Selling a house in a slow real estate market can be difficult. In times like these, it’s not enough to simply list your home and wait you actually have to sell your home. Here are five tips from a real estate sales rep to get you started.

Know Your Market

Learn your market, the value of your property and your competition. Most sellers operate in the dark, simply offering the property for the price they want, without regard to what other homes have sold for and are currently selling for. Undervaluing or overpricing your home can cost you tens of thousands of dollars.

Price Your Home Right

With homes sales slowing and prices plunging, there’s little doubt that selling for a good price in today’s market is going to be tricky. So if you try to ask as much for your property as your neighbour got a year ago, you’re going to turn off potential buyers. Instead, price your home conservatively by looking at similar houses currently on the market. If you really want to stimulate a sale, you should under price your property by just a little. Trimming the price by a few thousand dollars can generate more foot traffic and create a buzz.

Make Your Home Presentable

Keep your house looking good at all times, repair things that are broken, and replace things that are rundown. Add a fresh coat of paint (neutral colors best), freshen up landscaping, trim trees, clean up clutters and remove personal items, so that prospective buyers can picture themselves in the home rather than seeing you there.

Be Flexible with Showings

It only takes one buyer to get your home sold. Don’t make your Realtor feel as though their request for a showing is an inconvenience.

Offer Flexible Terms

Often, the best way to sell a home more quickly in a buyers market is to adjust the terms of the sale instead of the price. While it may sometimes be necessary to adjust the asking price downward, or to negotiate a lower price with the buyer, sometimes offering an extended closing date will go a lot further.

(Source: Kevin Kittimer, Canwest News Service)

Your RRSP may be the down payment you're looking for.

Thinking about buying your first home? Wish you had saved up a good down payment? Maybe you have, but didn't know it. First-time homebuyers can tap into their RRSP to help with a home purchase.

Thank the federal government for this great initiative. Designed to help first-time buyers get into home ownership, the program lets you access tax-free monies for use towards the purchase or even construction of your first home.

Why tap into your RRSP? The most common reason is to boost the down payment on a home. The bigger your down payment is the smaller your mortgage will be. And you may qualify for better interest rates too your healthy down payment shows the lender that you are a low risk candidate for a mortgage loan. Your RRSP can help provide the funds for a down payment that will make a difference to your costs in the long run.

Here’s how it works. If you've been contributing to an RRSP, then you already know the program is designed to set aside money for retirement, with the money going into the program tax-free (and the plan to pay taxes on the funds when they're withdrawn later). But there are some good and valid reasons why you may want to access these funds earlier. A home purchase may be one of them. As a first-time homebuyer, you are allowed to withdraw RRSP money and have it remain tax-free, provided you adhere to the easy repayment plan. (Just make sure, of course, that your RSP is not a locked-in plan). You can withdraw up to $25,000.00 from your plan. If your spouse qualifies as a first-time homebuyer, then he or she will also be able to withdraw $25,000.00. Between the two of you, you could possibly have a hefty down payment sum of $50,000.00. That’s enough to make a substantial difference in the affordability of home ownership!

Ask your mortgage broker for more information about this program, known as the Home Buyer's Plan (HBP). There are some conditions that you should know about.

For example, you need to spend the money once it's withdrawn: you must enter a written agreement (offer to purchase) before you can withdraw money. And you are expected to complete the home purchase no later than October 1 of the year following your withdrawal. And don't spread your withdrawals out: all HBP-eligible withdrawals must be made in the same calendar year. Above all, you must meet certain repayment terms. Repayment to your RSP begins the second year following the year of withdrawal. You have up to fifteen years to repay, and each annual repayment must be at least one-fifteenth of the withdrawn amount.

A common question: so who exactly qualifies as a first-time homebuyer? What if one partner has owned a home before, for example? Well, it often happens that only one partner qualifies as a first-time homebuyer, so only one RRSP can be tapped for funds. But if either of you has not owned a home for the past five years, then you meet the description of a first time homebuyer! Keep that definition in mind as you plan the timing of any RRSP withdrawals.
The program shouldn’t influence the kind of home you purchase. Any kind of home qualifies for the program – detached, semi-detached, mobile, condominium, etc. – as long as it is located within Canada.

If you're thinking ahead to use your RRSP for your home, consider meshing your RRSP strategy with your down payment savings. Putting away funds in your RRSP not only saves you the current income tax, but the tax saved translates into more dollars towards your down payment.

It's not too soon to begin a conversation with a mortgage specialist about your future plans for home ownership. A good plan is always a great beginning!

You've heard it before and we will hear it again: there is no time like the present to refinance your home!

In these economic times the opportunities to turn that equity in your home into that project you have been talking about can be made a reality. Whether this is a renovation on your home, purchasing a revenue property or a child’s education we can help you put the wheels in motion. The government has announced the Renovation Tax credit which allows you up to $1350.00 in tax savings and we are seeing a slowing in the construction trades so that new kitchen is only a few steps away.

Refinancing offers a number of benefits that can also change your cash flow and make your life easier and more enjoyable! It can:

Put extra cash in your pocket now by generating a lower monthly payment

Save you thousands of dollars over the life of the loan, due to a likely decrease in your interest rate

Often allow for a shorter term, if that's what you desire - which means that you'll be paying less toward interest, and more toward principal (and sometimes, you can still receive a lower monthly payment).

It's time to seize the day, and to start putting your hard-earned money to good use by refinancing your home.

Call your mortgage professional today so that they can discuss your refinancing options. You have nothing to lose, and everything to gain!

Now that we are well on our way to enjoying spring, it is not uncommon to find your home a little cluttered in the post winter period. There is a good reason people often talk about giving their homes a good spring cleaning, but nowadays, that seems to revolve more around getting rid of all that clutter. If you are feeling like your home has gotten smaller over the winter, try freeing up some extra space by following these handy tips:

Get stuff off the floor. You can instantly make any room feel less cluttered by freeing up some precious floor space. Try using a corner entertainment center to organize your home theatre system, put those magazines on a bookshelf, and try relocating decorative fixtures to tables or shelves.

Store your winter clothes and free up closet space. You can purchase simple rubber storage containers at just about any home store and many are designed to fit under the bed. During the winter, do the same with your summer wardrobe.

Don't be a pack rat. Most people have a hard time getting rid of old stuff even thought they never use or wear it. If you are drowning in stuff you no longer use, consider donating it or holding a garage sale. If you are unsure as to whether or not you should get rid of something, try to remember the last time you needed it. If it was more than a year ago, there is a good chance it is just taking up space.

Take it one room at a time. Instead of clearing up a little space here and a little there, completely organize one room at a time. This will help prevent you from simply moving stuff back and forth.

After you have done your Spring clean up remember a good rule is when one item comes into the home another one has to be removed. Easier said than done!