What to watch for when purchasing an older home...

While many older homes have wonderful characteristics, they can easily turn into money pits if you do not inspect certain areas before buying them.
Here are three important areas to inspect before buying an older home:

The Plumbing and Piping

Bad plumbing and piping is one of the biggest problems homeowners face when they buy older homes. Plumbing that leaks causes harmful mold and destroys stucco and drywall, and leads to pipes corroding. The best way to check for plumbing/piping issues is to look for water stains or corrosion on the walls. You should pay close attention to the walls and backing in showers and bathtubs. Any sign of moisture is a surefire sign that there are problems with the plumbing. 

Electrical Systems

It is critical for you to find out exactly how old the electrical wiring is in the house. The majority of older homes still use the knob-and-tube wiring. This wiring poses a dangerous fire risk, especially in the attic where insulation often hides knob-and-tube wiring. Although the system probably works, it was not built to handle the amount of electricity consumers use today. When inspecting a home’s electrical system, the best place to find knob-and-tube wiring is in the basement.
You must also inspect the breaker panels in older homes for any deterioration or signs that arcing or burn marks exist. Unfortunately, many consumers who buy older homes are under the impression that breaker panels last a lifetime and there is no need to check them. This mindset can lead to dangerous electrical conditions and fire hazards threatening the safety of any home.

The Ceiling

When checking the ceilings of an older house, it is vital to look for any type of sagging or water stain marks that look like little clouds. A ceiling that sags with a parachute appearance is a sure sign that the roof is leaking. Water stain marks on the ceiling could signal that mold exists in the attic. Depending on the size and square footage, those problem areas could cost tens of thousands of dollars each to repair.
Before buying an older home, consult with a professional home inspector and obtain a detailed report outlining each problem area. Most banks and mortgage companies require that borrowers or sellers of property obtain professional home inspections before they approve any financing, and you’ll be able to catch any possible safety risks in time.

Contact me today for a Free Home Value Report or to chat about the real estate market in your area!

How to Help Your Home Sell Quickly

It’s up to you to make your home as “sellable” as possible by making it attractive. Here are some tips on saleability factors that you control that will help ensure that your home is sold at the right price.

1. The condition of the property

Your home needs to be in great condition in order to secure the best sale price. Ensuring the home is well-maintained is crucial.
Make sure that there is no clutter in the home and that everything is well-serviced and neat. By presenting a house that is well taken care of and requires little maintenance will really appeal to home buyers.

2. Terms

Don’t make your home difficult for people to purchase. Be flexible.  Why not offer an incentive or provide them with a home inspection report? By doing so you will be reaching out to a wider market.

3. Availability

If you want to increase your chances of selling your home then you need to work out a schedule that will fit around the home buyer’s needs. You want to make sure that you are flexible.
Another saleability factor that you should consider is preparation. Showing potential buyers that you are prepared to move out quickly will greatly appeal to them.

4. Upgrades and extras

This has to be one of the more important aspects of saleability. This could mean anything from renovating the kitchen, installing a new heating system, upgrading to the windows, to something as small as a coat of paint. Some renovations will appeal to home buyers, however don’t fall into the trap of thinking that all renovations will add value in buyers’ eyes. Many renovations that involve decor are subjective to taste, and therefore keeping renovations neutral and practical can greatly increase your home’s appeal.

5. Price

By ensuring you have set the right price for your home, there is a far greater chance that you will sell your property in a timely manner. It is best to do some research so you have a better chance of choosing the right selling price.

A Comparative Market Analysis works well, as does comparing recently sold homes in your area and recently listed homes. It is crucial to know about the sales market so you can work out a suitable and realistic price for your home.  Absorption rates are valuable in determine specific trends in your neighbourhood.

Contact me today for a free Home Value Report or to chat about the real estate market in your area.  You don't have to be moving to contact me!

Record Set for Home Sale Volume in Kitchener-Waterloo, and Average Price Increase Continues to Increase...

