WELCOME HOME: wi Deb & Michelle Able Realty IN THIS ISSUE: • Our Listings • August’s Market Stats • Pro Tips: Mortgage Myth SEPTEMBERBusting 2022
2 WELCOME TO REAL ESTATE: with Deb Cook Deb Cook REALTOR ABR, SRS, RENE Phone: 306.621.6495 Email: deb.cook@century21.ca Michelle Bailey REALTOR ABR, SRS, RENE Phone: 306.621.5032 Email: michelle.bailey@century21.ca & Michelle Bailey Yorkton and Melville’s ONLY team specializing in: RESIDENTIAL COMMERCIAL FARM Meeting all of your real estate needs! Outstanding Sales & Performance 2018, 2020-2021 Top2014-2018PerformerConsistent High Quality2014-2017Service Commitment.Confidence.Connection. 2020-2021 Outstanding Sales & Performance 2020-2021 2020-2021 Centurion Team Award Top Performers 2021
Welcome back - to work, to school, to wherever your autumn schedule has brought you!
All About Context
While most of us are sad that the summer season is coming to an end, fall brings back the comfort and necessity of routine. Having been recharged by sunny days, we can now look forward to the season ahead with clarity and focus.
WELCOME MESSAGE: 3 @debcookrealtor@DebCookRealtor @m.baileycentury21@michellebaileycentury21 CENTURY 21 Able Realty | DEB COOK 306.621.6495 | MICHELLE BAILEY 306.621.5032
Check out our Pro Tips on page 6 to learn more!
Historical knowledge of interest rates helps us to understand what’s happening right now. Waiting for rates to decrease before purchasing your home may or may not be to your advantage. If rates continue to rise, buying now would be the better choice.
AUGUST 2022 NUMBER OF ACT I V E LISTINGS 119 LAST YEAR 135 AVERAGEPRICE SOLD $261,616 NUMBER OF SOLD PROPERTIES 25AVERAGEMARKET DAYS ON 70: LAST YEAR $205,860LAST YEAR 30 Able Realty
In our world, that means looking at these rising mortgage rates! Buyers are wary about purchasing a home right now, as it means locking in a higher interest rate on a mortgage loan. Higher than recent years, yes, but does anyone remember the interest rates during the 80s? Why is that important?
DEB COOK 306.621.6495 ON THE MARKET: $299,000 119 MORRISON DRIVE BEDS: 5 | BATHS: 3 | SQ. FT: 1,371 4 MLS SK899042 $282,000 112 GEORGE AVENUE BEDS: 4 | BATHS: 3 | SQ. FT: 1,800 MLS SK902408 SOLD 205 GOOD SPIRIT CRES. BEDS: 4 | BATHS: 1 | SQ. FT: 1,196 SOLD $255,000 238 YORK ROAD EAST BEDS: 4 | BATH: 3 | SQ. FT: 1,344 MLS SK893427 $229,000 198 DALEBROOKE DRIVE BEDS: 5 | BATHS: 2 | SQ. FT: 1,092 MLS SK896733 $215,000 174 TUPPER AVENUE BEDS: 3 | BATHS: 2 | SQ. FT: 1,040 MLS SK905012 $199,900 22 WATERLOO ROAD BEDS: 4 | BATHS: 2 | SQ. FT: 1,184 MLS SK899050 $179,900 21 WATERLOO ROAD BEDS: 3 | BATHS: 2 | SQ. FT: 988 MLS SK905837 SOLD 45 RIVERSIDE TERRACE BEDS: 5 | BATHS: 4 | SQ. FT: 2,092 SOLD SOLD 217 FOURTH AVE. NORTH BEDS: 8 | BATHS: 4 | SQ. FT: 1,148 SOLD $105,000 214 FIRST AVE. NORTH BEDS: 2 | BATH: 1 | SQ. FT: 700 MLS SK905819 $184,000 84 GLADSTONE AVE. S BEDS: 5 | BATHS: 2 | SQ. FT: 1,230 MLS SK906260 SOLD 147 DUNLOP ST. EAST BEDS: 4 | BATHS: 2 | SQ. FT: 988 SOLD $156,900 #204-138 CATHERINE ST. BEDS: 2 | BATHS: 1 | SQ. FT: 806 MLS SK890115 $110,000 89 APPLETON DRIVE BEDS: 3 | BATHS: 2 | SQ. FT: 1,216 MLS SK903270 YORKTON $239,000 7 DEERWOOD CRESCENT BEDS: 6 | BATHS: 2 | SQ. FT: 1,092 MLS SK900840 $174,000 206 FOURTH AVE. SOUTH BEDS: 5 | BATHS: 1 | SQ. FT: 1,230 MLS SK906216 PENDING 39 DEERWOOD CRESCENT BEDS: 5 | BATH: 2 | SQ. FT: 1,040 PENDING Deb & Michelle List With Us! SOLD SOLD SOLD $45,000 33 APPLETON DRIVE BEDS: 3 | BATHS: 1 | SQ. FT: 1,096 MLS SK904691 SOLD PENDING
5MICHELLE BAILEY 306.621.5032 The Listings PENDING 1512 DEERFOOT TRAIL BEDS: 5 | BATHS: 4 | SQ. FT: 2,048 PENDING $750,000 CHMIL FARM BEDS: 3 | BATHS: 2 | SQ. FT: 1,100 MLS SK884690 SOLD 360 THIRD AVE. EAST BEDS: 3 | BATHS: 2 | SQ. FT: 1,030 SOLD MELVILLE $159,900 403 MAIN ST. NORTH BEDS: 2 | BATH: 1 | SQ. FT: 784 MLS SK880992 RHEIN $139,900 14 SHARP STREET BEDS: 4 | BATH: 2 | SQ. FT: 1,040 MLS SK905923 SPRINGSIDE RURAL $240,000 2 LADY LAKE BEDS: 2 | BATHS: 1 | SQ. FT: 725 MLS SK885879 RM PREECEVILLE PENDING 514 PARK AVENUE ESTERHAZY, SK | SQ. FT: 3,400 SOLD $$$ 123 OPPORTUNITY YORKTON, SK | SQ. FT: 5,000 LIST WITH US! YOUR COMMERCIAL BUILDING $9.00 320 BROADWAY ST. WEST YORKTON, SK | SQ. FT: 2,601 COMMERCIAL PENDING $19,000 420 TAYLOR AVENUE BEDS: 0 | BATHS: 0 | ACRES: 0.28 MLS SK892861 SOLD 108 CRESCENT LAKE ROAD BEDS: 3 | BATH: 3 | SQ. FT: 1,406 SOLD PENDING DYSTE ACREAGE BEDS: 6 | BATHS: 2 | SQ. FT: 1,356 PENDING GOOD SPIRIT LAKE RM LIVINGSTON RM PREECEVILLE RM ORKNEY SPRINGSIDE MLS SK904639 PENDING SOLD PENDING
