Some Key Roles in the Real Estate Industry:

(Choosing your dream Team that works for you)

When it comes to your personal Real estate journey, it is usually the most important decision you make in your whole life. Although we at Unna Real Estate Group buy and sell real estate every day, we understand that this process is very important to you and can sometimes be confusing to get started. 

At Unna, we believe that choosing the right team of professionals is key to making sure that everything is a success. We have compiled a list of other Real Estate professionals who are usually involved in a real estate transaction. It is important that every single person in your team communicates with one another so you have a seamless experience.

• The Listing Agent:

  • Works with individuals selling real estate, listing properties under their name and brokerage for potential buyers to discover.

  • Responsibilities include determining selling prices, listing and marketing properties, managing showings, answering buyer inquiries, negotiating sale prices, and overseeing the sales process.

• The Buyer Agent:

  • Assists individuals looking to purchase real estate by finding suitable properties, arranging showings, negotiating on their behalf, and guiding them through the purchasing and closing procedures.

  • Typically, buyer clients do not incur costs for working with a buyer’s agent.

• The Broker:

  • Positioned above agents, brokers usually possess more education and licensing.

  • Brokers can establish their own real estate brokerage and recruit agents as salespeople.

• The Mortgage Lender:

  • Provides funds for mortgage loans, essential for real estate purchases.

  • Prospective buyers are advised to obtain pre-approval for a loan before engaging in property viewings and bidding.

• The Appraiser:

  • Independently assesses property value, crucial for mortgage lenders to ascertain accurate property valuations.

  • The appraiser's role is vital to ensure the property’s value aligns with the contracted sales price for loan approval.

• The Inspector:

  • Hired by potential buyers to assess property structure, safety, and potential defects or damages.

  • Inspectors play a critical role in informing buyers of any issues that may affect the property's condition.

• The Closing Attorney (The Lawyer):

  • A real estate attorney specializing in real estate law, providing legal guidance during property transactions, particularly at the closing stage.

  • These attorneys assist buyers and sellers in understanding and navigating the legal documentation involved in real estate transactions.

When to Sell Your Home…

(when is the best time to sell my home?)

The question of when is the best time to sell my home comes up almost every single day, the truth is there is no black-and-white answer to this question but this may help you find the right answer.

Some people buy a home to eventually sell it and turn a profit. This can be a very lucrative idea when the market is right, but if more people are selling than buying, it can be particularly tricky.

Not everyone wants to hold onto a home for their lifetime. The real estate market can herald a lot of money when the timing is right, and for someone who is comfortable with the process of selling and buying again, this can be a very exciting possibility. It is, however, important to understand how the timing can influence the value of your home.

A good rule of thumb: when in doubt, talk to a Professional. If there are ever any questions on the fluctuating market, your Sales Representative can answer them all. It is always important to contact your preferred Real Estate Professional. The one you trust most.

There are so many factors to keep in mind when trying to figure out the best time to sell your property. Remember that it will always depend on your specific neighbourhood and even the type of property you want to sell.

With this in mind, there are a few chief rules to consider when finding the right time to sell your home:

- Is the market good for selling? For example, are there more people looking to buy than sell?

- Will you be buying a new home once your existing one is sold?

- Is there a better time to sell your home? (i.e. will you make more of a profit if you hold onto the property?)

Selling a home can be exhausting, but with the right advice and a good guide of current market values, you can make the selling experience comfortable and stress-free.

We at Unna Real Estate Group are always ready to answer all of your questions and concerns. Feel free to contact us anytime.

As you may know, the Bank of Canada reduced the overnight lending rate from 5% to 4.75%. It continues to focus on elevated shelter costs as a significant contributor to inflation. However, it also noted that inflation measures are showing signs of downward momentum and are close to historical averages. To better understand how it works, we have asked one of our mortgage agent partners Lorena Sarnaglia to breakdown the numbers.

Variable-Rate Mortgages - If you’re holding a variable-rate mortgage, this rate cut signals a decrease in interest expenses. For example, for anyone with a variable rate with adjustable payments, you will see payments drop roughly $14 per $100,000 of mortgage (depending on your rate, amortization, etc.)

HELOCs - Interest-only payments would drop almost $21 per $100,000 as well.

Fixed-Rate Mortgages - Unchanged for now, but fixed rates are mainly influenced by the bond market and its expectations of the overnight rate’s direction. As we enter a rate-cutting cycle, bond yields should trend lower from here… and so should fixed mortgage rates.

We from Unna Real Estate Group, believe that the relationship between interest rates and home prices is a critical dynamic in the real estate market. When borrowing costs were at their lowest, home prices skyrocketed due to increased demand. As the overnight lending rate began to climb, the rapid growth in home prices started to slow down, illustrating the direct impact of interest rate policies on the housing market.

It is important to know that if the Bank of Canada reduces interest rates in response to economic conditions, it could stimulate the housing market, potentially reversing the recent price declines. The response of buyers to lower interest rates will be crucial. If confidence in the market remains high and borrowing costs decrease, a resurgence in home prices is likely.

New Content: Lower Monthly Payment or Paying More Interest?

Introduction: sConsidering buying a home? Picking the right mortgage term is crucial. In Canada, the standard is a 25-year amortization, but 30-year terms are gaining popularity due to rising interest rates. Starting August 1, 2024, first-time home buyers can opt for 30-year terms for newly built home, Understand the new rules:

If you're not a first-time buyer, you can still get a 30-year mortgage with a 20% down payment or by choosing an uninsured mortgage. Unsure about term length? Think about whether you want lower monthly payments or are okay with paying more interest over time.

1. Advantages and Disadvantages of a 30-year Mortgage Term:

   • Pros: Lower monthly payments make homeownership more affordable, especially for younger buyers. Increased borrowing power.

   • Cons: Higher total interest payments over the mortgage's life.

2. Impact of the New Rule on the Canadian Housing Market:

   • This rule change could stimulate demand for newly built homes, potentially boosting construction activity. However, it may also artificially inflate prices if demand outpaces supply.

3. Eligibility Criteria for a 30-year Mortgage with Less than a 20% Down Payment:

   • Currently, a down payment higher than 20% is required for a 30-year mortgage. With the new rule, first-time homebuyers can choose this option even with less than 20% down, but it's limited to newly built homes.

Our Opinion: The government should extend this option to all homebuyers, regardless of property type. This would promote affordability and accessibility in the housing market.

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