KITCHENER-WATERLOO, ON (June 3, 2016) –– Residential sales through the Multiple Listing System (MLS^® System) of the Kitchener-Waterloo Association of REALTORS^®(KWAR) hit an all-time high for the month of May as home sales continue to trend upward in the Region. There were 752 properties sold in KW and area which represents a 19.6% increase compared to May of 2015, and a 27.7% increase compared to the 5-year average for the month of May.

This is the first time since 2007 that residential sales in May exceeded seven hundred units. Year-to-date sales for 2016 also hit an all-time high with 2,776 homes sold in the first five months of the year, 19.2% above last year’s total for the same period and 21.0% above the 5-year average.

As sales continue their upward trend, active residential listings are down in comparison to the same time last year. Currently, the number of active residential listings on the KWAR’s MLS® System to the end of May is at 1,283 which are 26.1% lower compared to same period last year. This translates to 35.2% fewer available listings on the market today than the same time last year.

“If you’re a seller, this is a great time to sell,” says Charlotte Zawada, President of KWAR. “For buyers, the challenge is with our lower than usual inventory, they often find themselves competing with other buyers, for the same property.”

With steady interest rates expected into the later part of 2016 and early 2017, conditions are still favourable from a financial perspective, noted the President of KWAR.  Employment growth will only help fuel continued demand, and we should see balanced market conditions return for the foreseeable future in Waterloo Region. “In this type of heated market where multiple offers are common having an experienced REALTOR® in your corner can provide you a definite advantage whether you’re looking to buy or sell,” says Zawada.

May’s sales included 474 single detached homes (up 15.6%) and 166 condominium type units (up 37.2%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 47 Semi-detached homes (down 11.3%) and 56 freehold townhouses (up 27.3%).

The average sale price of all residential sales increased 7.3% to $378,248 compared to May 2015. Single detached style homes sold for an average price of $438,708 an increase of 9.8% compared to last year. The average sale price for an apartment style condominium was $221,073, a decrease of 1.2%. Townhomes and semis sold for an average of $277,355 (up 1.1%) and $296,751 (up 10.2%) respectively.

The KWAR cautions that average sale price information can be useful in establishing long-term trends, but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold. Those requiring specific information on property values should contact a local REALTOR^®.

Don't let emotion cloud your judgement when purchasing a home...

While the decision to purchase is usually an emotional one, my role as a Real Estate Buyer is to act as an objective 3rd party to have my clients step back and look at the purchase rationally.

Fireworks for Victoria Day Weekend in Kitchener -Waterloo Area

           

Victoria Day celebrations 2

Children enjoy the festivities in this Independent file photo.

New Dundee is hosting its fifth-straight annual Victoria Day Fireworks on Monday May 23.                         

The fireworks are part of an all-day celebration, beginning with a community garage sale throughout the village from 7 a.m. to 2 p.m. The fireworks committee will be set up at 1388 Bridge Street and last year their own sale raised over $1,200 for the festivities.

Early morning sale-goers can enjoy a “Grab N Go” breakfast menu, featuring breakfast sandwiches, starting at 7:30 a.m. on the site of the sale.

Vendors will be at the  New Dundee park on the corner of Bridge and Main streets starting from 8:30 a.m. until 4 p.m. Sunglasses, toys, jewelry and other items will be available for purchase. Food vendors will also be open for business starting at 10 a.m.

There's also a silent auction and the “Discover Your Wilmot” community parade will start at 1:30 p.m.

An antique car show and midway rides for kids will also be part of the Victoria Day fun at the park on May 23.

The festivities will move to Doug Fischer Memorial Park in the evening. A BBQ dinner will start at 6 p.m. and will be followed by live performances from Erick Traplin, The Doug Clayfield Trio and The Collective until after 9 p.m.

Fireworks will begin, following the culmination of the live entertainment, at 9:30 p.m. During the display sections of Queen Street and Oxford Waterloo Road will be closed for safety reasons. The display is in support of the Children’s Wish Foundation.

