Posts Tagged ‘ottawa’

Fantastic condo located in the heart of Blackburn Hamlet!

 Ottawa, Ontario

2 Beds 1 Baths

Can't beat the location of this home in the heart of Blackburn Hamlet! You immediately walk into an enlarged foyer with pot lighting and plenty of space. The kitchen has been refreshed with new cabinet doors, fresh paint and laminate floors. The living room has hardwood floors, wood burning fireplace, and a patio door with a spectac...

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Hey Everyone and welcome to our 2nd 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!

WHY DO REAL ESTATE AGENTS ASK IF YOU ARE PRE-APPROVED?

 Have you ever walked into an open house, or called a realtor about a listing, and within minutes, they’re asking you if you are “pre-approved” for a mortgage?

If you haven’t, then you have never met a REALTOR®. Or at least enough of them…

Just wait. It’ll happen.

And you’re going to feel like it’s pretty pushy for them to ask that.

You think….you’re joking….right?

You would think its none of their business if you’re pre-approved or not!  You just want them to show you the house and you’ll get the pre-approval if you like it.

But it’s no joking matter.

You will find it depends on the REALTOR®. We all have different personalities. We all come across in different ways. We all handle how we meet, greet, and chat with consumers in different ways. There’s no one way to “be”, as a REALTOR®.

But every single REALTOR® should be asking you if you’re pre-approved. Many do not because they feel like it is a bit pushy and forward. Because he or she worries about offending you. But they should ask…

…because it’s entirely relevant for them to know.

…because it’s entirely important for you to be pre-approved.

It might come across as a pushy, or invasive question. Maybe that is because of how a REALTOR® asks the question. Or when the REALTOR® asks the question. Or, simply because you don’t know that it’s a question that should be asked.

But it is not a joking matter.

And you should expect the question, be prepared to say that you are pre-approved, and…you should actually WANT the REALTOR® to ask you that question.

It’s not like a first date where if your date asks you – “How much do you make” in the first five minutes, you’d feel like that was pushy and weird…..

Creator:Jacom Stephens
Credit:Getty Images/Vetta

and likely that would be the end of the date.

Rightfully so.

Which is why it seems so invasive when a REALTOR® you’ve just met asks you if you’re pre-approved. It feels like they’re asking you some pretty private, intimate stuff that’s none of their business.

But asking for a pre-approval isn’t like going on a first date. It isn’t a marriage proposal. And it isn’t probing on the part of the REALTOR®.

It is a necessary question, and an important piece of information us to know. And for you!

So Why do we ask you if you’re pre-approved?

We aren’t asking you if you’re pre-approved because we’re looking to size up how much you can spend. (At least not most REALTORS®…)

We want and need to know that you are serious, and qualified to buy a house.

And we certainly have their reasons for wanting to know…

As Real estate salespeople we need to make sure we are working with someone who can actually buy a house. We are one of the only service industries that doesn’t get paid unless and until the person we’re working with buys a house. So, this is a matter of being careful about who we spend our time with. It might sound selfish…but you can’t fault us for that. We’re in business. Nobody cuts us a paycheck every second week. And showing people houses is not a public service or charity work. Even working with someone who is pre-approved doesn’t guarantee that we are going to make any money. But at least it’s an indication that the person we are working with can do something.

We also need to know how much you’re pre-approved for in order to advise you as well as possible. Picture us showing you houses for weeks, and months. You finally find “the one”! You get all excited about the house, and you want to make an offer, only to find out then that there’s no way you could afford the house. This leads to heartbreak and aggravation…for both of us. It doesn’t do either of us any good to go through all of that only to find out you can’t afford the houses you were looking at…or even buy one at all.

Caring professional REALTORS® also don’t want you spending your top dollar and putting you in a mortgage poor position. No one likes bologna or hot dog budgets that much.

And, to a degree, this is a safety precaution. You might not believe this, but we are in a pretty risky position. If we just say OK to every person who calls and asks to go see a house, with absolutely no proof or verification of who the person is, that puts us at risk. Sure, a pre-approval won’t necessarily stop an evil person from doing something, but this is a pretty basic precautionary request.

So Even if you have just started looking for a home and haven’t gotten pre-approved (yet)…at least expect the question. Don’t be offended when you’re asked if you are.

In fact, pay closer attention to the REALTORS® who do ask if you’re pre-approved! The ones who ask make it easy for you to find a great REALTOR® to work with.

Because if they’re asking that question, it’s a good sign that they are thorough and thoughtful about how they do their business. That’s the type of REALTOR® you want to have on your side when you’re buying a house — one who’s careful from the get-go. One who pays attention to the details. One who isn’t going to waste your time any more than their own. Or allow your heart to be broken when you fall in love with a house you can’t do anything about.

