How to Choose Your REALTOR

With about 1,100 REALTORs in K-W alone, real estate buyers and sellers have a tremendous amount of choices when it comes to who will be their "guide" in probably the largest financial decision of their lives.

So how exactly should someone choose their real estate advisor?  Do they hire their brother's friend who was just licensed, a REALTOR who is known mostly because of their advertising budget, or the REALTOR who has the skills and experience required and is compatible with everyone who will be making the decisions?

I would suggest the following process whether you are buying or selling:

1. Identify at least 3 potential REALTORS based on what their past clients say about their service.  You want someone who can provide several past client referrals, not just their mom's opinion or the opinion of their best friend who just bought a condo. 

If you want to see what my clients think of my level of service, please check out this site, http://realestateagents.servicerating.ca/agent/Kim_Louie

2. Ask all those being interviewed a preset list of questions? Your REALTOR should be listening to you as much as he or she is talking?  You want to know what types of homes and price-points they have worked in the past, level of training and experience, how they communicate information and when?  Are they full-time REALTORs or do they only practice real estate on a part-time basis?  Even basic things like "How long does it take for you to return an email or phone call?" are important questions.

3. Have the prospective REALTOR back up what they say in writing.  Whether it's a written service guarantee (read the small print!), comparables to back up their opinion of price or the commission structure, it should all be in writing.

4. After interviewing, choose the REALTOR with whom you are most comfortable.  Buying or selling can be stressful and you want to be working with someone you like!

Hopefully this information is helpful and maybe I'll see you at an interview before you buy or sell your next home!

Cambridge looking to ease rules for basement apartments

Cambridge is poised to allow basement apartments right across the city.

 

Under proposed changes to the city’s official plan, which delegations spoke to this week, this type of secondary residence would no longer require a pricey $5,000 zoning amendment to be allowed in urban areas.

A simple permit would do, providing safety and building standards are followed.
Other criteria aimed at making sure the units fit in with the neighbourhood must be met as well. The permit fees have yet to be set.

So far, as the new Official Plan heads to a May vote at city council, there has been no outcry against the move, according to Elaine Brunn Shaw, Cambridge director of policy planning.

“A lot of people are starting to say it makes a lot of sense,” Brunn Shaw said. “We need to use our land wisely in the city. We need to make sure servicing is used wisely in the city. And we do need to accommodate growth in the future. And this is one way to do it.”

Cambridge’s population of 130,000 is expected to grow to 180,000 by 2031.

Basement apartments are not just for seniors or in-laws. They can be for anyone who wishes to rent.
Last May, the province passed Bill 140, the Strong Communities through Affordable Housing Act. It requires municipalities to establish policies allowing for secondary units.

Kitchener already allows for “duplexing” in most areas of the city.

Waterloo, which is also in the midst of an official plan review, is not considering allowing secondary units regardless of zoning.

Safety is one compelling reason to allow basement apartments without forcing property owners to cut through zoning amendment red-tape.

“That’s why we’re trying to facilitate this as opposed to creating a lot of obstacles,” Brunn Shaw said. “If that was the case, people would tend to do it illegally and it’s hard to monitor and make sure safety matters are being addressed.”

Last year, 22 complaints relating to basement apartments were filed with the city. In 2010, there were 21.

Requirements for a basement apartment include adequate parking. However, an existing driveway can be used with no requirement for separate access to the street.

Changes to the city’s official plan, last updated in 1999, must also be approved by Waterloo Region. That process could take six months or longer, said Brunn Shaw, since the region’s official plan is under appeal.

This article is from the Record, By Jeff Hicks, Record staff                            

7 Simple Staging Tips When Selling Your Property

When it comes to staging a home for sale, sellers should create a warm, inviting yet neutral atmosphere that will appeal to as many potential buyers as possible. The good news is, sellers don’t need to do a complete design overhaul to get a great result.

·        Stage rooms with one purpose.  Rooms that have many uses can confuse or even deter homebuyers, so staging rooms with one purpose is vital.  Determine who your most likely target market will be, whether its young professionals with no kids, families, or even empty nesters.  Then present your areas to fit their needs.  If you’ve been using a room as a guest room/kids playroom/home office, pick the one use that best suits your buyers. 

·        Tackle the easy “do-it-yourself” projects. In a Coldwell Banker consumer survey of first time buyers, the vast majority said move-in conditions are very important in their search.  Spruce up your home by replacing outdated kitchen and bathroom fixtures.  Add a fresh coat of paint.  Repaint or refinish kitchen cabinets and update with new hardware.

