Open House - The Real Estate & Mortgage Show
Real Estate and Mortgage Answers
Every Saturday morning at 11 AM, Paul Rushforth and mortgage broker Frank Napolitano join CFRA's Steve Gregory on Open House.
They provide expert answers to real estate and mortgage questions from people just like you. You'll find plenty of information on how the market is doing and why, and they also have plenty of fun along the way!
Whether you're new to real estate or have plenty of experience already, you'll find the latest updates you need to prepare for your next home purchase or sale.
You can play the episodes by following the link below, or click here to get a list of transcripts.
Here are some highlights from past episodes. If you'd like to listen to the episode, visit the podcasts page.
October 13, 2018: Price Correctly and Keep Your Mortgage Info Current
Paul, Frank and Steve got together on this beautiful fall morning to discuss potential changes in the real estate and mortgage industry.
Work with a Realtor to Price and Pay for Homes
Pricing is more important than ever in Ottawa’s current market, which means you need a realtor that understands market value and how to negotiate.
Buyers without a realtor may end up offering too much, worried about losing out on the house. Sellers without a realtor may end up pricing their homes way over market value and either never get offers or have to take a much lower offer.
Only a realtor can give you the right price for your home that is based on facts, research, and expertise.
Make Sure You’re Mortgage Approvals are Current
We’ve mentioned before how crucial it is to get pre-approved for a mortgage prior to searching for a home.
What’s equally important is making sure that no big financial changes will impact your mortgage approval - and if something in your financial situation does change, talk to your broker right away.
If Somebody Already Has a Listing and Calls You, What Can You Say?
Paul answers a common question: if someone is already listed on the market and calls his company, what can he say?
The only thing we’re allowed to discuss is our services. It is unethical to discuss anything related to the listing, the agent, the commission or anything else in connection with the home sale.
October 6, 2018: Get Everything in Writing and the Benefits of Upgrading Your Heating
The original three were back in the studio this week to discuss the importance of documentation and home improvements.
Get Everything in Writing
When it comes to financing and lending, everything has to be in writing, particularly for the banks and lenders.
For example, if your actual income is different from your taxable income, a mortgage broker can work with you and the bank/lender to get your mortgage, and the banks have documentation that backs up the information you provided.
Does Forced Air Improve Home Values?
One caller wanted to know: if he upgraded from electric baseboard heating to forced air, would the value of his home increase?
There are a lot of factors this particular caller will have to take into account, but Paul says in most cases this won’t increase the value of your home - but it will make your home easier to sell, and save you on your energy bills.
The best thing to do is get an expert opinion from a heating and cooling professional, and talk to a realtor if you have more questions.
Frank Talks: Rates
Rates did creep up this week, and the Bank of Canada is meeting October 24 to make a decision about prime rate. This is making it more difficult for some potential homeowners to qualify for mortgage.
If you’re looking to buy a house, make sure you pre-qualify for a mortgage and understand the rules/rates surrounding your qualification.
September 29, 2018: Home Damage and Upcoming Rates
Lisa, Steve and Frank had a jam-packed show this week to discuss everything real estate.
What If You Purchase a House and It Sustains Damage?
After the tornados last week, many people are asking: what do I do if the house I just bought sustained damage?
Lisa explains that in the agreement of purchase and sale, there’s a section on insurance for cases like this. Buyers of the home have a few options. The most common options are:
- Close and take the insurance money (you can get the money, but the insurance policy does not transfer over to you).
- Walk away from the purchase, as it is not the property you agreed to purchase anymore.
These decisions need to be made with your lawyers and realtors.
Ask Your Lenders About Possible Plans to Help with Financial Distress
Many of the banks have come out with notices reminding customers that there are some programs in place if the tornadoes have caused financial distress.
If you’re unsure about what programs your lender has, get in touch with your mortgage broker.
Will Prime Rate Go Up on October 24?
The Bank of Canada is scheduled to meet October 24, and there is a possibility that prime rate will go up. For more information about rates and how to qualify, we recommend talking to a mortgage broker.
September 15, 2018: Co-Owning a House and Prepping for a Sale
Paul is back from Italy and in-studio with Frank and Steve for a mid-month chat about buying real estate in Ottawa.
Should You Co-Own a Home with A Friend?
Your life circumstances will change over time, which is why Paul doesn’t recommend co-owning a home with a friend.
You may start off in a great situation, but you may want to move in a partner, get a job in another city, or you and your friend may decide to part ways. When that happens, there’s a small chance you’ll be able to buy your friend out of the house.
Paul recommends renting with a roommate and waiting until you can afford a down payment and mortgage on your own.
It’s the Little Things That Make the Difference
Depending on the state of your home, a realtor may recommend making some updates. But there are a few things that always make a positive impression on buyers.
- A fresh coat of paint.
- Updated light fixtures.
- A clean, odourless house.
Have Photos Taken Before Winter
If you’re selling after September, have photos taken of your property now, when it looks nice. This will give people more confidence when the property is covered with snow.
September 8, 2018: More Neighbourhoods in Play and Prepping for a Fall Sale
It was a cool morning, but Steve, Frank, and Lisa stayed warm in the studio talking about all things Ottawa and real estate.
Peripheral Neighbourhoods Becoming More Active
Neighbourhoods like Barrhaven have been hot, hot, hot. But Lisa is now seeing many people start looking at more peripheral neighbourhoods like Bell’s Corners. The commute to more central communities is still reasonable, but there are a few more options.
If you’re looking to buy, check out some of our neighbourhood guides:
What Should You Do Before Listing in the Fall?
Lisa gave a quick run-down on things you should do before you list your home in the fall/winter seasons.
- Make sure your roof is in good shape - once there is snow on it, buyers won’t be able to see it. You need to give them the assurance that everything is safe and secure.
- Check your furnace now - a heat source is an expectation in a home purchase, and you need to make sure you book an inspection.
- Have your air conditioner shut-down report on hand.
- Have your pool shut down by a professional.
- If you have a wood-burning system, have an up to date Wood Energy Technology Transfer (WETT) certificate.
Steve actually videotaped various things in his former home to show that they were working properly. Lisa says this is a good idea, especially if it’s something like a pool or air conditioner, which won’t be usable in the winter.
Open House Transcripts
We post any available transcripts here: