It’s no secret that we love music. We’re both passionate about choral music, and if you’ve never heard Emese sing, you’re missing out. More recently, we started a choir at our church in Winona, and Emese has begun conducting for the first time in her musical journey, while Henk accompanies as the church organist.
At this point, you’re probably also assuming that Henk plays guitar, and that picture may give that impression, but he does not. If you’re a guitar player, you’ll know that his left hand is not forming any chord known to mankind!
Moral of the story: a picture is worth a thousand words, but don’t believe everything you see.
Kind of like real estate photos, right? How many times have you seen something online, and when you go to see it in person, the kitchen is a fraction of the size that the photos portrayed. Here’s the conundrum that we face as Realtors.
- We want to portray the best version of the home possible on the listing. We go to great lengths to make the home presents as well as possible for our top-notch photographer. After all, the photos are the first impression, and we want to pique the interest of a potential buyer so that they book a showing and see the home in person.
- However, we don’t want to over-deliver in the photos. When the buyer walks in the door, their expectations should be (at minimum) met. There’s no better way to kill a sale than to under-deliver.
So, as Realtors, we’re always walking that fine line between flattering photography and meeting buyer’s expectations. Thankfully, Emese has a very keen staging eye, both for photography and for the in-person showings. Her expertise allows the photographer to showcase the home well, while the buyer’s expectations are met and often exceeded from the moment they walk through the door.
Pro buyer tip: If you’re looking at the photos, and the fridge in the corner of the photo looks like it’s 10 feet wide, lower your expectations. The photographer has used a super wide-angle, fish-eye lens that is making the room appear much larger than what it actually is.
Last month, we said that “the fall market is shaping up to be the strongest that we’ve seen in 2024.” October delivered, although not at the rate that we thought it would. Prices are on the rise for the third consecutive month in the Hamilton region, and inventory is dropping, but buyers are still hesitant despite the 0.5% rate drop, announced by the Bank of Canada on October 23rd.
Not only did the rates drop, but the federal government announced two big changes to mortgage lending rules in Canada.
- Increasing the $1 million price cap for insured mortgages to $1.5 million (effective December 15, 2024). If you’re buying a home and putting less than 20% down, you can now qualify for a mortgage up to $1,500,000.
- Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds (effective December 15, 2024). Previously, first time home buyers and new home buyers were limited to amortizing their mortgage for 25 years. Increasing the amortization to 30 years will help buyers manage their cash flow, reducing their monthly mortgage payments.
Both of these measures, along with the lowering interest rates will help many buyers get into the real estate market. When that group of buyers hits the market, demand will increase, inventory will be absorbed, and prices will undoubtedly rise.
Buyers: Before that happens, you’ll want to get into the market. If the two rule changes above don’t really change your situation, and you’re able to buy now, we recommend that you do so, sooner than later. If you want to know about the advantages and disadvantages of buying now and waiting, give us a call and we’d be happy to walk you through each scenario.
Here’s a quick snapshot of the market in October:
The number of unit sales in October was:
- ⬆️ to 484 in Hamilton (up 27% from September)
- ⬆️ to 506 in Niagara (up 9% from September)
The median home price in October was:
- ⬆️ Up 0.51% in Hamilton, to $742,750 (up from $739,000 in September)
- ⬆️ Up 1.56% in Niagara, to $650,000 (up from $640,000 in September)
Inventory:
- 🗓️ Hamilton’s inventory sits at 4.07 months or 124 days.
- 🗓️ Niagara’s inventory sits at 5.50 months or 167 days.
As always, if you or your family, friends, coworkers or neighbours are thinking about making a move in real estate, we would love to go “a head above” for them. We are never too busy for any of your referrals!
