Hi Everyone,
Sorry for the delay in posting - I recently hosted Christmas at my house for the first time and it took a little more planning and work than I thought! Every day I appreciate my parents' efforts more and more...
I have been very busy on the real estate front too; in fact I've been surprised at how many people are using the Christmas holiday to look for homes on Salt Spring. I had always thought of the island as a little sleepy this time of year, and while that is the case in most businesses, it sure doesn't apply to real estate. I, personally, have a handful of buyers who were only available to view property between Christmas and New Years. I can't imagine the overall level of activity in the real estate community right now.
It's not uncommon for sellers to take their homes off the market for anywhere from a week to a month around Christmas just to afford themselves a little peace over the holidays - but after seeing the number of clients I alone have that are viewing actively right now, I couldn't recommend it - even though I can understand the desire.
Anyhow - back to work for me.
Hope you and yours had are having a terrific holiday, and I wish you all a prosperous and happy new year!
All the best - Neacol
Friday, December 28, 2007
Monday, December 10, 2007
Revisiting past posts #3. The Buying Process
Here's an old post that I found to be helpful to first time buyers, those new to the process in BC, and those who haven't purchased a home in a long time.
The Buying Process
Buying is an exciting time in your life, but make no mistake, it is a process. Obviously, there are several stages between deciding you'd like to buy a new home, and actually moving in. Every time I start working with a new buying client, I like to sit down with them and make sure they understand the when, who and why of each step, so they know what to expect, when they need to have a deposit etc. I thought I'd list it out for any buyers out there reading this today. Hope it's of use to some of you.
1. Deciding you want to buy - this is the first step, and it's by no means a small one. This involves examining your current living and financial situations very carefully, and it also involves getting very, very excited.
2. Mortgage Pre-Approval - This will let you know what price range we can look at.
3. Meeting with your Realtor® - I will arrange a meeting with you to discuss what exactly you are looking for. Number of bedrooms, pet restrictions, zoning, area etc will all be covered. I will also go over the Working with a Realtor® pamphlet and Exclusive Buyer's Agency Contract with you at that time.
4. Search Property Listings - I will set up a personal website for you that will automatically update with properties according to your preferences as soon as they come on the market. I will also search the listings daily for you, to see if I can spot anything that may be of interest.
5. View Properties - Once we find something that looks right, I will arrange a viewing for you. I also encourage you to check out Open Houses you come across, but please let me know when you are doing so if possible.
6. Offer - When you find a property that's you wish to purchase, we will write up the offer and I will present it to the Seller and Seller's agent. There may be counter offers or questions, so I'll need to be sure I am able to contact you when I am doing this.
7. Satisfy Subjects - Once we have an accepted offer, we will work to remove our Subject Conditions. Subject Conditions are placed in the contract to provide you an opportunity to really examine your potential purchase. We will generally have about a week to do so. Some examples of Subjects are: subject to inspection, subject to financing, subject to the approval of the land title. We will partner to decide on the best subjects to include in your offer.
8. Remove Subjects - When we have satisfied all the subjects, we will remove them, creating a firm contract. At this point, you will need to provide a certified check or money order for at least 5% of the purchase price to be placed in deposit. This is to insure you will complete the deal on the completion date. When the deal completes, the deposit will become part of the purchase price. (It is essentially your down payment)
9. Completion Date - This is the date the money changes hands, and the land title for your new home is put into your name.
10. Possession/Adjustment Date - This is the date, usually one to two days after completion, that you can finally get the keys to your home. The adjustments are generally made to this date as well, which means the property taxes and other closing fees are adjusted to this date.
As always, please let me know if you have any questions,
All the best,
Neacol
Friday, December 7, 2007
Revisiting past posts #2. What to redo? How to get the most return for your limited reno budget
Here's another post from my last blog that I think is as valuable to the Salt Spring market as it was to the Vancouver market.
What to redo? How to get the most return from your limited reno budget.
Most every homeowner will renovate their homes in some way over the course of owning it. Some renovate simply to personalize their space, and others to increase their home's value.
This entry is for those of you who are considering updates in the near future and want to have a maximum return on that investment, but have a limited budget. I want to give you a good idea of the best features to upgrade, and the best ways to make your home more appealing to potential buyers in the future.
