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episode # 85

6 Sure-Fire Ways to Lose Money in Real Estate

Don’t leave money on the table when selling your home!

Matt and Adam offer 6 tips to safeguard against having to sell your property for less than market value.

Also, Ray Macklem joins us to discuss today’s Bank of Canada interest rate increase.

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Episode Summary

  1. Don’t overprice. Sellers have unreasonable expectations in this market. Don’t overprice; chances are the dream won’t happen. You want to get lots of attention and people through the property, so this isn’t the right strategy.
  2. Get professional photos. Chances are you don’t spend much time viewing listings without photos. There is a huge difference between iPhone photos and professional photos. It’s all about presenting your property in the best light to get as many people through the door—this happens as a result of good photos.
  3. Get the property professionally measured. Maximize the square footage on the listing—this means money in your pocket. Everyone thinks in price per square foot.
  4. Get a third-party independent staging consult before listing. This can just be advice, not actually staging. It’s a neutral eye helping you get the property as market-ready as possible.
  5. Don’t be “penny wise and pound foolish”. People ask, “Should I renovate fully before I list?” The answer is no. But, “Should I spend $1,000-2,000 to get the place market-ready?” Absolutely. Ensure it’s clean and functional—handle objections and things that might prevent offers.
  6. Do a proper rollout. Don’t list two days before the open house. Market it properly, control the narrative. Have documents ready. Handle potential objections. Realtors know what to look for; that’s why they’re here.

Ray Macklem

On the Bank of Canada’s 0.25% interest rate increase:

This has brought the overnight rate to 1%, but the increase consumers will care most about is that banks will raise prime to 3.2%. There will likely still be a slow increase going forward due to things like uncertainty in the White House, economic uncertainty with the hurricanes down south, and problems with North Korea. It will be a wait-and-see approach to assess the impact.

On if he’d still go with a variable rate:

Depending on what you’re putting down and the type of transaction, variable is getting closer to fixed. Ray is still a fan of variable as there are still steep discounts. The CIBC outlook says there may be three more rate increases until mid-2019. There is still a good discount against prime.

On what people are asking for:

He gets asked by clients if they should lock in and where he thinks rates are going. He encourages people to get in touch and get a rate hold secured.

On if the rate increase will have much impact on our market:

A couple of factors go into this: the mortgage rules are tightening later this year, and this is now the second rate increase. Ray doesn’t think it will have a massive impact, though some people will stand aside to see what happens. Affordability and what people qualify for will be affected, but the overall impact won’t be huge. The increase works out to about $26 per $100,000 owing.

On how this is playing out generally in Canada:

Second quarter results were strong. Overall, it’s not bad news. The economy is showing strength. In 2007-2009, it was much worse. With the dollar spiking up today we’re at a two-year high, so there’s more confidence in the Canadian economy going forward.

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