And if you want to get some really good attention and service from the best REALTORS® you come across, don’t even let them have to ask if you are pre-approved…

Get pre-approved before you even start looking. And let the REALTOR® know you’re pre-approved before they even ask. You’ll set yourself apart from almost every buyer the realtor has ever met.

Don’t know where to start to get pre-approved – some very quick points;

1. If you have a favourite bank, make a call and ask for their MOBILE mortgage specialist.
2. Call a mortgage broker – the advantage here is they only do one credit check and then shop around for you! You can get a couple of names just from REALTORS® websites – good ones have a dedicated page of referrals for professionals they know and trust.
3. Don’t go to more than 2 banks and one broker – it will start to affect your credit score!

Just another piece of advice so you can REST easy and know we’ve got you covered. As always – we are happy to answer any and all questions you may have on this, or any other topic – we are only an email or phone call away!

For more information you can;

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

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

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Hey Everyone and welcome to our  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!

What type of REALTOR® are you?

This is a really important question to ask any real estate professional. The industry supports all kinds of business models and we support that, but it can be important for you to ask the question.

Today, we are going to have some straight talk about the differences you might experience when working with a full vs. a part time REALTOR®.

A full-time REALTOR® – well, that’s pretty self-explanatory – this is their only job. It is the primary way they earn their income.

A part-time REALTOR® can be many things – someone dipping a toe into the real estate world to see if they like it, someone who would like to supplement their income, someone that just wants to be able to service a small number of people a year.

Before you choose someone to help with your next real estate transaction, consider these pros and cons of working with either a part-time OR a full-time real estate salesperson.

Pro: A good REALTOR® is a good REALTOR®. As in any other profession, there are good, just “OK”, and bad REALTORS® regardless of the number of hours per week they work. What matters is the individual’s knowledge of the market, industry savvy and willingness to advocate for his or her client.

Different REALTORS® have different goals. A part-time REALTOR® can work with fewer clients and at the same time and still give those fewer clients a high level of service. A full time REALTOR® can want to get to a certain financial goal and then enjoy long term vacations.

Some full-time and part time REALTORS® work in teams, where there are people to help you at any given time, no matter what.

It is really important for you to sit with several REALTORS® and ask this question to see if they way they do business is going to be the right fit for you!

Con: Missed opportunities, limited availability and missed nuances in negotiations. There are many days when timing is of the essence, and if your REALTOR® isn’t free to get you into that listing in a hot market, it may pass you by. And limited time working in the real estate market can mean limited experience, which can lead to unintended consequences and experiences.

So what is the Straight talk here? – Mostly, the pros and cons can apply to both full AND part time REALTORS®. You don’t know if you are going to get this,

Credit – Ferris Bueler’s Day Off

or this…

It’s important to meet with more than one to get a feel for how they work, when they work and how hard they will work for you. And don’t be afraid to google them and see if they have reviews, or social media where you can get a sense of who they are.

Find the one that fits with YOU so you can REST easy.

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Hey Everyone and welcome to our very first in a series we are producing around the career that we love… real estate.

This is going to be your source for some real straight talk – the real deal, real scenarios, myths and myth busting, the rules, the ethics, the process, the expectations – what should you really expect when you jump into the proverbial real estate waters?

It can feel like you are thrown into the deep end – no water wings – no floaty, no flutter boards, no paddle… just you – up the river and moving fast.

Jeff, Christine and I have been in this business 15, 22 and 19 years respectively – and we’ve decided its high time to get all of you in the loop.

We are always amazed when we hear people have had bad experiences, or come to us with the classic stereotype that we’re pushy used car salesmen, (noooo offense to all you folks that sell cars) and only in it for the money….

So, we thought we would take all our experiences, all our knowledge and start to break it down for you – to give you a baseline – What’s good, what’s bad, and what’s downright ugly.

That way – when you are jumping into this real estate pool – you ARE the lifeguard and the only shock you will get is if the water is freezing!!

Stay tuned – we will be releasing small bite sized pieces in formats of your choice – blog, podcast or video – for you every few weeks and you will be able to find them through any of the links below – our website, our Facebook page, our YouTube channel and our Google business page. To get them right away – head to our YouTube channel and subscribe –  and don’t forget to hit the bell to get notified right away when we post something!

Until then REST easy – we are going to have you covered!

