Cooling of Canada’s Hottest Real Estate Markets Delayed Again

July 13, 2016

Canada’s residential real estate market posts strongest growth in five years in the second quarter of 2016

Central bankers expected to keep interest rates lower for longer in light of Brexit and global uncertainty

TORONTO, July 13, 2016 – Canada’s residential real estate market continued to show strong appreciation in the second quarter of 2016, posting the highest national year-over-year gain seen in five years, according to the Royal LePage House Price Survey[1] and Market Survey Forecast released today.  Amid continued world economic uncertainty, the historically low interest rate environment that has fueled Canada’s real estate market growth in recent years – most notably in Greater Vancouver and the Greater Toronto Area (GTA) –…

1673 Views, 0 Comments

Owner Financing - What you need to know

5 Reasons to Offer Owner Financing

It seems a bit counter intuitive for someone who owns home to allow a buyer to pay over time for their property. After all, wouldn’t it be better to get all the money in one go thereby requiring the buyer to get financing from a bank? Well, sometimes it’s more lucrative for the seller to offer financing and here’s why:

1. Better Selling Price

In a buyer’s market, it can take a while for a property to sell, and once a home has been on the market for longer than 60 days,  real estate agents often encourage the seller to drop the price. To attract more interest, they make sure that all the marketing materials, including the For Sale sign, clearly show that the price has been reduced. However, instead of cutting the…

2569 Views, 0 Comments

The Best Builder Upgrades to Buy in a New Home

New home builders make money by selling upgrades.

Usually, if you get all the builder upgrades, you can easily double the price of your home or more. This article will explain which upgrades are best to purchase from the builder and which can be done at a later date.

Lot
Upgrading your lot to a larger lot or a more preferred location is a great upgrade to purchase since you generally cannot change your home's location in the future.

Structure
Structural changes are also good to upgrade before the home is built. Adding an additional garage, an extra bathroom, or a covered back porch are usually more difficult and costly after the home is built.

Electrical and Plumbing
Electrical or plumbing additions or changes are good to upgrade before a home…

1959 Views, 0 Comments

What does a home inspection cover?

If you decide to have a home inspection, the major components of the home will be visually inspected and in some cases, tested by a trained professional.

You will receive a written report outlining details about the home and the inspection results. Com­ponents inspected generally include the roof, heating unit, plumbing, electrical system, structure, foundation, major appliances and much more.

A Great Tool For Buyers And Sellers

The question of whether or not to have an inspection should actually not be a question at all. One of the most common com­plaints against home sellers is in the area of condition, specifically disclosure of the condition. A home inspection is a valuable tool in deter­mining and disclosing condition to both buyer and…

2928 Views, 0 Comments

Honey, let's not use a Realtor!

The idea behind not using a real estate agent in the purchase and sale of a home is a simple one, to save yourself some money.

By Andrea Swiedler. Real Estate Agent with Berkshire Hathaway HomeServices New England Properties Licensed in Connecticut

I get that.  Buyers think they will save money on the price of the home, sellers will save at least half the commission amount. (Many do offer a commission to a buyer's agent.)

FSBO AND THE UNREPRESENTED BUYER, THE PERFECT STORM!

Now we are talking! Part of my job as a real estate agent is to know what my seller is selling, and what my buyer is buying. This includes data from the town hall such as property taxes, building department information, health department information and more. I make sure…

2851 Views, 0 Comments

Assuming A Kamloops Mortgage - How does it work and is it for you?

An assumable mortgage is, simply put, one that the lender will allow another borrower to take over or “assume” without changing any of the terms of the mortgage.

For example, say you purchased a property for $200,000 with a mortgage of $150,000 and $50,000 of your own money. If part way through the mortgage term you decide you’d like to sell the home, you would have the option of essentially selling the mortgage as well. The person who buys the home from you could take over the balance of the mortgage and the associated payments and give you cash for the remainder of the value of the home. So, if your mortgage balance is now $140,000 and the home is now valued at $210,000, a buyer who is assuming the mortgage would need to pay you, the seller,…

2437 Views, 0 Comments

Investors: Here’s Why “Rental Owner” & “Landlord” Are Two VERY Different Roles

Is being a real estate investor and being a landlord the same thing?

Or are they two completely different roles? Knowing the distinctions is incredibly important and can make all the difference in getting what you really want out of real estate.

We are all more than aware of the need to invest. Owning rental properties is a way to invest in real estate and build wealth. But becoming a hands-on landlord can be distinctly different than pure investing for a number of very important reasons.

Being a hands-on landlord can be great. It can be therapeutic, rewarding, and a major upgrade from many people’s last job. Just make sure you know the difference BEFORE you get in. As we know, it’s always easy to get in than out.

A Mindset Difference

…

2143 Views, 0 Comments

Cost Does Not Equal Value with Home Improvements

Never forget the simple rule that cost does not equal value with home improvements.

In fact, this may be the single most difficult point for both home sellers and home buyers to understand. It resonates not only with real estate but with everything from a bottle of wine to cars to clothes. Everyone has a different definition of “value” and what they are willing to pay for it.

Home sellers often have a biased view of what they’re home might bring if offered for sale. When these opinions are expressed, “upgrades” are almost always referenced. “I upgraded the carpet, the fixtures, the HVAC, the faucets….” is a consistent refrain. But how much of that “upgraded” item is recovered? Paying an extra $10,000 for “upgraded” roof shingles or $5,000 for a high…

2610 Views, 0 Comments

Benefits of a buyers agent in Kamloops BC.

A buyer’s agent represents you, the buyer, not the seller.

For most of us, buying a home is the biggest single investment we’re likely to make – we are only likely to do it maybe once or twice in a lifetime. The process is, by nature, filled with checks and balances – and many complex details. Traditionally, agents were legally obligated to protect the interests of the home seller. Today preferences are changing. One of these changes is that more homebuyers are choosing to have their own real estate agent, known as a buyer's agent, to legally represent them

A buyer’s agent represents you, the buyer, not the seller, and has full fiduciary duties, including loyalty to you. By definition, the buyer’s agent has your best interests in mind throughout the…

3101 Views, 0 Comments

Whats The Difference Between a Listing Agent and a Selling Agent?

If it makes you feel any better people often don't really know the difference between a listing agent and a selling agent, either.

Why should they? Why should anybody know except those of us in the real estate business? At least you'll know which agent does what in a deal and you will sound far more intelligent about the crazy business of real estate, that's why. Plus, you'll know what to call the respective agents in a transaction, and that piece of knowledge should provide you with a bit of confidence as you finagle your way to buying or selling a home.

The Listing Agent

Listing agents come in all flavors, sizes and shape. A listing agent typically represents the seller. There are a few instances in which a listing agent might accept a flat…

14005 Views, 0 Comments