Trusted Regina REALTOR® James Wruth Shares Expert Tip Whether You're Buying or Selling

16. Aug 2023 Ashlyn Regina Real Estate, TRUSTED TIPS

James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of RE/MAX Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including RE/MAX 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.

Expert Regina Real Estate Tips Whether You’re Buying or Selling

I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals, and to be 100% accountable to you. In my latest blog post, I provide some expert real estate tips that stand the test of time.

Whether it’s buying, selling, or renting, a real estate transaction is a big undertaking.

Since I started my career in real estate, the market has seen significant shifts. Over the last several years, many parts of the Country have seen a sellers’ market, complete with multiple and “bully” offers, and record-high prices. Of course, there was (and is) the pandemic, which did not have the expected cooling effect on the market. And now, in early 2023, we are seeing the repercussions of increasing inflation and a buyers’ market.

No matter what kind of market we are in, however, my essential tips remain the same.

1. Understand the market. You’ve seen it in the news. Canada's housing market is cooling. In Regina and Saskatchewan we didn't see the crazy market and price increases that impacted buyers in Toronto and Vancouver, so now may be a more favourable time for buyers than sellers. However, it’s equally important to bear in mind that property values do fluctuate over time.

2. Assess your finances and priorities. Ask yourself these important questions: How much can you afford for a down payment and mortgage? How is your credit score? How much responsibility are you comfortable with? Do you care more about equity or having the freedom to move?

3. Set a clear budget. Make sure to account for the extra costs that come with buying a home — such as legal fees, land transfer tax, and utility costs.

4. Choose a Regina Real Estate Expert you can trust!

Partner up with me, I’m a top Regina RE/MAX Agent, and an experienced Regina REALTOR®

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side.

Sell Your Home For The Best Possible Price, With The Least Amount Of Time and Stress!

James Wruth Is A Trusted Regina Estate Agent

Trusted Regina REALTOR® James Wruth Shares The Top 5 Reasons You Should Work With An Experienced Regina Realtor

16. Aug 2023 Ashlyn Regina Real Estate, TRUSTED TIPS

James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of RE/MAX Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including RE/MAX 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.

The Top 5 Reasons You Should Work With An Experienced Regina Realtor

I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals, and to be 100% accountable to you. In my latest blog post, I provide expert real estate tips that stand the test of time. In my latest real estate tip, I share the top 5 reasons you should work with an experienced Regina Realtor.

Working with an experienced realtor can be beneficial in several ways:

Knowledge and expertise: An experienced realtor will have a thorough understanding of the local real estate market and can provide you with valuable insights and guidance on the buying or selling process.
Access to resources: An experienced realtor will have access to a network of professionals, such as home inspectors, appraisers, and lenders, that can help make the buying or selling process smoother and more efficient.
Only real estate agents can get your home through multiple listing services (MLS).
One of the biggest challenges of selling a home without a real estate agent is finding the best way to distribute your home listing to potential buyers. Advertising is a pay-for-play process, so selling your home alone will require you to spend money upfront to get your listing in front of as many eyes as possible. Working with a real estate agent provides your home access to the MLS, which is generally considered the primary system all real estate agents use to search for the most up-to-date home listings. MLS listings are what most buyers look at when searching for a home.
Negotiating skills: An experienced realtor will have strong negotiating skills and can help you get the best deal possible, whether buying or selling a property.
Time-saving: An experienced realtor can save you time by handling the paperwork and administrative tasks involved in the real estate transaction.
Peace of mind: An experienced realtor can provide peace of mind by answering your questions and addressing your concerns throughout the buying or selling process.

Working with an experienced Regina realtor can make the real estate process more efficient, less stressful, and ultimately more successful.

Partner up with me, I’m a top Regina RE/MAX Agent, and an experienced Regina REALTOR®

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side.

Sell Your Home For The Best Possible Price, With The Least Amount Of Time and Stress!