Real Estate Straight Talk

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Wow Ottawa, was that a crazy two weeks or what?! From 40cm of snow to 90mm of rain all in 14 days! Apart from not knowing whether to take out your parka or your umbrella, the past two weeks of Ottawa April showers have seen a definitive influx of calls to our inspectors about basement water seepage and leakage and conversely, we have seen evidence of seepage in the homes we have shown.

Being homeowners ourselves, and knowing that at some point 98% of all basements will have a water leakage issue at some point in its lifetime, we are still taken aback when we step into our finished spaces and draw back a wet sock!

Immediately you have visions of peeling back carpet, replacing underpad, what if it’s in the walls, what if there’s already mould, what if there’s a crack you missed, what if the foundation needs to be fixed, what if….what if….next thing you know you’ve spent $100,000 on a basement/foundation redo!! Well let’s roll it back a bit and go over the list of things to check before you start shopping for contractors.

With this kind of winter to rapid spring thaw, some yards became lakes and the melting snow had no way to work it’s way down the frozen ground. With water sitting close to the foundation the subsoil around your house is likely to thaw first, given that your home is giving off heat. So, following the path of least resistance, the water will make its way downhill, following the grading around the house.

What to do?

So here is check No. 1….walk around your house this spring and look at the grading – does the land slope in towards your house, or away? It is the nature of back-fill to settle over time, and most of us don’t pay a whole lot of attention to what happens at the sides, back or front of our homes. A nice gentle slop away from the house in all directions is what you are going for.

Grading

Check No. 2 – look for any downspouts that are letting water sit next to your foundation – if they are, run out and pick up some inexpensive downspout extenders to get the water at least 6ft away from your home.

Downspout extenders

Nine times out of 10 this will take care of the seepage issues. Remember, concrete is a porous material. Any amount of water that stays near the foundation will make its way through. With seepage that migrates through concrete over time, the evidence is in something we call efflorescence – it looks like chalk on the inside of the concrete. Completely normal if your grading lets water sit close by.

water migration through concrete

If the efflorescence is on the floor instead of the walls – then this may be an indication that your weeping tile system is blocked, or due for a change.

Ok – now the outside of the house has been dealt with but you still have seepage – NOW call a professional, but 9 times out of 10 the simple grading and downspout fixes will work!

For more information, or to know what professionals to call contact us at www.myottawateam.com!

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HIGH DEMAND AND LOW SUPPLY CONTINUED TO CHARACTERIZE VANCOUVER’S AND TORONTO’S HOUSING MARKETS THROUGHOUT 2016 AS COMPETITION FROM BUYERS FOR LIMITED INVENTORY OF SINGLE-FAMILY HOMES PUSHED PRICES HIGHER.

The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.

Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move- over” buyers) who are looking to nd a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).

Click to Read the Full National Summary

The RE/MAX 2017 average residential sale price expectation for Canada is an increase of two per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.

Download Full Report

Victoria

Greater Vancouver Area

Fraser Valley

Kelowna

Calgary

Edmonton

Saskatoon

Regina

Winnipeg

Windsor-Essex

Sudbury

Kitchener/Waterloo

Hamilton/Burlington

Barrie

Greater Toronto Area

Kingston

Ottawa

THE HOUSING MARKET IN CANADA’S CAPITAL REMAINED STABLE IN 2016 WITH MODEST INCREASES IN BOTH THE NUMBER OF SALES AND THE AVERAGE RESIDENTIAL SALE PRICE.

The average residential sale price grew one per cent year-over-year, from $367,632 to $370,940. The number of sales between January and October rose to 13,834 in 2016 compared to 12,964 during the same period in 2015.  For more information, please call the BGM Real Estate Team at 613-558-8000!

Read Ottawa’s Full Report

Montreal

Quebec City

Saint John

Halifax

Charlottetown

St. John’s and Area

(more…)

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Despite the fact that one of the hottest times of year for real estate appears when the spring flowers start blooming, that doesn’t mean the market is completely cool for the rest of the year for any buyer or seller. In fact, we are heading into a very popular time of year for prospective buyers and sellers across Canada. As some prepare for summer to come to an end, and others are busy with the back to school season, some Canadians are doing their research to find out what to expect as a buyer this fall.

With the shorter days and cooler weather beginning to make an appearance, it is very clear that fall is on the way, and if you are one of the many entering the real estate market, you may be wondering what to expect. Fortunately, we have compiled the top things you need to consider as you begin your search for the perfect place to call home.

Location, Location, Location & Weather: We all know it is all about location when it comes to finding your dream home, but before you find the right location, you need to consider the weather. Planning your search too late into the season may mean you are battling Mother Nature so the earlier you begin your search, the better.

