Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Putting your best view forward!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Putting your best view forward!: Putting your best view forward When showing your home for sale, it’s not just what buyers see inside that counts. Your Realtor ® will te...

Putting your best view forward

When showing your home for sale, it’s not just what buyers see inside that counts.  Your Realtor® will tell you that sometimes it’s all about the view.  A good view is a strong selling point for any room in the house.  A great view makes one property stand out from all the rest.  And on the flip side, when the view is poor, even the most attractive décor may not be enough to counteract its negative effects.  What’s a homeowner to do? 

Here are some easy and affordable tips that may help to improve your outlook:

·         If the entire view out a window is undesirable, try frosting the glass with a translucent window film available in most wallpaper or decorating stores.  Simply cut it to size, spray soapy water on the glass so you can slide the film around to position it, and then smooth out any air bubbles.  That’s all there is to it!  And you can remove the film in seconds if you want. 

·         If there’s a problem in just part of the view, then shutters or blinds offer a great solution.  Roman blinds are modern and attractive and you can install them so they will either cover the top or bottom part of the window.  Just choose the configuration needed to obscure only the part of the window with the unwelcome view, and enjoy the rest! 

·         If you’re adding blinds for privacy, consider using a material that will still allow light to enter and give a greater impression of openness.

·         Are your neighbours peering into your house?  You can tint your windows or use one-way glass to avoid keeping the drapes drawn all day.  Talk to your local glass supplier to see how to protect your privacy, yet let sunshine in.

·         Is your view obscured by greenery?  You can let in the light with some creative landscaping, pruning or even re-locating bushes and shrubbery. 

·         A simple and affordable way to make the most of a good view is to enhance the effect by positioning a mirror on an opposing wall.  This has the added benefit of multiplying the natural light coming into the room.

·         If you want to introduce some additional light into your room, but the view is not desirable, you might consider small feature windows or transoms placed high up in the wall. These can flood the room with light and you’ll find yourself looking at sky instead of staring into your neighbour’s kitchen.

·         Etched or frosted glass panels in frames can also be hung in front of your clear window panes to draw the eye and break up an undesirable view.

There are many simple and inexpensive solutions to your decorating problems.  Ask your  Realtor® for their expert advice on how to showcase your home to its best advantage.  You’ll be glad you called us first!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Ten ways to attract Buyer interest!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Ten ways to attract Buyer interest!: Ten ways to attract Buyer interest In today’s highly competitive real estate market, the key to selling your home is being able to attrac...

Ten ways to attract Buyer interest!

Ten ways to attract Buyer interest

In today’s highly competitive real estate market, the key to selling your home is being able to attract buyers to your listing.  When you’re selling your home, it’s important to remember that you’re in competition with every other similarly priced listing in your area.  To win buyers, you need your home to stand out from all the rest.  Here’s a Top Ten list of things a seller can do to win buyer interest:

1. Create ‘curb appeal’ -- Buyers decide whether they like a property within the first few minutes of arrival.  Make a great first impression with well trimmed and cared for lawns and walkways.  A small investment in new lighting at your front door, an urn planter, a new mailbox or street numbers can all upgrade the look of your home and win big dividends.
2. Give them a warm welcome - Make the most of those first few critical minutes as buyers enter your home.  A foyer or entranceway is typically one of the smallest areas of your house, so upgrading the flooring with hardwood or slate can be a very worthwhile and cost-effective investment.  Add a mirror to visually increase the space and clear out shoes and mats.   
3. Let there be light – Create a bright and cheerful atmosphere by opening the blinds and curtains and turn on all the lights for showings.  If you have a fireplace, have a fire burning if the weather’s not too warm.   
4. Show you care – Properties that aren’t well maintained send up ‘red flags’ to buyers that larger problems may be lurking beneath the surface.  Complete all those minor repairs jobs that you’ve been putting off.
5. Create space – Buyers want a spacious interior, so do everything you can to create space, even if it means moving several items offsite while you’re showing. Send those extra chairs to Mom’s for now or rent a storage unit.
6. Depersonalize – You need buyers to picture themselves living in the house, so pack everything that’s distinctly yours, including photos, awards, mementos and religious artifacts.  It’s your first step towards moving out.
7. Appeal to all the senses – Some of the strongest emotional reactions are created by smell, not sight or sound.  Before showings, open windows to air out rooms, light scented candles, and put out a bowl of fresh lemons.  
8. Upgrade for maximum impact and return – Kitchens and bathrooms are the most important rooms when selling a house, so they’re the areas where upgrades will likely get the best return on your investment.  Even simple changes like new faucets or a lighting fixture can have big impact.
9. Present a neutral interior – A fresh coat of paint is always a good idea. Choose pale, neutral colors that won’t clash with a buyer’s furnishings.

10.     Let the professionals do their job – As your Realtor® will tell you, one of the best ways you can help get your house sold is to leave home when showings are underway.  Buyers will be more inclined to linger and ask questions, and it gives your sales representative a chance to counter objections and offer solutions.

Call your Realtor®  to learn how to turn interest into offers!     

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: First time buyers want ‘turnkey’ ready homes, not ...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: First time buyers want ‘turnkey’ ready homes, not ...: First time buyers want ‘turnkey’ ready homes, not ‘fixer uppers’ As a home seller, you may be thinking that a ‘fixer-upper’ property would ...

First time buyers want ‘turnkey’ ready homes, not ‘fixer uppers’

First time buyers want ‘turnkey’ ready homes, not ‘fixer uppers’

As a home seller, you may be thinking that a ‘fixer-upper’ property would appeal to most first time buyers trying to put their first step on the property ladder.  However, according to the results of a recent Coldwell Banker® survey on the preferences of first-time buyers, you’d better think again!

Coldwell Banker recently conducted a survey of real estate brokers and sales professionals across Canada and the U.S. to determine the preferences of first time buyers.  The survey findings clearly show that First Time Buyers want a ‘turn key’ property where they can simply move in and start to enjoy living in their new home.  These individuals have typically put the majority of their financial power into the down payment.  They don’t have large reserves of cash available to start putting more money back into the property on major upgrades and renovations. 

In addition, first time buyers are typically just starting out in their career and --especially in the case of single buyers -- have little free time available for house repairs.  Bottom line?  The less there is to do on your property in the way of repairs or updates, the more appealing it’s going to be to those buyers.  In most cases, it’s well worth the investment to do the necessary repairs and finishing before putting your home on the market. 

Of course, if you’d like to discuss how any planned repair, upgrade or renovation may affect the potential resale value of your home, your first step should be contacting your local Realtor®.  They’re just a phone call away and always ready to talk real estate!  

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Seven home Staging tips for First-Time HOMEBUYERS

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Seven home Staging tips for First-Time HOMEBUYERS: Seven home Staging tips for First-Time hOMEBUYERS When it comes to staging a home for sale, it’s important that sellers create an inviting a...

Seven home Staging tips for First-Time HOMEBUYERS

Seven home Staging tips for First-Time hOMEBUYERS

When it comes to staging a home for sale, it’s important that sellers create an inviting atmosphere that will appeal to as many potential buyers as possible. Today, due to historically low interest rates and government incentives such as the Land Transfer Tax rebate plus money for energy updates to homes (furnace, insulation, windows, etc.), first-time buyers account for a substantial portion of Canada’s home buying prospects.  The good news is, sellers looking to attract this coveted demographic group don’t need to do a complete design overhaul. Staging a home for first-time homebuyers is easier than you may think.
Below are seven simple staging tips from me to help boost a home’s appeal and give owners the competitive edge necessary when selling a home.

·         Stage rooms with one purpose. Extra rooms that have a jumble of mixed uses can confuse and even deter first-time homebuyers.  Staging rooms with one purpose is vital. Keep in mind that these buyers are generally young couples with few or no children, so rooms should be presented as areas well equipped to meet their current needs. So turn those playrooms into dens, storage rooms into a home office or the second kids’ bedroom into a guest room.

·         Tackle the easy “do-it-yourself” projects. In a recent Coldwell Banker survey, 81 percent of brokers said today's first-time home buyers consider move-in conditions to be very important when searching for homes. To ensure that a home is in tip top shape, make sure to replace outdated kitchen and bathroom fixtures, apply a fresh coat of paint to a worn wall and refinish the kitchen cabinets. Providing a sleek and modern look wherever possible can make a huge difference in the eyes of first-time homebuyers.

·         Be informed about current style trends:  Ask your Realtor® about the styles seen in homes that are selling in the area, and purchase a current interior design magazine for ideas.

·         Focus on the living areas. A living room is an area in which potential first-time buyers should be able to envision themselves entertaining friends or gathering with their family. With that in mind, homeowners should make the area appear as large and functional as possible by removing any unnecessary furniture and decorations.

·         Make sure the master bedroom appeals to both sexes. The master bedroom of a couple’s first home is often the first bedroom they will share. When staging this room, make sure that it appeals to buyers of both sexes.  Remove any feature that seems too gender-specific and paint the walls a neutral colour.

·         Clear the room of family portraits. First-time homebuyers are looking for a home they can picture their family living in, not the previous owners. I recommend taking down family portraits, personal collections and knickknacks. Removing these items will also eliminate clutter and ensure that people are looking at the house for sale, not at the photos from the last family vacation.

