Welcome to the June 2021 edition of “Scuttlebutt Bungalow”!
Scuttlebutt will keep you in the loop. Read the wisdom of Scuttlebutt Bungalow!
This month there are two really important highlights I want to share with you.
#1. Al Paca!
In the last Scuttlebutt I was blowing Red Door’s horn that we were on the brink of ramping up our marketing strategies to a whole new level! Friends, IT IS DONE! We have added a very special TALENT that we consider a Real Estate SUPERSTAR! Red Door is pleased to introduce our Mascot; Al Paca! Al Paca is MUCH MORE than a high caliber professional Mascot, he’s an “Expert Attention-getter”! Our expectations are that Al Paca will draw home buyers in droves to bid on the houses our patrons have for SALE.
Folks, if you, or any of your friends, are planning on selling your house, you must consider Red Door Realty first! Why? To be SOLD—your house must be SEEN! We plan to have Al Paca front and center in our “social media” advertising campaigns. We are confident that Al will bring his innovative pizazz to Red Door’s sales team and in the process Al Paca will radically drive up the number of potential buyers bidding on your house.
With Al on board, Red Door patrons have a TREMENDOUS advantage in getting their home SOLD! And, thanks to Al Paca, Red Door Realty now has a significant leg up on every other Realtor in London Ontario.
Friends, CLICK HERE to meet Al Paca as he receives the illustrious Red Door—Red Jacket!
I have one final point regarding Al’s addition to the Red Door Team. As best as we are able, Red Door Realty is committed to helping the many Londoners who have fallen on hard times. I can confirm Al Paca will be heavily involved in our charitable outreaches. As I speak, Red Door is reaching out to a major Canadian supermarket chain to see how we can collaborate on a promotion for the London Food Bank. I’ll keep you updated on this.
#2. The Feds INCREASE Stress-Tests Rates? What’s this? What does it mean for me? Here it is!
Our top advice to HOME BUYERS is to get your mortgage PRE-APPROVED. To BUY a home you must know the top dollar you can invest. Currently, to qualify for a mortgage, buyers must pass a stress-test proving they can afford to pay their mortgage IF interest rates rise to 5.25%. This rate was just jacked-up from 4.75%. So, what?
You’re right! I agree. In my opinion, this is not a significant change and I don’t believe it will affect a lot of buyers. I DO BELIEVE the greatest impact will be on Millennials; those newer to the job market. If you are in this classification you could be shut out from buying a home. If so, call me, I’ll explain in greater detail.
As I stated, my take is that initially there will be minimal impact! “BUT”, and friends; this is a very HUGE BUTT!! At some point interest rates will start to ratchet up. It’s inevitable! When that happens the Feds will almost assuredly INCREASE the STRESS-TEST RATE! If the lending rate were to increase by 2% or 3%; then—the stress-test rate could potentially rise from 5.25% to 8.25%. When this happens the mortgage stress-test could price a lot more people out of the HOME BUYING market. And there’s no telling how this may impact mortgage renewals!
So Red Door Nation; regardless of what develops, Red Door will be here to guide you to your new home. And REMEMBER, we have a SECRET SUPERSTAR WEAPON! His name is Al Paca! Once again, please click here to meet Al Paca.
Red Door—will get done—what you need—to get done!