Saugeen Shores Real Estate Buzz

If you or someone you know is thinking about putting their house on the market, here is some helpful information for you.  As I am sure you are aware, the way that a property is presented is first and foremost the most important factor when it comes to Buyers choosing to view your property.  I have been working with a Home Staging Professional and together we are offering my Seller clients the benefit of her expertise.  Please check this out and see what I mean; Getting Your House Ready For The Market

 Snow, clouds, Canadians losing to the US,Monday; what a way to start a week!

However, happy clients, great co-workers, Canadian couple hopefully heading for a gold in skating, Monday; a whole new start!

It is what we make of it.  Grumpy breeds grumpy and smiles bring smiles.  Take a walk up the street in downtown Port Elgin or Southampton and I would almost bet that you would get a greeting from most people that you meet.

We are very fortunate to live in the area that we do.  We have the diversity of two different commercial cores, great schools, a hospital that offers great care, two medical centres, a variety of fitness alternatives and a varied choice of different housing options.

So, on that note, if you are considering a move to our area, come for a visit and stay for awhile!

I could not believe what I saw when driving along Miramichi Bay the other day!  Someone had taken it upon themselves to cut down some trees on the water side of the road.  Just who does one think they are to not only come along and do that, but to also leave the debris there.  Very sad!  I have lived in this fine area for 41 years and it is just a known fact that this is not something one does!!  Shame on you!

When Buying a house, avoid causing anyone grief, including yourself, the Seller or the Real Estate Representatives, by ensuring that you are 100 percent happy with your decision.  Although it does not happen very often, there has been a few times that I have heard of situations whereby, after putting forth an Offer to purchase and having it accepted, the Buyers have second thoughts.  When that happens, we have a problem especially if there are no conditions in the Offer.  If this is the case, the Sellers will have to agree to ‘mutual release’  the Buyers and this is something that they do not have to do.  In order to not have this happen, make sure that you have looked at enought properties to know exactly what you want and what you do not want.  When you have found what you think to be the right one, take your time to make sure the right conditions are in the offer and make the offer price something that you know you will be able to manage.

Throughout the process keep in mind that this may be one of the largest purchases that you have ever, or will ever make.  However, also keep in mind, that this is a very large decision for the Sellers as well so please do not take the decision lightly!

Better news in the Toronto Star on April 15th, 2009.  Apparently the low mortgage rates and the decrease in house prices are enabling the first time home buyers to enter the market.  This has been stated by some Canadian Real Estate experts.

Phil Soper, president and CEO of Brookfield Real Esttae Services has said that the affordability in many parts of the country is improving.

He continues to state that the housing market has shifted from a seller’s market to a buyer’s market which is good news for someone who is looking to buy their first home.

From a local Broker’s prespective, I can say that this is certianly showing in our market as well.  The past  3 weeks, we have seen an increase in both listings and sales.

…building a high standard of professionalism to the real estate transaction

(April 7, 2009) – For REALTORS® of the REALTORS® Association of Grey Bruce Owen Sound (RAGBOS),

March marked their busiest month in half a year.  REALTORS® of the RAGBOS traded 145 residential properties in March for a total value of $27,931,305, representing a 61.1 percent increase over February’s results. This is the third consecutive month that the RAGBOS has recorded an increase in sales from the previous month.

“Canadians still see home ownership as a good investment” says Neil Devlin, President of the REALTORS® Association of Grey Bruce Owen Sound, “and with historically low mortgage rates and improved affordability, first‐time home buyers are getting into the market.” “Despite all the negative news about a sluggish economy, homes sold for an average price of $192,630 last month, which is a 6% increase over the previous month, although a 7.9% decline from the first quarter of 2008 figures.

“It is first‐time home buyers who seem to be moving the March sales figures” explains Devlin. “Homes selling in the $120,000‐$250,000 range made up 45% of the total residential home market activity in March, a 4.3% increase in the proportion of sales occurring in that segment compared to the same period last year.”

Devlin believes that now is a good time for qualified buyers to enter the market. Sellers realize that their home must be realistically priced to attract offers and there is now a good selection of properties for sale. Combined with a prudent buying public we are now in a “balanced market” situation.