The first point I want to stress is any reno you are hoping to increase the value of your home needs to appeal to as many people as possible. For instance, you may find paw print details in your tile work very attractive, but many people may not share your taste. If you spent thousands on that tile job, you'd be very upset to find that it will be essentially worthless to many buyers - in fact many people might even see it as a financial detriment since they'll have to have the tiling redone to make the home appropriate for them. If you are looking for a very good return on your reno investment, it's best to play it safe and stay within neutral, or the current popular, design themes.
Overall, your reno should make your home appear fresh and new. You should try to eliminate the popular colours of yesteryear (pinks, teals) that will date your home, and anything that feels dingy. There are a few rooms you should pay special attention to; the entry way, the kitchen and the bathroom(s).
Entry Way/Foyer - As I've mentioned in previous posts, many people will decide if they could live in a home within the first seconds of walking inside. For this reason, the first view they see in the home, whether it's the foyer, hallway or living room, should look great. I recommend fresh paint, new baseboards if needed, and good flooring. If your home has older carpeting, I'd recommend spending some of your reno budget on wood flooring, or at the very least laminate. This look is very popular, and gives a fresh, modern, and clean feeling to a place.
Kitchen - The kitchen is the heart of a home. It's never a bad investment to update old appliances, counter tops or cabinets. Stainless appliances are all the rage right now, but unless it matches the over all decor, white or black appliances are just as good. Granite counter tops are always nice, but replacing old, stained, marked up counters with anything fresh will be an improvement. Changing out cabinets should be thought out very well, as they can be pricey to replace. Sometimes they can be refinished, or repainted, or even just have new doors put on to change the look without spending a fortune. Make sure you have an over all colour scheme for any room before you begin replacing items. If your kitchen has a linoleum floor, seriously consider replacing it with tile.
Bathroom - Pink or blue toilets, sinks and tubs are a fad of the past and should be eliminated if at all possible. Otherwise, fresh counters, tile instead of linoleum and just being sure everything in the room actually works the way it's supposed to are good bets. Some current popular bathroom items are big shower heads, basin sinks and deep tubs. Those items will make your bathroom stand out as modern and upscale.
I've spoken with a number of people and given advice on what they should spend their reno dollar on for their homes. I'd be more than happy to answer any questions you may have about your own home.
Hope this has been informative!
All the best,
Neacol
What to redo? How to get the most return from your limited reno budget.
Most every homeowner will renovate their homes in some way over the course of owning it. Some renovate simply to personalize their space, and others to increase their home's value.
This entry is for those of you who are considering updates in the near future and want to have a maximum return on that investment, but have a limited budget. I want to give you a good idea of the best features to upgrade, and the best ways to make your home more appealing to potential buyers in the future.
The first point I want to stress is any reno you are hoping to increase the value of your home needs to appeal to as many people as possible. For instance, you may find paw print details in your tile work very attractive, but many people may not share your taste. If you spent thousands on that tile job, you'd be very upset to find that it will be essentially worthless to many buyers - in fact many people might even see it as a financial detriment since they'll have to have the tiling redone to make the home appropriate for them. If you are looking for a very good return on your reno investment, it's best to play it safe and stay within neutral, or the current popular, design themes.
Overall, your reno should make your home appear fresh and new. You should try to eliminate the popular colours of yesteryear (pinks, teals) that will date your home, and anything that feels dingy. There are a few rooms you should pay special attention to; the entry way, the kitchen and the bathroom(s).
Entry Way/Foyer - As I've mentioned in previous posts, many people will decide if they could live in a home within the first seconds of walking inside. For this reason, the first view they see in the home, whether it's the foyer, hallway or living room, should look great. I recommend fresh paint, new baseboards if needed, and good flooring. If your home has older carpeting, I'd recommend spending some of your reno budget on wood flooring, or at the very least laminate. This look is very popular, and gives a fresh, modern, and clean feeling to a place.
Kitchen - The kitchen is the heart of a home. It's never a bad investment to update old appliances, counter tops or cabinets. Stainless appliances are all the rage right now, but unless it matches the over all decor, white or black appliances are just as good. Granite counter tops are always nice, but replacing old, stained, marked up counters with anything fresh will be an improvement. Changing out cabinets should be thought out very well, as they can be pricey to replace. Sometimes they can be refinished, or repainted, or even just have new doors put on to change the look without spending a fortune. Make sure you have an over all colour scheme for any room before you begin replacing items. If your kitchen has a linoleum floor, seriously consider replacing it with tile.
