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Sell your home fast!

Avoid these seller mistakes to ensure your property is sold as quickly as possible.

By Gail Vaz-Oxlad

Article:
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Real estate vs. the stock market
How to pay off your mortgage faster
Real estate meltdown protection plan200216500-003

While homes in big cities may sell quickly, outside major centres homes can sit on the market for months and months. Sometimes it’s a slow market. Sometimes it’s silly mistakes made by sellers. Whether you are selling in the city or hoping to move your rural property into new hands, don’t make these mistakes:

Overpricing

You may have put a lot of love and a lot of money, into your home, but buyers don’t care. They aren’t comparing the home before you loved it with the one you’re selling now; they’re comparing your home to all the other options on the market. If you start off too high, you’ll stop all the people who might be interested from even looking at what you’ve got.

Limiting showings

Really? You’re trying to sell your home but you’re not making it available when buyers want to see it? While it might be a major pain in the ass being on call for showings at the drop of a text, if you want that puppy gone, you’ll have to make it easy for buyers to see it.

Failing to prepare

Would you want to buy a home that was full of clutter, needed repairs or had a front yard that had run to weeds? The guy who you’re trying to convince doesn’t either. Rumour has it that it takes only about 60 seconds for a prospective buyer to form an opinion about a home. I know that of the four homes I’ve bought, I knew it was “the one” within minutes of walking in the door. Clean out the crap, tidy up the cupboards and the garage, stash your excess stuff in a friend’s basement until the home sells. And make sure the place smells wonderful. (You’ll benefit from that too.)

Becoming offended

A low-ball offer hasn’t been made to offend you, it’s the buyer’s signal that the negotiation is going to be a rollercoaster ride. Buckle up, but keep smiling. Letting your emotions get in the way of a deal is immature. This is a business deal, treat it as such.

Thwarting inspections

If you’re afraid of what an inspection might turn up, rather than get in the way of the inspection process, hire your own inspector to highlight what you need to fix. If you aren’t prepared to replace the 34-year-old furnace or 15-year-old roof, be prepared for the buyer to negotiate the cost of a new one off your sales price.

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Port Franks Only$185,000 “NOW SOLD”

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LOOKING FOR A QUIET PLACE TO RETREAT TO? IMMACULATE OPEN CONCEPT YEAR ROUND HOME NESTLED IN THE WOODS. SITUATED ON A LARGE LANDSCAPED IRREG. SIZED LOT SURROUNDED BY NATURE. WRAP AROUND DECK.  LARGE LIVING/ DINING/ KITCHEN WITH VAULTED CEILING PERFECT FOR ENTERTAINING. LRGE MASTER BEDROOM WITH ENSUITE. NEWER FLOORING THRUOUT. 5 APPLIANCES & GARDEN SHED INCLUDED.ENERGY EFF GAS FIREPLACE HEATS ENTIRE HOUSE.  HOME IS IN A GREAT AREA OF PORT FRANKS EASY WALKING DISTANCE TO COMMUNITY CENTER, TENNIS COURTS AND A SHORT DISTANCE TO SPECTACULAR SANDY BEACH. 5 GOLF COURSES NEAR BY, COME ENJOY THE LAMBTON SHORES LIFESTYLE. HOME IS MOVE IN READY, QUICK CLOSING AVAILABLE. MLS# 201361319

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Why Hire A Realtor????……published by Orea.

The reasons for hiring a REALTOR® to purchase or sell a property are manifold.

In September 2011, this blog presented 35 typical actions and research steps (an abridged list) for a successful residential real estate transaction. These actions are intended to highlight two points: buying and selling a property is complex and time-consuming.

Let’s revisit those 35 steps, good fodder to convince potential clients about the importance of hiring a professional REALTOR®.

