Property Hunting: Diligence is The Key to Your New Home

Even when the numbers from the last couple of months show otherwise, the sales in March are increasing. I’m not saying this because I have access to the stats (yet), but because I’ve been extremely busy working with buyers, visiting properties and trying to make offers. Yes, trying.
Let me explain: By the time the visit’s over and we’re deciding on the purchase price, I get a call from the listing agent saying: “Just to inform you, we have just received an offer on this property”.

Bummer. And then they say we’re in a slow market.

On many occasions, even before getting to see the place, we are notified that the property is already under negotiation, thus a visit isn’t possible until we know the outcome of the offer.

I have to admit, I am not the pushy type. All my clients receive their listings and a little walk-though the description sheet, with the advice to: “Look it over and let me know when you’re available to visit”
But because of the demand and the fact that a lot of properties are getting sold-pretty fast, my new motto is:

If the property meets your requirements, if you like the images, and if it has the WOW effect on you, don’t waste any time: Make yourself available to visit it ASAP.

If after the visit, you are still in love with the property, don’t hesitate to make a conditional offer. There have been times where a buyer takes a few (too many) days to think it over, and while they’re meditating on it, another more decisive buyer comes along with an offer that will leave everyone else out.

Get all your questions clarified before making an offer: Average sold price, conditions to include, etc. And after that: Be diligent. Be decisive.

It will be very sad to see your dream home going to another person.

A better way to get your daily news

I noticed a large amount of our new readers are subscribing by email. While this is the most common way to receive updates from websites, it has its disadvantages. Let me explain: If you subscribe to a blog or a news site that publishes several articles a day/week, you’ll find yourself overwhelmed with an inbox full of unread articles, and racing to keep up with the new content. (Too much information, too little time). Most likely you’ll end up deleting unread mail, and finally unsubscribing from the site.

The good news: There’s a better way to get yours latest articles delivered to you without having to fill up your inbox.

Here is a little video explaining RSS in Plain English.

You’ve probably seen the RSS sign on the top of the blog’s column (the orange button). You’ve seen the icon on mainstream sites, major newspaper’s online are now aware of this way of sharing information and have implemented it. RSS stands for Really Simple Syndication.Other feeds like this ones will be Atom, but let’s stick to the basics for now :)

Personally, I get all my news from different online journals plus all my favorite blogs using the RSS reader. It saves me tons of time, and it’s quite simple to do. The first time I used an RSS reader was through my Google account, they have a nifty little Blog reader you can add to your personalized Google homepage. Although there are a lot of feed readers out there, (and I’ve tried a few) my favorite one right now is NetNewsWire, which is the Mac version of NewsGator (windows). There is an online version or the desktop software (where you can go offline after you retrieve all news), they are both free. If you want, give it a try and let me know what you think!

Already using RSS reader? Let us know what’s your favorite one in the comments box.

Who pays the buyer’s agent?

If you are in the market to buy a home for the first time, and never have used the services of an agent who represents buyers, it’s important for you to know that this service is free.

One of the most common questions from first time buyers is:
How much does a buying agent (or agent representing the buyer) charge in commission?

The answer will be: Zero.

The buyer’s agent (representing the buyer) works in collaboration with the listing agent (who represents the seller). The Listing agent will share the commission with the buyer’s agent if a sale takes place between the two parties.

This is how it works:

Mr seller decides to list their property with agent X (Listing agent). They write up an agreement (brokerage contract) in which, the asking price, description of the immovable, length of the contract (etc, etc, etc) and the service fee (commission) is set.

If a successful sale was made from a buyer brought by a collaborating agent, the commission will be shared.

So, who pays the buyer’s agent? The seller does.
It’s the seller who signs the contract, agreeing to pay the commission to the listing broker/agent, and (when applicable) shares it with the collaborating agent when a sale is made.

The buyer himself, already has many expenses to cover: down-payment, welcome tax, notary fees, etc. One thing that you don’t have to worry about (as a buyer) is to pay for the extra expense of an agent representing you. It’s free

Buying a New Condo: The Pros and Cons

You can buy a new condo from the developer before or during its construction and also before the condo corporation is formed. A developer may have some unsold units available after the condominium has been completed and registered.

In some markets, the developer may wait to sell a large percentage of the units before registering the condo corporation or even starting construction, in the latter case it’s what we refers as: Pre-sale phase.

Keep in mind that a deposit is required to secure or reserve a condo unit in a new development.

Buying a new condo. The Good Side:

• The purchase price could be lower than resale market (used) condos. Especially in pre-sale phase of the construction.
• Your property will gain value; from the time you purchase the pre-sale unit to the time that it’s delivered. This, of course, it’s subject to the current market conditions.
• New home warranty protection. (Up to five years)
• You have more choice of locations within the building; floor level, different views, etc.
• Customized design (in some cases); more options and upgrades to choose from, such as: material, color of the floors/ cupboards, etc.
• Newer buildings have less risk of having to undergo costly repairs and renovations.

Buying a new condo. The Bad Side:

• If the constructions have not started, you cannot physically see what you are buying and have to rely on floor plans and sketches that are subject to change.
• Your initial deposit will be locked up for the duration of construction
• The construction may not be completed by the expected date. The delivery date can be later than originally agreed.
• It’s possible that you may move into your unit while construction continues in others: it could be noisy.
• Taxes. New constructions have to pay GST and QST. (Not the same as the Welcome tax ) The good news for first time buyers: you might be eligible for a housing rebate.

