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.
February 9, 2019: A New Seller Story and RSP Season
Dora Recently Sold a Home $60,000 Over Asking
Dora recently handled a home sale that is a great example of why you need to hire a realtor who knows the market.
“The house was in a desirable neighbourhood, and it had been occupied by the same homeowners for 2 decades,” she shares. “After doing a little work, we listed the house and decided to hold offers until the following Monday. We received a bully offer (an offer put in prior to the hold date).”
“I spoke with my seller and we decided to hold off, even though it was a good offer. The house sold well over asking price - about $60,000 over,” Dora says.
By trusting Dora’s market knowledge and expertise, these sellers were able to get more for their house. This is a market where it pays to have someone who knows what they’re doing and how to best market your home.
RSPs for Your Down Payment
Barb’s Did You Know for the week is about RSPs. If you have money sitting in your account, put it in an RSP. You’ll generate a decent tax return, and after 90 days, you can remove the deposit for a down payment on your house.
If you have more questions, contact Mortgage Brokers Ottawa.
February 2, 2019: Winter Showings and Possible Bid-Sharing
Punxsutawney Phil isn’t the only one who says spring is on the way. The spring market is bustling. Paul Rushforth Real Estate sold 37 houses in January, even with all the snow.
Speaking of Snow...Break Out the Shovel for Showings
Winter buyers are serious buyers, so if you have someone interested in seeing your house, don’t cancel it or put it off. Chances are the buyer will already have multiple showings lined up, and won’t make a trip back for your house.
When you do have a showing, make sure everything is well-shovelled and well-salted. When the weather and roads are as yucky as they are this winter, safety on the walkways is important.
Would You Want to Know About Competing Bids?
The Ontario Real Estate Association recently reported that they’re discussing the possibility of Ontario homebuyers having the ability to find out the prices and conditions of other offers in multiple-bid situations.
Currently, agents can only disclose how many offers are on the table, not how much someone is offering for a home.
“It’s still too early to tell if this is a good change,” Paul says. “They’re only discussing it right now, so I don’t know. I do think it would be great for sellers, but make it tougher for buyers who may end up paying more.”
You can read more on this topic in the Ottawa Business Journal >
January 26, 2019: Mortgage Professionals Canada and the Importance of Paint
Paul, Steve and Frank were joined by Paul Taylor of Mortgage Professionals Canada (MPC) to discuss a recent report on the state of the residential real estate market, extrapolated from data provided by homeowners across the country.
Key Points from the MPC Report
Paul Taylor, the president of MPC, called in to discuss the latest report that essentially takes the temperature of how Canadians feel about homeownership.
While they report didn’t have any surprises, Paul T. did say that the report provided, “an awful lot of confirmation on things we already knew.” Things the report covered include:
- The decline of transactions: 11% in the past 2 years.
- The difficulty for first-time buyers to get into the market.
- The stress test recalibrating what everyone can afford.
Paul T. said that government entities are now looking to make changes that will better help people enter the market and afford homes. This is incredibly encouraging to hear.
Sellers: A Fresh Coat of Paint Can Do Wonders
Paul R. encourages sellers to put in the work to make their house shine. In many cases, a simple fresh coat of paint will make your home look more appealing to buyers.
January 19, 2019: Buying a New Build
Paul, Frank and Steve braved the cold this weekend to talk about buying new builds.
Get an Agent to Represent You
Most people don’t think they need an agent when they work with a new builder. But you should have an agent to represent your best interests.
Paul shared a story of one couple who bought a new build. They thought the area was going to be developed to be completely residential. Now they back onto a Sobey’s and strip mall.
These are things an agent can find out for you, along with the other little details that you may not catch on your own. It doesn’t cost you anything to have an agent represent you, and you know you’ve got someone watching out for you.
Have a Home Inspection Performed on Closing
You should also get a home inspection the day you close on a new build.
When you get an inspection, you’ll have a 30 day and 1 year fix-it list. The 30 day list is for small things that can be quickly fixed within the first month. The 1-year is for any major flaws or issues that need to be rectified.
Paul says it’s well worth it because you have it documented, and recommends actually getting another inspection before the first year is up.
January 12, 2019: Relisting and Picking a Rate
Steve and Paul were joined by Barb and Mike from Mortgage Brokers Ottawa to talk about listings and rates.
Relisting and Resetting Your Days on Market
Days on market (DOM) is something buyers factor in when looking for homes. If you’re home has been on the market a long time, it’s a sign that something may be wrong with your house. It could also encourage buyers to put in a lower offer.
Some people take their homes off the market, and put them back on when they think the market will be more favourable - or to reset the number of DOMs.
Paul says that now in order to reset those DOMs, you have to wait 6 months to relist. If your home isn’t selling in Ottawa’s current market, it’s a price or condition issue. You should speak with your agent, or one of us, and see exactly what’s keeping your home from selling.
The Lowest Rate Isn’t Always the Right Rate
In her famous ‘Did You Know’ segment, Barb discussed who it’s not always about the rate when it comes to a mortgage. She says many people call trying to find the lowest rate, when in reality a slightly higher rate and a differently-structured mortgage could be the right fit.
It’s important to talk to your mortgage broker about your needs - they’ll be able to give you the best advice.
Open House Transcripts
We post any available transcripts here: