Friday, 28 June 2013

Why you should hire The Kitzman Team as YOUR REALTOR®?

Q: Why should I hire a REALTOR®?
You're trusting a REALTOR® with your most valuable possession, your home. REALTORS® take this responsibility very seriously. Here's what we promise you:
  1. Your REALTOR® is a trained professional

    REALTORS® take extensive pre-licensing courses in order to obtain credentials for practicing in real estate.
  2. Your REALTOR® is continuously trained

    REALTORS® keep pace with the times by taking continuing education courses to upgrade their knowledge on a broad range of real estate related issues in order to be able to continue to provide consumers with current advice.
  3. Your REALTOR® does everything by the book

    A REALTOR® must be registered under provincial laws that govern exactly how real estate can and cannot be traded. These regulations are your legal guarantee of professional behavior.
  4. Your REALTOR® is an ethical businessperson

    REALTORS® must adhere to the extensive Code of Ethics of the Canadian Real Estate Association. Several provinces have additional codes of ethics governing real estate professionals. Your interests must always be put first.
  5. Opportunity for recourse

    Should you have concerns about the professional behavior of a REALTOR®, provincial regulators and your local real estate board or association take these matters very seriously and work quickly to resolve any issues.
  6. Your REALTOR® has access to a local Board's MLS® System

    A Board's MLS® system is the single most powerful tool for buying and selling a home. Your REALTOR® can provide you with exclusive features of the Board's MLS® System, such as immediate notification when new properties are listed. You don't have to wait for it to be posted on a web site.

Kevin & Faye Kitzman

Sales Representatives

Remax Real Estate Centre

Direct : 519-577-0603



 


 

Faye Kitzman

Mortgage Agent

Mortgage Intelligence

519-588-0141


M08003930

Friday, 21 June 2013

Canadian home sales climb higher...