James Wruth Is A Trusted Regina Estate Agent

Trusted Regina REALTOR® James Wruth Discusses Rising Interest Rates & The Effects on The Market

16. Aug 2023 Ashlyn Regina Real Estate, TRUSTED TIPS

James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of RE/MAX Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including RE/MAX 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.

Rising Interest Rates and The Effects On The Market

I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals, and to be 100% accountable to you. In my latest blog post, I provide some expert real estate tips that stand the test of time. In my latest real estate tip I tackle the subject of rising interest rates and how it may affect you as a homeowner (or potential homeowner).

When a rise in interest rates may affect you

A rise in interest rates often means that it will cost you more to borrow money.

A rise in interest rates may affect you if:

you have a mortgage, a line of credit or other loans with variable interest rates
you’ll need to renew a fixed-interest-rate mortgage or loan

Your financial institution could also increase your interest rate if you don't make payments on your credit card or loan.

How interest rates work

Interest rates rise and fall over time. If you’re borrowing money, interest is the amount you pay to your lender to use the money. The interest rate is used to calculate how much you need to pay to borrow money.

Financial institutions set the interest rate for your loan. This could be a mortgage, line of credit or another type of loan.

You can find your interest rate in your loan agreement. Your financial institution must provide you with certain information about interest rates on your loan.

Fixed and variable interest rate loans

When you get a loan, your financial institution may offer you a fixed or variable interest rate.

A fixed interest rate will stay the same for the term of your loan. A variable interest rate may increase or decrease over the term of your loan.

Some lenders may offer you a lower introductory rate for a set period for certain types of loans. Make sure you can still afford the payments at the regular (higher) interest rate.

Dealing with a rise in interest rates

Pay down your debt as much as possible to deal with a rise in interest rates. If you have less debt, you may be able to pay it off more quickly. This can help you avoid the financial stress caused by higher interest rates and bigger loan payments.

You can deal with a rise by using these tips:

reduce expenses so you have more money to pay down your debt
pay down the debt with the highest interest rate first to pay less interest over the term of your loan
consolidate high-interest debts, such as credit cards, into a loan with a lower interest rate
avoid getting the maximum mortgage or line of credit that a lender offers you
avoid taking on unnecessary debt with things you want but don’t need
avoid borrowing more money as it could limit your ability to save for your goals
find ways to increase your income to help you pay down debt
make sure you have an emergency fund to deal with unexpected expenses, such as covering higher loan payments to avoid penalties

What is a trigger rate?

When your mortgage or loan has a variable interest rate with a fixed payment, you may reach your trigger rate if interest rises.

Your trigger rate is the rate at which your mortgage or loan payment will no longer cover the principal and interest due for that period. Once you've reached the trigger rate, your payment will only cover interest payments and no money will go toward paying down your principal.

Reaching your trigger rate means that you’ve stopped paying down your loan and you’re now borrowing more money. This is often called negative amortization.

The best way to find out your trigger rate is to review your mortgage or loan agreement. You can also contact your financial institution. They’ll be able to calculate the exact rate for you. They’ll also be able to let you know your options if you reach your trigger rate.

If you reach your trigger rate, you may be required to:

increase your payments
make additional payments to cover the excess interest
change to a fixed-rate mortgage

If you’re not at the maximum amortization period allowed, your financial institution may offer to extend your amortization. This would avoid having to increase your payments. However, extending your amortization means paying for a longer period and paying more interest in the long run.

Suppose you have a mortgage of $300,000 with a variable interest rate of 4% and 20 years left on your amortization. If you extend your amortization by 2 years, it’ll cost you $15,126.26 more in interest. The decision to keep the same payments while interest rates rise can become very expensive over time.

When interest rates are on the rise, contact your lenders as soon as possible to find out about your trigger rate and discuss your options.

Impact of a higher interest rate on your loan payments

The following examples show you how your mortgage, line of credit or loan payments may be affected when interest rates rise.

