Posts Tagged ‘downsizing’

Impeccable 3 bedroom end unit townhouse in Stonebridge!

 Ottawa, Ontario

3 Beds 3.5 Baths 25'x98' Sq. Ft.

Impeccable 3 bedroom end unit townhouse in Stonebridge. Enlarged interlock driveway (2019) will park 4 full size cars plus the garage. Large deck at the back with gazebo, perennial garden along the fenced backyard. Dark oak flooring on the main level in the L shaped living and dining room. Kitchen features good quality appliances. S...

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Filed under: Recent Sales by bgmteam
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Hey Everyone and welcome to our 3rd in a series we are producing around the career that we love… real estate.

This is going to be your source for some real estate straight talk – the real deal, real scenarios, myths and myth busting, the rules, the ethics, the process, the expectations – what you really need to know. So here we go!

List to Sell Ratios….Production numbers…Oh Gosh….it’s MATH!

We were recently invited to a home as part of the owner’s interview process for the job of selling their home. We were very impressed with how prepared these home owners were for the meeting.

Everyone wants to know how you are planning on marketing their home and most REALTORS® will have a comprehensive plan of attack.

It made us think about the most important questions that a home owner should be asking their potential REALTOR® but rarely do before making their choice.

There are two big questions that come to mind;

1. How many houses have you sold this year?

Not how many the team has sold…

Not how many the brokerage has sold…

Not how many the company has sold…

How many have YOU sold – by yourself!!

The real estate market changes fast and is made up of so many business models that if an agent is selling one house every two months, they may not be up to speed on the current market conditions.

Just because they have been in real estate for 20 years doesn’t mean that they have the greatest experience. Conversely, if they work on a team of 17 people and can say the team sold 100 homes last year, that breaks down to almost 6 homes each – the national average. Not bad at all, but market knowledge and experience only gets better if you are selling 15 – 20 homes or more per year. That seems to be an industry understanding for having your fingers on the pulse of the market.

2. What percentage were Listings, and what percentage were buyers?

This is a follow up to #1 in the sense that the skill set can vary between someone  who deals with Buyers 80-90% of the time, and someone that deals with Sellers. Finding a good fit would be a REALTOR® that deals with both – they have solid experience selling homes, and also have current knowledge about what Buyers expect and are willing to pay / negotiate for/ need.

3. What is your List to Sell Ratio?

This is simply a test of our negotiating skills.  When we list a property how close to the asking price are we getting?? Let’s set out an example…

You are going to meet with REALTOR® A and REALTOR® B

REALTOR® A tells you their List to Sell Ratio is 96%, well…that sounds good. I mean from our school days, we all equate 90+% as a A or A+ right?

REALTOR® B says their list to sell ratio is 99.8%.

Already we want the person that is telling us they have an A++ in selling right?

And keep in mind, a lot of this is going to depend on the type of real estate market we are in. For the sake of argument, let’s say it’s a Seller’s market – where there are lots of Buyers and not enough homes on the market.

On a $400,000 home, 96% is $384,000.

99.8% on that same home is $399,200

That is $15,200 difference!!! That is HUGE!

That’s the difference between selling your home and moving on, and selling your home and getting a 2 WEEK CARRIBEAN CRUISE!

There are several different business models and agents charge different amounts. Do yourself a favour and get a great negotiator rather than the cheapest commission. You’ll R.E.S.T easy in the end!

For more information you can;

Listen to our podcast – https://bgmteam.podbean.com

Watch us on YouTube – https://www.youtube.com/user/myottawateam

Filed under: Blog by bgmteam
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There are many life situations that may lead you to consider selling your current home and downsizing into a smaller one: Kids leaving for university, cashing in on a retirement plan, or the pressure of property upkeep. Whichever reasons you’re facing, make sure you’ve really done your homework before making any decisions. Here’s a list of 10 helpful hints to kick-start that conversation.

1. Facing Finances

Take a long, hard look at your financial input and output—especially if you’re on a fixed retirement income. If your savings aren’t substantial enough to constitute a “nest egg,” then tucking away the profits from the property may be the way to go. Downsizing may come down to finances but you should be able to show the evidence, one way or the other.

2. Community Connections

The costs of moving can go well beyond dollar bills. Consider your emotional wealth before taking any critical steps. Ask yourself, “Will this downsize take me away—intentionally or unintentionally—from the family, community and friendship supports I depend on or do I need new support systems for my physical, spiritual, medical and emotional well being?” Downsizing isn’t always about size and cents, sometimes it’s critical for your well-being.

3. Real Estate Market

Is your area a buyer’s market or a seller’s market? What can you hope to make on the sale? Finding the right real-estate agent to answer these questions is key. Ask friends and family members who’ve gone through similar transitions for referrals, and try to gather evaluations from two or three REALTORS® to ensure you’re getting a clear picture of the market.

4. Independent Thinker

Potentially selling the family home brings up a lot of emotions for everyone involved. Kids don’t want to see their childhood home go and family members are hoping for a chunk of change; it’s imperative that you seek out independent, unbiased advice. A REALTOR® can give you market feedback on your situation without any personal baggage.

5. Home Maintenance

Look at the work it takes to keep your current home clean, your garden weeded and your lawn maintained. It is too much to handle, or will it be in a few years? It’s best to downsize before it becomes imperative, because by then, a move will be even more physically challenging and emotionally draining.

6. Lifestyle Limitations

Maybe you feel a great wave of excitement at the idea of living near the ocean, or maybe the idea of leaving behind your veggie garden is too much. Moving comes with gains and losses, and you have to be prepared to give up certain aspects of your current lifestyle and adapt to new ones.

7. Square Footage

Think through your floor plan and look at different ways that square footage can be used. Can the kids’ old bedroom become a long-awaited art studio? Would the basement work as a private theatre? If you conclude that extra room is more hassle than it’s worth, maybe downsizing to a cozier home is for you.

8. Property Payments

Yearly taxes and property insurance payments can take a chunk out of a modest budget. Would those expenses be less if you downsized and lived in a different neighbourhood, on a smaller plot or in a more compact house?

9. Be a Realist

Think carefully about the realities of aging. Remaining in a family home as you age often means adapting your home and relying on the help of others. These things can come at a cost, both financially and emotionally. It’s important that you discuss your plans with any family members or friends that might be affected by your decision to downsize, and ensure everyone is in agreement with your plans.

10. Don’t Rush

Luckily, you already have a place to live, so take your time and assess all the angles before making such a profound decision. When you are ready to start looking, don’t rush into anything. Sit with your REALTOR® and write down criteria for must haves in your new place. When the time is right, you’ll know.

For more information, or just to chat, contact us anytime at 613-558-8000, or visit our website at www.myottawateam.com

(courtesy of RE/MAX Integra)

Filed under: Blog by bgmteam
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