REAL ESTATE UPDATES FROM IRIS

4 HOME SHOWING MISTAKES

2010-04-05T09:42:00.000-07:00

When you’re showing your home to a potential buyer, you
obviously want to make the best impression possible. You don’t
want to make a mistake, and miss out on an opportunity to sell.
So here are some of the most common home viewing blunders
and how to avoid them:
1. Being inflexible with scheduling
Don’t be too strict about when you’re willing to schedule a
viewing. After all, if a buyer is unable to see your home in the
times you’ve allotted, they’re not going to buy. Be as
accommodating as possible. Sure, it can be inconvenient to okay
a viewing on an hour’s notice, but if that buyer ultimately
purchases your home, it’s worth it.
2. Hovering
It’s natural to want to guide buyers through your home and give
them the tour. Regardless of your good intentions, however, this
can make a buyer feel uncomfortable and even intimidated.
Be available to answer questions, but let buyers explore your
home at their own pace and on their own.
3. Not preparing your home
You don’t necessarily have to make your home “guest ready”,
especially if the viewing is on short notice. But you should make
your home as clean and tidy as possible.
To set the right atmosphere, ensure that all rooms are well lit,
especially the basement. Turn off any televisions and put on soft
background music.
4. Rushing buyers
Don’t. Even if a buyer goes a little overtime, be patient. If a buyer
spends extra time in your home during a viewing, it may be
because he or she is seriously interested in making an offer!
Have a question about selling your home? Call today.

Assessing the Long Term Value of A Property

2009-12-10T14:35:00.000-08:00

Should you buy the home you've just seen on REALTOR.CA?
Before you make an offer, a particularly good thing to
consider is the property’s long-term potential.
A property is a major investment as well as a potential
home.
Some of the things to look for when deciding which homes
to view with your valuable time are:
• Is the area’s average income increasing? The more affluent
a neighborhood becomes, the higher the property values.
• Are employment opportunities growing nearby? If jobs are
leaving the area, housing prices will likely decline.
• Are there any nearby housing or community developments
that will enhance the quality of life in the area? If a park
with a quiet walking trail, or a prestigious golf course is
being built nearby, the value of the neighbourhood will increase.
• Is the crime rate on the rise or decline? This can have a
significant impact on future property values.
• Is public transit available? Studies show that
housing prices increase in areas where public transit
is close and convenient.
• Is the property located in a neighborhood dominated by
higher priced homes?
• Does the property have timeless features that will always
be valued by home buyers, such as a large kitchen, spacious
backyard,or professionally finished basement?
• Are there short-term negatives about the area that will
eventually disappear, such as loud construction projects?
Once those negatives are gone, prices will often rise.

Need help finding the right home for you?
Call me today with all your questions or concerns.

STABILITY OF CANADIAN BANKS

2009-11-05T10:50:00.000-08:00

STABILITY OF CANADIAN BANKS

Purchasing a home is always a major decision, but you might be wondering whether to buy or sell at this time of year? There are a couple of things you might want to consider.

Interest rates are still at an all time low making this a good time to get preapproval and a guaranteed interest rate.

The typical slowdown in December when people take their homes off the market for the holidays could provide more exposure for your own home if you list now.

The following is an interesting article from the Financial Post - November 2, 2009 by John Greenwood regarding the stability of the Canadian Banking system.

CANADA'S BANKS COST TAXPAYERS NOTHING: SCOTIA CHIEF

In contrast to their ailing peers in the United States and Europe that were propped up with government money, the domestic banks "have not cost the taxpayer anything," Rick Waugh said in a speech to business leaders in Toronto.

Taxpayers benefited from the stability of Canada's big banks because even in the depths of the financial crisis they continued to pay their way in terms of taxes and high government fees, unlike some of their counterparts elsewhere, the chief executive of the Bank of Nova Scotia said Monday.
In contrast to their ailing peers in the United States and Europe that were propped up with government money, the domestic banks "have not cost the taxpayer anything," Rick Waugh said.

His comments come about a week after Mark Carney, the governor of the Bank of Canada, said this country's banks are highly profitable partly because of huge amounts of liquidity provided to them by the central bank and also because of the CMHC's mortgage purchase program.

We are "awash in moral hazard," Mr. Carney said, in explaining that the banks that created the global economic crisis in the first place were again starting to misbehave now that they had received government bailouts.

"We must address moral hazard in the system," Mr Waugh said, before adding that taxpayers should not have to pay for the mistakes of the private sector.

Around the world governments are working to put in place new rules for the financial sector to avoid a repeat of the financial meltdown.