How a rise in interest rates could affect your monthly mortgage payments

Suppose you have a mortgage of $300,000 with a variable interest rate and a 25-year amortization. Your interest rate is currently 3% and it goes up to 4,5%. Your mortgage payment will go from $1,420 to $1,660. An increase of $240 a month.

Partner up with me, I’m a top Regina RE/MAX Agent, and an experienced Regina REALTOR®

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side.

Sell Your Home For The Best Possible Price, With The Least Amount Of Time and Stress!

James Wruth Is A Trusted Regina Estate Agent

5 Real Estate Tips From Trusted Regina

24. Oct 2022 Ashlyn Regina Real Estate, TRUSTED TIPS

5 Real Estate Tips

Thanks to a glam Hollywood treatment and an influx of design and reno shows, the world of real estate can look like a pretty sweet deal. You tour some high-end houses, sign some papers, close a few deals and you’re set. Right? In real life, it’s a little more complicated than that. From emotional sellers to DIY disasters, real estate agents deal with challenges just like any professional. Here’s what they wish you knew about the job:

“Reality” television isn’t that real.

Shows can make it seem simple and fun to buy a fixer-upper, gut the place and sell it to make a profit, all within a short timeframe. In reality, these projects take much more time and often encounter more complications. Make sure you speak with both a real estate agent and a contractor before deciding if this is the right option for you.

Time is of the essence.

In Canada, where many housing markets are hot, hot, hot, timing can make all the difference when it comes to scoring your dream home. For buyers, being responsive and filing paperwork on time can be the reason you get—or lose—the place you want.

It pays to keep your emotions in check when selling.

It only makes sense that when you put down roots in a space you become attached to it. Unfortunately, emotional connections sometimes get in the way of pricing a home at its actual value or accepting a perfectly good offer.

Staging has real benefits.

People become attached to their things as well as their actual dwellings. But not every potential buyer will be as enthused about your treasured family vacation photos or carefully curated souvenirs. If your agent suggests you use the services of a professional stager, they’re trying to get your home the value it deserves.

Keeping your home tidy helps!

Even in a hot market, going out of your way to make your home as presentable and welcoming as possible is a necessary piece of getting the buyer you want. Spending a few minutes every day to tidy up, wipe down counters and give the floors a quick swiffering makes an agent’s job that much simpler.

5 Tips on How to Let Go of A House You Love From Trusted Regina REALTOR® James Wruth

24. Oct 2022 Ashlyn Regina Real Estate, TRUSTED TIPS

James Wruth is one of Regina’s most trusted and top-selling Realtors. A member of RE/MAX Crown Real Estate since 2006, James works with families, individuals, investors, and developers in the purchase and sale of residential properties. Since 2006, James has been a consistent Top Producing Realtor, and he has been awarded numerous prestigious distinctions including Re/Max 100% Club distinction, Platinum Sales Award, and Remax Hall of Fame induction. James Wruth is a Trusted Regina Real Estate expert.

Considering Breaking Up With Your Favourite Home? 5 Helpful Tips from James Wruth

I believe that relationships are more important than transactions. I started a career in real estate in 2006, and since that time I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you, and your real estate goals, and to be 100% accountable to you. In my latest blog post, I acknowledge that selling a home you love is NOT easy.

Owning a house is like 'being in a long-term relationship', so it can be hard to break up!

You grew up in that home, or you raised your own family inside those four walls, so when it’s time to move on, downsize or sell for a multitude of reasons, it can be very hard emotionally to let go!

Another reason why a breakup with your home is hard to go through can be explained by the Endowment Effect. This economic theory finds that people overvalue what they already own. They are comfortable with the status quo and feel threatened by change and the unfamiliar, which makes losing or parting from what they have particularly difficult. Now, they believe that their loss is more than it actually is.

Sure, this house was perfect, but the home selling and buying process isn’t finding “the one” that sticks around forever. It’s more about finding the home that fits your needs best based on your current situation. That gets easier if you can feel good about your next decision and give yourself closure over the past—so let’s dive into 5 tips to help you work through it.