Don’t forget to spruce up the yard. First impressions often play a role in a consumer’s decision-making process. In fact, 21 percent of participants in a recent Coldwell Banker survey knew their home was the one for them before even walking inside. I can attest to that.  I was showing a home to a client and as I pulled on to the long driveway I knew it was for me before I even got to the front door.  I told my Buyer’s I loved it and they said ‘go for it, were not ready yet.’ Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim. Couples looking for their first home often have less yard work under their belts and will appreciate the seller’s attention to detail.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIV...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIV...: USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIVE SEASON The end of the year is not just about holiday shopping, family gatherings and oth...

USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIVE SEASON!

USE HOLIDAY SPIRIT TO SELL YOUR HOME IN THE FESTIVE SEASON

The end of the year is not just about holiday shopping, family gatherings and other festive events.  Despite the demands of the holiday season, there are still many people who will want to use the time off to view homes with a thought to starting the New Year in a new home.  If your home is for sale during the festive season, don’t stop showings and go into ‘hiatus’ until mid-January.  Instead, make the most of the warmth and festive appeal of a home that’s decorated for the holidays, and keep showing while other sellers – your competition -- may be out of action!
I offer the following tips to help sellers maximize their home’s charm and allure during the festive season and into the New Year:
Increase Curb Appeal: First impressions are critical. Make sure the snow is cleared from walkways and driveway, and ensure the path to the stairs is free of ice. Put up a few exterior holiday lights and decorations to display seasonal tidings and pride in ownership. Do not overdo the lighting. Keep it tasteful and consistent with the rest of the neighbourhood. Turn on the lights for showings, even if its still daylight.  After all, it may be getting dark by the time your viewers leave.  A holiday welcome mat outside the front door is also an inviting touch.  
Keep the House Warm and Welcoming: December and January can be cold, so make sure the home is warm and cozy.  If your home has a fireplace, light a fire to bring the room to life and enhance the ambience.  Bake holiday cookies or treats to give the home an enticing aroma.
Decorate the Interior:  Its important not to overwhelm home shoppers with dramatic displays of holiday cheer, so be conservative with holiday decorations.  Decorate to accentuate the house, not to cover it.  Tasteful decorations will help connect buyers to the home, remind them of pleasant memories and help them imagine their own holiday celebrations there.
Agree on Showing Times & Procedures: On a more practical note, sellers who are entertaining over the holidays should talk to their Realtor® about ‘off limits’ times and discuss removing the lock box except during designated appointment times. The MLS information may need to be changed to let the buyers’ sales representatives know that there is a temporary showing procedure that requires them to call in advance for an appointment.  It is best if the house is not shown when entertaining family and friends.
Want more great tips on how to maximize your home’s selling potential into the New Year?  Contact your Realtor®, and get ready to start the New Year off right!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Men vs. Women: Who ‘wears the pants’ in the home b...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Men vs. Women: Who ‘wears the pants’ in the home b...: Men vs. Women: Who ‘wears the pants’ in the home buying process? It seems when it comes to home buying, there are some definite differences...

Men vs. Women: Who ‘wears the pants’ in the home buying process?

Men vs. Women: Who ‘wears the pants’ in the home buying process?

It seems when it comes to home buying, there are some definite differences between how men vs. women approach the process.  Coldwell Banker® has just released the findings of their latest consumer survey tracking the gender preferences of more than a thousand home buyers.  Here are some highlights of the survey findings:

  

Women may be inclined to make up their mind more quickly than men …

• When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men.
• Significantly more men needed two or more visits: (32 percent vs. 23 percent of women).

Women would rather live closer to their extended family than to their job …

• 55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …

·         64 percent of women said if they found the home of their dreams but had concerns about its security, they’d no longer be interested. More than half of men agreed (51 percent).

Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …

·         When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.

Men and women tend to agree on how they would use a spare room …

When asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

·         Bedroom: 25 percent

·         Office/Study: 15 percent

·         Family Room / Den: 11 percent

Did any of these findings sound like you?  Whether you find yourself in the mainstream, or you’ve got your own distinct preferences, rest assured that your local Realtor® will listen to your needs and be there to help throughout the real estate process.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Don’t try to time the market. Know when your timi...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Don’t try to time the market. Know when your timi...: Don’t try to time the market. Know when your timing is right In today’s changing market, many Canadians are wondering whether it’s still...

Don’t try to time the market.  Know when your timing is right

In today’s changing market, many Canadians are wondering whether it’s still a good time to buy or sell a home.  The truth of the matter is, there’s no one right answer to that question.  The real question to ask is whether it’s the right time for you.  

Don’t make the mistake of trying to time the market.  If you’re buying a home, you need to determine the costs vs. the expected return, and then decide if that situation will likely improve if you wait.  With today’s historically low interest rates, the cost of carrying a home is now very affordable.  Your local Realtor® real estate professional can help you estimate what your expected mortgage, taxes, utilities and other carrying costs will be after your down payment.  First time buyers may even find that their carrying costs are comparable to rent.  And bear in mind that you can lock in your mortgage rate now to keep your costs low, even when interest rates inevitably start to move higher.