Mr. Waugh warned that Canada needs to move cautiously on the regulatory front so it doesn't damage a system that served this country well in the crisis.

"Right now there are some disturbing suggestions that include overly prescriptive rules being put forward in a number of international jurisdictions," Mr. Waugh said in an apparent reference to the debate over compensation.

He said one of the biggest threats to economic recovery is ongoing uncertainty over potential regulation and how it might effect institutions.

In the wake of the crisis, Canadian banks have been recognized by the International Monetary Fund and various credit rating agencies as among the strongest in the world because they made it through the storm without significant damage from exposure to toxic credit investments.
Still, when the storm was at its worst they did take advantage of additional Bank of Canada liquidity programs and they sold more than $64-billion of residential mortgages to the Canada Mortgage and Housing Corp.

"We paid for those services and we did not get any subsidies," Mr. Waugh told reporters after his speech. "We've remained profitable and we've been paying taxes. Even in our worst quarter -- which was a terrible quarter -- we not only made money but we had enough profits to cover significant dividends... on a relative basis [compared to other major countries] we did not require any direct subsidies. What services we did receive, we paid for.

SECOND IMPRESSIONS DO COUNT!

2009-10-20T08:38:00.000-07:00

Everyone is familiar with the phrase 'curb appeal'. When someone passes by your house and thinks it looks attractive then you've made that critical good first impression that makes them want to see what is inside.

What happens when they open the front door? They get a second impression immediately upon entering, so make sure it's a good one. Everything should look clean, bright, uncluttered and welcoming.

The MOST IMPORTANT ROOM in your house......

2009-10-08T16:05:00.000-07:00

When you're preparing your house for sale, you want to make sure every room looks its very best, but pay particularly close attention to the kitchen. Many buyers will spend a lot of time determining whether or not it meets their needs. In fact, some buyers will even form an impression about the entire property based primarily on how they feel about the kitchen!

How do you make it look its best?

Start by making sure your kitchen appears as roomy as possible. Put away all those countertop appliances - even the toaster and coffee maker - so the counters are completely clear.

Check that your cabinets and pantry shelves aren't crammed with dishes, food and other items. It's normal in most family homes but it doesn't present an image of plentiful storage space. Clear out as much as you can and make sure what you leave is neatly organized.

Everyone has that proverbial junk drawer - empty yours out and store it all in a box out of sight.

You want to ensure that the kitchen is clean and shiny, especially around your sink. There are excellent specialty cleaners that will remove even the most stubborn stains in a stainless steel sink. Never use steel wool or other abrasive cleaners that will leave unsightly scratches.

If you have a window over the sink - a great selling feature by the way - make sure it sparkles. You can be sure buyers will linger for a few moments to look through it.

Finally, don't forget the cupboard under the sink. Make sure this space is as clean and empty as possible.

Want more ideas for preparing your home for sale? Call me today!!

7 SIMPLE REPAIRS TO HELP SELL YOUR HOME FASTER

2009-09-29T10:42:00.000-07:00

There's a lot of competition in the housing market these days and you are bound to be up against other similar listings. That is why it's important to make sure your property is in a good state of repair to make that good first impression on potential buyers.
We become so familiar with our surroundings over time that we may not always see our home as a fresh eye might.\
The good news is that these types of repairs are relatively inexpensive, yet make your home show significantly better.

1. DOORWAYS - Inspect all your entry systems closely. Look for sagging screens, cracked glass, squeaks and aging or broken parts. Consider giving your doors a fresh coat of paint.

2. ROOF - Check for missing shingles and have replacements intalled when necessary. Inspect the gutters and remove all accumulated debris.

3. WALLS - Look for nail pops, holes and dents. Patch and paint where necessary.

4. TOILETS - Anchoring nuts tend to corrode over the years so make sure all toilets are secured firmly and replace if necessary.

5. FAUCETS - Inspect ALL faucets. Repair or replace them if necessary.

6. CABINETS - Kitchen and bathroom cabinets get scratched and worn over the years. There are many great scratch repair products on the market that can make your woodwork look almost new.

7. DECKS AND GATES - Loose boards or railings? Sagging gates? Buyers will notice so get them fixed.

2009-09-29T08:43:00.000-07:00

RE/MAX Bricks & Mortar Report

Canadian housing markets buck recession and trend upwards, says RE/MAX

With the worst of the recession over, residential real estate markets in major Canadian centres are poised for growth in the final quarter of 2009, according to a report released today by RE/MAX.

