Halifax Real Estate - A Modern Approach

Welcome to Modern Approach on Tumblr! In this blog you will have the benefits of commentary from a wide variety of categories, but mainly Finance, Politics, Investment and, most importantly, Real Estate.

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Should You Sell First and Buy Later? Or Vice-Versa?

When you’re thinking of selling your home and buying another, you face the inevitable question: Should I list my property first or buy my new home first?

Let’s take a look at both options.

If you attempt to buy a property before listing your home, you run into a couple of challenges.

First, sellers may not take you seriously as a potential buyer. After all, you haven’t put your own home up for sale. As far as they’re concerned, you might merely be testing the market.

Second, your property might not sell as quickly as you thought it would. If there is an early closing date on the home you purchased, you might end up owning, and paying a mortgage on both properties, at least until your home sells.

If, on the other hand, you list your property before buying a new home, sellers will know you’re serious. That puts you in a competitive position in the event of multiple offers.

Also, if your home sells quickly, you’ll have the peace-of-mind of knowing exactly how much of a new home you can afford. You’ll be able to shop with confidence.

Of course, like the first option, there is a chance that the closing dates won’t match and you’ll end up owning two properties for a period of time. However, solutions such as bridge financing are available to help.

So, there is no perfect answer. A lot depends on the state of the local market.

Looking for a good REALTOR® who can help you decide which is the best move for you? Call today.

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Upgrades That Hold Their Value

Do you have a renovation project in mind – and wonder how much value it will add to your home? Remodeling Magazine recently did a study of renovation projects, comparing costs to added value. Here are some of the results:

Replacing a main entry door has a return on investment of over 95%. After all, the entrance to a home is one of the first things a prospective buyer notices.

Adding a new deck also adds a lot of value. Depending on the materials used, you can expect to get back three-quarters of the money invested.

Another high-payback project is the garage door. This once again demonstrates the importance of a home’s “curb appeal.”

If you’re tackling a big project, such as a basement renovation, you’ll be glad to know that, according to the study, a project like this adds a lot of value.

Finally, minor improvements to bathrooms and kitchens – such as adding new countertops or cupboards, can also be good investments that mostly pay back when you sell your home.

Of course, these figures are averages and can vary widely depending on location, type of property, and other factors.

Need help determining how a particular home improvement might impact the selling price? Call today.

Andrew Murray, REALTOR

902-880-1490

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Easy-to Miss Home Security Tips for Your Vacation

If you’re relaxing on a Caribbean beach, or enjoying a bus tour through historic Paris, the last thing you want to worry about is your home. Most people know the basics of keeping a home secure while away. Here are some additional tips that are easy to miss:

--> Tell your kids not to boast about your fabulous vacation plans, especially on social media. The fewer who know that the house will be empty, the better.

--> Ask a neighbour to pick up any mail and flyers dropped at your doorstep. But don’t rely on that alone. Also call the newspaper and post office to temporarily halt delivery.

--> You can buy timers to automatically turn lights on and off. However, most will stop working if the power goes out and restart with the incorrect time when the power comes back on. That’s why you should keep at least a couple of lights turned on continuously, and not connected to timers.

--> If you’re leaving in the evening, or before dawn, don’t forget to open the blinds. Closed blinds during the day are a dead giveaway that the owners are away.

Finally, experts recommend creating a home security checklist, so you don’t forget anything. That will give you peace-of-mind.

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How to Sell Your Home Quickly

Usually when you list your home, you would prefer to sell it quickly. It’s like being the first one served at a crowded ice cream parlour. It’s satisfying.

However, sometimes there’s more to it than that. There may be a truly urgent reason why you need to find a buyer for your property as soon as possible, such as a sudden job relocation.

If that’s the case, it’s important to explain your situation to your REALTOR®, who will be able to put together an action plan for selling your home quickly and for the best price possible.

During that conversation, ask what you can do to help the process along. For example, you may be able to:

--> Spread the word to your friends and other connections on Facebook.

--> Spread the word to your friends and other connections on Facebook.

--> Canvass your neighbours and tell them about your listing.

--> Stage your home so that it’s more attractive to prospective buyers.

When it comes to price, be prepared to be flexible. That doesn’t mean you must settle for a price far below your home’s market value. However, you do need to be prepared to accept a good offer rather than try to hold out for a great one.

Also be open to as many viewings and open houses as possible. Having many prospective buyers come through your home within a short period of time may be a little inconvenient, but the payoff might be an offer!

Finally, work with your REALTOR®. A good REALTOR® will know the local market well and have many ideas for selling your property fast.

Looking for a good REALTOR® like that? Call today.

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How Much of a New Home Can You Afford?

