Tour Tuesday and 680

Team 0:00
It’s Tour Tuesday!

Tara Lyons 0:05
We’re working from our comfy couch today!

Tom Lyons 0:08
The Tuesday that we don’t tour homes, and you can’t either! Yeah, you could tour virtually actually. Next weekend all the homes, that’s what I said.

Julie 0:22
All those Facebook Live videos that I’ve done will be posted.

Tom Lyons 0:26
Yep you have a ton of Julie up on there for sure.

Tara Lyons 0:36
Coming up Julie!

Tom Lyons 0:40
We’re gonna do a new beginning for you, it’d be like “It’s Julie!”

Julie 0:44
It’s me again!

Tara Lyons 0:45
It’s actually working really well just for all you people out there thinking of listing. Virtual open houses are becoming- not becoming I don’t want to say it that way. They are more successful than open houses. We have sold, are we on number three now? From those or at least we’ve had offers, there’s been competition. Maybe they didn’t get the house. But it’s generated buyers so it’s been pretty cool.

Tom Lyons 1:13
I’m gonna say that the old style open house is dead. The virtual open house is actually much better for your home, for marketing it.

Tara Lyons 1:22
So even when COVID is over, I think this is the route. We’re gonna continue because it’s been successful. We’ll gauge it of course and all that. We have two new listings. Do you wanna talk about 28 Ireland Julie?

Julie 1:35
Oh yeah! So 28 Ireland in Trenton. It’s a beautiful raised bungalow. Right in the city. Great quiet neighborhoods. Close to CFB Trenton, and close to everything really. Great shopping and all the amenities that you need. So 3 bedrooms up and 1 down. Nice rec room, kind of open concept, living kitchen, dining. Brand new kitchen, they have brand new bathroom and another bathroom that was done last year. So super nice house!

Tara Lyons 2:08
And it backs on to a park.

Julie 2:09
Yes yes! Forgot that, and a one and a half car detached garage as well.

Tom Lyons 2:15
Yeah that backyard’s like a little oasis right?

Tara Lyons 2:19
Yeah. And then we have another one coming up. It is 18 Smith Road. And this is a really pretty property that’s in a treed setting and it’s park-like as well. And it is a one and a half storey. Or kind of like a chalet style. It’s got a one and a half car attached garage and then it’s got, on the main level, the great room is beautiful. It’s got floor to ceiling windows. It has a floor to ceiling stone fireplace and vaulted ceilings. So it’s really pretty and it has 3 bedrooms and it has 2 bathrooms to 4-piece bathrooms. And then the dining room and kitchen overlook the pretty backyard. And then in the basement it has, which doesn’t really feel like a basement because it’s a full walkout. And that walk up comes from the recreation room. And then there’s another bedroom there. But then there’s also an office or den that this whole space could actually there’s a 3-piece bathroom. So it could actually be an in-law suite or secondary living because it has a sink and all that built into that office area. And so and it’s also got a fireplace in the recreation room down there, too. So it’s really pretty! Pretty setting. So 2 new listings. We’ve sold some properties this week, it’s been a busy week.

Tom Lyons 3:42
It’s crazy, right? The markets insane right now.

Tara Lyons 3:45
Yes! If you want to list, list, give us a call. And if you’re looking to buy now’s the time because the listings are coming on.

Tom Lyons 3:53
Well, and we’ll segue right into that. CMHC’s is changing the rules as of July 1st. Credit, you’ll need a credit score of 680, which is up dramatically from what it used to be.

Tara Lyons 4:07
1 of the 2 of you.

Tom Lyons 4:08
Yeah, 1 of the 2 of you. The second one can be 630, but one of you need to be 680. That doesn’t happen till July 1st, which means that you can get in, get your financing get all that figured out before that happens. So if you’re looking to buy, my suggestion is less of your credit scores above 680 get in there, do it do it sooner than later.

Tara Lyons 4:32
The ratios have also changed with your debt ratios too. So give us a call, we can go over in that with you in more detail and then go from there. Now that’s CMHC. The other 2 companies are not holding to that. But it depends on the bank and that will depend on who they approach to use. So things are changing.

Tom Lyons 4:54
And maybe some clarification for those that are new to the market. Maybe not familiar with the terms but, CMHC and Genworth, they’re both insurers of mortgages for first time homebuyers, or low down payment mortgages. So they insure it for the lender, in case if there would happen to be a default. But by them changing the rules, they impact all the lenders or most of the lenders. Although the lenders have a choice to go to another insurer, they don’t necessarily do go to another lender. And that’s why it’s important thing to know.

Tara Lyons 5:30
But in less than 20% now.

Tom Lyons 5:31
We might actually bring..

Tara Lyons 5:33
Yeah, we’ll bring somebody in and talk about that. Absolutely. It’s a good idea. So those are some changes. Things are opening up. More things in our area are opening up. So hooray for the businesses. It’s certainly going to help the economy.

Julie 5:48
Yay for haircuts!

Tara Lyons 5:50
Oh my gosh, I’ve already got mine booked for next week I’m so excited!

Tom Lyons 5:56
Next haircut from Tara though.

Julie 5:58
No, you weren’t!

Tara Lyons 6:03
I’m never doing that again! Well, that’s everything.

Team 6:15
Tour Tuesday out!