The Price is Right!

When you are ready to sell, determining what price to offer your home to buyers at can be much like playing The Price is Right with Bob Barker.

If you ask 4 people what your home is worth, you will get 4 different answers, no doubt one so low you will scoff at their judgement and one so high you only hope they are right.

In our current market, pricing your home right when you put it on the market is very important. The buyers who have been looking for a home, and likely have made many offers without success, have seen all the homes comparable to yours, and are very educated on price. When they see a home come on the market listed much above current market value, they tend to not even consider it. They believe either the seller is being unrealistic, or that they have time to wait for the price reduction.

It can be difficult as a home owner to look at the prices being paid for homes, and not think you should list yours at the price just attained by the house down the street. Well priced homes are currently attracting multiple offers, which tends to drive the final sale price up, sometimes to levels not previously achieved by similar homes. At times, if a property is the only home available, and has very desirable features, it will obtain an unrealistically high selling price, only because it is the only one available.

When a REALTOR® provides you with a Market Evaluation of your home, they take into consideration what has sold, what is currently available, and what has been rejected by the market. They have the expertise and knowledge to look at the sale prices of properties, and the events surrounding the sale to determine how they compare to your home. Combining this knowledge with information regarding other properties that are currently for sale (your competition) and also considering properties that have been on the market for a longer period of time (seemingly overpriced) they can provide you with a recommended range in which to offer your home for sale.

Many sellers are concerned that the suggested price range is too low. They see a similar house that sold for maybe $50,000 more that the price being recommended to them. The other home may have received 15 offers, driving the price higher. As a seller, you must price your home to attract the competitive offers in order to realize the highest sale price. Pricing at top dollar may very well discourage a number of the potential buyers of your home, and possibly make competition unlikely.

If you are considering selling your home, and would like an honest opinion and marketing plan, call one of our Coldwell Banker Community Professionals representatives. They will provide you with a comprehensive evaluation, and help you make the right decision.

Welcome Spring!

The calendar says Spring is here, even if the weather doesn’t.

Traditionally Spring is the time of year when new real estate listings flood the market, and everyone gets busy. The market this year has been going at a record breaking pace, but in spite of that, I hope that home owners will get excited by spring, and decide to put their homes on the market.

We have been experiencing an unprecedented shortage of homes for the number of buyers looking. Many feel the only way to correct the shortage is to have the government intervene, enacting more laws and restrictions.

These actions in the past year seem to have hurt the very buyers they were trying to help. New mortgage rules have made it more difficult for first time buyers to obtain a mortgage, only adding to the problem of soaring prices, and making it harder for them to save for the downpayment necessary.

There is talk of the government placing a foreign investor tax on those buying in the Toronto market, to help ease the inventory shortage, but those in the market say it’s not foreign investors causing the problem.

Many experts says that the only way out of the housing shortage is for more new homes to be built, in recognition of a slow down in new home construction last year.

Perhaps the seemingly easiest solution is for us all to get on with life. Many home owners I speak to are waiting. Waiting to see if prices go up. Waiting to see if more homes will come on the market for them to select from. Waiting to see if interest rates are going up. All these events are likely going to happen… the unknown is just how soon. If everyone who has been considering moving put their home on the market, perhaps our greatest issue would be solved – lack of properties to buy.

If you would like to find out if now is the right time for you to make a move, call one of our Coldwell Banker Community Professionals reps. They will be glad to help you make the right decision.

Oh No! I Sold My Home!

ce4a9f30cb42bf341ab2aa815aed136a_real-estate-sold-sign-lindsay-house-sold-sign-clipart_1000-750Are you afraid to sell your home in case you can’t find one to buy?

This seems to be the impasse  many potential sellers are stuck at. The market right now has such a low inventory of homes to buy, many people are putting off selling, even though they have many reasons that now would be a good time to sell.

If you are in this position, you have a lot of things to consider.

By not moving, are you putting off plans that would be better for your family?
Financially, is now a good time to sell?
If you haven’t sold your home, can you buy your dream home if it came on the market tomorrow?
If you can’t find your dream home, are you willing to rent a property until you find the right one?
Are you tired of carrying the household costs on large home that is more than you need?
Can you afford to own two homes?

If you are being held back by one of these concerns, or another not mentioned, take some time and determine whether there is a answer should you sell your home and become “homeless”.

Are you fortunate enough to have a second home where you could live temporarily while waiting for the right home to come on the market?
Are you prepared to rent accommodation while looking for the right house?
You might be able to negotiate a long closing on your current home, to allow you time to find the right home.
Do you have family members with extra space for you to stay with if the need arises?
Is there another solution which would enable to you move now?

Not everyone is prepared to put their home on the market without knowing where they are going next, but maybe you are.

Being homeless is not as bad as you might think. I sold my home last summer, and am currently renting a home while I look for just the right property. Is it perfect?, no, but it provides the freedom to be in control when I do find the right property. As a buyer with no home to sell, and the ability to match most any closing date a seller might request, I am in a good negotiating position.

So, are you ready to put your home on the market? Be sure to call one of our Coldwell Banker Community Professionals to discuss what your options are.

Frozen

atlanta-frozen-pipeSadly I am not referring to the Disney movie of the same title…

Each winter we hear news reports of homes that have had the pipes freeze in the severe cold weather we experience. Everyone seems to be forecasting for us to have a colder than average winter this year, so I thought I would touch on this early enough for preventive measures to be taken.

Generally when pipes freeze it is because they either run through an uninsulated area, such as a garage, crawl space or an attic, or are located on exterior walls of the house without adequate insulation between them and the wall. Another unexpected, but common cause can be an outside hose that is left connected to an outside faucet. When it freezes it puts pressure on the interior pipes, and can cause them to break, so always disconnect your garden hose at the end of the season. Also, always turn off your outside faucets and drain the last of the water out of the spigot.

