Happy Victoria Day!

The 24th of May weekend always feels like the start of summer.

Time to open the cottage…

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Time to plant the annuals in the garden…

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Time to get all the outdoor furniture out…

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Time to open the pool…

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Whatever your plans may be, all of us at Coldwell Banker Community Professionals hope you have a great long weekend, and enjoy the summer ahead.

If your plans happen to include buying or selling a home, give us a call.  We are always happy to help people make the right move.

You Asked, So Here are Some Answers…

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There are some questions about real estate we hear all the time, so I have polled some of the professionals in our office to get their answers, and have shared their responses below.  Should you have any questions not addressed here, we will gladly get you the answer.

 DO I REALLY NEED A HOME INSPECTION?

The answer is a resounding YES. 

Here are a few of the particular reasons why.

  • To review the home in more detail and ideally see aspects of the property that the naked eye can’t see.
  • Even pros miss things in homes, and it’s better to have someone that does it for a living looking with you to see the issues. 
  • Although things may look normal to the untrained eye, a professional home inspector has specialized equipment that may uncover such conditions as water and mould issues.
  • Missed problems can result in large cash outlays.

IS HOME STAGING WORTH THE COST?

Again, across the board agreement, YES.

  • In some cases staging can turn a plain Jane house into a modern looking up to date home which in turn will likely produce a higher selling price.
  • Especially in a vacant home, staging better displays room sizes and layout.  In homes with less ideal floor plans, it allows potential buyers to see what can be done and envision themselves living there.
  • Having the property “show” ready will attract more potential buyers and ideally sell faster.
  • You will net 5-10 times more than you pay for staging for a nice looking house.  Not everyone can see “the potential”, so just show it to them.

DO I NEED A REALTOR®?

Of course, our answer is YES.

  • We represent your interests while negotiating the fine details of the agreement and the transaction.
  • A REALTOR® will guide you through the process; assist with the paperwork, market the property, negotiate, and take the stress off the seller or buyer.
  • Your home is your largest investment.  Navigating your way through a real estate transaction can be very complicated, from arranging financing, qualifying buyers, knowing what should and should not be disclosed.  Also a REALTOR® will know what is taking place in the current market and will help the seller price it right or make sure the buyer doesn’t overpay.

SHOULD I TALK TO A MORTGAGE BROKER OR A BANK?

YES you should, and using a Mortgage Broker seems to be the recommended choice.

  • Every buyer and seller should talk to their banker or mortgage broker prior to entering into a purchase or sale.  The buyer should be pre-qualified for a mortgage and seller needs to verify if there are any penalties with regards to their mortgage.
  • You should know what you can afford to avoid wasting time and facing disappointment. 
  • Either can assist.  Mortgage brokers shop all the lenders for you and are able to have plans B, C, and D ready just in case.  They also tend to be more accessible.
  • Mortgage Brokers can sometimes get better rates than bank employee pricing, plus they have a variety of products to choose from.

CAN I BUY A HOME IF I HAVE BEEN BANKRUPT?

Depending upon where you are in the bankruptcy process, yes it is possible.

  • You must be discharged from you bankruptcy.
  • I would recommend building your credit back first so that you aren’t susceptible to ridiculous interest rates.

DOES NEIGHBOURHOOD MATTER FOR RESALE?

ABSOLUTELY!

  • Location, location, location.  It’s all about what the neighbourhood offers that attracts buyers.
  • The best house in the worst area may sell well, but the best or worst home in the more desirable area will definitely appeal to more future buyers.
  • Location, location, location, but that said, more areas are in transition and being developed and  I’m seeing it now as location, renovation, location.
  • Certain neighbourhoods are more desirable and for different reasons.  Being close to transportation and shopping may be important to some while schools, parks, and hiking trails may appeal to other buyers.

ARE CORNER LOTS BETTER?

This is strictly personal preference.

  • Keep in mind in the city there could be more traffic and more upkeep to the property, such as snow removal from two sides.
  • Less privacy, less usable yard at times, usually more grass to cut and snow to shovel…

HOW MANY HOMES SHOULD I LOOK AT BEFORE I PICK ONE?

There is no right answer.

  • You will know within 15 seconds of being in a home if it’s the right one.  There is a feeling you get.  Could be the first house, could be the 101st.  
  • On average it seems to be 10-12.
  • There is no magic number, you will just know.
  • It does happen on the rare occasion that a buyer will buy the first house they viewed, however buyers often don’t really know what they are looking for or what they like, until they start looking.

