Make needed repairs and replacements so the house will show at its best.  

A house must be in tip-top condition in every way: price, condition, terms and exposure.

How You Know it’s Time to Move …

Reason #10: When you first bought the house, you were out in the country, but now that same house is part of the city scene.

Reason #9: You can’t get anything repaired because “they stopped making those parts years ago.”

Reason #8: The swing set out in the backyard has grown roots.

Reason #7: The plumber’s phone number is on your speed dial.

Reason #6: You’re on a first-name basis with the handyman.

Reason #5: The children’s rooms have all been turned into guest bedrooms.

Reason #4: The newspaper lining the guest room dresser is dated July 4th, 1976.

Reason #3: You have to move the furniture to see the carpet’s original colour.

Reason #2: You can’t do anything to the exterior of your home without getting approval from the “Board of Historic Places”.

Reason #1: You haven’t visited half the house in the last six months.

Where To go from here?

This report is designed to illustrate that buying or selling a home is a complex, and often an intricate process. If you're interested in more information, please contact me.

Susan

(403) 669 – 9112

What is the Value of your home?

Whether buying, selling or re-financing it’s always important to keep an eye on the value of your home. Fill out the form below and I’ll produce a complete valuation of your home.

Your House Didn’t Sell – Now What?

You put your home up for sale and it simply didn’t sell. Undoubtedly, this has created a lot of stress, inconvenience and anxiety for you and your family. Perhaps you already bought another home. Maybe you needed this home sold because of a job change. Regardless of the reason, it’s certainly a burden! What Should You Do?

Below are the top four reasons why homes tend to languish on the market:

1.  Is The Property Overpriced?

Overpricing your property is usually the number one reason it did not sell. Assuming your neighbourhood or area has homes with similar features (number of bedrooms and baths, lot size, etc.) on the market for a lower price, buyers will naturally buy those properties first. The price of your property should be competitively priced with these other homes. That means if you want to sell your home, price the home at or slightly below the comparables. Your real estate agent will help you establish the best price based on the competition. Again, pricing your property above comparable properties can easily cause it to languish.

Another problem with pricing higher than competitive properties is the price reductions. Most homeowners will reduce the price once they realize their home is priced higher than the competition. When your real estate agent enters the price reduction in the MLS® System, the property is probably at or near where it should have been priced in the first place. The problem now is you missed a lot of the buyers the first round that bought comparable homes for the same price you have just reduced your home to.

To overcome this situation, you are going to have to make sure your new, reduced price is extremely competitive. If your price reduction still leaves the asking price of your home higher than any comparables, your home will probably continue to languish. Your real estate agent will help you assess the competition and help you establish an asking price that will get the home sold.

2.  Condition Of The Property

All of the cosmetic things, such as paint, landscaping, window coverings and flooring should be in good shape. The house should be spotlessly clean inside and out! It’s amazing how most buyers refuse to see “through” superficial, cosmetic shortcomings. To illustrate this point, most buyers can walk into a “perfect” home that is priced below market. However, if the house is cluttered, the carpet is worn, or the house has a strong pet odor, they move on to look at the next house. And making these cosmetic improvements costs little… mostly your time! To get the house sold, make a small investment in:

• Landscaping: Make sure lawn is in good shape and trees and shrubs neat and trimmed. Make sure gutters are clear. If you don’t have the time to do it, pay someone.
• Exterior of home: Make sure there is no chipping paint, dirty windows, or clutter in the yard. Most importantly, remember that most buyers will notice the condition of the front door when they walk in.
• Interior: Make sure the carpets are clean and attractive, the walls painted (if it needs it) and clean (no smudges!), the kitchen clutter-free and the windows are spotless. Also, remove excess furniture (rule of thumb is put half the furniture in storage or the basement). Excess furniture makes rooms appear much smaller. Make sure all clothes are off the floor and organized in closets. And finally, make sure the smell of the home is appealing. Vanilla scent works very well with most buyers.

The first thing to do is to take a step back and analyze the situation. Try to assess what factors led to your home not selling. 

3.  Was Your Property Aggressively Marketed?

Another primary reason for homes languishing on the market is a simple lack of exposure. In a very hot market, a listing in the Multiple Listing Service alone should generate an adequate number of buyers. However, if your market is anything less than red-hot, the amount of inventory will increase and your home needs aggressive marketing.

Most buyers work with real estate agents. A good real estate agent will make sure your property is exposed to the active real estate agents in your areas by presenting your property to many of the area offices. Also, most active real estate agents have a strong network of other agents, and they’re usually on the phone pushing the property to the other agent’s buyers.

Your agent will make sure your property is advertised in home magazines. Many buyers pull these off the racks of grocery, convenience and drug stores when they are actively looking to buy a home. Most importantly, make sure your property is advertised in heavily trafficked web sites like MLS.ca. Well over 80% of buyers use the Internet to look for homes!

