Benefits of home staging

What are the benefits?

• Faster sales time. 
• Higher sales price. Nationally, most staged homes are selling for their original asking price which is 4-8% higher than other sold properties.
• Stand out from the competition. Get the edge by having the best buy on the market.
• Buyers feel home is well maintained helping eliminate low offers.
• Increase showing times. Buyers have an invitation to stay longer and make an offer.
• Buyers are focused on the features of the home and not the stuff in it.
• Staged homes showcase better on websites and in other advertising.
• Create buzz with brokers. Who doesn’t want to sell a house that looks like a cover of a magazine?
• Professional stagers provide an honest independent third party assessment of a home from curb to closet. Sellers cannot truly be objective in a house they have been living in. Stagers have the experience and ideas to help sellers get their house ready and work closely with Realtors to help get a house sold.
• Staging is investment in getting a house sold and the investment in staging is always less than a price reduction! A good stager works with a sellers’ budget and time frame to properly Stage a house. When compared with the other costs associated with the sale or purchase of a home, staging is very reasonable.
• They showcase very well on virtual tours.

For questions on the Brampton or Georgetown / Halton Hills real estate markets you can reach me at textvic@gmail.com

How to sell in a buyer’s market

Brampton (actually pretty much all of Canada) has enjoyed a seller’s market for several years now. The tables are however turning. The U.S economic crisis has finally started effecting Canada and most of the world. In November 2007 543 houses were sold in Brampton and so far this November only 283 houses have been sold in Brampton.

Not everyone is complaining though. Buyers couldn’t be happier. Those who have job security are all smiles because finally the prices have started to stabilize, and there are more listings on the market to choose from. For a few years if there was a property that a buyer wanted to buy chances were 10 other people wanted to buy it also. Bidding wars became very common and the prices kept skyrocketing.

So how do you sell in a buyer’s market? First off: if you don’t have to sell then don’t. Just wait it out till it becomes a seller’s market again. If you must sell because of your situation then be sure to price it right. You just cannot these days price it high to test the market or to leave lots of room for negotiation. If the house is worth $300,000 then be sure to price between $294,000 to $301,000.  Ask your agent to give you weekly updates on market conditions. If similar houses start selling for $295,000 then you need to know that and unfortunately keep adjusting your price.

Second thing you can do to increase your chances of getting your house sold in Brampton (or Georgetown / Halton Hills) is to offer the buyer agent a bonus.  There are so many listings competing for that one buyer now. The buyer relies on his agent to show him the appropriate houses. If you offer that agent a bonus then you can be sure your house will be on his list to show. Some listings I’ve seen are also offering buyers bonuses. A multimillion dollar listing was offering a brand new car to attract buyers!

Renovations help. However, keep your budget in mind. No point in spending $10,000 on renovations and gaining only $5,000 in the selling price. Another thing  you can do is to hire an agent who has the experience and skills needed to sell in this kind of market. He will be able to give you more specific pointers.

What’s included in a home inspection?

One of the best ways to understand about a home’s condition, habitability and safety is to hire a professional home inspector¹. A properly trained home inspector will review your house as a system, looking at how one component of the house might affect the operability or lifespan of another. Home inspectors will go through the property and perform a comprehensive visual inspection to assess the condition of the house and all of its systems. They will determine the components that are not performing properly as well as items that are beyond their useful life or are unsafe. They will also identify areas where repairs may be needed or where there may have been problems in the past. Inspections are intended to provide the client with a better understanding of property conditions, as observed at the time of the inspection.

Following the inspection, the buyer is presented with a written report, consolidating the details of the inspection. The home inspector should be willing to answer any questions a buyer might have and to clarify the limitations of the inspection to avoid misunderstandings. CMHC recommends that potential buyers accompany the inspector as the inspection takes place. It can be a valuable learning experience.

The inspector will check exterior components including roofing, flashing, chimneys, gutters, downspouts, wall surfaces, windows, doors, the foundation and the grading around it. Interior systems the home inspector will check include electrical, heating, air conditioning, ventilation, plumbing, insulation, flooring, ceiling and walls, windows and doors. Unless otherwise arranged, typically a home inspection does not include appraisals, exact quotes for repairs, or determine compliance with regulatory requirements. A home inspection is not intended to provide warranties or guarantees.

Getting an agent’s help

In today’s Brampton market, many homeowners have considered “going it alone” and selling their homes without the help of a REALTOR^® to “save the commission.” However, once they realize how complex and intimidating a real estate transaction can be, many people reconsider and enlist the services of a REALTOR^®. There are more than 145 steps to complete a real estate transaction. It requires an organized, step-by-step approach that many homeowners just don’t have the time, or experience to carry out.

A REALTOR^® provides a variety of services including help in setting a listing price within current market guidelines. The Brampton market has changed dramatically over the past few months, your agent can provide you with up to date data. They also develop a marketing plan, offer recommendations and advice to make your home more attractive and “saleable,” and act on your behalf during negotiations to ensure your interests are protected.

Another advantage of working with a REALTOR^® (especially someone specializing in Brampton) is the far-reaching market exposure your home will receive through the Multiple Listing Service^® (MLS^®). This co-operative marketing system relays information about your home to a vast network of REALTORS^® and therefore, potential homebuyers in your market. The greater the exposure your home receives, the more likely you are to find a buyer willing to pay your price.

Selling your home is not a simple procedure. It involves large sums of money, stringent legal requirements and the potential for costly mistakes. A REALTOR^® is committed to spending the time it takes to help you sell your home in the least amount of time and for the best possible price.