 

My thanks to our Coldwell Banker Community Professionals members, Natalie Hashka, Daniela Tofano, James Mink and Gary Herron for taking time to provide their input on the above questions.  If you have more questions, or would like information, give one of them a call.  They will be glad to help you make an informed decision. They can all be reached at 905-522-1110.

You Truly Do Get What You Pay For

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Real Estate commissions are too high!  Discount brokerages beat this drum all the time, but is it true?  Is a full service brokerage charging too much for what they do?  Do discount or flat fee brokerages provide exactly the same service, and more importantly, results, as a full service brokerage?

Here is the breakdown of what our company, Coldwell Banker Community Professionals, a full service brokerage, does for every one of our seller clients as a MINIMUM STANDARD.

  • We will fully explain your representation alternatives, and how they will affect your sale
  • We will create, with you, a marketing action plan to get your property sold
  • We will provide you with a comprehensive Competitive Market Analysis (CMA)
  • We will show you various financing alternatives and how they may help facilitate the sale of your home
  • We will furnish you with an estimated net proceeds of your sale, to assist you in your future plans
  • We will help enhance your home, by developing  a plan to showcase your property and enhance its ability to attract buyers
  • We will present your property to the Coldwell Banker sales team
  • We will promote your property to other reputable, professional Brokers and Sales Representatives who service your area
  • We will place your property on the LOCAL Multiple Listing Service
  • We will create a marketing resource to promote the details of your property, including specific highlights and photos/videos of your property, and showcase it online
  • We will prepare promotional materials regarding your property and arrange for their distribution to target market areas to attract potential buyers
  • We will offer to place a Coldwell Banker Community Professionals FOR SALE sign on your property to help generate calls to our office from prospective buyers
  • We will review with you our comprehensive marketing program designed to generate buyer prospects for your property.  We will explain how our placement on multiple websites will maximize the exposure of your property to potential buyers.  We will also discuss how we track online activity and more…
  • We will provide you with regular Marketing Activity Reports on competitive market conditions, buyer activity and the actions taken to market your property
  • We will review with you the home finding process that buyers are most likely to follow including financial qualifications, property selections, financing options and closing procedures
  • We will seek financial qualifying information on all buyers submitting an offer to purchase on your property.
  • We will review all purchase offers as they are presented, and we will negotiate on your behalf to reach a purchase agreement with terms that are favourable and protective for you
  • We will monitor and inform you of the progress of the transaction including the satisfaction of all contingencies and conditions during the transaction
  • We will contact you after the closing to follow up on any remaining details or service needs
  • We will provide you with details of our relocation and referral services, which are available to you at no cost regardless of where you are moving

The above is a list of the basic services offered.  Many of our real estate professionals offer additional services, whether it be staging, or pre-inspections, for example.

Also, our sales professionals are trained in negotiation skills, ensuring you have a strong advocate for your needs at the time of an offer presentation.

These steps that our sales professionals take, ensure that sellers net more from their home sale by using a full service REALTOR®.  The increased sale price reflects the benefit having a real estate professional on your side can make.

To find out what we can do for you, call one of our Coldwell Banker Community Professionals today.

Spring Into Action!

We have transitioned from winter to late spring overnight, and the real estate market has taken off with the weather.

If you have been telling yourself that you are waiting for the spring market to buy or sell your home, the time is upon you. It seems like overnight, as the weather changed, the urge to move has struck.

The local market has held steady since the cooling off that happened late last summer. We are seeing some competition for well priced homes, and also in certain price ranges, but so far, none of the craziness we experienced last year.

If you are considering selling, now is a great time to put your home on the market. There are buyers out there, prequalified for their financing, looking for the right home. Buyers are educated as to market value, and generally know what they are looking for. With the help of your real estate professional, you can present your home in its most desirable fashion, and maximize your sale price.

If you are considering buying, this year you should have an opportunity to look for the right home, and have a chance to think and make sure you are ready to buy. There are more homes available to view, and often time for you to look at all that catch your attention before making your offer. Your real estate professional can help you arrange your financing pre-approval, and also help you determine what is most important to you in your new home. They can advise you on value, and negotiate a fair purchase price on your behalf.

The time for waiting for Spring is over! If this is your year to move, be sure to call one of our real estate professionals, and let them make your move smooth and easy!

The Rollercoaster Ride of 2017…

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2017… a year to remember or a year to try and forget?

If you bought or sold a home in 2017,  you are no doubt looking back and asking yourself if you made the right timing decision.  If you were buying or selling  a home for you and your family, rest easy, yes you did…

Real estate is one investment that you are assured that if you buy for the long term, you have made a good investment.  Historically, real estate has held its value and increased in spite of it being a buyers’ or sellers’ market when you buy.