In most cases, a simple calculation will tell you that you have a lot to lose by waiting.  The higher carrying costs if mortgage rates go up and the lost equity you might have been building could be significant if you decide to wait.  First time buyers waiting to save for a larger down payment could find this especially true when you consider that you still have to pay rent while you’re saving for a home.

If you already own a home and want to sell it to buy another, then you’ve got both ends of the transaction to consider.  Don’t lose sight of the fact that it’s the difference between the prices of the two properties that’s your primary concern.  You need to focus on whether you can afford the additional expense of the new property over that of your present home.  Again, here’s where your Realtor® comes in -- estimating the proceeds of the sale of your existing home, providing helpful advice on how to keep your carrying costs low for your next home, and helping you lock in a great mortgage rate before you buy. 

So, if you think the time may be right for you and your family to make a move, just consider the high cost of waiting and talk to your local professional for their expert advice.  Instead of trying to time the market, make an informed decision that’s right for you and your family.   

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Going Green is a growing trend in real estate.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Going Green is a growing trend in real estate.: ‘Going green’ is a growing trend in real estate Until recently, the term “greenhouse” meant a building made of glass, where plants are cult...

Going Green is a growing trend in real estate.

‘Going green’ is a growing trend in real estate
Until recently, the term “greenhouse” meant a building made of glass, where plants are cultivated.   But for today’s prospective homebuyer, the terms “green” and “house” can conjure up very different meanings—that of a home that uses sustainable building materials and energy efficient design.  And now, according to the Canadian Real Estate Association (CREA), the growing green housing movement is significantly changing how property is marketed and managed.
In a global friendly (Source: BCREA, January 2009).
As you might expect with a newly-emerging field, right now there is little consistency or standardization amongst the various degrees of ‘greenness” within a market.  There is already a growing demand for some type of consistency which will make it easier for property developers and building owners to monitor and compare the energy performance of their buildings.  But when it comes to individual homeowners—that is not so easy.
Consumers looking to purchase eco-friendly homes have limited options to obtain detailed information on the green aspects of a home, often relying on the information provided by the current homeowner which may or may not be accurate.  So, while going green is good for consumers and for our planet, this is another area where homebuyers can benefit from the advice of real estate industry professionals.  Whether it’s a professional home inspector or your local Realtor®, they can point out aspects of a home that will help save you money on your energy costs.  And if you plan on selling, talk to your Realtor® about how to showcase the ‘green’ features in your home to appeal to today’s eco-conscious consumer.
shift towards ‘eco-friendly’ housing, people are now recognizing that a green building is efficient, and this efficiency has real economic, as well as social and environmental value. No longer is ‘green’ housing just a trendy buzzword.  It is quickly becoming a measurable standard throughout the world.  For building construction, organizations in the UK, the US and Australia have agreed to cooperate and develop common metrics for measuring CO₂ emissions. These leading green building ratings are now available internationally for measuring the environmental sustainability of new and existing homes and buildings. 
Here in Canada, the movement towards going green is growing exponentially, especially in British Columbia and the Atlantic provinces, says CREA.  Recent findings show that about one out of three BC residents has already taken steps to make their homes more environmentally

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: See the value in today's real estate market!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: See the value in today's real estate market!: See the value in today’s real estate market There is great value in today’s real estate market for several good reasons. There’s good inv...

See the value in today's real estate market!

See the value in today’s real estate market

There is great value in today’s real estate market for several good reasons.  There’s good inventory to choose from, interest rates are at historically low levels, and lower prices in some markets have led to the best home affordability seen in Canada in many years.  But despite all this, some consumers are still just sitting on the fence, waiting to time the market.  This can prove to be a costly mistake.  Consumer need to be aware that their best opportunity may just be right here and now.    

A good way to evaluate opportunity is to stop thinking short-term numbers and start thinking long-term value.  In most of the markets across Canada, this is one of the best times ever to buy a home. Yet today, some members of the media are barraging the public with headlines about how much sales activity or house values have fallen since the previous period.  They rarely mention the fact that they are comparing today’s results against unprecedented record-breaking highs.  They focus on provocative headlines about short terms results that can instill fear in the home buying public. These same articles say very little about the long-term benefits of owning your own home, including freedom and pride of ownership, or building equity as you pay for shelter, rather than putting your investment in a landlord’s pocket.  They do not tell the story of how the vast majority of homeowners in Canada have enjoyed appreciation – sometimes record appreciation -- in the value of their home overall.  And in many cases, they’ve built equity even if they have only owned their home for just a few short years.  This is a message that consumers need to hear. 

Perhaps the simplest way to assess the value of buying your own home is by asking those people who have already done it.  Talk to family and friends who bought a home whether they still think it was a good decision.  Chances are they’ll confirm what savvy real estate investors already know – buying a home is a great investment.  What’s more, this is a great time to buy, so why not take advantage of the opportunity?