The RE/MAX Bricks and Mortar Report found the bounce back that began in early Spring has made this recession one of the shortest on record. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now well-underway. Percentage increases in unit sales from January to August 2009 were led by Vancouver, (up a substantial 14 per cent to 23,158), Victoria (up 7.4 per cent to 5,266), Edmonton (up 6.2 per cent to 13,691), Regina (up five per cent to 2,597), Ottawa (up 2.4 per cent to 10,830) and Toronto (up 1.8 per cent to 58,421). Housing values are already ahead of record-breaking 2008 levels in seven of the 11 markets surveyed, including Newfoundland-Labrador (18.1 per cent year to $203,584), Regina (6.4 per cent to $244,088), Halifax-Dartmouth (3.5 per cent to $239,633), Winnipeg (3.5 per cent to $207,006), Ottawa (3.3 per cent to $301,684), and Toronto (up 0.3 per cent to $385,978). Nationally, average price hovers at $312,585, up 0.5 per cent over one year ago.

The strength of the residential housing sector cross-country has taken many economists and housing analysts by surprise once again. In terms of its impact on the resale market, by historical standards, this recession was one of the mildest. The resilience of bricks and mortar has been demonstrated time and again. While there may still be some challenges down the road, the worst is definitely behind us in the housing industry.

The recovery of Canada’s resale housing markets speaks to the tremendous value Canadians place on the importance of owning a home. The number of Canadians overall who own a home has increased since 1981 from 62.1 per cent to 68.4 per cent, with some markets posting even higher homeownership rates -- Calgary (74.1), St. John’s (71.5), and Regina (70.1). Significant gains have also been made over the same period in markets such as Ottawa, where levels rose from 51.4 per cent to 66.7 per cent, and Toronto, where levels rose from 57.3 to 67.6 per cent.

Public sentiment can perhaps best be illustrated by a recent Angus Reid Omnibus Survey* that asked the question “In which do you feel more comfortable investing your money? The stock market or real estate.” Out of 1,000 respondents from coast-to-coast, 77 per cent chose real estate. The results of the RE/MAX Bricks and Mortar Report are clearly representative of this national dynamic at work.

Markets are heating up across the country as purchasers take advantage of affordable prices and rock bottom interest rates. Those who missed the boat in years past have found that sitting on the sidelines can be a costly move. Prices are on the upswing and inventory levels are tightening, so the push toward homeownership is expected to continue throughout the Fall and possibly into early 2010.

Over the past thirty years, the Canadian residential real estate market has experienced three major downturns – 1981, 1989, and 2008. While there have also been regional fluctuations throughout the years, return on investment over this period has been substantial, with Vancouver, Victoria, Toronto, Regina and Ottawa leading the country in terms of price appreciation.

The overall stability of real estate as an investment has also played a role. Markets like Halifax-Dartmouth, Regina, Ottawa, Winnipeg and London have provided steady returns (especially in recent years), with minimal fluctuation.

* The Angus Reid Omnibus Survey was conducted on September 15, 2009 and yields a margin of error of +3.1 per cent, 19 times out of 20.

Is your home fit to sell?

2009-09-10T09:42:00.000-07:00

Preparing a home for sale requires more than an average cleaning. Most sellers understand that they must keep their house neat and tidy in order to attract potential buyers, but many may be overwhelmed or sidetracked when faced with seriously removing clutter. Beyond dusting and scrubbing, a de-cluttered home shows off its spaciousness and allows potential buyers to imagine themselves living there.

Here are a few proven strategies to help homeowners take control of their space.

EMPTY IT OUT

Once you have identified your clutter hot spots it's time to pull everything out of that closet, shelving unit, or drawer and sort through what you really do and do not need. Start slowly and resist the urge to go into a frenzied clean. A successful purge requires time, commitment and motivation.

THE USELESSNESS OF POTENTIAL

Sometimes the hardest things to let go of are the things we've never used. Giving up on the idea of what that thing could be is an important part of letting it go. This is true for the things we've used but may never use again. A good rule of thumb: if you haven't used it in a year then you probably don't need it.

GIVE IT A HOME

Staying organized sometimes means finding a place for something and keeping it there. Key rings, newspaper racks, bill holders, and plastic storage containers can all help calm that "where did I put it?" frantic feeling.

GET IT OUT

Once you have made a pile of things to be cleared out the final step is making sure it gets out of your house! A yard sale can clear out the clutter and bring in some extra cash. If putting together a sale is too much work, donate your extra goods to your favorite local charity.

KICK THE HABIT
Once you've cleared out the clutter, it's important to adopt habits that prevent the problem from occurring again. Establish routines to help such as sorting mail over the recycle bin, always keeping a "give away" box in your hallway, and thinking twice about whether or not you really need something before you buy it. Cutting down is another way to fend off clutter!