If you’re thinking of shopping for a new home, one of the first considerations is price range. You want to know what you can reasonably afford.

How do you figure that out?

First of all, you need to determine the initial out-of-pocket costs you will need to cover. There are often more costs associated with purchasing a home than its actual price. You need to take into account such additional expenses as moving costs, legal fees, and a home inspection, not to mention the costs of prepping your current property for sale.

Experts say you should budget 5-10% above the purchase price for these items. So if you can afford to spend $470K on a new home, you should be shopping in the $425-445K range.

Another factor to consider are the potential proceeds from the sale of your current home. Your REALTOR® can help you determine how much your property will likely sell for in today’s market. Any existing mortgage will need to be subtracted from that amount to determine how much cash will be left.

Of course, you should speak to a mortgage broker or lender who can compute how much of a mortgage you qualify for. Remember, qualifying for a big mortgage doesn’t necessarily mean you should have one. You also need to consider your personal finances and desired lifestyle – and whether or not having a large mortgage is a good idea for you.

Once you have gathered all of your information, you can add any potential sale proceeds to the amount of mortgage you qualify for, add other sources of cash available for this purpose and subtract 5-10% for initial expenses, and you’ll have an idea of the price range you should be considering.

Finally, it’s important to take the time to decide what kind of home you want. Do you want a large backyard with trees? A quiet, family-oriented neighbourhood? Four bedrooms and a finished basement? Once you decide what you want most in a new home, it becomes much easier to find one that’s in your price range.

Need help deciding how much you can afford when shopping for a new home? Call today.

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Deciding on the Discretionary Move

Sometimes we don't have much choice about selling our home and buying another. Circumstances, such as a job relocation, may have made that choice for us.

However, most often the decision to move is discretionary. Sometimes people move simply because they think it's a good idea. They feel that "now" is the right time to find their next dream home.

So how do you make that kind of decision?

There are, of course, many reasons to make a discretionary move. Usually, those reasons fall into one of two categories: need and want.

You may need to find a new home, for example, because you've outgrown your current property. Perhaps you have a growing family and require more space. Maybe you're doing more entertaining and need a larger backyard with a more spacious deck. It could be that the commute to work is arduous and you need to move to a place that's closer.

Those "needs" may motivate you to move, but sometimes a "want" plays an important role, too.

For example, you may want to live in a quieter neighbourhood or in a newly built home that requires less maintenance. Maybe you simply want a change.

If you're thinking of making a move, take a moment to write down a list of your needs and wants. Seeing them on paper will help make the decision easier.

Looking for expert help? Call today.

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Avoiding unwelcome guests

There are unwelcome guests that most homeowners dread. They come into your house, eat, sleep, make a mess, and never leave willingly. Each one has at least six legs and sometimes flies.

They are, of course, insects. They’ve been freeloading in homes since homes were invented. Here are some practical ways to keep these unwelcome guests out:

Find out how they got in. Look for gaps around windows and doors, and cracks in the basement. If you find a spider web, there's likely an insect entryway nearby.

Watch out for standing water near the foundation of your home. Make sure rain gutters drain water well away.

Eliminate clutter. Insects love warm, cluttered, moist areas.

Check the seal around dryer vents and other vents, pipes and cable

wires going through the wall. Reseal if necessary.

Rinse recyclables before putting them into a bag or bin. Few things are more tempting to a bug than the dark, moist, sweet insides of an un-rinsed pop can.

If you do end up with a serious insect problem, call a professional exterminator. 

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Your Home At A Glance

Your home at a glance

Have you ever driven up to a restaurant and your first impression was disappointing? Perhaps the windows looked dark and gloomy, the façade was worn and unattractive or for some other reason it just didn't look like a tempting place to eat.

It could still be a fantastic restaurant – a real gem. But, your first impression has soured your anticipation. If you still walk through the front door, it will likely be with the expectation of being disappointed.

This scenario often plays out in the real estate market as well.

A buyer drives up to a home for sale and quickly forms an impression based on what he sees "from the curb". That's why you'll hear real estate experts talk about the importance of "curb appeal". It's one of the most important selling points of a property.

If you plan to put your home on the market, you obviously want your home to look as attractive as possible from the street. Fortunately, there are many simple things you can do to improve curb appeal.

For example, you can trim shrubs and hedges, plant flowers, clean the walkway and driveway, paint the front door and garage door, and clean the exteriors of the windows. All these projects are relatively easy and inexpensive. Yet, each can make a dramatic improvement to how your home looks at first glance.

Don't be like the great restaurant that’s hidden behind an unkept façade. Make sure your curb appeal reflects the overall value of your property.

Looking for more advice on selling your home quickly and for the best price? Call today. 