Timing is Key: Although your busy summer is winding down, you certainly aren’t working with a clear schedule. Between back to school and the holiday season, finding the perfect time to begin your search is imperative to your overall success and is something you should expect as a buyer this fall.

Decision Time: Although there isn’t as much inventory as you would typically find in the spring, there are still many home to choose one which is why narrowing down your options can be challenging. Using these tips and our House Hunting Comparison Checklist will help when it comes time to make your decision.

The Price is Right: As we get closer and closer to the holidays, you may begin to worry you are running out of time. With the added pressure, you may be tempted to make a decision by increasing your budget, but that will come back and haunt you in the long run. Make sure you plan your budget early in the buying process with help from our Monthly Home Budget Planner.

Make the Move: If you got a head start on the fall selling season and are ready to make your move, we have just the thing you need as a Buyer. Getting home and organized before the holidays is your main goal, and this moving checklist will help you do just that as quickly and efficiently as possible.

As we begin to see the leaves fall off the trees and the familiar sights and sounds of this beautiful season, these tips will be exactly what you as a Buyer need to find a new house to call home this fall.

For more information about buying and selling homes – be sure to click through our website – www.myottawateam.com. You can also click the social media links to visit our Facebook page and YouTube channel.

(Copyright © 2015 RE/MAX Ontario-Atlantic Canada Inc. All rights reserved)

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It’s that F-word season again…FALL!

Fall colours

Air conditioners are turned off, gardens are put to bed, leaves turn into colours that become so vibrant you have to stop and stare. Mornings and evenings are filled with smells that are unique to fall…a mix of earth, water and summer campfires smoldering to their winters end. Sometimes we are more like bears than we think…dreams of warm sweaters and comfortable flannel bring small smiles and feelings of hibernation…and maybe hot chocolate!

BUT WAIT! 

Before Fall becomes winter

If you are anticipating a move, a relocation or a posting this coming 2017 APS, head on out to your front and back yards over the next week before fall officially begins and take some pictures of your green lawn, that pool you used all summer, the trees full of leaves, the flowers and gardens you spent hours tending to on your knees.

You will thank yourself, and we will thank you too, when you list your house in the winter or spring when the pool is still covered, frozen or green, your grass is brown or snow covered, trees are bare… you get the picture!

Grab those fall shots before its too late

Your summer and fall photos of the front and back of your yard will help to effectively market your home no matter how much snow is in the forecast! When we list your home in the “off” season it helps if we can show any prospective buyers how amazing your home looks in the spring and summer. It is particularly helpful in the dead of winter when buyers can’t even see the topography of your lot.

This is your mission, should you choose to accept it. 🙂 Have fun and don’t forget to call us at 613-558-8000, email us at [email protected], visit our website www.myottawateam.com if you are considering a move in 2017!

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Here we are – a full 180+ days into the 2016 Ottawa Real Estate market and we here at BGM Real Estate Team have noticed both positive and negative aspects to our local Ottawa Market. As many of you have undoubtedly heard time and time again, markets are cyclical. They rise and fall based on supply and demand, interest rates and the global economic happenings in general, helped AND hindered in spots by government regulation.

So where is our market cycle right now? Are we up? (Sellers market) or down? (Buyers market) If you read the papers it would appear the market has gone completely mad with every home getting an incredible number of offers, driving prices ever higher. While this may certainly be the case for Vancouver and Toronto, it is most certainly not the case here in the Capital.

The Ottawa Real Estate Market is Balanced

We have a very balanced market at the moment, with a few areas of exception. But let’s divide that up into a few sections so we can discuss the various pieces that make up the Ottawa Market. Let’s talk about Mortgage money, geography and expectations. You will find the last item, in fact, to be the most integral to understanding Ottawa’s market.

The cost of borrowing money in order to buy property has never been so low. With slow US economic growth, weak Canadian exports, low oil prices and consumer spending, our interest rates remain attractive. As Stephen S. Poloz, Governor of the Bank of Canada has put it “For the past 18 months, the biggest issue for our forecast has been tracking how the Canadian economy is adjusting to low resource prices. In the first instance, this has meant a big drop in investment spending, especially in the oil patch. It has also meant a lower value for the Canadian dollar and two interest rate cuts during 2015.”

Historically low rates have allowed Buyers into property ownership in record numbers. Even with safeguards in place (every borrower must qualify for a 5% rate, 5 year fixed term amortized over 25 years) the demand for property is quite high. This is a definite positive for the Ottawa market and we have certainly met with an abundance of qualified buyers so far this year.