Your local Realtor® has been armed with an impressive array of tools and resources to help you do just that.  After a one-on-one conversation, we hope you’ll agree that no other real estate brand prepares you so well to take advantage of the opportunities in today’s market.  Why not call us soon and let’s talk real estate!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: What’s selling and what’s not?

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: What’s selling and what’s not?: What’s selling and what’s not? In today’s challenging real estate market, people are full of questions about the real estate market. As y...

What’s selling and what’s not?

What’s selling and what’s not?

In today’s challenging real estate market, people are full of questions about the real estate market.  As your local Realtor® will tell you, one of the first questions most consumers ask is ‘What’s selling these days?’  

If you’re thinking of selling, you’ll be pleased to know that homes are selling when they’re well-prepared for sale and priced right.  The reason is because people buy and sell homes for lifestyle reasons.  Births, marriages, new jobs, retirement and other demographic factors all drive the market, even in times of economic downturn.  However, in today’s increasingly competitive market, you need the advice of a full-service professional, who knows market conditions and a home’s competition and can use this critical information in readying your home for sale.

In today’s market, successful sellers are those who have become more realistic in setting their asking price.  They understand that a home isn’t a winning lottery ticket; it’s a place to raise a family and build equity over time.  Your local Realtor® can give you the straight facts on what comparable homes are selling for right now in your market.  They can show you actual sales activity so you know what prices the market will bear.  They can also talk to you about time on market, and let you see for yourself what’s not moving.  They can also answer the all-important question of why it’s not moving.

Make no mistake, prospective buyers are out there. They’re recognizing that there is tremendous value in today’s market as lowered mortgage rates and adjusting prices have resulted in some of the best home affordability we’ve seen in many years. It’s just a matter of knowing how to create a pricing and marketing strategy that will maximize your chances to attract buyers and win offers.

If you’re thinking of selling, why not talk to your local Realtor®.  Together, you can develop a strategy to get you a great result.  Then the next time someone asks what’s selling in your neighbourhood, the answer will be – your house!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Let real estate help with college expenses

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Let real estate help with college expenses: Let real estate help with college expenses Many Canadian parents who have a son or daughter going away to college this fall, are already th...

Let real estate help with college expenses

Let real estate help with college expenses

Many Canadian parents who have a son or daughter going away to college this fall, are already thinking about all the expenses this will involve.  While there may not be much that most parents can do about the high cost of tuition, books or travel, there’s one major college expense that you may be able to turn to your advantage.  Rather than paying rent at a student residence for three or four years, you could buy a rental property and turn that expense into a source of income.  If you buy a property near the campus, you could rent rooms to other students and your child could potentially live there rent free.  With financing rates at near historic lows, it’s a great time to invest in real estate.  If you buy smart, you may be able to recover all or most of the cost of your child’s college housing expense.  You might even be able to generate enough positive revenue to offset some of the other expenses of a college education.  Best of all, if house prices continue their upward climb, in just a few years you could potentially realize a profit on the equity you have built up in the property. 

Whether your real estate needs are nearby or in another community, you can start the process right there at home.  Your Realtor® real estate professional can counsel you on what to look for and what to avoid.  I have  several unique research resources to help you in your search, including the Home Price Comparison analysis I can complete.  Through my connections in the financial sector, I can even help you pre-qualify for a mortgage, so you’ll know in advance exactly how much house you can afford.  And when you’re ready to start looking, they can personally show you properties near at hand, or if you’re looking for a property out of town, they can put you in touch with an experienced real estate professional who’ll show you suitable properties in your target area.

Why not take advantage of the opportunities that are available in today’s market and use it to help offset the high cost of a college education?  If you’d like to talk about your options, your local Realtor® is just a phone call away.  It could be the most important call you’ll ever make!   

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Canadian real estate forecasts upgraded

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Canadian real estate forecasts upgraded: Canadian real estate forecasts upgraded Canada ’s real estate market continues to make a strong showing. Recently, industry forecasts fo...

Canadian real estate forecasts upgraded

Canadian real estate forecasts upgraded

Canada’s real estate market continues to make a strong showing.  Recently, industry forecasts for the national housing market were slightly upgraded.  On August 16, The Canadian Real Estate Association (CREA) revised its forecasts upward for 2011 and 2012.  National sales activity is forecast to reach 450,800 units in 2011, edging just slightly higher than the sales levels 2010.  Sales in 2012 are forecast to stay at similar levels, easing just seven tenths of a percentage point to 447,700 units next year.

According to CREA, additional new listings are expected to result in a more balanced resale housing market in most provinces.  The national average home price in Canada is forecast to rise 7.2 per cent overall in 2011 to $363,500.  However, prices are expected to moderate in the second half of this year.  The national average is forecast to stabilize in 2012, although at a slightly higher level than previously expected.