Bathroom - Pink or blue toilets, sinks and tubs are a fad of the past and should be eliminated if at all possible. Otherwise, fresh counters, tile instead of linoleum and just being sure everything in the room actually works the way it's supposed to are good bets. Some current popular bathroom items are big shower heads, basin sinks and deep tubs. Those items will make your bathroom stand out as modern and upscale.
I've spoken with a number of people and given advice on what they should spend their reno dollar on for their homes. I'd be more than happy to answer any questions you may have about your own home.
Hope this has been informative!
All the best,
Neacol
Monday, December 3, 2007
Revisiting past posts #1. Should I Sell my Own Home?
Hi Everyone,
I've been re-reading my old blog from when I worked as a Realtor(R) in Vancouver, and found many of my entries there are pertinent to the Salt Spring market. This week I'll be visiting some of those posts on this site - and revamping them as needed for the island.
Here's the first one, which I think is of particular importance.
Should I sell my own home?
A friend asked me recently if I truly thought he needed to use a Realtor(R) to sell his home. After all, if the market is so good, shouldn't it just fly off the shelf?
Anything is possible. It's completely possible that he might be able to find a buyer on his own, and he's a smart man, he should be able to figure out the contracts etc. But the reality is, I cannot in good conscience recommend that course of action to a friend, or anyone else. It is a dangerous, and potentially lengthy road he'd be traveling down. Here's why:
Cannot advertise on MLS - only licensed realtors are able to post listings on MLS. It is estimated that up to 99% of buyers search MLS first and foremost to find their next home. To sell your home on your own, you would be cutting yourself down to nearly 1% of all possible buyers. Less buyers means less interest, which, chances are, means a much longer time on the market, and a lower selling price. In fact, most 'For Sale By Owners' end up working with a Realtor(R) after several months on the market for this reason alone. Additional information for Salt Spring: The Salt Spring real estate community also has a very active 'listing sheet' information and advertising system in place. To not have a listing sheet out to all the real estate offices can, essentially, make your home invisible to the market even further.
Attracting deal hunters - Many of those who do look for listings in places other than MLS are looking for a real deal. The mentality is that if you are saving the cost of a Realtor(R), that savings should be passed on to them. Often you will end up with offers much lower than your asking price.
Legal recourse and contract omissions - One of a Realtor's(R) main jobs while listing your home is to ensure, in every way they can within reason, that you are protected. They ensure your beliefs about your property are indeed fact, to be certain there are no misrepresentations in the contract or on your Property Disclosure Statement. There are serious financial consequences if it is found that your home was misrepresented in a sale. Certainly, your lawyer will be able to help you to a certain extent, but how much do they know about buried oil tanks and termites? We are trained with the most up to date information regarding contracts and property law, and we know how to double check your information for you.
Loss of negotiation power - Negotiating on your own behalf can be sticky. Especially when selling an item like your home, it's very easy to get emotional, flippant, or worn down. A Realtor(R) soothes these troubles by being your front man. They will represent you, get the low down, and then can discuss the details with you privately, let you vent, consider low offers etc, without giving away your position to the buyer. You never even have to meet the buyer if you don't want to. By having a representative, you have a much better 'poker face' for the negotiations - which can lead to a much better price and terms.
Time demands - Can you honestly say you are available to show your home any time? Do you have the inkling to hang around letting strangers into your home for hours at a time when doing an open house? Do you have spare hours to put together marketing materials and advertisements? These days, the answers to most of these questions is no. We are a busy culture. The process of selling is stressful enough as it is without having to cut into your routine to be at the beck and call of potential buyers.
The fact of the matter is, it'll be less stressful, less dangerous, and it's likely you will actually make more money (even after the commission) if you work with a Realtor(R).
If you have any questions, please let me know. All the best - N
I've been re-reading my old blog from when I worked as a Realtor(R) in Vancouver, and found many of my entries there are pertinent to the Salt Spring market. This week I'll be visiting some of those posts on this site - and revamping them as needed for the island.
Here's the first one, which I think is of particular importance.
Should I sell my own home?
A friend asked me recently if I truly thought he needed to use a Realtor(R) to sell his home. After all, if the market is so good, shouldn't it just fly off the shelf?