Canadian home sales climb higher in May
Ottawa, ON, June 17, 2013 – According to statistics released today by The Canadian Real Estate Association (CREA), national home sales improved in May 2013, building on gains recorded in the previous two months.
Highlights:
  • National home sales rose 3.6% from April to May.
  • Actual (not seasonally adjusted) activity came in 2.6% below levels in May 2012.
  • The number of newly listed homes was up 1.9% from April to May.
  • The Canadian housing market remains firmly in balanced territory.
  • The national average sale price rose 3.7% on a year-over-year basis in May.
  • The MLS® Home Price Index (HPI) rose 2.3% year-over-year in May.
chart of interest01 (E)The number of home sales processed through the MLS® Systems of real estate Boards and Associations and other cooperative listing systems in Canada rose 3.6 per cent on a month-over-month basis in May 2013, its largest monthly gain in almost two and a half years.
The increase lifted national activity almost to where it had been just before new mortgage rules came into force last summer, marking the first noteworthy increase in the past nine months.
Home sales improved in two-thirds of all local markets in May. This list encompasses almost all large urban markets including Greater Vancouver, Calgary, Edmonton, Winnipeg, Greater Toronto, Hamilton-Burlington, Kitchener-Waterloo, Ottawa, Montreal and Halifax-Dartmouth.
“While sales improved in sync among the vast majority of local markets in May, the fact remains that all real estate is local,” said CREA President Laura Leyser. “Your REALTOR® is your best resource for understanding how the housing market is shaping up where you live or might like to.”
“Until recently, mixed sales trends across the country taken together had resulted consistently in a stable national trend,” said Gregory Klump, CREA’s Chief Economist. “The difference in May was that sales improved in so many markets at the same time.”
“The pop in Canada’s resale housing numbers adds one more to a series of upbeat economic indicators that exceeded expectations in recent weeks. It’s important not to put too much stock in one month’s worth of data, but taken together with other recently published economic gauges, Canadian resale housing market results provide further evidence of the widely anticipated firming trend for Canadian economy.”
Actual (not seasonally adjusted) activity came in 2.6 per cent below levels reported in May 2012, with transactions down on a year-over-year basis in about 60 per cent of local markets.
The number of newly listed homes rose 1.9 per cent month-over-month in May. New listings were up in about two-thirds of all local markets, led by a rebound in non-CMA regions in Quebec, as well as by gains in the Fraser Valley, Edmonton, Winnipeg, and Greater Toronto.
With a larger increase in sales than new listings, the national sales-to-new listings ratio rose to 51.4 per cent in May compared to 50.6 per cent in April. This measure has remained firmly rooted in balanced market territory since early 2010 and has held within short reach of 50 per cent since August 2011. Based on a sales-to-new listings ratio of between 40 to 60 per cent, two-thirds of all local markets were in balanced market territory in May.
The number of months of inventory is another important measure of balance between housing supply and demand. It represents the number of months it would take to completely liquidate current inventories at the current rate of sales activity.
Nationally, there were 6.4 months of inventory at the end of May 2013. This indicates that the national housing market firmed slightly compared to a reading of 6.6 months at the end of April. Provinces where the number of months of inventory declined include British Columbia, Alberta, Ontario, Quebec, New Brunswick, and Nova Scotia.
The actual (not seasonally adjusted) national average price for homes sold in May 2013 was $388,910, an increase of 3.7 per cent from the same month last year.
For almost two years now, declining sales activity in Greater Vancouver has exerted a downward pull on the national average sale price. May 2013 marks a departure from that trend, with activity in Greater Vancouver having boosted the national average price for the first time since August 2011.
The MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales the way that average price is. For that reason, it provides the best gauge of Canadian home price trends.
This month, Ottawa joins the HPI. With this addition, the index now includes data from 8 real estate boards (Greater Vancouver, Fraser Valley, Calgary, Regina, Saskatoon, Greater Toronto, Greater Montreal and now Ottawa), representing approximately 50% of all Canadian resale housing activity.
The Aggregate Composite MLS® HPI rose 2.3 per cent on a year-over-year basis in May, up marginally compared to the 2.2 per cent increase reported in April. While this interrupted the string of diminishing year-over-year gains posted over the past eleven months, it was still the slowest rate of price growth in more than two years with the exception of slightly lower readings in March and April 2013.
Year-over-year price growth advanced for all Benchmark property types tracked by the index. Price gains remained strongest for single family homes (+2.8 per cent), followed by townhouse/row units (+1.9 per cent), and apartment units (+1.1 per cent).
natl_chart_of_interest03_hi-res_enYear-over-year price growth in the MLS® HPI was mixed across the markets tracked by the index.
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PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 106,000 REALTORS® working through more than 90 real estate Boards and Associations.
Further information can be found at http://crea.ca/statistics.

Friday, 14 June 2013

Determing " Your" offer price.

Determining Your Offer Price
When you prepare an offer to purchase a home, you already know the seller’s asking price. But what price are you going to offer and how do you come up with that figure?
Determining your offer price is a three-step process.
First, you look at recent sales of similar properties to come up with a price range. Then, you analyze additional data, such as the condition of the home, improvements made to the property, current market conditions, and the circumstances of the seller. This will help you settle on a price you think would be fair to pay for the home. Finally, depending on your negotiating style, you adjust your "fair" price and come up with what you want to put in your offer.
Comparable Sales
The first step in determining the price you are willing to offer is to look at the recent sales of similar homes. These are called "comparable sales." Comparable sales are recent sales of homes that compare closely to the one you are looking to purchase. Specifically, you want to compare prices of homes that are similar in square footage, number of bedrooms and bathrooms, garage space, lot size, and type of construction.
If the home you are interested in is part of a tract of homes, then you will most likely find some exact model matches to compare against one another.
There are three main sources of information on comparable sales, all of which are easily accessed by a real estate agent. It is somewhat more difficult for the general public to access this data, and in some cases impossible. Two of the most obvious information sources are the public record and the Multiple Listing Service.

