Category Archives: Newsletter

2016 Fall Newsletter – Selling in a Hot Market & More

fall-photo2Selling in a hot market

Even in a ‘hot’ real estate market, some homeowners are reluctant to sell. They ask, “Why sell if it’s just going to cost me more where I’m going?” The problem is, that logic is often not true. If you’re downsizing, this could be an optimum time to make a move, capitalizing on the price gap between what you may receive for your current home and what you’ll pay for a smaller home.

Even if you’re upgrading, a strong market may still be to your advantage. For example, if you’re moving from a city center to a more outlying community, or from an established neighbourhood to a new development.

There are also carrying costs to consider. Right now, Canadians benefit from near record low mortgage rates, which has a major impact on a home’s true affordability. Your Coldwell Banker sales professional can provide pricing data and affordability calculations to help you make an informed decision.

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What is a ‘Smart Home’?

With the development of Smart Home products, our homes are increasingly able to simplify our lives and save us time and money. So, it’s not surprising that homes for sale with Smart Home products are gaining traction.

And while this new trend is underway, Coldwell Banker noticed that no one had defined for consumers what a Smart Home really is. So we sat down with CNET.com, the preeminent technology reviewer, to set the standard:

Smart Home: A home equipped with network-connected ‘smart products’ (i.e. connected via Wi-Fi, Bluetooth, etc.) for controlling, automating and optimizing functions such as temperature, lighting, security, safety or entertainment, either remotely by a phone, tablet, computer or a separate system within the home itself. It must have a cable, satellite or DSL internet connection and be equipped with at least three Smart Home features, including security or temperature.

Want to know more about Smart Home features? Visit Coldwell Banker’s Blue Matter blog or stay tuned for our next issue.

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Home sales heading for a record

Canada’s real estate market is heading for a record in 2016, according to a recent industry forecast. On September 15, The Canadian Real Estate Association (CREA) predicted national MLS® sales will rise 6% this year, to reach 535,900 units, a new record. Sales are expected to stay at a similar pace next year, with CREA forecasting 532,900 homes sold in 2017.

The national average price is expected to reach $487,800 in 2016, a 10.1% increase over last year. According to CREA, the average home price will hold steady next year at $486,600.

While it’s interesting to review national trends, regional disparities abound in markets across the country. Home prices can vary between communities, or even on the same street. For a closer look at your market, contact your local Coldwell Banker professional.

 

Home News – Summer 2016

photo2Creative ownership solutions

Even with today’s affordable mortgage rates, the real estate market can be a challenge for some buyers. Their solution? Some opt for the joint purchase of a multiple-unit dwelling, such as a duplex or a home with a separate apartment. This trend is seen in multi-generational homes, with ’empty nester’ parents and their adult children sharing one property with separate living spaces.

If you choose a joint ownership approach, it’s important to work out all the details before you buy. Everyone involved should agree on all sub-lease and resale provisions upfront and in writing. For example, what happens if someone wants to sell? Does one party have the right to buy out the other? How will a fair price be determined? Or, is the property put on the market with all parties sharing the proceeds? What about ongoing maintenance of the property?

There’s a lot to consider and these matters shouldn’t be left to chance. Get a lawyer involved and draw up an agreement that clearly sets out the rights and obligations of all co-owners.

If you’re thinking of joint ownership, or other creative ways to ease the cost of owning a home, talk it over with the expert. Your Coldwell Banker professional may suggest options you’d never even considered.

photo32017 Forecast climbs again

Canada’s real estate market will stay strong through next year, according to the latest industry forecast. On June 15, The Canadian Real Estate Association (CREA) upwardly revised its national forecast for 2016 and 2017. CREA predicts national MLS® home sales will rise by 6.1% this year, to reach 536,499 units. Sales are expected to stay at a similar pace next year, forecasting 537,500 homes sold in 2017.

Prices are also expected to continue their upward climb nationally, reaching a national average of $490,700 in 2016, a 10.8% increase over last year, led by strong gains in Toronto and Vancouver. According to CREA, the national average home price is expected to hold steady next year at $491,100, reflecting an expected slowdown in BC and Ontario.

Of course, this national overview is the ‘big picture’. Home prices can vary between communities, within neighbourhoods, or even on the same street. For a closer look at sales and prices in your area, contact your local Coldwell Banker real estate professional.

photo4Remember resale when you buy

Buying a home can be a great long-term investment, but sometimes homeowners find they need to move again in a relatively short period of time. This may be due to lifestyle changes such as marriage, having children or relocation for a job change. That’s why it’s so important for buyers to consider the potential resale value of properties they view.

Your local Coldwell Banker professional can help by sharing such valuable information as the average price of resale homes in different areas and news about planned developments that may affect property values in the area. They can also advise you on what features may increase – or detract from – a home’s future value and appeal. This includes features that may already be in the home, or improvements you may be planning in the future. All other factors being equal, potential resale value may tip the scales toward one property versus another. So, when it’s time to buy, remember to talk about resale with your Coldwell Banker professional. Contact Gary & Debbie today…