Pre-Listing Activities

1.  Research all comparable currently listed properties; sales activity in the area from MLS® database; and days-on-the-market for similar properties, location, and price

2.  Review property tax roll information

3.  Prepare comparative market analysis (CMA) to establish fair market value

4.  Research property’s ownership and how it is held (deed)

5.  Check municipal tax records for lot size

6.  Verify the legal description from public records

7.  Check planning department of municipal offices for current zoning

8.  Check for land use restrictions or special zoning

9.  Verify legal names in the Registry Office (or deed)

10. Determine whether property is subject to a shoreline road allowance (if applicable)

Listing Appointment Presentation

11. Review and confirm all legal descriptions and ownership details

12. Measure exterior and establish the square footage above grade

13. Note any lot line fencing, easements, and variances

Once the Property is Listed

14. Measure and record all room dimensions

15. Have mortgage verification forms signed and submitted to mortgagee

16. Verify with lender any penalties, terms, and current rates and if the mortgage can be discharged

17. Check whether the existing mortgage can be assumed and under what terms

18. Confirm supplier of hydro or any other provider of this utility

19. Calculate the utility usage for the past 12 months

20. Verify the availability of any septic bed layout or permits at time of installation

21. Water – if municipal check on rates for the past 12 months

22. Determine natural gas, heating oil or propane supplier’s name and telephone number

23. Prepare a list of property features such as pool, sauna, whirlpool, landscape pools, and special plants

24. Prepare a list of chattels included or excluded from the sale of the property

25. Compile a list of recent improvements, repairs or maintenance

26. Arrange for installation of ‘For Sale’ sign

Marketing The Listing

27. Create both print and Internet advertising

28. Prepare flyers and feedback faxes

29. Obtain pre-qualification letter from mortgage officer

30. Negotiate all offers, setting condition time limits and closing date

31. Prepare and convey all counter offers, acceptance and/or amendments to buyer’s representative

32. Arrange for appraiser to inspect the property and give any information, including comparables, survey copy, etc.

33. Order septic tank inspection, if applicable

34. Deliver water test results from health unit to mortgage company

35. Arrange other inspections as required by financial institution and/or insurance company (i.e., mould, termite, WETT, inspection, etc.)

 

To access the unabridged list, go to http://www.orea.com/Buyers-and-Sellers/Why-use-a-REALTOR.

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When to make the leap from renting to buying

From Money Sense… By Gail Vaz-Oxlade”http://money.ca.msn.com/investing/money-sense/when-to-make-the-leap-from-renting-to-buying”One of the things I hear most often is that people want to buy their own homes because renting is just flushing money down the toilet. Hey, if you have the “will” to move from renter to home-owner, that’s the first step. The second step: having the “means.”Wanting to own isn’t just about the money; perhaps you want to know you can stay where you are with no fear you’ll be told to move just when you’ve got the place perfect. Or perhaps you’re looking for a neighbourhood with good schools and a strong community and there aren’t a lot of rental options. But buying a home is a big decision, and without some careful planning, it can end in disaster. Here are some things you must be sure you have in place before you make the leap from renter to owner.Enough income: Seems obvious right? Yet loads of people move into their first home and then discover that their latest acquisition is eating so much of their money they have to use credit to cover the gap. Lenders will want to see a solid work history-minimum 1 year at your latest job-so if you’ve been quilting together an income, you may have difficulty being approved for a mortgage. downpayment: Again, obvious? Except that there are still people offering new buyers ways to get into homes without any money down. Whether it’s through a cash-back program, or through alternative lenders, it’s a bad idea. Don’t think that the bare minimum of 5% down means you’re ready. Having less than 20% down means that on a $375,000 home you’ll have to fork over nearly $10,000 in mortgage insurance premium, and pay more than $55,000 in interest in the first five years, assuming a mortgage of just 3.25%. That means you’ll be paying about $917 a month in interest. Pretty comparable to rent, don’t you think?No consumer debt: Having no consumer debt means you’re in a better place to qualify for a mortgage. Having no consumer debt also means you’ve got your spending in line with your income so you’re less likely to hit the wall once you close and start paying all those new bills. If you carry consumer debt into the home-purchase phase of your life, it’s because you think you can have it all at the same time. You can’t. You’ll see.

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7352 ARKONA RD. ARKONA, ONTARIO “SOLD”

NOW SOLD
“FIX AND FLIP” HOME IS PRICED TO SELL. HANDY MAN SPECIAL. GREAT NEIGHBORHOOD. WALKING DISTANCE TO ALL AMENITIES. HOME IS BEING SOLD IN “AS IS” CONDITION. HOUSE IS LOCATED ON A LARGE LOT ON THE MAIN ST OF ARKONA. ELECTRICAL HAS BEEN UPDATED. RENOVATIONS ON THE HOME WERE STARTED, BUT NEVER COMPLETED.