Comparable Sales in the Public Record
The most accessible source of information on comparable sales is the public record. When someone buys a home the property is deeded from the seller to the buyer. In most circumstances, this deed is recorded at the local county recorder’s office. They combine sales data with information already known about the property so they can assess property taxes correctly.
Provided there have been no additions to the property, the information available from the public record is usually correct regarding sales price, square footage, and numbers of rooms. This makes it easy to use the public record as a source of data for comparable sale information.
Accessing the data is another matter, at least for the general public. Realtors can generally look up this information through title insurance companies. The title companies either compile the data directly from the county recorder’s office or purchase if from other companies.
One problem with the public record is that it tends to run at least six to eight weeks behind. Add another four to six weeks for the typical escrow period and you can see the data is not current. The most current information is the most valuable.

Comparable Sales in the Multiple Listing Service
Most of the public is aware that the Multiple Listing Service is a private resource where Realtors list properties available for sale. Recently, the public has been able to access some of that information on such sites as Realtor.com, MSN HomeAdvisor, and others.
Once a property is sold and the transaction has closed, the selling price is posted to the listing in the Multiple Listing Service. Over time, it has become a huge database on past sales, containing much more information on individual homes than can be gleaned from the public record. This information is only available to real estate agents who are members of the local Multiple Listing Service.
Your agent will provide you with this data to help determine your offer price.

Comparable Sales – Pending Transactions
The most valuable information would be the most current, of course. A sale last week has more validity in helping you determine a purchase price than a sale from six months ago. The problem is that there is no actual record of the sales price until the transaction is completed. The information is not available in the public record because no deed has yet been recorded.
Neither is the information available in the Multiple Listing Service. Once a property is sold, it becomes a "pending sale" and all pricing information is removed from the listing. Prices are not posted until it becomes a "closed sale." This protects the seller in case the transaction falls apart and the property is placed back on the market. It would give an unfair advantage to future potential buyers if they already knew what price the seller had been willing to accept in the past.
However, if a Realtor has a reason to know the sales price, they can usually find out through professional courtesy. Also, some real estate brokerages post sales information on a transaction board in their office.
Conclusions
Gathering and analyzing information from comparable sales helps to establish the range of prices you should consider when making an offer to buy a home. More weight should be given to the most recent sales, but even so, you need to do a bit more analysis before setting upon the price you will offer. That is because you also need to consider the condition of the property, improvements, the current market, and the circumstances behind the seller’s decision to sell.

Source* realestateabc.com


Kevin & Faye Kitzman

Sales Representatives

Remax Real Estate Centre

Direct : 519-577-0603



 


 

Faye Kitzman

Mortgage Agent

Mortgage Intelligence

519-588-0141


M08003930

Thursday, 6 June 2013

10 Secrets for Purchasing a HOME.

10 Best-Kept Secrets for Buying a Home

Get the most out of your money with these handy home-buying tips.