A busy spring market is anticipated, being boosted somewhat by the Federal Budget 2009 incentives to get Canadians into their first home or renovating their current home. Some of the budget highlights include:

• Providing first‐time home buyers with additional access to their RRSP savings to purchase or build a home by increasing the Home Buyers’ Plan withdrawal limit to $25,000.
• Assisting first‐time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.
• Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief.
• Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support home retrofits.

Sellers who are uncertain about current market conditions should consult a REALTOR® to develop an effective marketing strategy. A REALTOR® knows the local market and can help you decide on a competitive listing price for your home. If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step of the process. A REALTOR® understands the market and must, by law, look after your best interests.

The REALTORS® Association of Grey Bruce Owen Sound is made up of over 350 REALTOR® Members. Its jurisdiction consists primarily of Bruce and Grey Counties, although a small portion of Wellington County is included. Much of its Southwestern Ontario trading area is bordered by Lake Huron and Georgian Bay.

REASONS to use a REALTOR®:

• REALTORS® are trained professionals, licensed by the Province of Ontario and are accountable to theReal Estate Council of Ontario (RECO).
• REALTORS® are subject to a higher standard than the minimum standard required by the Real Estate& Business Brokers Act (REBBA 2002).
• REALTORS® are members of real estate boards and as such are required to adhere to the CanadianReal Estate Association’s Code of Ethics and Standards of Business Practice.
• REALTORS® have completed stringent educational and licensing requirements and must be of goodreputation in order to be licensed.
• REALTORS® are committed to continuing education and consistently refine and improve their skills andprofessional knowledge through participation in the profession’s Professional Development Program.
• Both RECO and 43 Ontario real estate boards use a comprehensive investigatory and disciplinaryprocess to deal with complaints. REALTORS® who are found to have breached either the legislation orREALTOR® Code are subject to sanctions by their board and RECO.
• REALTORS® are covered by a well-funded errors and omissions indemnity plan.
• REALTORS® use standardized forms and have access to well drafted (and court-tested) clauses andphrases which affords a high level of protection and comfort to their clients.
• REALTORS® are paid when a transaction successfully completes meaning that commissions and feesare not normally paid by the client unless a transaction successfully completes.
• REALTORS® have access to and use the Multiple Listing Service® and REALTOR.ca listing services -the most successful real estate listing website in Canada.
• REALTORS® are trained marketing professionals – they know how to price and market properties sothat they sell for the most money possible in the shortest time possible.
• REALTORS® are trained negotiators. Sellers and buyers do not generally negotiate for a living. This places them at a disadvantage because they can become emotionally involved when they deal directlywith an unrepresented buyer or seller.
• REALTORS® are thoroughly familiar with representing buyers and sellers in real estate transactions and understand the pitfalls of the process. Sellers and buyers “doing it themselves” can make mistakes, the result of which can far outweigh any perceived or real financial advantages to be gained in saving a commission or fee.
• Unrepresented buyers and sellers using for-sale-by-owner organizations expect to save REALTORS®’ fees. However, since both buyers and sellers want to save the same commission or fee, their negotiations begin at a disadvantage. Their negotiations are further hampered because they do not have an independent party like a REALTOR® to help them negotiate the best possible deal.
• REALTOR® involvement can protect consumers against the risk of a potential loss due to misadventure, fraudulent dealings or criminals who case homes during showings. REALTORS® provide “on hand” professional advice, are adept at advising clients how to avoid any financially damaging situations and give consumers peace of mind by providing them with a stream of qualified clients.

“REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association”. Trademark use under license from The Canadian Real Estate Association.

Information provided by the REALTORS® Association of Grey Bruce Owen Sound, copyright 2009. E&OE.

First-time buyers driving force in Canada’s residential real estate markets, says RE/MAX

Entry-level purchasers are now the engine driving home-buying activity in almost every major centre in Canada, according to a recent report released by RE/MAX.

The 2009 RE/MAX First-Time Buyers Report, highlighting first-time buying activity in 32 residential housing markets across Canada, found that improved affordability is prompting many first-time buyers to get off the fence, out of the rental, and into the market. While a sense of caution still prevails, more and more first-timers are finding it hard to pass up the chance to become homeowners in today’s buyer-centric real estate climate. Increased inventory and longer days on market, coupled with the lowest lending rates ever, are presenting opportunities that have not been seen in almost a decade.