Basically it comes down to this:

If you’re not in a rush to move in, then a new condo might be a good choice. New construction can be unpredictable when it comes to delivery dates, some do deliver in time, others can take a few months more than speculated. For buyers who don’t want to do renovations themselves; a new condo construction offers you a “key in hand”, no headaches type of solution. All you have to worry about is decorating to your own taste.
Apart from the above mentioned facts, there are also several government refunds for those who purchase in Eco-Friendly Projects.

So there you have it. The choice is yours.

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Staging a vacant house

by Sveta Melchuk

Home staging is an important marketing technique for selling homes, whether they are furnished or vacant.

Important points to remember about vacant properties are:

• People buy «Homes» and not «Houses»: it’s therefore essential to give them the feeling of a «Home» and you certainly won’t be able to achieve that with an empty space!
• A vast majority of people (over 90%) can’t imagine what a house could look like with furniture in it and they have nothing to compare their own furnishings to in an empty space. Did you know that a room actually looks smaller empty than properly furnished?
• With nothing to focus on except the bare space, the negatives will become more apparent to prospective buyers.
• A vacant house gives an impression of a desperate situation and you can expect to get lower offers than otherwise.

So, to sell your property fast and for most money, what do you need to do?
Read more

Make an Entrance: Warm Up Your Entryway This Winter

Winter. It’s a time of crisp air, gently falling snow, and piles of coats, slushy boots and soggy mittens in your front hall. This season, make your entryway organized and inviting. Here’s how:

Make first impressions count. Give your door a fresh coat of glossy paint, and put down a new doormat. Hang a nice winter wreath or plant an evergreen in a sturdy urn.

Store your stuff out of sight. If you don’t have enough closet space, add storage by hiding a garment rack behind a curtain, using an armoire, installing a coat tree or hall stand, or by trying one of these storage ideas:
- A bench with built-in storage holds your stuff and offers a convenient spot to sit down and put your boots on.
- A small bookshelf with labeled baskets is good for storing small items.
- A chest of drawers can make your front hall look more like a furnished room, and it gives you a surface for photos, a lamp or incoming mail.

Stay in season. Move non-winter items to a different part of your home. Leave some extra space and extra hangers for your guests’ coats.

Tame your shoes. Set a limit to how many pairs each person can keep by the door, and install a shoe rack to keep footwear organized. Avoid putting boots on a mat that doesn’t drain ? they won’t dry properly and the leather will get damaged. A perforated tray with a mat underneath will let your footwear drip-dry.

Hook it. Heavy-duty hooks keep backpacks, scarves, purses and coats off the floor. Hang them at a height where kids can reach them to make it easy for them to put away their things.

Make a place for your misplaceables. How much time do you spend hunting for keys, sunglasses, cell phones and dog leashes? Dedicate a basket or bowl to these important items by the front door, and you’ll never have to search under the couch cushions again.

Design idea 1: Install a hook and small shelf for each person, and stencil their name on the wall beside it.

Design idea 2: Hang an ornate frame and fill the blank space in the middle with small, pretty key hooks.

Floor décor. Offer a warm welcome with a soft, washable rug that doesn’t show dirt easily. Put a mat outside, too; wiping your feet before you go in will mean less muck and less cleaning.

Don’t forget to decorate. Paint your entryway a striking colour, hang a graceful mirror, incorporate family photos or a favourite piece of art, add a table lamp and an accessory or two. Make it welcoming and beautiful. After all, it’s the first place people see when they come into your home.

Source: Royal LePage

Should your house be staged before you sell?

To Stage or Not to Stage – that is the question!
by Sveta Melchuk

Staging a Home for sale will cost you money. Is it worth spending time and effort on it? After all, once the decision to sell has been made, you just want to get it over with as fast as possible, right?

First, did you determine the «right» price for your house? It should be based on certain objective criteria, such as the location of the property, sale price of comparable homes in your neighbourhood and today’s market conditions. But don’t forget the desirability factor…
While you can’t control some of the other criteria, you definitely have a say in the way your property looks, feels and is perceived by prospective buyers. Increase the visual/emotional value of your property and you will increase its desirability, therefore the price and the urgency to buy it from potential buyers. Why?

It’s the perception of the value that counts. The first impressions make a big difference in the way we perceive a person, an object or a service and, subconsciously, the decision is taken within the first 90 seconds on whether we’ll be «buying» and what value we assign to it.

Even before the prospective buyers set foot in your house, they are probably shopping on the Internet, checking the photos of the properties available in the selected neighbourhood and within their budget. They will make an opinion about your property based on what they see in the pictures and they will decide right there whether it’s worth their time to visit in person. If you have not managed to draw them in at this stage, you might have lost dozens, maybe hundreds of visitors to your house!

Your strategy should be to make the BEST first impression possible, in the Virtual world and for all the prospective buyers who will come to your door. Once they are visiting, make them focus on the property’s best features and show them the value of what they are getting. Choosing a particular house is a largely emotional decision, so make them choose yours. Statistics clearly demonstrate that a clean, spacious and well decorated home sells faster and for more money than other comparable properties.

Staging uses some simple but highly effective techniques to make your house look its best in preparation for sale. So, by spending a few hundred dollars on preparing your house properly, you will be gaining a lot more at the sale time. And staging services cost much less than a price «adjustment» on the house!

So should your house be staged before you sell?

This article was written by Sveta Melchuk from www.Home-Staging-Montreal.com. A Montreal firm specializing in Home Staging and Interior Re-design services.