So we have one in the positive column – lots of Buyers out there looking for their first or next home. Now where are they looking? The good news is there are enough Buyers out there that all neighbourhoods are getting traction in the market. But there is certainly a lean towards the centre and west ends of the city. Given that Ottawa is a very transient town, cycling heavily through government relocations, private industry changes, new immigrant growth, as well as the normal ebbs and flows we see in real estate, the Buyers are very attentive to the fact they will at some point in their 3-5 year plan be a Seller. Therefore, they are attuned to the growth patterns in the city. With calls for sustainable building and reducing the carbon footprint the desire to live downtown in high.

In addition, the Canadian Forces are opening an enormous Campus in the west end, the RCMP already moved into their campus in the south-west of the city, Outlet shopping, sports venues and all that would appeal to folks on a day-to-day basis cropping up at incredible speed in the centre and west – those markets tend to be faster, and more expensive and have been for the last 3-5 years.

Does that mean the rest of the City is in a slump? Not at all. Buyers are shopping for the best fit – proximity to their employment, schools, activities and friends and family – so we have been shopping with them in all areas of the city.

But what is it we mean by faster or slower? Are the prices higher overall? Every area, indeed every neighbourhood, has its own market, its own flavour. We hope that this is one of the reasons you hire us – as expert guides to the investment values and personalities of those neighbourhoods. When breaking down the market into the various neighbourhoods, some are certainly hot, but as a whole the Ottawa market is nicely balanced, allowing Buyers choice in their investment.

Ottawa Market increase over time is very positive but not outrageous

The city has seen growth every single year in the residential class. Condominiums are having a rougher time, especially in the downtown area…but we think perhaps another article should explore this in greater detail.

For Sellers a balanced market can be a bit more of a trial, especially given the years from 2000-2013 were completely in their favour. Everything sold, in any condition for more than a decade! That is a difficult perception to turn around. Geographically, Sellers in many neighbourhoods are waiting longer to sell their homes. The timeframe in 2016 seems to be sitting between 60-90 days. By no means is it a tragically long time. When we became REALTORS® in the late 1990’s the market timeframe was up to a year to sell, with list to sell ratios sitting at about 90% of asking. (Folks were negotiating anywhere from $10,000 to $50,000 off the asking price.) So on the geographic point we have both positive and negative. Positive for the buyers as there is more supply, negative for the Sellers for the very same reason.

Now we come to what we think is the most important point of this Ottawa market – Expectations. Perhaps some of what we have learned will help you – whether you are a Buyer, or a Seller.

Housing Expectations vs. Reality

Let’s start with what we have seen in Sellers expectations. They have diligently watched the news, seeing reports of rising housing prices, low interest rates and competition amongst buyers for a decent home. They have also loved their homes and have deep emotional attachments (for the most part) to the place where their memories have been made. It is hard for any Seller (us included) to detach from their home and put it in the framework of a “market” of homes and how they stack up against others on their street, in the their neighbourhood and in their general area. As professional REALTORS® we are the messengers of market reality – good and bad. In a balanced market, we tend to have difficult, yet honest discussions with our Sellers about how their home presents itself to today’s Buyers. It is a testament to our passion for our clients that we bring you not only the good news, but the bad. We navigate the experience together – from pricing, to home improvements, staging, marketing, feedback….good, professional REALTORS® are there for every step. If we have one comment for our Sellers, it is that our expertise stops short of a Crystal Ball. We have no supernatural powers when it comes to the market. The day we say we have seen it all is the day we should walk away. We give you the very best we have and hope the sale doesn’t take too long.

The other part of the expectation equation are the Buyers – what do they expect? We often laugh with our first time buyers that they need to stop watching HGTV immediately upon deciding to find a home. They have been conditioned to expect the last 5 minutes of any real estate related show in every home they see OR they see a problem around every corner. Homes are imperfect things – they are made with wood, bricks, drywall, vinyl. Things that can expand, contract, break, wear down. Homes are exposed to water, wind, and sun. They sit on rocks, and sand, and clay. Each house will have a personality that reflects its owner – we see it in their choices for flooring, paint, counter top and landscaping.

We understand that today’s buyers have even less time to dedicate to a home’s overall maintenance – the very nature of employment has changed. Work commands a staggering amount of time in people’s lives, so their priorities have changed as well – seeking more balance. We try to meet those expectations, as well as educate Buyers on the nuances the TV programmes leave behind. Things like – Not every house has a problem, educating between big problems and small ones, how cosmetics of a home can change for very little, and just because it is a bit dated does not mean it doesn’t work.

It is in the analysis of the expectations of both Sellers and Buyers that we can determine the type of market Ottawa is having. When we have to help manage the expectations of BOTH sides – well, that truly is the sign of a balanced market.

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