If you attempted to buy a home in 2017, and are still looking, relax.  The market is becoming a more balanced one, and more and more homes are coming on the market.  All indications are that it should be a robust spring market, with more homes coming on the market.  Prices are not expected to show the wild increases we saw in 2017’s spring and summer markets.

If you held off selling in 2017 because you were concerned whether you would be able to find a home to buy for your family, now is the time to speak to your REALTOR® and start planning for your move in 2018.  The increased number of homes expected to come on the market in the spring, should provide you with the confidence to plan your sale and purchase of  a new home.

Many home owners say they are waiting for the spring market.  Keep in mind, the spring market is not April… traditionally, the spring market in the Hamilton/Burlington area starts in early March. That said, the spring market has started as early as the first week of January some years, when there have been lots of buyers ready to make a purchase.

If you are looking for some advice you can rely on, please call one of our real estate professionals.  At Coldwell Banker Community Professionals, we believe a well informed buyer or seller is the happiest client.  Our sales professionals are ready to help you make the right decisions for you and your family.  And remember, we offer the Ultimate Service Guarantee!  If we are not providing the service we promise, you can terminate your buying or selling agreement.

Are You As Confused As The Rest Of Us?

Yes it’s a great time to sell your house… No, don’t sell now, prices are going up!

It seems every time you read an article in the media, you get a different story regarding how the real estate market is performing. The most important thing to remember when you are reading these articles is that real estate is LOCAL. Most articles provide information based upon Canada wide data, which does not reflect what concerns home buyers and sellers have about their own situation.

Some parts of the country are experiencing a decrease in prices and activity in the real estate market, whereas other areas, such as the Hamilton/Burlington area are experiencing a strong market, with stable activity and prices.

Government intervention has influenced the local markets this year. Policy changes such as the foreign buyer’s tax, and changing the mortgage rules for individuals trying to qualify for mortgages has made home buying a challenge for many. Further changes have been proposed for mortgage qualification that may affect still more buyers.

If regulations remove buyers from the market, it will have a levelling affect on home prices, as buyers leave the market. Also, as interest rates rise, the number of qualified buyers looking for homes will also decrease.

As for prices going up, I think most are in agreement that prices are levelling off, and competition for home purchases is happening far less frequently than it did earlier this year.

If you are planning to move, now is a good time to place your home on the market. The Fall is traditionally a strong market, lasting through to late November. The most buyers will be in the market prior to any further government intervention, and prior to any further mortgage rate increases.

Be sure to consult with a real estate professional prior to placing your home for sale. They can provide you with valuable information to help you receive the most money for your home, in the shortest time, and with the least hassle.

Our professionals as Coldwell Banker Community Professionals are always ready, and very able to help you out. Call one today!

Is the Real Estate Market Changing?

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“GTA home sales plunge as much as 61 per cent”.

Headlines like the one above might lead you to believe the market has crashed and home values have plummeted. Nothing could be further from the truth.

2017 has seen a very overheated market during the first 5 months. The lack of homes for sale in the Hamilton and the surrounding GTA markets has pushed up prices and created a very competitive marketplace. The competition has led to multiple offers, generating sale prices well above the asking price for homes. This made it very challenging for homeowners and REALTORS® to determine the market value of homes.

As the market has eased in the last few weeks, buyers are finding they are not always in competition to buy a home, and have the luxury of being able to include conditions in their offers whether it be for financing, home inspection, or anything else. The market has also made it possible for REALTORS® to actually negotiate for their buyers and sellers.

The change in the market has also caused REALTORS® to have a closer look at how they are pricing and marketing homes. If you have been trying to buy a home, the one line that you hate to see in a listing is “no offers until…”, as you know you will likely be having to compete to buy the home. While there is still competition in the market, we are no longer seeing the huge numbers of offers, not the selling prices well above the asking price. In fact, we see some sellers who have opted to wait until a set date to view offers not receiving the competition they had hoped for. In some instances, these sellers are relisting their property at a higher price, and removing the time frame for offers.

As the market changes, both buyers and sellers will need to revise their approaches. The buyers are gaining the opportunity to take some time to make sure the home they are buying is the right fit for them, and to satisfy themselves regarding any conditions they need to meet.
On the other hand, the sellers are discovering that they may not obtain the unbelievably high price for their home that the neighbour did just a couple weeks ago. Also, it may take more than a week to list, market and sell their home.

As the market changes, it is important to have a professional REALTOR® in your corner, helping you make the right choice and negotiating the best possible price for you. If you are thinking about buying or selling, be sure to call one of our Coldwell Banker Community Professional representatives. They will be able to help you in making the decisions that are right for you!