Tip #1: Make sure you’re ready to ' FOLD It' from a financial perspective

When you mix money and love, things get complicated. Just ask the 1 in 5 partners who choose to keep their finances separate. Applying this division of church and state to selling the house can suck some of the emotion out of the process.

Above how you feel about the selling situation, you need to figure out the hard financials and timing of this sale. Can you afford to sell this home and buy another, and is now the time to do it?

You can start by getting a ballpark figure for what your home would go for in the current market. Then, factor in your expenses like home prep, repairs, and agent commissions. Make sure that after you sell the house, you’ll have enough money to pay off the mortgage and then some, ideally enough for a sizable down payment on the next house.

Then, find out if it’s the best time to sell your home in your market. Depending on where you live, seasonality makes a big impact—in fact, data shows that selling at an opportune moment can help you increase your profits significantly.

Take Away? Similar to a relationship break-up, selling a home shouldn't be a rash, spur of the moment decision.

Tip#2: Reframe your mindset to focus on your ‘Why’

The first question I ask my seller clients is, “Why Are you Selling?”

Maybe you crave the carefree lifestyle that apartment/condo living can provide, perhaps you want to move to be closer to the grandkids, or maybe you have to buy somewhere bigger to give your family more breathing room.

Take Away? Focusing on the logic of your reason and your why makes it easier to harness your attention to the future. Reframe your home sale as change (good change!) rather than loss. Then, selling your house becomes an opportunity for you to move on to a different chapter of your life.

Tip #3: Keep living your best life BUT keep on keeping up with the Jones's

The last thing you want to do after you decide to sell your house is to wallow in regrets and neglect home-selling responsibilities.

Oftentimes, home sellers are also buyers, so their home purchase is contingent on their home sale. You must make sure that your home looks its best. Then, take steps to detach from what you used to call your home. Trust your real estate agent and start the staging process. See how furniture works in different arrangements, change up the decor and paint the walls neutral colours to begin depersonalizing the house without giving yourself whiplash. You can find some helpful tips on curating curb appeal in the Regina real estate article I wrote about Selling A Home in A Slow Market.

Once you have put effort into making the property look its very best, you can channel your emotions and efforts toward figuring out what your future will look like, in terms of the house and your new neighbourhood. That way, your next home becomes a productive distraction that will help you get over the initial home sale.

Take Away? Be sure to keep up with maintenance and to work with your realtor to get the best price for both your existing property AND the new one!

Tip #4: Do the Emotional Work

So, when you sell your house, don’t be afraid to:

Walk through your home and revisit old memories.
Reflect on how the house has served its purpose for however long you lived there.
Talk about how you loved living here with your spouse, children, and family members.

This type of processing helps you to accept your emotions throughout the home sale. If you want to keep a snapshot of the home, take photos and use those as emotional anchors for you to look back on in the future.

Take Away? It is healthy to mourn a loss!

Tip #5: Get proper closure

When selling a house, you don’t want to walk away with unfinished business or bitterness. You might not be emotionally prepared for the change, but don’t demand buyers to overpay for your home or leave the home in a sloppy state. Be respectful to the next set of homeowners, and take the time to get everything in shipshape for the final walkthrough.

A proper goodbye can also include a “house-cooling party” that lets you invite friends and family to your home for one last time before handing over the keys. Those who are important to you also have a chance to say goodbye to you and the home. Just don't go crazy, as the last thing you want is wine stains on those newly cleaned carpets!

Take Away? Ready to sell the house you love? Partner up with me, I’m a top Regina RE/MAX Agent, and as an experienced Regina REALTOR® I can support you by inserting a degree of professional separation.

Have questions about selling your Regina property?

Contact me today, I am here to help!

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, James will be an expert at your side.

Sell Your Home For The Best Possible Price, With The Least Amount Of Time and Stress!