Buying Secret #10: Keep Your Money Where It Is
It’s not wise to make any huge purchases or move your money around three to six months before buying a new home. You don’t want to take any big chances with your credit profile. Lenders need to see that you’re reliable and they want a complete paper trail so that they can get you the best loan possible. If you open new credit cards, amass too much debt or buy a lot of big-ticket items, you’re going to have a hard time getting a loan.
Buying Secret #9: Get Pre-Approved for Your Home Loan
There’s a big difference between a buyer being pre-qualified and a buyer who has a pre-approved mortgage. Anybody can get pre-qualified for a loan. Getting pre-approved means a lender has looked at all of your financial information and they’ve let you know how much you can afford and how much they will lend you. Being pre-approved will save you a lot of time and energy so you are not running around looking at houses you can't afford. It also gives you the opportunity to shop around for the best deal and the best interest rates. Do your research: Learn about junk fees, processing fees or points and make sure there aren’t any hidden costs in the loan.
Buying Secret #8: Avoid a Border Dispute
It’s absolutely essential to get a survey done on your property so you know exactly what you’re buying. Knowing precisely where your property lines are may save you from a potential dispute with your neighbors. Also, your property tax is likely based on how much property you have, so it is best to have an accurate map drawn up.
Buying Secret # 7: Don’t Try to Time the Market
Don’t obsess with trying to time the market and figure out when is the best time to buy. Trying to anticipate the housing market is impossible. The best time to buy is when you find your perfect house and you can afford it. Real estate is cyclical, it goes up and it goes down and it goes back up again. So, if you try to wait for the perfect time, you’re probably going to miss out.
Buying Secret # 6: Bigger Isn’t Always Better
Everyone’s drawn to the biggest, most beautiful house on the block. But bigger is usually not better when it comes to houses. There’s an old adage in real estate that says don’t buy the biggest, best house on the block. The largest house only appeals to a very small audience and you never want to limit potential buyers when you go to re-sell. Your home is only going to go up in value as much as the other houses around you. If you pay $500,000 for a home and your neighbors pay $250,000 to $300,000, your appreciation is going to be limited. Sometimes it is best to is buy the worst house on the block, because the worst house per square foot always trades for more than the biggest house.
Buying Secret #5: Avoid Sleeper Costs
The difference between renting and home ownership is the sleeper costs. Most people just focus on their mortgage payment, but they also need to be aware of the other expenses such as property taxes, utilities and homeowner-association dues. New homeowners also need to be prepared to pay for repairs, maintenance and potential property-tax increases. Make sure you budget for sleeper costs so you’ll be covered and won’t risk losing your house. Buying Secret #4: You’re Buying a House – Not Dating It
Buying a house based on emotions is just going to break your heart. If you fall in love with something, you might end up making some pretty bad financial decisions. There’s a big difference between your emotions and your instincts. Going with your instincts means that you recognize that you’re getting a great house for a good value. Going with your emotions is being obsessed with the paint color or the backyard. It’s an investment, so stay calm and be wise.
Buying Secret #3: Give Your House a Physical
Would you buy a car without checking under the hood? Of course you wouldn’t. Hire a home inspector. It’ll cost about $200 but could end up saving you thousands. A home inspector’s sole responsibility is to provide you with information so that you can make a decision as to whether or not to buy. It’s really the only way to get an unbiased third-party opinion. If the inspector does find any issues with the home, you can use it as a bargaining tool for lowering the price of the home. It’s better to spend the money up front on an inspector than to find out later you have to spend a fortune.
Buying Secret #2: The Secret Science of Bidding
Your opening bid should be based on two things: what you can afford (because you don’t want to outbid yourself), and what you really believe the property is worth. Make your opening bid something that’s fair and reasonable and isn’t going to totally offend the seller. A lot of people think they should go lower the first time they make a bid. It all depends on what the market is doing at the time. You need to look at what other homes have gone for in that neighborhood and you want to get an average price per square foot. Sizing up a house on a price-per-square-foot basis is a great equalizer. Also, see if the neighbors have plans to put up a new addition or a basketball court or tennis court, something that might detract from the property’s value down the road.
Today, so many sellers are behind in their property taxes and if you have that valuable information it gives you a great card to negotiate a good deal. To find out, go to the county clerk’s office.
Sellers respect a bid that is an oddball number and are more likely to take it more seriously. A nice round number sounds like every other bid out there. When you get more specific the sellers will think you've given the offer careful thought.
Buying Secret #1: Stalk the Neighborhood
Before you buy, get the lay of the land – drop by morning noon and night. Many homebuyers have become completely distraught because they thought they found the perfect home, only to find out the neighborhood wasn’t for them. Drive by the house at all hours of the day to see what’s happening in the neighborhood. Do your regular commute from the house to make sure it is something you can deal with on a daily basis. Find out how far it is to the nearest grocery store and other services. Even if you don’t have kids, research the schools because it affects the value of your home in a very big way. If you buy a house in a good school district versus bad school district even in the same town, the value can be affected as much as 20 percent.

* Source- HGTV