Of course, that’s just an overview of the national scene.  It’s important to remember that real estate is, and always will be, a local business.  Prices can vary dramatically within a community.  Even from street to street.  That’s why it’s so important to talk to your local Realtor® real estate professional, to help you understand the market and make smart decisions. 

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Canadians believe buying a home is a good investme...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Canadians believe buying a home is a good investme...: Canadians believe buying a home is a good investment On September 7, 2011 , the Bank of Canada again held interest rates at near-historic l...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Canadians believe buying a home is a good investme...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Canadians believe buying a home is a good investme...: Canadians believe buying a home is a good investment On September 7, 2011 , the Bank of Canada again held interest rates at near-historic l...

Canadians believe buying a home is a good investment

Canadians believe buying a home is a good investment

On September 7, 2011, the Bank of Canada again held interest rates at near-historic lows, maintaining the overnight rate at 1%. The ready availability of affordable financing continues to attract home buyers, including new buyers who are entering the market for the very first time. 

It’s really not all that surprising that Canada’s housing market is going strong.  The demand is there.  Canadians firmly believe that buying a home is a good investment.  According to the CMHC (Canadian Mortgage and Housing Corporation) 2011 Consumer Survey, the vast majority of recent homebuyers (a whopping 86%) agree that homeownership is a good long-term investment.  This view was shared by respondents in all regions of Canada.

With interest rates still at near-historic lows, for many people this is a good time to buy a home, especially if you have the financial viability and a lifestyle need to move.  However, real estate should be seen as a long term investment that adds to the quality of life for you and your family.  It’s not a get-rich-quick scheme or a winning lottery ticket.  Prices are forecast to moderate and stabilize through 2012, so those looking for a fast return from a ‘quick flip’ could be disappointed.

Some of the area major banks have raised rates or are warning about raising rates and several Lender's are offering to hold rates at current levels for months if applications are in before rate hikes.  Get pre-approved.  I have a list of great Lender's ready to help.

Even looking long term, investing in real estate is not for everyone.  That’s why it’s important to get some expert advice from your local Realtor®.

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: What’s worth renovating?

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: What’s worth renovating?: What’s worth renovating? One of the questions most frequently asked by homeowners considering a renovation is “What’s worth doing?” Wel...

What’s worth renovating?

One of the questions most frequently asked by homeowners considering a renovation is  “What’s worth doing?”  Well, the answer isn’t a simple one, because it all depends on what you want to get out of it.  Is your purpose primarily to improve your property value, or increase your enjoyment of your home, or a combination of the two?

If you’re thinking primarily of increasing your home’s resale value, you should be aware that the cost of professional improvements to a home will very often not be recovered in a corresponding increase in your property’s value.  A home’s list price is essentially a reflection of the demand from buyers for a home’s features and location.  Just because you’ve invested a certain amount of money in your home renovation doesn’t necessarily translate into adding that same figure onto your potential resale price.  However, if you’re doing some of the work yourself, there’s a far better chance that you can recoup the costs of your improvement.

Generally, the areas to focus on in terms of increasing your resale value are the kitchen and bathrooms, since these are the critical areas that frequently are deciding factors in buying a home.  However, even in these areas, make sure your improvements are limited to what’s clearly visible in a quick walk-through.  New cabinets, counters, or fixtures will all win points, but upgraded plumbing is an expensive undertaking that will add little to the overall appeal of your home.  Prospective buyers will expect reliable plumbing as a “given”, and will not be willing to pay a premium to get it.   Why not get some expert advice in this area from your Realtor®?  Even if you’re not planning on selling just yet, your Realtor® would be happy to talk to you to confirm what features are in demand by buyers in your area, and to counsel you on where you can concentrate your resources to get a good return.

If you’re planning on a renovation primarily to enhance your family’s enjoyment of your current home, you’ve never picked a better time to do it.  The cost of financing a renovation is very affordable, with interest rates at a forty-year low.  Basically, you can focus on what would please your family, but do keep in mind that you will eventually still want to sell that home, and some improvements can actually reduce your chances of future resale.  If it’s a toss-up between a couple of potential renovations, you should lean towards the one that will be the most appealing to the maximum number of buyers in the future.  For example, a home theatre or media room is a current trend that would be enjoyed by just about anyone.  On the other hand, a swimming pool can be costly to heat and time-consuming to maintain, so many buyers would not want to even consider a home with a pool.  Again, why not have a chat with your Realtor®?  They’ll be happy to give you the benefit of their experience, and help you decide what’s worth renovating in your home. 

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: How Much Home Can You Afford? (Closing and Moving ...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: How Much Home Can You Afford? (Closing and Moving ...: How Much Home Can You Afford? Part Two – Closing Costs and Moving Expenses After you’ve estimated your mortgage payment and other ongoing c...

