The Real Estate and Mortgage Show - January 9
Listen to this week’s episode of The Real Estate and Mortgage Show with host Steve Gregory, Frank Napolitano of Mortgage Brokers Ottawa and Paul Rushforth of Paul Rushforth Real Estate Inc.
On this week's show, Frank talks about whether it is easier to pre-qualify for a mortgage if you are a salaried employee OR if you are self-employed. Paul discusses the vacancy rate for rental properties and much more.
Paul Rushforth suggests that you maintain the exterior of your home if you are selling during this winter season. Ensure that your walkway is cleared of snow and salted to prevent slipping on ice. Prospective homebuyers will not want to bother viewing your home if it is too difficult to get into! Paul also discusses how real estate sales in December were up 5.3% (Potentially due to the unusual warm weather.).
Frank confirms that some mortgage lenders are beginning to refuse to finance some condo buildings in central Ottawa, due to concerns of the units being overvalued. This has left some homebuyers with no choice but to sell at a loss. It is a tough pill to swallow, considering these home buyers have purchased these units 2 or 3 years ago, during pre-construction. Paul expects the condo market to continue to struggle in 2016, slowly recovering in 2017.