6 DEB COOK 306.621.6495 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 1015202550 Down payment percentage for repeat buyers through the years Down payment percentage for first-time buyers through the years
A pre-approval is only one step in the process of securing a mortgage. During a pre-approval, a bank looks closely at your finances to decide the maximum size of a mortgage you qualify for, and at what interest rate. It’ll also estimate your monthly mortgage payment. But, being pre-approved doesn’t guarantee you’ll receive that maximum amount. The value of the home you intend to purchase and the amount of your down payment are other factors a lender will look at when deciding how much to lend you. TIPS:
Myth 2: Max Amortization Time is 25 Years
Repeat Buyers First Time Buyers Profile of Home Buyers & Sellers, NAR fig. 1
Mortgage My Busting
Myth 1: 20% Down Payment
This is why it’s important to not lose sleep worrying about things that aren’t true. Considering all of the long-standing myths and recent misinformation (or sensationalized information) surounding real estate, we’re here to debunk some of the most common mortgage myths:
25 years is the maximum amortization time for an insured mortgage in Canada. An insured mortgage means you’ve made a down payment of 20% or higher. An uninsured mortgage (down payment of less than 20%) can have an amortization on the mortgage for up to 30 years. A longer mortgage reduces your monthly payment which will help with your cash flow, but it also increases the amount of interest you will pay over the life of your mortgage.
A home is one of the most expensive purchases most of us will make in our lives. Combine that knowledge with Yorkton’s rising real estate prices, the need to save for a down payment, and the legwork of finding the lowest mortgage rate out there - buying a home can easily become the most stressful purchase of our lives.
Survey data from the National Assocation of Realtors (NAR) show that 35% of people still believe a down payment of 16%-20% is needed to purchase a home *. In reality, the typical down payment is much lower. For first-time home buyers, the average down payment (over the last three years) has ranged 6%-7%. The typical downpayment for repeat buyers was 17% last year, since these homeowners use the equity from their previous home to purchase their next home. Additionally, these smaller percentages have been the trend since the late ‘80s:
PRO
Typical Downpayment Among Home Buyers
Myth 3: Being Pre-Approved Guarantees You a Mortgage
2 sourced from ratehub.ca, 5 Year Fixed Mortgage Rate History. 7MICHELLE BAILEY 306.621.5032 Historical Posted 5-Year Fixed Mortgage Rates Posted bank rates, Bank of Canada 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020 15 10 5 0 Mortgage Rate % fig. 2
There is a rise in market activity when the snow melts, but it isn’t because that’s when mortgage rates are the lowest...it’s when the weather warms and people become active outside again. It’s easier to move when there’s no snow on the ground. Also, we want to mention the recent rise in mortgage rates. If you’re waiting for them to go down, you may be waiting a while. While the pandemic certainly reduced rates, it wasn’t the only contributing factor. There are many factors that affect mortgage rates, and so it’s better to view rates in their full context - historically (See ^Fig 2). The best time to make your move is the time that works best for you, regardless of season and rate trends. Fig 1. ^Fig
S3N 0N6 Yorkton, SK Our Hometown Faves! HAND-PICKED HELP FOR YOUR HOME:
Myth 4: It’s Best to Wait Until Spring to Purchase
* Sourced from the NAR 2021 survey, Profile of Home Buyers and Sellers, including
HAND-PICKED HELP Our Hometown Faves! FOR YOUR HOME: MoontivePP Marketing & Design publication designed with care by: (306) 641. 2632 moonpop tive@gmail.comwww.moonpop tive.com