4. Finally, and Most Importantly, Did You Hire The “Right” Real Estate Agent?

Like any profession, there are very effective and ineffective agents. Many agents work hard and employ strong marketing techniques. Many agents have a strong network and access to buyers. Many agents work hard to get your home sold. However, many do not. Did your agent simply place the house in the Multiple Listing Service? Or, did she or he inform their network of buyers about your property? How about presenting your property at sales meetings both at her or his office and other company offices? Did she or he promote your property at the local real estate board meeting, where many agents gather to share inventory? Did she or he use aggressive advertising, including real estate magazines and heavily trafficked Internet web sites?

Ask yourself, was your agent passionate about selling your property? If not, now is the time to find the agent who will get your home sold.

Where To go from here?

This report is designed to illustrate that buying or selling a home is a complex, and often an intricate process. If you're interested in more information, please contact me.

Susan

(403) 669 – 9112

From basement suites to full houses

Renting is a huge business in this country. If you currently rent, you know that paying out those hundreds of dollars every month to line the pockets of your landlord is not a pleasant task. However, like most renters, you probably feel stuck in a home that isn’t even yours simply because you can’t save up that down payment for your own home.

This report contains details on how you can stop paying rent and start contributing to your own financial future, rather than that of your landlord. By knowing some valuable information about the real estate industry, as well as some tips and tricks about property ownership, you’ll be able to start on the road from renting to owning. This report will tell you how you can:

• Save for a down payment for your property
• Make the best use of your financial institution and other loan sources
• Consider reversing the rental roles

7 Little-known Facts That Can Help You Purchase Your First Home

Purchasing your first home can be challenging. Your monthly cash flow may easily cover the proposed mortgage costs, but perhaps accumulating the down payment is what you find difficult. Or maybe you have financial reserves, but cash flow is what’s holding you back. Whatever the reasons, purchasing a new property can still be accomplished, regardless of your financial standing. Consider the following facts:

1.  The down payment on your property doesn’t have to be as large as you think

Several programs exist to help first-time buyers enter the property market. These programs require that you have never purchased a home before and that you meet basic qualification standards. It is important that you consult a professional real estate agent who is familiar with these programs, so that you may make the best use of them.

In some areas, it is also possible to assume a mortgage. If this is an option in your area, your real estate agent will be able to perform a search on listings requiring small to no down payments.

2.  Your lender may help you with your down payment and closing costs

Depending on your financial standing, you may have assets worth equal to or more than your needed down payment. If this is the case, your financial institution may be willing to lend you the extra cash needed for your down payment, while securing it against your assets.

3.  The seller may assist you in purchasing your home

Some sellers may be willing to lend you money to purchase the home. This is known as a ‘seller take-back’ and is essentially a loan from the seller to the buyer. Instead of your monthly mortgage payments going to a financial institution, they would go directly to the seller. This loan works in exactly the same way as any other and is subject to the rules and regulations outlined upon instantiation. 

Enlisting the help of a professional mortgage specialist is a good idea when it comes to locating a loan that meets your needs.

4.  You may be able to borrow without going into debt

Options exist for you to borrow for certain investments to a specified level, and using those investments to leverage a significant tax return. This process can be further coupled with a first-time homebuyer’s plan, and turned into significant equity.

You can also borrow against savings in an RRSP, and if repaid in a certain time period, avoid any interest payments.

5.  While purchasing, consider becoming a landlord yourself

If you’re interested in subsidizing your mortgage payments with some supplemental income, why not consider becoming a landlord yourself? Houses and condos with extra bedrooms and living facilities are often not much more expensive than those without. If you have been pre-approved for a mortgage that allows you to purchase a larger property, why not consider renting out the extra space and having a tenant pay your mortgage?

6.  You may be able to secure a loan even with a lower credit rating

Oftentimes it is possible to secure a loan, even with a poor credit rating. If you have enough equity to borrow against, your financial institution may consider lending you money to purchase a home.

It is also possible to use a ‘seller take-back’ loan for the purchase, using the seller as the lender.

7.  Secure a mortgage before you begin your searching

Before you begin looking for a property, you should get pre-approved for a mortgage. It is important to make sure that you know your budget, as well as your monthly payments to make sure that they are within your means. Enlisting the help of a professional mortgage specialist is a good idea when it comes to locating a loan that meets your needs. Oftentimes a professional will be able to locate more competitive mortgage rates than those offered by a single financial institution. There is usually no obligation, and the benefits of knowing your buying power while shopping for your home reduce stress and wasted time.

Where To go from here?

This report is designed to illustrate that buying or selling a home is a complex, and often an intricate process. If you're interested in more information, please contact me.

Susan

(403) 669 – 9112