How Much Home Can You Afford? (Closing and Moving Costs)

How Much Home Can You Afford?

Part Two – Closing Costs and Moving Expenses

After you’ve estimated your mortgage payment and other ongoing costs for carrying your first home, you’ll also need to consider the one-time expenses associated with the purchase of a property.  This includes your closing costs, as well as your moving expenses.

Be aware that there is no set rule for what’s included in closing costs, or how they’re calculated.  Closing costs can vary significantly from property to property, but may include home inspection fees, appraisal fees, title search, survey costs, home insurance and lawyer’s fees.  Some of these costs may be shared with the seller, while others are payable by the buyer only.  Your Realtor® can give you helpful advice about specifying a cost-sharing agreement for some of these related costs within your offer to purchase.

You will also be required to reimburse the seller for a proportionate share of specific housing expenses that have been pre-paid by the seller and continue after your closing date.  These pre-paid expenses usually include property taxes and utilities, and the amount is typically equivalent to only a few months service.  Your real estate lawyer will give you an exact accounting of these expenses upon closing, so be sure to discuss this with your lawyer in advance, so you will have sufficient funds available to cover these costs at that time.  After these one-time adjustments are made, and the transfer of ownership is completed, you will pay for such expenses directly in future.

In addition, you’ll also have to budget for your relocation costs.  This could include such costs as a moving company truck and labor, packing charges, boxes and wrapping materials, or rental of a vehicle or trailer if you’re doing all or part of the move on your own.  There can be a wide variation of costs for these types of services, so you should start planning well in advance, and obtain comparative quotes from more than one mover.  Get the quotes in writing and ensure that all the required equipment, staffing and materials are documented.  Ask the provider to specify what charges may apply if your move does not proceed on schedule.  Be sure to read all the fine print carefully, so you understand upfront what other charges, such as waiting time, or a late return charge you might incur that are not planned for in the initial quote. 

 

Your Realtor® can be a valuable resource here too.  Not only can they help you estimate carrying and closing costs, they can also recommend experienced and trusted service providers to help you keep the cost of moving and home ownership affordable and keep your move hassle free. 

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: How Much Home Can You Afford? (Budgeting your Carr...

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: How Much Home Can You Afford? (Budgeting your Carr...: How Much Home Can You Afford? Part One - Budgeting your Carrying Costs Finding the right property at an affordable price can sometimes be ...

How Much Home Can You Afford? (Budgeting your Carrying Costs

How Much Home Can You Afford?

Part One - Budgeting your Carrying Costs

Finding the right property at an affordable price can sometimes be a challenge.  When it comes to deciding just how much home you can afford, there are two kinds of expenses you’ll need to consider – the ongoing or ‘carrying’ costs of the home, and your closing costs. 

The first step in determining your carrying costs is to get pre-approved for a mortgage.  By pre-qualifying for a mortgage, you can find out up front what your maximum mortgage payment might be, even before your home search begins.  Your lender will look at your earnings, credit history and any outstanding debt, and help you determine what size loan you qualify for, at what rate, and what your regular mortgage payments would be.  Being pre-qualified offers another advantage, since it puts you in a stronger negotiating position when you go into an offer with pre-approved financing.

Once you’re pre-approved, the next step is determining what you actually want to spend on your mortgage payments.  Remember, your pre-approved mortgage establishes the maximum amount of loan you’d qualify for, but you may decide that you want to aim at a smaller loan, with a lower payment.  

Be realistic and think about your lifestyle.  Although it may seem feasible to handle a sizable mortgage payment at first, keeping it up may eventually require cutting back on other expenses, such as clothing, or entertainment.  Make sure that if you plan to make any concessions in these areas, you’re prepared to live with your decision until there’s a change in your income.  Owning a home can give you a tremendous amount of pleasure and personal satisfaction, as long as you plan for adequate resources to enjoy it with some peace of mind. 

With your estimated mortgage payment in mind, the next step is to determine your total carrying costs.  Add up all your estimated monthly costs, such as the mortgage payment, property taxes, insurance, heating costs and other utilities.  Then add a figure to cover yearly maintenance and upkeep.  Consider both the interior and exterior of the house, as well as the garage, driveway, landscaping and all other aspects of the property when you arrive at this figure. 

When preparing your budget, be sure that you also make allowance for a “contingency fund” to cover unexpected expenses such as a major repair or the replacement of a large ticket item, such as an appliance. Life sometimes has a way of surprising us, and you don’t want to start out with a budget that’s so tight, there’s no room for the unexpected. 

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Home Energy Saving Ideas

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Home Energy Saving Ideas: Home Energy Saving Ideas Energy costs can take a big bite out of any homeowner’s budget, so you need to know how to be energy-wise. Here a...

