savings to gather the funds for your down payment and closing costs, there may not be much left over to knock down that wall between the kitchen and living room, redo the counters and cabinets, and put in new hardwood flooring. Add in the costs of new furniture and hiring movers, and it could be years before you’re finally ready to make those improvements. 
      This is where a home renovation loan can help. 
      What is a home renovation loan?
      Although they are growing in popularity, home renovation loans are

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A lukewarm spring comes to an end for the Victoria Real Estate market

 A total of 740 properties sold in the Victoria Real Estate Board region this June, 4.5 per cent more than the 708 properties sold in June 2018 but a 12.7 per cent decrease from May 2019. Sales of condominiums were down 6.1 per cent from June 2018 with 216 units sold. Sales of single family homes increased 10.4 per cent from June 2018 with 394 sold.

 "June has trended lower than May for the past few years and tends to signal the end of the active spring market," says Victoria Real Estate Board President Cheryl Woolley. "The summer months of July and August generally see less activity than the spring, as people's attention shifts to vacation and away from real estate. This year, we have seen slightly more sales compared to June of last year. We have also seen one hundred fewer new listings enter the market this year, which continues to make a challenging market for buyers who are hoping for more options."

 There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, an increase of less than one per cent compared to the month of May and a 17.1 per cent increase from the 2,595 active listings for sale at the end of June 2018.  

 The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2018 was $898,500. The benchmark value for the same home in June 2019 decreased by 4.3 per cent to $859,600, slightly less than May's value of $860,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2018 was $509,000, while the benchmark value for the same condominium in June 2019 increased by 2.97 per cent to $524,100, higher than May's value of $519,300.

 "It is possible that some buyers are waiting for the federal government's new first-time home buyer incentive to roll out this September," adds President Woolley. "The program is intended to assist first time buyers with their down payment. It's hard to estimate how many local buyers may take advantage of the incentive, but because of the low threshold for maximum purchase price, the program may only help those in our area who seek to buy condos. This could mean a slight uplift in lower priced properties in the fall, if more buyers are enabled to enter the market. 

  If you are interested in our Shared Home Ownership program, check out the link to our events page.......

sharedhomeownershipvictoria.com/


  Daily News and Advice

Read about the events shaping the Real Estate market today, find current interest rates, or browse the extensive library of advice and how-to articles written by some of the top experts in Real Estate. Updated each weekday.
More Articles
March Real Estate Roundup
I Am Selling! Why Would I Put Money into a House I am Leaving?
What It Means When Your Loan Goes Into ‘Processing’
5 Home Projects to Enjoy Your Outdoor Space all Year Round
How to Buy a House Right Now



David Hale PREC
E-mail: davidraymondhale@gmail.com
Website: DavidHale.com
250-812-7277

Pemberton Holmes Realty
3354 Radiant Way
Victoria BC V9C 0H5


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