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5 Unusual (but effective) Home Staging Ideas

5 Unusual (but effective) Home Staging Ideas

"Staging" your home is all about making the space in your home as appealing as possible to buyers. You may already know the basics, such as eliminating clutter. Here are some other tips that are less well known yet very effective:

Chandeliers. Surprisingly, these are one of the simplest ways to make a foyer, dining room or living room dramatically more eye- catching. You can buy a good-looking chandelier for a few hundred dollars.

New linen. This is something many home sellers don't consider, but should. Replace any worn linen – sheets, coverings, towels, and even oven mitts with new ones. Believe it or not, new linen makes a big impression on buyers.

Pedestal sinks. It may not be practical for you to replace a bathroom sink. However, if you are doing a renovation, keep in mind that pedestal sinks – especially in small washrooms – are a big hit with buyers.

New appliances. A brand new fridge, stove and dishwasher are motivating selling features to buyers. That's because new appliances make the whole kitchen look brand new.

Avoid multi-use rooms. Have a spare bedroom that doubles as a home office? That's a turnoff to buyers. Whenever possible, stage each room so that it has a singular purpose. A guest bedroom, for example, should be only that.

Want more tips on how to stage your home so that it attracts buyers? Call today. 

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You don't notice it - But most Buyers will

Imagine you're viewing a potential new home. You walk in the front door and are instantly impressed. You explore the property room by room and like what you see.

Then there's something you notice that's not quite right. An odour. You realize that it's likely cat dander and, now that you've identified it, you smell it everywhere. Suddenly the home doesn't seem as attractive as it did just moments earlier.

The owner of the property is probably so used to the smell that he doesn't even notice it. Neither does anyone else in the household.

So, when marketing your home for sale, be scent sensitive. Think about the odours that you may have become used to but others are likely to notice. Even odours you think are pleasant, like the strong scent given off by some house plants, may not be pleasing to everyone.

An odour can easily distract a buyer from appreciating the good qualities of your property. Pay particular attention to garbage bins (which can smell even when empty), pets, kitty litter (even when fresh and unused), the kitchen (especially after cooking), perfumes, and closets.

The smell of cigarette smoke is particularly unpleasant to many people. Its odour can linger even on an outside deck or patio.

Bottom line? Don't assume buyers won't notice certain smells. They will.

Looking for more advice on selling your home quickly and for the best price? Call today. 

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Halifax Home Prices Remain Relatively Flat in Third Quarter

Halifax home prices remain relatively flat in third quarter

Canada NewsWire

HALIFAX, Oct. 15, 2014

Continued high inventory results in a market favourable to buyers 

HALIFAX, Oct. 15, 2014 /CNW/ - The Royal LePage House Price Survey released today once again showed little change in year-over-year prices across all housing types surveyed in Halifax. 

The average price of a standard condominium increased by 1.6 per cent year-over-year to $217,500 while the price of a standard two-storey home saw a slight lift of 0.8 per cent to $331,833.  Meanwhile, detached bungalows saw a minor price decrease, dropping 1.6 per cent to $294,333.

“There is a surplus of inventory in the market right now, which has largely leveled out prices,” said Matt Honsberger, Broker and Regional Manager, Royal LePage Atlantic.  “We have approximately 16 per cent more inventory than this time last year, giving buyers more to choose from and forcing some sellers to drop prices to stay competitive.”

According to Honsberger, unit sales have lagged compared to last year. “Sales were good in July and August, with some weakening in September.  Despite a good third quarter we are trailing 2013 by about 7 per cent in terms of units sold,” added Honsberger.

Nationally, the average price of a home in Canada rose between 4.4 per cent and 6.1 per cent year-over-year in the third quarter of 2014. According to Royal LePage, the average price of a standard two-storey home rose 5.5 per cent to $441,714, while detached bungalows increased 6.1 per cent to $405,101.  Condominiums on average showed slightly lower year-over-year gains, posting a 4.4. per cent increase to $257,377. 

“In the seven years since the Canadian housing market began its recovery from the worldwide recession, home price growth has been robust, often greater than the long-term average of approximately five per cent,” said Phil Soper, president and chief executive of Royal LePage. “We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country, a transition to what our agents  refer to as a ‘Goldilocks market,’ one that is neither too hot, nor too cold. To be clear, we expect home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.”

About the Royal LePage House Price Survey 

The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage website at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the third quarter of 2014. A printable version of the third quarter 2014 survey will be available online on November 12, 2014. Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts. 

SOURCE Royal LePage Limited

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Shocking statistics considering the upward trend to sell property privately. I've run into this several times where sellers have sold their home for far less than they could have with me as a REALTOR, even after paying for my commissions, they would have still made more money working with me.