Financing Available For Good Credit, Bad Credit, No Credit, Low Income, No Income, Self Employed, Past Bankrupt & Past Consumer Proposals

Construction Financing Available! Lender can Fund Materials and You Do The Work!

With as little as $5,000 Down Payment Plus Enough for Closing Costs You can Own This House! Even With Bad Credit!!

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Canadian home sales edge higher in December

Canadian home sales edge higher in December Published January 16, 2012 UncategorizedLeave a Comment

OTTAWA – January 16, 2012 – According to statistics released today by The Canadian Real Estate Association (CREA), national resale housing activity posted an increase from November to December 2011.

Highlights:

  • Sales activity rose 1.8 per cent from November to December.
  • Annual activity totalled 456,749 sales in 2011, up 2.2 per cent from 2010.
  • The number of newly listed homes increased 3 per cent from November to December.
  • A simultaneous increase in sales and new listings kept the national resale housing in balanced territory.
  • The national average home price was up just 0.9 per cent on a year-over-year basis in December, marking the smallest increase since October 2010.

Sales activity recorded through the MLS® Systems of Canadian real estate Boards and Associations rose 1.8 per cent from November to December 2011, marking the fourth consecutive monthly increase.

Activity rose in more than half of all local markets, including some of Canada’s most active, with monthly declines posted in most of the remaining markets.

Actual (not seasonally adjusted) national sales activity came in 4.6 per cent above year-ago levels in December. It also stood above the five- and ten-year average for December sales.

A total of 456,749 homes traded hands via Canadian MLS® Systems in 2011. This stands broadly in line with the average over the past ten years, and represents an increase of 2.2 per cent from annual levels reported in 2010.

“The momentum in sales activity provides clear evidence that low interest rates continue to draw homebuyers to the housing market,” said Gary Morse, CREA President. “While buyers have become increasingly cautious, the hand off for sales activity going into the New Year suggests that Canada’s housing market will continue to benefit from low interest rates in 2012, and continue making a significant contribution to Canadian economic activity. Even so, prospects among housing markets and neighbourhoods differ, so buyers and sellers should talk to a local REALTOR® to understand how trends are shaping up where they live.”

The number of newly listed homes rose three per cent on a month-over-month basis, reversing an equivalent monthly decline in November. New listings rose in almost 70 per cent of local markets, including some of Canada’s most active.

With sales and new listings having climbed in tandem, the national housing market remained in balanced territory in December. The national sales-to-new listings ratio, a measure of market balance, stood at 54.8 per cent in December, down slightly from 55.5 per cent in November.

Based on a sales-to-new listings ratio of between 40 to 60 percent, just over half of local markets in Canada were balanced in December. This result is little changed from November.

The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. Nationally, it stood at 5.8 months at the end of December, down from 5.9 months at the end of November. While it has held fairly steady near six months since April 2011 onward, it peaked in August, with December marking the fourth monthly decline and a return to where it stood at the end of the first quarter.

The actual (not seasonally adjusted) national average price for homes sold in December 2011 was $347,801. This stood just 0.9 per cent above the average selling price in December 2010, marking smallest increase since October 2010.

“Momentum for national sales activity and average price remains positive but is slowing, which suggests that the continuation of low interest rates is not causing the Canadian housing market to overheat,” said Gregory Klump, CREA’s Chief Economist. “High end home sales seem unlikely to spike again in the first quarter like they did at the beginning of 2011, so national average price momentum may wane further over the next few months. With interest rates widely expected to remain low throughout 2012, homeownership will remain affordable, and continue to support home sales activity.”

PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.

CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.

Statistical information contained in this report includes all housing types.

MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.

The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 100,000 REALTORS® working through more than 100 real estate Boards and Associations.

Further information can be found at http://www.crea.ca/public/news_stats/media.htm.

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WALLYGATORS RESTAURANT IN IPPERWASH…..SOLD!