A REALTOR^® must disclose to you in writing, who exactly they represent in any real estate deal. A REALTOR^® may represent a buyer or a seller; they may also represent both buyer and seller in the same transaction. Your listing REALTOR^® is, in law, your agent. An agent owes his or her client the duties of utmost care, integrity, confidentiality and loyalty. Make sure you discuss agency with your listing REALTOR^®. If you own a house in Brampton or Georgetown you can email for a free home evaluation or just a second opinion.

Affordable housing in Brampton

Brampton, Ontario has experienced substantial residential growth throughout the 1980s and 1990s. Much of Brampton is geared toward homeownership. The Spingdale subdivision, which began development in 1990, is no exception.

In keeping with the Province of Ontario’s Land Use Planning for Housing Policy Statement at the time, 25% of the housing had to be “affordable”. The Province defined affordable housing as that which was affordable to households at the 60% income percentile and below. In the development of the secondary plan for Springdale, the City of Brampton noted that it was important for affordable housing to be spread throughout the entire new community, not concentrated in any particular area.

Greenpark, a very large developer in the Greater Toronto Area, built 667 of the first 1,700 homes in Springdale. Greenpark offered a range of housing from small, affordable starter homes for young families up to million dollar mansions. In fulfilling the need for affordable housing that could be integrated throughout the community, Greenpark chose to build some Uniquattro housing.

The Uniquattro, which was designed by Greenpark, is considered to be an innovative breakthrough in providing an affordable housing option for first-time homebuyers. The Uniquattro requires a reduced lot size and has a compact built form.

How the Uniquattro Works

The affordability of the Uniquattro can be attributed to reduced lot size and a compact floor plan.

Reduced Lot Size

One of the key elements that make the Uniquattro affordable is a reduction in lot size compared with conventional single-detached houses in the subdivision.

As a townhouse the Uniquattro requires a lot width of approximately 18 feet. This is about half the width for a single-detached house in Springdale.

As the site plan below illustrates, even though the lot sizes have a reduced width, they still provide open space for each household. Access to the rear yard in Model A is achieved by using the side yard. In Model B access to the rear yard is achieved via the garage. While width is reduced, the depth of the lot stays the same as other lots in the development, which allows for mixing lots and a smooth integration with other housing types in the community. The Uniquattro yields almost 17 units per acre.

Impact on the Provision of Affordable Housing

Uniquattros sold for $152,900 (1991). The sale price was below the Province of Ontario’s affordable price guideline at the time of $157,500. Households with an annual income of approximately $55,000 could afford to purchase the Uniquattro.

Single-family houses in Springdale of similar size, but located on 41 foot wide lots (more than twice the width of Uniquattro lots), sold for $189,900 compared to $152,900 for Uniquatros; a reduction of 24% ($37,000). This reduction in price is due to the more efficient use of land.

Summary of Impact on Housing Affordability

• Uniquattros sold for 3% ($4,600) less than the Province of Ontario affordable price guideline.
• Uniquattros sold for 24% ($37,000) less than homes of a similar square foot area but situated on lots 41 feet in width — twice the width of the lot occupied by one Uniquattro townhouse.

Buy or sell first?

 

That’s tricky. After all, if you find a purchaser for your existing home, before you’ve found a new one, you may find yourself living out of a suitcase if convenient closing dates can not be negotiated. On the other hand, if you find your dream home before you’ve unloaded your old one, you may be faced with carrying two mortgages for a time.So how do you manage? Easy. Do your homework and have a good idea about the neighbourhood and type of home you’re looking for. Do an honest evaluation of your family’s needs and budget. 

 

Speak to your RE/MAX agent and start your new home search as soon as your existing home hits the market. If you’ve found a home, before you’ve sold your existing one, use “sale of your existing home” as a condition on your offer. If you don’t sell your house within a fixed period of time, you can choose not to go through with the offer. This, however, is a difficult condition for many vendors to agree upon and you may find that you have to forgo your price negotiating power.

Purchasing a home before you sell could be a risky strategy if you’re counting on the proceeds from the sale.  If you’ve found a purchaser before you’ve found your next home, use “purchase of a new home” as a condition when you sign back the agreement. Again, it will only be for a fixed time. Even if you have not found the ideal next house by the time the deal closes, you may still wish to proceed with the offer. As a buyer with a “sold house” you will be in a better position to negotiate price.

Brampton home for sale #5

I listed this house about a week ago. The house is less then 1 year old and the sellers spent over $35,000 in upgrades. It is located in the prestigious Castlemore area in Brampton.

Questions to ask an agent

For the past few years the Brampton real estate market had been booming. So ofcourse a lot of people decided to take up real estate selling as a profession (Brampton and Georgetown saw a lot of new registrants). Not everyone is cut out for sales however. That is why you must be sure that the agent you hire to sell your house is the best bang for the buck. Before you list your house with an agent there are some important things you should know about them. These questions are a good guideline.

1. How long have you been in the business?
2. How many sales did you do last year in Brampton? How many of them were your own listings?
3. Can I speak with your past clients?
4. Do you specialize in Brampton?
5. Is this a good time to sell?
6. How will you market my home?
7. How much commission do you charge?
8. Are your services promised in writing?
9. Can I cancel the listing if I’m not satisfied? Is there a penalty?
10. Do you do virtual tours? Are the pictures taken by a professional?
11. Can I see samples of your Feature Sheets?
12. How often will you keep me updated?
13. Do you follow up with agents for feedback?
14. Will you hold open houses?

If you own a house in Brampton it is very important to get a Brampton agent (or atleast someone who specializes in Brampton). They will know how much the houses are selling for and what’s in demand.

If you have questions about the Brampton or Georgetown real estate market drop me an email.