HAMILTON REAL ESTATE UPDATE

Please don't hesitate to reach out for detailed stats that are specific to your neighbourhood, or even if you're just curious about what the house down the street sold for – it'd be great to hear from you!

BANK OF CANADA RATE UPDATE

On June 5th, The Bank of Canada lowered its key interest rate by a quarter of a percentage point to 4.75 per cent. This is the first rate cut since March 2020.

The Bank of Canada's benchmark rate affects borrowing costs for banks, which means they're able, but not forced, to lower their own lending rates.

Banks are generally quick to increase their prime rate in tandem with Bank of Canada hikes. However, they've been less consistent when rates are on the way down. When the central bank last lowered its rate four years ago, banks followed suit within a day.

Once banks move their prime rate down, it will have an immediate effect on borrowers with variable-rate mortgages, just as they've felt the brunt of rising rates over the past few years.

For new borrowers planning on arranging a fixed-rate mortgage, a decrease of a quarter percentage point in interest rates will also translate to monthly savings on their mortgage payments.

For instance, a person with a $500,000 mortgage, a 25-year amortization period and an interest rate of 5 percent would save around $72 a month if their rate dropped to 4.75 percent.

This seemingly small adjustment translates into a substantial saving of around $4,320 over a 5-year term!

Lines of credit are also usually tied to bank prime rates, so borrowers should start to see some savings on that front as well.

The next scheduled date for announcing the overnight rate target is July 24, 2024.

THE PRICE IS RIGHT

The way you price your home can either make or break your sale.

Setting the right price is critical to a successful sale as it will help ensure your home sells for the most amount of money in the shortest amount of time.

You only get one chance to make a great first impression, so it’s important to price your home correctly when it first hits the market. Here are a few pricing strategies to keep in mind:

Comp & Circumstance
The best way to determine a home's asking price is to compare similar homes in nearby areas that have recently sold, while also taking past, present and future market trends into account.

Market Matters
You may have your own opinion of what your home's worth but it's important to be unbiased and realistic. At the end of the day, it’s the market that determines your home's true value.

Buzz Kill
There's always a huge buzz when a new property hits the market, but if the price is too high, it’ll quickly become stale. Once that happens, buyers lose the incentive to make a swift, strong offer.

Stigma Stymie
If a home sits on the market too long, it’ll start to develop a stigma. We’ve all walked past a home that’s been on the market for ages and wondered, “What’s wrong with it?”

Competitive Edge
Overpricing your home benefits your competition, as buyers will view similar, less expensive homes in your area as much better deals.

Lowball Anxiety
You may be tempted to overprice your home, thinking buyers will still make offers, but many will shy away from making low offers for fear of offending the seller.

Don’t Sit Around
Having your property sit on the market is very inconvenient, as you'll constantly have to keep it in a show-ready state, which can be extremely stressful, not to mention exhausting.

Costly Carryover
Carrying costs such as mortgage interest, insurance, taxes and utilities can quickly add up if you get stuck carrying two homes at once.

Pricing a home is part art and part science. Market factors such as the economy, time of year and interest rates can all make a huge difference. Balancing these factors while keeping the buyer's perspective in mind is essential for setting the right price.

Your home only gets one chance to make a great first impression, so it's important to enlist the services of a highly qualified real estate agent to help you get things done properly from start to finish. Please don’t hesitate to reach out if you ever have any questions!

HANDY HOME HACKS

These simple yet ingenious home hacks will make your life so much easier!

Our lives are already busy enough without household chores getting in the way. These handy home hacks promise to simplify your daily routine so you can spend more time doing the things you love:

Towel Tip
Speed up your laundry drying time by tossing a dry towel into the load. This simple hack also helps cut down on energy consumption.

Sharpie Stains
If your child has decorated your hardwood floors with a magic marker, just apply a bit of toothpaste with a damp cloth and watch it disappear!

Blender Cleanser
To tackle stubborn stains from your blender, mix lemon juice and warm water with a dash of dishwashing liquid and then blend for a minute.

Watch Your Step
A slice of bread is like a magnet for tiny shards of glass. Just press the bread gently over the affected area and it will soak the tiny glass fragments up like a sponge!

Wood Whisperer
If your creaky floors make you feel like you’re living in a haunted house, just sprinkle some baby powder between the boards to lubricate the wood.

By simplifying everyday tasks with clever home hacks, you’ll be able to free up your spare time so that you can enjoy the finer things in life, such as spending quality time with friends and family or just relaxing in the hammock!

P.S. Do you have any go-to home hacks that you use to simplify your daily routine? If so, please share!

ARE YOU ON THE FENCE?

The Hamilton real estate market is constantly changing, so please don't hesitate to reach out if you ever have any questions – I’m always happy to help! 🏡 ✅

NEW LISTING: 485 GREEN RD #75 IN STONEY CREEK

happy closing day

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P.S. Please let us know if you'd ever like a hand finding your dream home or even if you're just curious about what the house down the street sold for. We are always happy to help