·        Focus on the living areas.  Potential buyers should envision themselves entertaining friends and family in the living areas of the home.  Make sure those areas feel as spacious as possible by removing any unnecessary furniture to allow for easy traffic flow. 

·        Make sure the master bedroom appeals to both sexes.  Remember that the master bedroom is a room that a couple will be sharing, so the décor should appeal to both sexes.  It should feel like a calm and peaceful refuge, not a frilly boudoir.  Remove any feature that seems too gender-specific and paint the walls a neutral colour.

·        Clear away family photos and mementos.  Buyers want to picture their family living in a home, not the previous owners. Put away family portraits, personal collections and knickknacks. Removing these items will also eliminate clutter and ensure that people are focusing on the home, not the photos from the last family vacation.

·        Furnish the home, but don't overdo it.  While an empty house may look spacious, it’s often hard for buyers to visualize their belongings in a home if they’re just looking at bare walls and floors. Leave the basic components that allow the viewer to define each room.

·        Don’t forget the outside spaces.  First impressions can play a key role in a consumer’s decision-making process, so don’t neglect your home’s curb appeal.  Make sure the home’s exterior is inviting by trimming the bushes, mowing the lawn and painting faded window trim.  Buyers will appreciate the seller’s efforts with the yard work, and will tend to assume that the same attention to detail has been devoted throughout the property.  

If you would like a market evaluation of your home or some free staging advice, please feel free to contact me anytime.

Home styles this year - What's hot and what's not

There sure are some beautiful homes here.  Great article.  http://www.linkedin.com/news?actionBar=&articleID=5572708199825408071&ids=cP8SdjsUdjcTdjsUcjwUd3sRdiMVcP0McPgTejoQczwQcP4RdPkRb34Tc3wMd3kOe3AVcjwMdP8TdjkIdP8RczkRejcOc3wPcPATejoRdiMTdz4Uc3AOe3gScjkPcPsTdzkR&aag=true&freq=weekly&trk=eml-tod2-b-ttl-2&ut=28-SpRBLJZ5l81

Great Home Located near Laurel Creek Conservation Park

Here is the multi-media for my newest listing - I just hit the market today.  Let me know if you or someone you know might be interested! 

Top Floor Condo with Beautiful Southwest exposure

Check out this link to my newest listing  - updated flooring, fresh paint and a fantastic view from the 18th floor! http://www.realestatebook.com/Homes/CAN/ON/Kitchener/35-Green-Valley-Drive-1809/101-3001404609

City of Waterloo Raises taxes 2.2%

Waterloo council has hiked city taxes again, this year by 2.2 per cent.

Taxes are increasing largely to pay rising wages and benefits for city employees. The increase, approved 8-0 Monday, adds $25 to the 2012 property taxes of an average home valued at $295,000. This includes a stormwater fee to manage runoff from rain.

Council last froze city taxes in 1997.

Politicians have budgeted for an increase of two per cent for employee compensation in 2012. No collective agreements have been finalized. Compensation accounts for 57 per cent of operational spending.

The budget adds 13 full-time jobs to the city payroll. The new salaries are paid by user fees and rates, rather than taxes. Halloran said the city desperately needs more staff, in part to avoid delaying development approvals.

Councillors are proud that Waterloo is not borrowing this year, after a past council indebted the city to build the RIM Park recreation complex.

Starting in 2013, council intends to consider budget recommendations from a citizens’ task force. These include: Better public presentation of city finances, a revised tax-setting strategy, a stronger emphasis on efficiency, a review of costly employee pensions, smarter budgeting to ensure proper maintenance and better long-term library planning.

City taxes make up one-third of the Waterloo tax bill. Regional government imposes half the taxes and the rest are provincial education taxes. Last year, an average home paid $1,170 in city taxes.
Council plans to hike city taxes 9.1 per cent over its four-year term ending in 2014. The previous council hiked city taxes 12.5 per cent over its term ending in 2010.

Waterloo increased water and sewer fees by more than six per cent this year. This adds $52 to an average water bill (excluding the stormwater fee).

Politicians are hiking rates to repair decaying pipes, safeguard clean water, upgrade sewage treatment and recover water sales lost to conservation.

How the municipalities compare
• Waterloo city council hiked its taxes 2.2 per cent.
• Regional council hiked its taxes 2.5 per cent.
• Kitchener city council hiked its taxes 2.4 per cent and its stormwater fee three per cent.
• Cambridge has not finalized its budget.