If your water pipes run through an uninsulated or poorly insulated area, you can purchase foam wrap for the pipes. If you are concerned that the pipes will be exposed to the full cold, you can also wrap the pipes with a heat tape that will maintain a minimum temperature to prevent them freezing.

For pipes running in exterior walls, the only effective way to correct the problem is to open up the walls and improve the insulation. On very cold walls, you may actually need to reroute the pipes to a less exposed location.

It may seem like a lot of work to do on the chance that the pipes may freeze, but broken pipes will lead to larger repair bills down the road, including the potential for mold removal.

If you are buying an older home, be sure to have your home inspector check where the water feed is in the house. It is always better to know before winter strikes whether you may have a problem…

Also remember if you have a home with a lawn sprinkler system, have the water blown from the system at the end of the season.

As always, one of our Coldwell Banker Community Professionals will be happy to speak with you about this and other home ownership concerns.

At Coldwell Banker Community Professionals, we don’t strive to be the biggest, we strive to be the best!

The Magnificent Seven!

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Movie makers could only come up with seven magnificent cowboys. At Coldwell Banker Community Professionals we have an office full of magnificent individuals.

As part of our Ultimate Service Guarantee, we survey all our buyers and sellers to ask how we did. Many write in to tell us about their experience with our team of professionals, and I have selected some such testimonials to share with you. These are a sampling of the hundreds of surveys we receive back.

“Justin is the kind of agent everyone should have. His professionalism, while he helped and guided us through the purchase of a new property and the sale of our existing residence was greatly appreciated”

“Ozie was exceptional! We were blown away by his professionalism and kindness. Our expectations were exceeded”

“Jeannie was exceptionally helpful and accessible for all our home viewings. She made very helpful observations and was vested in finding the best home for us within our price range. She was, and continues to be prompt with messages. I don’t think we could have found our dream home without her!”

“It was a tough market and Jesse showed above and beyond customer service and PATIENCE! We are extremely happy with our final purchase!”

“As he has in the past, Vince went above and beyond our expectations. He provides exceptional customer service and prioritizes clients like they’re all his only one. I wish I could buy houses every year just to hang out with him more!”

“Amy is a very caring and devoted sales rep – She is looking out for our best interest. I will recommend her to my Friends and Family”

“Rejeanne was patient, understanding and she took the time to understand my needs, and as a result she showed me properties that were within my budget and needs She set me up with the listing alerts and I was able to view properties beforehand. My sales rep accommodated every change (and there were a few), and made every appointment as scheduled.”

“I was referred by a friend, but chose Coldwell Banker based on excellent rapport with Paul. Fast reply time, understood quickly, very patient in explaining everything (more than once). Paul made it comfortable to become a first time homebuyer.”

It’s impossible to pick just 7 magnificent experiences with so many to chose from.

If you are considering buying or selling your home, don’t hesitate to contact one of our Sales Professionals. You will receive the excellent service outlined above from everyone on our team.

At Coldwell Banker Community Professionals we don’t strive to be the Biggest, we strive to be the Best.

Has the Real Estate Market Run out of Steam?

ee080e912907e1b1fadad2edfff41c39I believe we are experiencing a traditional August. We just have forgotten what that is!

It seems that people always believe that the spring market is the hottest, the summer market is the slowest and the fall market runs until December when everyone quits looking for houses as they prepare for the holidays. I think this year is falling into a category of its own.

Our spring market started out brisk, with lots of buyers and not enough homes to sell. We thought it was a pretty strong sellers market and that buyers would need to be aggressive to be successful in home buying. In the back of everyone’s mind was that the thought that the market would ease up a bit after the initial rush, and buyers would find what they were looking for… We are still waiting for the market to ease up a bit and provide properties for all these buyers who are waiting.

Spring was not our hottest market. So far this year, and we have yet to see our fall market, the May, June, and July markets were crazy. Prices are up and the number of available homes is decreasing. Sellers have hesitated to put their home on the market fearing that they will not be able to find a home themselves…

This August has provided the slowest market so far this year, letting everyone catch their breath. I think maybe the buyers are worn out, and have taken the last few weeks of summer to regroup and prepare to do battle in the fall market.

As parents prepare to get their children back to school, REALTORS® are busy helping sellers prepare to put their homes on the fall market, and helping buyers fine tune what they are looking for. I don’t know what the fall market will bring, but if the first part of the year is anything to go by, we should be in for a busy time!

If you are considering buying or selling, call one of our reps at Coldwell Banker Community Professionals. They are well prepared to help you meet your housing needs. Find out how our Ultimate Service Guarantee can provide you with peace of mind in your real estate experience.

Flip or Flop

Flip-or-flopThere’s lot’s of money to be made flipping homes!

That may be true if you know what you are doing. HGTV makes it look easy… buy that neglected home, rip out the kitchen and bath… throw down that hardwood floor and you can make thousands, if not hundred of thousands of dollars…

It’s not that easy, as many renovators will tell you. In a hot market, the first challenge is to find that property listed at the right price, in the right neighbourhood, that you can renovate quickly, and not have to enter into a bidding war to purchase. Nothing to it, right?

Flipping houses truly comes down to the math. What you buy it for, plus the cost of renovations, plus the cost of carrying it while renovating, plus the legal and real estate fees, and plus your profit. The last item is the most important one. You cannot be flipping houses without having a reasonable profit built in. And keep in mind, that profit is taxed as income when you are in the business of flipping homes.

Still think flipping homes is a good idea? Call one of our Coldwell Banker Community Professionals, and have them help you find the right property at the right price to renovate.