HERE IS YOUR OPPORTUNITY OWN A LITTLE PIECE OF IPPERWASH BEACH HISTORY. THE FORMER IPPERWASH BEACH HOTEL, NOW OPERATED AS WALLYGATORS  A VERY WELL RUN FAMILY RESTAURANT WITH VARIETY STORE, MINI PUTT AND ICE CREAM STAND.  OUTDOOR DECK WITH VIEW OF THE BEACH.  LIQUOR LICENSE FOR 81. KITCHEN & RESTAURANT EQUIPMENT INCLUDED . 1 SELF-CONTAINED APARTMENT PERFECT FOR THE OWNER OPERATOR. HIGH TRAFFIC LOCATION 25 PARKING SPACES + PUBLIC PARKING NEARBY. THIS IS A TURNKEY OPERATION, GREAT RETURN ON INVESTMENT. WALLYGATOR ICE CREAM & IPPERWASH SUNSETS A SUMMER TRADITION!

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SOLD in 3 days!!!

50 Sherrard St. Thedford, Ontario

“FIX AND FLIP” HOME IS PRICED TO SELL. HANDY MAN SPECIAL. GREAT NEIGHBORHOOD. WALKING DISTANCE TO ALL AMENITIES. 3 BDRM OPEN CONCEPT HOME. HOT WATER HEAT PLUS FIREPLACE WITH INSERT. DETACHED SINGLE GARAGE. HOME IS BEING SOLD AS IS. HURRY AT THIS PRICE IT WON’T LAST LONG.

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VACANT BUILDING LOT IN DEFORE ESTATES GRAND BEND NOW “SOLD”

THIS LOT IS LOCATED ON A CUL-DE-SAC IN DEFORE ESTATES A SMALL PEACEFUL RIVERSIDE COMMUNITY SITUATIED BETWEEN GRAND BEND AND PORT FRANKS. THIS LOT HAS 15 FT OF DOCKAGE RIGHTS ON THE AUSABLE RIVER WITH A COMMUNITY BOAT RAMP JUST A BLOCK AWAY. LOT HAS MATURE TREES AND CEDARS SURRONDING PROPERTY. A RUSTIC 17X10FT CABIN IS TUCKED AWAY IN THE CORNER OF THE LOT.  FIREPIT WITH WOOD STORAGE SHED. THIS LOT HAS WATER AND HYDRO HOOK UP AND NATURAL GAS AT THE ROAD. LOT IS READY TO BUILD ON.  PIE SHAPED LOT WITH 250FT BACKING ONTO FARMLAND.

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Buyers increasingly view cottages as cash cows

Written by Vernon Clement Jones FROM CANADIAN REAL ESTATE WEALTH

Cottage buyers are thinking more and more like property investors, according to a new poll, revealing a growing interest in renting out those seasonal digs to cover the cost of acquisition.

“Many Canadians aspire to own a recreational property because of the lifestyle benefit it provides,” said Phil Soper, president of Royal LePage, which commissioned the survey. “But potential buyers must understand how they plan to finance their purchase to ensure they can afford it.”

The Leger poll suggests they have, and it’s by renting out their cottages, cabins and beach homes.

Among intended buyers, 51 per cent said they would rent their property either to a tenant that was referred by someone they knew, or otherwise, to offset the cost of ownership. That thinking represents something of a sea change for recreational property owners. Among current owners answering  poll questions, 83 per cent said they do not rent out their recreational property to offset carrying costs. Only 10 per cent indicated that they would “like to.”

Only 32 per cent of would-be owners said they were prepared to reduce their spend, with even fewer, 25 per cent, ready to buy a fixer-upper in trim the property costs.

The survey hints at the growing willingness of Canadians to take on the role of landlord in order to protect the lifestyles to which their generation has become accustomed. Those younger buyers have also seen the cost of cabins in Ontario cottage country more than double in the last 20 years as a scarcity of lakeside lots drives up property values.

But becoming a real estate investor/landlord won’t be the answer to that challenge for all buyer, said Soper.

“While renting out your property is an attractive option to improve affordability, the ability to do so profitably varies by region,” he said, in a release announcing this year’s survey. “Some areas have bylaws that restrict rental activity while other regions have strict noise regulations that might limit your ability to attract renters.”