Same home, different taxes
A 2010 study found Waterloo residents pay among the highest property taxes in Ontario, in part because properties are highly valued. The study found:
• A detached Waterloo bungalow is taxed $3,328.
• A detached Kitchener bungalow (same home but valued less) is taxed $2,810.
• A detached Cambridge bungalow (same home but valued less) is taxed $2,798.

By Jeff Outhit, Record staff

RRSPs are Vital to Business Owners and Self-Employed

Working for yourself has many benefits along with many challenges. As we approach the height of RRSP season, the self-employed are reminded that the onus in squarely on their own shoulders to provide for their retirement, a task that often gets overlooked in favour of putting available cash towards growth of the business.

With new data released from Stats Can suggesting that the number of Canadians who are becoming self-employed is on the rise, it bears some focus for those individuals to plan in the moment to supply funding- not just for the future of their business, but for the future of their retirement.

The data shows that fewer entrepreneurs feel financially prepared for retirement than salaried employees; furthermore, nearly half of the self-employed feel that saving for retirement comes down to an either or scenario.

“Small business owners often find themselves torn between investing in their business and saving for the future," said Cathy Pin, Vice President, Commercial Banking, BMO Bank of Montreal. "Although it's tempting to concentrate on investing in your business, it's critical for entrepreneurs to have personal retirement savings as well, since they can't rely solely on the future value of their business to provide for their retirement."

There are many tax advantages for small business owners that should incentify them to consider taking a more active role in RRSP planning.

RRSP investments grow faster, typically, because of tax-deferral options.
According to BMO, “Small business owners will also experience tax benefits when they make RRSP contributions. For unincorporated small enterprises, money made in the business is considered personal income; RRSP contributions will reduce the business owner's taxable income for the year of the contribution.”

"Similar to the plans you make in order for your business to succeed, how you plan to fund your retirement needs to be considered as well. Even if your business meets all of your financial needs in retirement, the money you save and invest in an RRSP can supplement your income for a more comfortable retirement," said Tina Di Vito, Head, BMO Retirement Institute and author of 52 Ways to Wreck Your Retirement…and How to Rescue It. "Adding an RRSP to your retirement income plan is one of the best ways to save, offering tax-deferred compound growth that can give small business owners a safety net as retirement approaches."

In some ways, it is more crucial for the self-employed to actively contribute to their RRSP’s than for salaried employees, because the self-employed may be more vulnerable to economic downturn- and more in need of nest egg.

Great Home - Great Location - Great Price

Here is my newest listing .... great value!  Single detached, 3-bedroom home with a finished basement and fenced yard for under $290,000......

Major Canadian Bank Predicts Real Estate Market to Retain Value in Most Areas

There is a soft landing in sight for the Canadian housing market, according to BMO economics.
Compared to the recent rash of concerns raised by various groups about an overvalued Canadian housing market coast-to-coast, BMO is bucking the trend, suggesting that such reports either miss the market in their simplicity, or are not entirely true.

“Like any issue that is as broad and complex as housing, an analysis of both the pros and cons can provide valuable perspective. In our view, the housing boom will more likely cool than correct, even in condo-driven Toronto—the target of many scary headlines.”

They do believe that the housing market will experience a slowdown; contrary to many of the alarmist news, BMO feels that, “With the exception of a few regions, valuations remain only moderately high across the country, especially when low interest rates, demographics, construction costs, land-use regulations and foreign capital inflows are considered.”

Unlike interest rates drop further, they don’t expect the boom to continue- but neither do they expect the floor to fall out from under the market either. With the continuation of low interest rates, levels of affordability continue as well.

The whole concept of the housing bubble bursting centres in the relationship between somewhat stagnant incomes in this country, juxtaposed with levels of household debt ramping up, as well as property values escalating at a fairly quick place.

The only region that they do concede is in a dangerous position is Vancouver, where property values continue to skyrocket, as Asian investors continue to grab up properties.

BMO responds to concerns about an oversupply in the condo market in centres like Toronto, but suggest that these concerns are not totally founded in fact either, mostly because of a low vacancy rate coupled with a rising demand for rental accommodation for an influx of immigrants to the centre.

“Although the cost of owning a new Toronto condo exceeds the rental income derived from the unit, expected steadier price growth ahead should allow rents to eventually catch up, reducing concerns that investors will dump their units. In Toronto, the condo market has effectively supplanted the rental market due to a lack of new apartment buildings and low rental vacancy rates.”

Furthermore, thanks to low interest rates, home ownership remains within reach for the bulk of Canadians, in most centres- and is expected to continue to stay that way as well.

For a rundown of the Market in your specific neighbourhood, contact me today.