Anything is possible. It's completely possible that he might be able to find a buyer on his own, and he's a smart man, he should be able to figure out the contracts etc. But the reality is, I cannot in good conscience recommend that course of action to a friend, or anyone else. It is a dangerous, and potentially lengthy road he'd be traveling down. Here's why:
Cannot advertise on MLS - only licensed realtors are able to post listings on MLS. It is estimated that up to 99% of buyers search MLS first and foremost to find their next home. To sell your home on your own, you would be cutting yourself down to nearly 1% of all possible buyers. Less buyers means less interest, which, chances are, means a much longer time on the market, and a lower selling price. In fact, most 'For Sale By Owners' end up working with a Realtor(R) after several months on the market for this reason alone. Additional information for Salt Spring: The Salt Spring real estate community also has a very active 'listing sheet' information and advertising system in place. To not have a listing sheet out to all the real estate offices can, essentially, make your home invisible to the market even further.
Attracting deal hunters - Many of those who do look for listings in places other than MLS are looking for a real deal. The mentality is that if you are saving the cost of a Realtor(R), that savings should be passed on to them. Often you will end up with offers much lower than your asking price.
Legal recourse and contract omissions - One of a Realtor's(R) main jobs while listing your home is to ensure, in every way they can within reason, that you are protected. They ensure your beliefs about your property are indeed fact, to be certain there are no misrepresentations in the contract or on your Property Disclosure Statement. There are serious financial consequences if it is found that your home was misrepresented in a sale. Certainly, your lawyer will be able to help you to a certain extent, but how much do they know about buried oil tanks and termites? We are trained with the most up to date information regarding contracts and property law, and we know how to double check your information for you.
Loss of negotiation power - Negotiating on your own behalf can be sticky. Especially when selling an item like your home, it's very easy to get emotional, flippant, or worn down. A Realtor(R) soothes these troubles by being your front man. They will represent you, get the low down, and then can discuss the details with you privately, let you vent, consider low offers etc, without giving away your position to the buyer. You never even have to meet the buyer if you don't want to. By having a representative, you have a much better 'poker face' for the negotiations - which can lead to a much better price and terms.
Time demands - Can you honestly say you are available to show your home any time? Do you have the inkling to hang around letting strangers into your home for hours at a time when doing an open house? Do you have spare hours to put together marketing materials and advertisements? These days, the answers to most of these questions is no. We are a busy culture. The process of selling is stressful enough as it is without having to cut into your routine to be at the beck and call of potential buyers.
The fact of the matter is, it'll be less stressful, less dangerous, and it's likely you will actually make more money (even after the commission) if you work with a Realtor(R).
If you have any questions, please let me know. All the best - N
Sunday, December 2, 2007
Snowed in on Salt Spring
Hello Everyone,
Just a quick entry today.
Well, it's completely official - it's winter on Salt Spring. We had 10 inches of snow fall at our house last night (my parents, part way up a mountain, had 18!) and it's still falling heavily. Most stores in Ganges closed a little early yesterday to ensure their employees got home safe and sound - and it's a good thing too, we were having a tough time getting around in our 4 x 4.
The weatherman says it'll start raining later today and wash most of it away, but it's hard to believe right now, seeing the snow coming down.
Something I've been enjoying for the past hour is the multitude of phone calls we've been receiving and making. Everyone in the community seems to be checking in on relatives, friends and neighbors - making sure everyone has supplies and offering 4 wheel drive vehicle help to those who don't have them.
I know I keep harping on the subject, but it is just so nice to live in a small community again.
Drive safe - N
Just a quick entry today.
Well, it's completely official - it's winter on Salt Spring. We had 10 inches of snow fall at our house last night (my parents, part way up a mountain, had 18!) and it's still falling heavily. Most stores in Ganges closed a little early yesterday to ensure their employees got home safe and sound - and it's a good thing too, we were having a tough time getting around in our 4 x 4.
The weatherman says it'll start raining later today and wash most of it away, but it's hard to believe right now, seeing the snow coming down.
Something I've been enjoying for the past hour is the multitude of phone calls we've been receiving and making. Everyone in the community seems to be checking in on relatives, friends and neighbors - making sure everyone has supplies and offering 4 wheel drive vehicle help to those who don't have them.
I know I keep harping on the subject, but it is just so nice to live in a small community again.
Drive safe - N
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