of Lloydminster

Your Community Minded Realtors

Contact Us Anytime

Office: 780-808-2700
Toll Free: 866-666-2700

RE/MAX Of Lloydminster
5726 - 44 Street
Lloydminster, AB
T9V 0B6

"each office independently owned and operated"

Is your home currently on the market? Are you hoping for a quick sale and want to stack the odds in your favour? One powerful option to consider is to maximize the potential of the open house showings of your home. It is no longer enough to pop a sign on your lawn, leave a plate of cookies on the counter, and hope buyers will fall in love with your home. Today's sellers need to approach a showing like a reconnaissance mission. By analyzing the competition, taking advantage of technology, and understanding buyer patterns, you can significantly increase the potential of open house showings. Will one of the following tips help you sell your home faster?


- Use a mobile app to offer potential buyers extra details. Add the app link to feature sheets and email footers. If you're fortunate enough to have numerous visitors to your open house, you may not be able to attend to them all at once. A mobile app helps visitors discover tempting tidbits until you have a moment to attend to your next set of potential buyers.


- Consider holding your open house later in the afternoon. Instead of competing with other open houses for time slots early in the day, treat guests to viewings just slightly before the dinner hour. Your home's showing can leave a lasting impression and provide an intriguing topic for dinner conversation.


- Don't wait until the day of an open house to start promoting. Start marketing well in advance by updating your email signature, posting previews to your Facebook page, and tweeting out tempting tidbits on Twitter. Make sure lawn signage is in place ahead of time and neighbourhood bulletin boards have a current promotional flyer for your home.


- Consider creating a virtual tour for visitors that might not be able to attend your showing. Thanks to the abundance of helpful photography apps, you can create panoramic shots or videos of each room without having to hire a professional photographer.


- Another option that is growing in popularity is to use a drone to photograph the exterior of a home. Check with local hobby shops to see if they offer drone photography as one of their services. Be sure to check with city officials first to ensure that there are no air space restrictions in your area regarding aerial photography. Use the video to garner attention ahead of time for your open house.


These are just a few options you can consider to boost the potential of your open house. With numerous homes for buyers to consider, making your open house stand out is crucial if you want to increase your chances of a sale. Do you think you will be integrating any of these real estate tips into your next showing?

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Before you start shopping for a new home, you'll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not be what you can actually afford, based on your personal situation. Only you can decide how much you're comfortable paying every month.

How Much Home Can You Afford?


While you may be tempted to spend the full amount of mortgage you're approved for, you should take your total expenses into consideration. When deciding how much to spend on a home, remember: your decision should be based on:


.   Your current expenses -  Even if your mortgage amount is under 40 percent of your total debt, you may have other expenses not taken into consideration by the lender or the bank. Take into account your down payment, closing costs, monthly debt payments, and other living costs - such as groceries, transportation, and dining out.


.   Your future expenses - If your financial situation changes in the future, will you still be able to afford your home? Your pre-approval is based on your current income and debt levels. Consider whether you'll still be able to pay your monthly mortgage if you lose your job or take on more expenses.


.   Your lifestyle - Take a look at your current budget. Are you going to have to make cutbacks or changes to your current lifestyle in order to live comfortably with the mortgage amount? Decide what parts - if any - of your lifestyle you're willing to sacrifice. You may decide giving up certain aspects of your lifestyle are worth getting into a "better" home. On the other hand, you may feel happier spending less on a home if you can maintain other aspects of your lifestyle. Figure out your priorities, and go from there.



How is Your Mortgage Amount Determined By the Lender?


When you go to a bank or lender for a mortgage pre-approval, you'll receive a quote for the maximum amount you can borrow.  Banks and lenders use specific calculations - called mortgage ratios - to determine what you can afford based on your overall monthly debts, including housing costs. These ratios are:


.   Gross Debt Service (GDS) Ratio - Your mortgage expenses (principal, interest, utility costs, condominium maintenance fees, and property tax) should represent no more than 32 percent of your gross annual income.


.   Total Debt Service (TDS) Ratio - The gross annual income needed for all debt, including housing costs, personal and car loans, and credit cards. Your total debt should not exceed 40 percent of your gross annual income.

Don't feel pressured to spend the full mortgage amount you've been approved for. Once you've considered the above factors, you'll have a better idea of how much money you should spend on a home.

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The trademarks MLS®, Multiple Listing Service® and the associated logos identify professional services rendered by REALTOR® members of CREA to effect the purchase, sale and lease of real estate as part of a cooperative selling system.
MLS®, REALTOR®, and the associated logos are trademarks of The Canadian Real Estate Association.