Why You Should Work with a Mortgage Broker in Victoria

If you’re planning to buy or sell a property in Victoria, BC, working with a private mortgage broker can be a game-changer.

From helping you secure the best mortgage rates to supporting clients with varying financial circumstances, a professional broker can open up plenty of doors.

In this blog, we’ll explore why you should use a mortgage broker, share tips for selling your home in Victoria, and discuss where the real estate market is headed.

The Benefits of Using a Private Mortgage Broker in Victoria

When you’re getting ready to apply for a mortgage, one huge decision is whether to use a bank or mortgage broker (we covered this in our recent mortgage broker vs. banks guide).

Sure, a mortgage broker can seem like you’re taking the long route, but finding a mortgage that suits your current – and future needs – can be challenging.

Here’s why a mortgage broker is beneficial.

Access to a Wider Range of Lenders

Going to a bank means you’ll always have limited options. After all, a bank is never going to tell you that a competitor is offering better rates!

On the other hand, mortgage brokers have access to a vast network of lenders, including specialist mortgage companies that aren’t available through mainstream channels.

You might think your bank’s offering a great deal, but most people find that mortgage brokers can reduce their monthly repayments and secure better terms.

Personalized Service and Guidance

Mortgage brokers can only be successful if they give clients a truly personalized service. If a broker doesn’t find the right deal for your needs, they haven’t done your job properly.

Applying for a mortgage from your bank is all about fitting into the bank’s lending provider. With mortgage brokers, it’s the other way around.

They’ll ask what YOU want and need, then work to find a lender that ticks your boxes.

So, if you want personalized service where you’re in the driver’s seat, working with a broker can save you a lot of time and money.

Negotiating Power

Mortgage brokers are amazing negotiators. Why? Because we’ve had a whole lot of practice. Our entire day revolves around negotiating with mortgage lenders, advocating for our clients and pursuing low rates.

Your credit report might have some blemishes, but a talented broker knows how to argue your case and ensure that lenders view your application favourably.

It also means you won’t have the added stress of finding a mortgage.

Solutions for Non-Traditional Borrowers

If you fit the general eligibility criteria that banks and mainstream mortgage companies use, you’ll have no problems securing offers.

Unfortunately, non-traditional borrowers can struggle. Banks often have issues with self-employed borrowers, freelancers, or people with a variety of income sources but not a steady job.

Mortgage brokers can access specialist lenders who work solely with self-employed applicants.

Aside from helping you break through red tape, getting access to a specialist mortgage company can save you a lot of money.

Tips for Selling Your House in Victoria

Whether you’re planning on upgrading to a larger property, downgrading for retirement, or moving to a new province, knowing how to sell your house in Victoria can turn a stressful process into a seamless one.

Remember, an active property market brings lots of potential buyers, but it also increases competition among sellers. If you want to turn your home into an irresistible prospect, the following tips will help.

Know the Market

Knowing what’s happening with Victoria’s property market is key to enhancing your home’s sellability. Things are definitely looking up with lower base interest rates sure to rev up the market again, but every neighbourhood is different.

Real estate might be a long-term investment that requires careful consideration, but that doesn’t mean it’s not vulnerable to changing trends.

From up-and-coming neighbourhoods to new stores and entertainment venues, many factors can impact whether your neighbourhood is in demand.

Working with a real estate agent and professional mortgage broker is the best way to stay ahead of the curve.

The realtor can market your home to appeal to the right audience, and the broker will ensure that lenders view your mortgage application as an attractive investment.

Make Strategic Repairs and Upgrades

You might not think that a minor crack in the ceiling or slightly chipped wallpaper will be dealbreakers to potential buyers, but why risk it?

Minor upgrades can make a huge difference in how potential buyers view your home. For example, people value curb appeal, so old doors and windows might reduce the amount they’re willing to pay.

Remember, some upgrades offer a higher ROI than others. When upgrading your property, ask the realtor for advice and fix the most important areas.

Stage Your Home for Potential Buyers

When you dress to impress, you probably fix your hair, iron your clothes and ensure you make an instant impression, right? Well, it should be the same with your home.

Potential buyers want to feel an immediate connection with the property. More importantly, they need to be able to picture themselves living in it.

If you’re willing to go all out and spend some extra money, a professional stager can help – but the following staging tips can make a real difference:

Remove clutter
Clean the home
Ensure the yard is cut and cleaned up
Eliminate any odors
Redecorate your home with neutral tones
Open the windows to let some fresh air in
Add some plants in vases
Maximise space and light

Price Competitively

Pricing is one of the most complicated parts of selling your home. The key is to find the right balance, as ridiculously high prices can put potential buyers off.

In contrast, low prices immediately make people think there must be something wrong with the home.

So, work with your real estate agent and listen to their advice on pricing.

Work with a Real Estate Agent

Technology and a digital-first society means that it’s now possible for people to cut out intermediaries and sell their home privately.

Sure, you’ll save on commission, but going it alone could also mean you’ll miss out on invaluable support.

Estate agents know how to price, market and sell a property. They’ll also show people around and ensure interest from prospective buyers.

Another benefit of working with an estate agent is the additional support you’ll receive. The agent will handle negotiations and help you with any paperwork, ensuring a smooth process.

Where is the Real Estate Market in Victoria Headed?

From the initial economic impact of the pandemic to the property market’s slow recovery, things are finally looking up.

Lower interest rates will no doubt create renewed interest in potential sellers and buyers, creating a hub of activity in Victoria.

Here’s what we can expect in the near future.

Cooling of Price Growth

Victoria’s housing market is no stranger to ups and downs, but experts believe price growth will cool down, resulting in a more accessible market.

First-time buyers and those on limited incomes can become attractive buyers with higher chances of securing their new homes.

Shift to a Balanced Market

Until recently, Victoria’s real estate market was full of opportunities for sellers. High demand but low supply of properties meant that sellers could increase their asking price and make a profit.

Unfortunately, it also meant that would-be buyers remained stuck in a never-ending cycle of renting. With positive signs that the market’s finally leveling out, we predict an even playing field, where house prices level and there’s less volatility.

A balanced property market also means there’s less urgency, so buyers can enjoy a broader range of options.

Increased Demand for Condos and Townhomes

Single-family homes are great, but ignoring the benefits of condo or townhouse life is impossible.

Some complexes offer a variety of amenities, including gyms, maintenance, and co-working spaces, allowing people to save money and enjoy more convenience.

Their proximity to Victoria’s amenities makes townhomes and condos popular for young families.

We can expect these housing options to increase in popularity, driving demand. It could also mean that single-family homes become more affordable.

Focus on Sustainable Living

Singapore is leading the way for a sustainable future. Its Green Plan has ambitious 2030 targets, and we can expect other countries to take inspiration from Singapore.

Sustainability is a significant concern for house hunters in Victoria, with many willing to pay more for energy-efficient properties.

Homes with solar panels, eco-friendly appliances, and sustainable materials are not just a trend but a smart investment. They’ll continue to perform well and generate interest among potential buyers.

It also means that property developers will need to consider sustainability when building new homes.

Consult With A Victoria Mortgage Broker

Whether you plan on selling your current property and upgrading or are a first-time buyer, working with a mortgage broker opens up a world of opportunities.

From gaining access to specialist lenders that aren’t available through mainstream channels to securing the best rates, Prime Mortgage Works supports you through each step of the process.

Please contact us today or begin your mortgage application. We look forward to working with you.