While the current economic crisis has caused some first-time buyers to either take it slowly or apply the brakes, home ownership remains a top priority for those who are able to take advantage of reduced carrying costs, rock bottom interest rates and lower house prices. Affordability has greatly improved and buyers are firmly in the drivers’ seat in just about every market we surveyed. The new reality is that homeownership remains well within reach for most first-time buyers.

Although the year got off to a slow start, February home sales were well ahead of those reported in January. The upward trending is expected to continue as more and more first-time buyers enter the market in the weeks ahead. The flurry of activity in the lower-end may also serve to kick-start sales in the mid-to-upper end of the market, which have, as expected, been relatively sluggish in recent months. While inventory and days on market was up virtually across the board, it’s noteworthy that several markets reported tighter conditions in the lower end of the market, where demand and buyer activity remains quite healthy.

Canadian markets from coast-to-coast are ripe for a reawakening as the weather warms up. First-time buyers seem more acclimatized to economic factors, even though the barrage of bad news continues to flow. Those who are secure in their jobs, have accumulated good down payments, and have acceptable credit ratings are continuing to venture forward, undeterred by tighter lending criteria.

According to the RE/MAX Report, buyers are clearly in control in most Canadian markets. Of the 32 markets surveyed, 22 (69 per cent) remain firmly in buyer’s market territory. These include Vancouver, Surrey, Port Coquitlam, Chilliwack, Kelowna, Victoria, Edmonton, Calgary, Saskatoon, Regina, Ottawa, Peterborough, London-St. Thomas, Niagara Falls, Mississauga, Metro Toronto, Northern GTA, Kingston, Windsor, Hamilton-Burlington, Barrie, and Halifax-Dartmouth. Ten (31 per cent) report more balanced conditions: Winnipeg, Kitchener-Waterloo, Sudbury, North Bay, St. Catharines, Saint John, Moncton, Fredericton, St. John’s, and Charlottetown.

Forty per cent of markets offered single-detached homes priced under $200,000, including Charlottetown, Saint John, Moncton, Peterborough, Niagara Falls, St. Catharines, Windsor, Fredericton, Halifax-Dartmouth, London, North Bay, Kingston, Saskatoon and Winnipeg. More than two-thirds (71 per cent) offered condominiums starting under $200,000, (Moncton, Fredericton, Halifax-Dartmouth, Sudbury, North Bay, Peterborough, Mississauga, Burlington, Niagara Falls, St. Catharines, Kitchener-Waterloo, London, Windsor, Surrey, Chilliwack, Victoria, Kelowna, Edmonton, Saskatoon, Regina, and Winnipeg).

The most affordable markets for detached homes, based on starting prices are: Moncton ($115,000), Charlottetown ($120,000), and Saint John ($130,000) in Eastern Canada; Windsor ($75,000), Niagara Falls ($119,000), and St. Catharines ($125,000) in Ontario; Winnipeg ($185,000), Saskatoon ($190,000), and Regina ($210,000) in Western Canada.

RE/MAX is Canada’s leading real estate organization with over 17,000 sales associates situated throughout its more than 670 independently-owned and operated offices across the country. The RE/MAX franchise network, now in its 36^th year, is a global real estate system operating in more than 70 countries. Over 6,800 independently-owned offices engage nearly 100,000 member sales associates who lead the industry in professional designations, experience and production while providing real estate services in resident, commercial, referral, and asset management. For more information, visit: www.remax.ca

I remember when my girls were small and they insisted on having lemonade stands. It did not matter one bit that where we lived at that time, there was hardly any traffic; car or foot!! I would try to discourage them from having this stand as I knew that they would be very dejected because of the slow business. But, it was all to no avail. I liken this to telling people what their homes are worth in today’s market. It does not matter how much time I spend chatting with them or showing them everything I possibly can for comparables, some Sellers just do not realize what is happening in the market. “My neighbour’s house sold for such and such last year so mine should be worth that and possibly more this year”!! It is not going to happen. We had 2 good years but unfortunatley, if you did not sell then, we are back to some lower prices now. So just as my daughters proceeded with their lemonade stands, shouting out to any passing traffic that there might be, there are Buyers out there who are determined to over list their homes and the result in the end is the same; dejection!! Bottom line; if you need or want to sell; price it right!!