Posts Tagged ‘real estate’

The Lifestyle Upgrade You Didn't Know You Needed!

1691 Liberty Way Ottawa, Ontario

4 Beds 4 Baths

Offered at: $949,000

Welcome to 1691 Liberty Way, where every square foot works hard so you don't have to. Discover this stunning Valecraft Saint Anne model in the heart of Orléans offering just shy of 3000 sq. ft. of thoughtfully designed space, where functionality meets family-friendly luxury. With 4 spacious bedrooms, a versatile loft (hello, ...

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Perfect starter home close to all amenities!!!!

2292-30 Orient Park Dr. Ottawa, Ontario

3 Beds 3 Baths

Offered at: $394,000

Bright & Spacious 3-Bedroom Condo in a Prime Location! Whether you're a first-time homebuyer or looking for a solid long-term investment, this charming condominium on Orient Park Drive checks all the boxes. Ideally situated within walking distance to parks, schools, shopping, restaurants, groceries and even a top-not...

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41 Glen Park Drive Ottawa, Ontario

4 Beds 2 Baths

Offered at: $525,000

Welcome to 41 Glen Park Drive. A four bedroom home located in the family-friendly Blackburn Hamlet neighborhood. This spacious property offers the perfect combination of comfort, style, and potential. The home features four generously sized bedrooms, all located on the upper floor, providing plenty of space for famil...

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When you are looking at condominiums you always want the best location in the area and this one has it!

#41 - 41 Bering Court Ottawa, Ontario

3 Beds 2 Baths

Offered at: $399,900

This home offers more than meets the eye! As you step inside, you are greeted by an updated kitchen with modern finishes, perfect for preparing meals and hosting family gatherings. The spacious dining area has plenty of room for your family meals. There is also convenient two-piece powder room is located on the m...

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Let’s face it, 2022 has been nothing but rate increases and media panic about the housing market. Between the banks, the real estate industry, the government and the media it is hard to know where the truth lies.

2019 saw real estate markets take on double digit gains over the previous year. 2020 was no different in Ottawa with all the experts calling for a 9-12% gain over 2019. Then the pandemic hit and everything went haywire. Oddly, it didn’t all happen in a vacuum over the one thing. The lack of inventory that sparked the market rise was in process from 2018 forward. It was a perfect storm.

Builders stopped building “spec” homes and would only built as homes were bought. This habit began after 2008, so buying a new home began to take longer between signing papers and getting keys. Canada’s biggest population group since the baby boomers was also coming of age in terms of buying property. Immigration was at an all time high. The stressors on the market were already in place….the pandemic only served to speed up the process. For Ottawa in particular, here is what we witnessed.

1. The normal cycle of Sellers coming to market took a nosedive in 2020 – a deathly virus = “we aren’t moving”
2. Our military relocations also stalled, removing a significant secondary chunk of inventory.
3. As the pandemic forced people to work from home, companies decided their employees could work remotely creating mass exoduses from high priced markets like Toronto and Vancouver. It spread down the 401 and then up to Ottawa. Employees decided to move closer to family, or to affordable cities with good transit and schools. Lifestyle choices became paramount and goodness knows, a million dollars in Toronto’s market goes A LOT farther in Ottawa.

For a good 2 years Seller’s couldn’t believe what people were willing to pay for homes, banks were rocked on their heels by the new prices and had to review everything to make sure appraised values would meet market expectations and Buyers….the poor Buyers….were being hit with 5,10,20 competing offers and very little chance to do the due diligence that real estate requires.

For 730 days everyone we met would ask us about the market and our reply was – “do you have a crystal ball? Because mine is broken!”

There was no logic to anything, no consistency, nothing to rely on. Sales comparables were almost useless week to week, month to month….and then, just when we thought we had a bit of a handle on the style and stresses of that market, the interest rate hikes began.

Buyer’s threw their hands up and said “we need to wait” as their purchasing power changed with each announcement. Sellers that were banking on multiple offers were suddenly wondering where everyone went. It was a complete standoff…..

Everything about the housing market was in the news, from falling prices to general affordability to the horrifying tactics of the “bad apples” in real estate. There seems to be no positive or common sense information anywhere….so allow us our two cents worth;

The market is balancing. Yes, there is inventory, but still not enough. We still see multiple bids for homes of the highest caliber (location, condition, well priced) but that has almost always been so. Prices are falling, but they aren’t diving off a cliff. Buyer’s are waiting until they are SURE of what they can afford. Rest assured, they are still there (so says our list of 15-20 that are in the wings) and getting ready to enter then market again. And it’s HIGH TIME the Buyer’s could perform their due diligence with conditions for financing and inspection….bring on the scales and let’s get this market flowing nice and steady….

Filed under: Blog by GM Real Estate Team
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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

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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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We’ve all seen the home design shows that turn old ragged houses into stunning, modern, and even a little over the top, homes.

• How do they do it… and on such a small budget?
• What’s right for you? Should you buy a move-in-ready home or one that requires some much-needed TLC?

Homeownership.ca states that you should consider these 3 components when making the decision whether to purchase a turnkey home or a fixer-upper:

1. Financial Consideration:
   Compared to a freshly remodeled home, a fixer-upper will get you more bang for your buck, allowing you to purchase something bigger and/or in a more established neighbourhood.

   On the flip-side, renovations are costly and can uncover unbudgeted issues that need fixing, even if a professional home inspection was done.

   In either case, we always recommend you hire a professional home inspector to evaluate the home and identify, as much as possible, any issues the house may have.

2. Lifestyle Considerations:
   A turn-key home allows you to start getting settled in as soon as you move in.

   A fixer-upper might require you to find other accommodations, for a short period of time during the renovations, or may require you to live in a construction zone for some time.

   Renovations are dirty, encumbering and can be extremely stressful. Choosing to purchase a fixer-upper means living through the difficult times in order to reap the benefits later. We can help make you aware of what it all means and help you decide whether you are willing to go through it or not.

3. Logistical Considerations:
   A more cost-effective way to fix up a property is doing it yourself (DIY). A DIY project of this scope requires a lot of resources, often limited to homeowners, such as time.

   Hiring professionals to do the renovations reduces the time required on your behalf but increases the budget.

   Either way, resources need to be invested in the fixer-upper that would otherwise not be required from a turnkey home. If a fixer-upper is right for you, we can help you make the right decision on professional or DIY solutions.

We can help:

Buying a home is a big decision and adding yet another decision on top of it can add more stress to the process. We can help you through it all to make the process a more pleasant one for you and your loved ones. Contact us and we will ask you the right questions to help you make the best decision for you and your current and future situation.

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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!

Filed under: Blog by GM Real Estate Team
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