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3359 Agricola - Accepted Offer with just 5 days on the market! The Halifax Real Estate Market is hot. With my marketing plan, rest assured that you're in good hands in buying or selling real estate in HRM!

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First Time Home Buyers RRSP Program

I would like to let everyone know about the "First Time Home Buyers" RRSP program. This is a successful and easy program that helps my clients get the best rates and their new home!

1. A first time home buyer is someone who has not owned a home in 4 years. You do not have to be a "true" First timer! 2. You do NOT need an RRSP to use this program, You basically borrow money for your down payment and closing cost, Then... in TWO years start paying it back into an RRSP, which is great because you will then have an RRSP!! Literally a win win!

The payments are very low, for example $20,000 RRSP loan payment is $150/month...and did I mention, it goes back into your own RRSP?

Exceptional, isn't it?

Becoming a home owner is an exceptional means to build personal wealth and attain financial stability.

Contact me for further details, and let's put you on a path to financial stability.

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When to call a REALTOR

If you're like most people, you go to see a doctor when you're not feeling well or have a health concern. However, you may also visit your doctor for a check-up, or to ask questions about healthy living. In fact, consulting your doctor for anything health-related is a smart idea.

The same holds true when it comes to real estate. Many people only call a REALTOR® when they're planning on selling their property or buying a new home, or both. While that's an important reason to speak to a REALTOR®, it's not the only reason.

Indeed, there are many good reasons for you to give a good REALTOR® a call.

For example:

• If you have a question about the state of the local real estate market. (Remember that it may be very different from what you hear on the news about the national market.)

• If you want to get a sense of what homes are currently selling for in the area.

• If you want to determine the current market value of your property.

• If you want to find out how much homes cost in neighbourhoods you'd like to consider.

• If you're thinking about the possibility of making a move, but you’re not sure if it’s the right time.

In other words, don't be afraid to contact a good REALTOR® when you have a question or need some advice about the real estate market.

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First time home buyers seminar. If you're spending $1000 a month in rent, you're giving away $60,000 a year to someone else. Why rent when you can buy? Pre-Approvals on site if requested. 

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Before you complain about bad sales, ask yourself this...

By Colleen Francis- Globe and Mail Feb 20 2014

 My clients have been complaining about the health of the global economy. While the United States is booming, Europe is struggling. Canada is edging up slightly and Asia is in flux.

Like international markets, some companies are exceeding their goals while others are crying poor and blaming external factors for their failures.

I see it every day: Having missed their targets, companies look for advice on how to sell in a confusing market. My first comment is this: “If your market has changed and you haven’t changed with it, you will soon be out of business. So tell me: what have you done to change your activities this year?”

The question is usually met with silence. Most companies give up when the markets slow down. They resign themselves to the fact it’s going to be a bad year and they don’t even try. Simply put, they refuse to change.

Some, on the other hand, refuse to wave the white flag. These top performers attack their markets with vigour, and they approach their prospects with new and increased sales activities. They are the few representatives who manage to thrive in the face of an inhospitable economic climate.

I recently met with one of these survivor types. Mike owns a manufacturing company selling to home builders, renovators and consumers. His sales are up 200 per cent this year as a result of “embracing the changes in my market and out-hustling my competition.”

So before you complain about the economy hurting your business, are you taking any of the following actions?

Reaching out to your current client data base at least twice a month with a value-based, content rich newsletter, whether it be paper-based or e-mail.

Attending at least one networking event a week.

Asking for referrals at least once a day.

Having your team follow up on your leads at least seven times by e-mail and seven times by phone before you give up.

Identifying new target markets.

Attending trade shows and following up on leads within 24 hours.

Implementing a reactivation campaign to win back lost customers.

Changing your presentation to place a customer’s values first and your corporate marketing messages last.

Talking to your five best customers. Ask them to evaluate your situation and make suggestions for new markets.

Getting a coach or a mentor. Investing in a live training program and networking with other professionals for a new perspective.

Staying away from the complainers. Don’t make your sales worse by hanging around the life suckers and underachievers.

Each night before you go to bed, making a list of 20 things that happened that day that you are excited about or proud of.

Spending 15 minutes before you start work reading materials that focus on developing your positive attitude. Searching for blogs or online sources, or starting a classic book from Napoleon Hill. Skip the newspaper.

Riding along with the best salesperson in your office and watching how he or she communicates with clients. Implementing what that person is doing into your sales process.

Recording calls and listening to them. Would you buy from your team?

Tweeting, blogging or updating your social media status with a value message or inspirational message daily.

You can change your results in any economy. Just look at Mike. Believe in yourself.

Sales expert Colleen Francis is founder and president of Engage Selling Solutions. Ms. Francis ensures clients realize immediate results, achieve lasting success and permanently raise their bottom line.