Home Energy Saving Ideas

Home Energy Saving Ideas

Energy costs can take a big bite out of any homeowner’s budget, so you need to know how to be energy-wise.  Here are a few quick and easy ways to cut your energy bills with a minimum of time and effort. 

One of the biggest energy expenses is your home heating bill, so let’s start there.  You can significantly reduce your energy costs by installing a thermostat with an automatic timer that allows you to set the temperature back by a few degrees at bedtime, and returns the temperature to a more comfortable level before you get up.  After all, why heat the whole house, when an extra quilt will keep you toasty and warm for a lot less money?  On the flip side, when the temperatures ramp up, pre-set timers can reduce air conditioning costs too.

Similarly, if you have a room that isn’t used every day, such as a guest room or workshop, consider shutting the air register, and closing the door until you plan to use the space. Your furnace or air conditioning system won’t have to work so hard and you’ll pocket the savings while the rest of your home environment stays in the comfort zone.

You can also reduce the effect of ambient solar heating in summer and heat loss in winter with lined draperies or installing window blinds.  Adding weather-stripping to seal drafts around doors can also result in big energy savings.

Insulation is an energy saver that works hard for you all year long.  A one-time investment keeps your home cooler in summer and warmer in winter and the cost of installation can be recaptured in energy savings.  Many local utilities and  government bodies offer special incentives or rebates to help offset the cost of energy-saving improvements, so be sure to investigate what options are available in your market.  Your Realtor® may also be a helpful source of information about local programs and access to Energy Audit Professionals.  

Old appliances may also be draining more power than you might think.  Did you know that a refrigerator is one the biggest energy users in the house?  So, if you have an old appliance that needs repair, don’t just look at the cost of fixing it, also think about how much energy it uses. Today’s newer appliances are far more energy efficient than their predecessors, so buying used appliances or repairing an old unit may not be the bargain that you think it is!

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Easing the Cost of Home Ownership

Tom Flatt, Coldwell Banker J. Kazi Realty, Brokerage: Easing the Cost of Home Ownership: Easing the Cost of Home Ownership Even with today’s very affordable mortgage rates, the real estate market can still present a challenge to...

Easing the Cost of Home Ownership

Easing the Cost of Home Ownership

Even with today’s very affordable mortgage rates, the real estate market can still present a challenge to many people wanting to step onto the property ladder.  First-time buyers in particular are finding they have to make adjustments as they plan for their dream of home ownership.  Some young people are staying at home longer in order to save for a down payment.  Other would-be homebuyers are scaling down their expectations, while still others are choosing a home with a rental unit to help with mortgage payments.

There are some other creative alternatives available to help First Time Buyers start to build some equity in the real estate market that entail multiple ownership of the same property.  One option that may be of interest to family groups or close friends is the joint purchase of a multiple-unit dwelling, such as a duplex.  Such a property might be jointly purchased by two groups of buyers, with each family occupying one of the property’s units. 

The duplex approach can work well in situations where young people plan to marry, leaving their parents as “empty nesters”.  In this scenario, the family home is sold, with the parents buying one unit of a new duplex outright, and then banking their surplus funds, perhaps for retirement.  The younger generation then assumes the more manageable mortgage payments on the remaining half of the property.  In this way, they can start to build equity immediately, without having to come up with a large down payment, or taking on a big mortgage.

In less formal arrangements, two couples may elect to jointly buy one single-family residence and share all the living space. This can sometimes be a stressful situation, and the best chance for success is usually when there is a family relationship between the two couples, such two siblings with their spouses, where there is already some history of living together in a shared space.

Whatever method you choose to ease the cost of homeownership, the most important thing to remember is to get all the details worked out before you buy.  Everyone involved in the purchase should agree on all sub-lease and re-sale provisions “up front”, and in writing.  For example, can one party move out and sublet their living space to someone else? Also, what happens when someone wants to sell? Does one party have the right to buy out the other’s interest?  If so, how will a fair price be determined?  And how long will the other party have to come up with the funds?  Or, is the property simply put on the market with all parties sharing the proceeds? 

In addition to the terms of ownership, the ongoing care of the property should also be considered.  Who will be responsible for the ongoing maintenance of the property?  What services such as landscaping or snow removal will be contracted out to service providers, and how will this cost be shared? How will the cost of major repairs be handled?  

As you can see there are a lot of variables to consider.  Such important issues should not be left to chance.  Don’t expect that they’ll be sorted out easily when the time comes. The best course of action is to get a lawyer involved and draw up an agreement that clearly sets out the rights and obligations of all co-owners.

Remember, when you’re thinking of creative ways to ease the cost of owning a home, talk it over first with the expert.  Tell your real estate salesperson all about your plans, so they can ensure that you are shown homes that conform to the appropriate zoning and municipal by-laws.  Best of all, your Realtor® may be able to suggest options that you’d never considered, and help you make your home ownership dream a reality.