Client Relationship

10 Things to Look for in a Realtor

realtor

Choosing a Realtor to Help You Buy or Sell a Home Can Be a Daunting Task

With so many real estate agents to choose from, it can be difficult to know where to start. To help make the process easier, here are ten things to look for in a realtor:

  • Experience: Look for an agent with years of experience in the industry. Experienced realtors have seen it all and can navigate any challenges that may arise during the buying or selling process.
  • Knowledge of the Market: Good real estate agents should have a thorough understanding of the local real estate market. They should be able to provide you with information on home values, recent sales, and upcoming developments in the area.
  • Communication Skills: Communication is key in any real estate transaction. Look for an agent who communicates effectively and keeps you updated every step of the way.
  • Availability: Your agent should be available when you need them. Look for a realtor who is responsive and willing to work around your schedule.
  • Professionalism: Look for a realtor who is professional in their demeanor and appearance. A professional realtor is more likely to command respect and get the job done right.
real estate transaction
  • Negotiation Skills: Negotiating is a key part of the buying and selling process. Look for an agent who is skilled in negotiation and can get you the best deal possible.
  • Attention to Detail: Buying or selling a home involves a lot of paperwork and details. Look for a realtor who is detail-oriented and can ensure that nothing is overlooked.
  • Connections: A good real estate agent should have connections in the industry. They should be able to provide you with recommendations for home inspectors, mortgage lenders, and other professionals you may need during the process.
  • Trustworthiness: Look for a realtor who is honest and trustworthy. You should feel comfortable confiding in your realtor and trusting them to have your best interests in mind.
  • Referrals are also an important factor to consider when choosing an agent. A good realtor should have a strong network of satisfied clients who are willing to vouch for their services. You can ask for referrals from family, friends, or colleagues who have recently bought or sold a home. You can also check online reviews and testimonials to get an idea of their reputation in the industry.

In addition to referrals, a good real estate agent should also have a strong online presence and be proficient in modern marketing tools. Modern real estate agents should have a website that is user-friendly and easy to navigate, as well as an active presence on social media platforms such as Facebook, Instagram, and Twitter. Also, they should be able to use digital marketing tools to effectively target potential buyers and sellers.

With the increasing trend towards remote work and digital communication, a realtor who is skilled in utilizing virtual technologies is becoming more essential than ever. By using these modern tools and media, a realtor can effectively showcase a property and increase its visibility to potential buyers, leading to faster and more successful sales.

When choosing a realtor, it’s important to look for someone with experience, knowledge of the market, communication skills, availability, professionalism, negotiation skills, attention to detail, connections, trustworthiness, and patience. By considering these ten things, you can find a realtor who will help you navigate the buying or selling process with ease.

If you’re in the market for a new home or looking to sell your current property, contact Geoff Jarman, a trusted and experienced realtor who embodies all of these qualities and more. With his expertise, local knowledge, and commitment to his clients, he can help you navigate the real estate process with confidence and ease.

Bank of Canada Raises Benchmark Interest Rate to 3.25%

Bank of Canada Raises Benchmark Interest Rate to 3.25%

Bank of Canada Raises Benchmark Interest Rate to 3.25%

The Bank of Canada announced on Wednesday that it was hiking its trendsetting interest rate by three-quarters of a percentage point. This is the latest move by the central bank in its mission to rein in runaway inflation, which has risen to its highest level in decades.

The bank’s rate impacts the rates that Canadian consumers and businesses get from their banks on things like mortgages, lines of credit and savings accounts. At the start of the year, the bank’s rate was 0.25 per cent. After Wednesday’s move, it’s now at 3.25 per cent. That’s the highest level for the bank’s rate since early 2008, before the financial crisis.

The benchmark overnight interest rate was increased by 75 basis points to 3.25% on Wednesday by a group of policymakers led by Governor Tiff Macklem, giving Canada’s central bank the highest policy rate among the major industrialized countries. In the upcoming months, officials said they intend to keep hiking rates.

This move was widely expected by economists, and it means that anyone with a variable rate loan is likely to see their payment increase in the coming days. The bank reiterated its commitment to price stability and said that it will continue to take action as required to achieve the two percent inflation target.

The discussion now shifts to Macklem’s next steps, as the central bank attempts to determine how high borrowing costs will need to rise in order to combat sticky inflation. Markets are pricing in a strong possibility of another half-point increase in October.

While Canada’s inflation rate fell slightly from its 30-year high of 8.1 percent last month, the bank noted in its decision that the majority of that drop was due to lower gas prices, while the rest of the economy saw “a further broadening of price pressures, particularly in services.”

Bank of Canada Raises Benchmark Interest Rate to 3.25%

Chart Source : Bank of Canada 

That persistent underlying inflationary pressure is a major reason why “the policy interest rate will need to rise further,” according to the bank, which also stated that it “remains resolute in its commitment to price stability and will continue to take action as necessary to achieve the 2% inflation target.”

Anyone with a variable rate loan will likely see their payment adjust in the next several days to keep up with the central bank’s move as a result of the action. RBC and TD, two of Canada’s largest banks, increased their prime lending rates by the same amount as the federal reserve on Thursday and other banks are expected to follow suit.

 

Since interest rates on variable rate loans increased from below two percent at the beginning of the year to over four and, in some cases, five percent today, many mortgage holders have already felt those hikes several times this year.

The majority of variable rate mortgages provide borrowers the choice to maintain a fixed payment regardless of rate changes. With rising interest rates, less of each payment is applied to principal reduction and more and more is applied to interest. Even if the size of the regular payment is the same, this lengthens the loan.

The Royal Bank of Canada, the country’s largest lender, said this week that it has around 80,000 mortgages on its books that are poised to reach their trigger point. According to the bank’s most recent letter to some of its mortgage holders, which was acquired by CBC News, “Our data show you may be approaching your Triggering Interest Rate – a moment when your regular payment is no longer enough to cover the interest portion on your mortgage.” Your mortgage payment will automatically increase if this situation arises, the letter stated.

 

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