Locals are encouraged to donate items to the garage sale, and if they wish to do so they can contact Jen Tate at 5159-656-0535. A representative from the sale will be available for either pickup or drop off at any time. Proceeds from the sale go toward keeping the event running annually.

The rain date for the BBQ and fireworks display is Saturday May 28. More information can be found at www.newdundeefireworks.com, or at the event’s Facebook page.

Home Seller's Checklist

Whether you’re moving to accommodate your growing family or looking for a smaller space to be your empty nest, selling your home is a big decision. To help you make smart decisions, it’s important to think with your head and not your heart. The Real Estate Council of Ontario (RECO) shares their tips for being home smart when you’re looking to make the sale.

 

 

Shop around. Don’t be tempted to hire the first real estate professional you meet. Make sure the fit is right, check their references and visit the RECO website to confirm their registration.  To find out the three questions you HAVE to ask a prospective Realtor, click here https://youtu.be/dFVQC4RCeeU

Understand what you’re signing. Before you sign a listing agreement with the brokerage, ensure you know what it means, how long it will be in effect and what the different clauses mean. Ask questions and seek independent legal advice if you’d like a second opinion.

Show the facts. Include all your home’s details in the listing, from the square footage to recent renovations to items that are and aren’t included (water heater, appliances, drapery, etc.).
Plan your open house wisely:

• Be proactive. Speak with your real estate professional before the open house to set ground rules and identify ways to protect yourself and your property.
• Minimize risk. Remove all valuables and securely store anything with your personal information, like credit card statements and receipts.

Know your options. When reviewing offers on your home, the details of the offers will remain confidential between you and your real estate professional. You may get multiple offers, and your real estate professional is there to help you make the best choice.

Budget accordingly. Remember that there are closing costs associated with selling a home: real estate commissions, legal fees, moving expenses, and more.

Expect the unexpected. Does your closing date on the sale align with when you’ll be moving into your new home? Have a contingency plan in place in case the dates don’t match up.

Contact me today for a Free Home Value Report or to chat about the real estate market in your area!

Seller's Market Proven with April Sales Statistics in Kitchener - Waterloo

Residential sales through the Multiple Listing System (MLS® System) of the Kitchener-Waterloo Association of REALTORS® (KWAR) continue to outperform previous years, and the month of April was no exception. There were 667 properties sold in KW and area which represents a 9.5% increase compared to April of 2015, and a 19.3% increase compared to the 5-year average for the month of April.

With 2,019 home sales year-to-date, 18.8% above last year’s total for the same period and 18.4% above the 5-year average, monthly sales in April stand as the highest on record.

While sales activity has been strong, the number of active residential listings on the KWAR’s MLS® System to the end of April was sitting at 1,272, which is 29.4% fewer listings compared to same period last year.

"It’s safe to say that buyers are out in full force here in Waterloo Region," says Charlotte Zawada, President of KWAR. "We’re seeing record setting sales activity this month, but it’s a different story on the inventory side." The president notes that by comparison to April of 2007, when sales were almost on par with this month, we had 42% more listings on the market than we do today.

"In April, buyers were competing for a limited number of listings," says Zawada. "However, with these favourable market conditions we should see more sellers coming off the sidelines soon to take advantage of the traditional spring market and strong home buying demand."

April’s sales included 427 single detached homes (up 2.6%) and 161 condominium type units (up 42.5%) which include any property regardless of style (ie. semis, townhomes, apartment, detached etc). Sales also included 41 Semi-detached homes (up 24.2%) and 33 freehold townhouses (down 28.3%).

The average sale price of all residential sales increased 2.9% to $367,444 compared to April 2015. Single detached style homes sold for an average price of $424,552 an increase of 5.7% compared to last year. The average sale price for an apartment style condominium was $226,240, an increase of 2.3%. Townhomes and semis sold for an average of $271,661(up 0.6%) and $283,201 (up 3.0%) respectively.

Contact me today to find out what your home is worth!