Are you a professed open house snooper? Do you love popping into open houses even if you’re not looking to sell or buy? While touring an open house is an important step for most buyers, there’s still a lot you can learn even if you’re not presently in the market. For example:
Get staging or design inspiration.
Most open houses are professionally staged, so checking one out, especially if it’s similar in size or style to your own, can be a great way to get a sense of how different colours and furniture styles look. When it comes time to stage your own for sale, you might have some great ideas.
Get to know your price point.
Taking a look through different open houses that are either similar to your own, or in a price point you plan to buy in, can give you a reality check. If you keep seeing homes in your price range that just don’t fit the bill, it might be time to increase your budget or be prepared to compromise. The same goes for your current home. If you see similar spaces that sell for a lot less, you might want to rethink your sales strategy.
Learn what doesn’t work.
Open houses can also be a great chance to see some seriously misguided renovations or decor choices. Did someone take down a wall and lose a valuable potential home office? Undertake a bathroom renovation that just didn’t make sense? Learning what doesn’t work in a similar home, or what features you absolutely couldn’t compromise on can be valuable, too.
Most listing agents know that a certain number of open house visitors are there out of curiosity, not because they’re in the market, so don’t be shy! There’s still a lot you can learn from browsing open houses whether you’re looking to buy immediately or not.
5 Real Estate Tips
Thanks to a glam Hollywood treatment and an influx of design and reno shows, the world of real estate can look like a pretty sweet deal. You tour some high-end houses, sign some papers, close a few deals and you’re set. Right? In real life, it’s a little more complicated than that. From emotional sellers to DIY disasters, real estate agents deal with challenges just like any professional. Here’s what they wish you knew about the job:
“Reality” television isn’t that real.
Shows can make it seem simple and fun to buy a fixer-upper, gut the place and sell it to make a profit, all within a short timeframe. In reality, these projects take much more time and often encounter more complications. Make sure you speak with both a real estate agent and a contractor before deciding if this is the right option for you.
Time is of the essence.
In Canada, where many housing markets are hot, hot, hot, timing can make all the difference when it comes to scoring your dream home. For buyers, being responsive and filing paperwork on time can be the reason you get—or lose—the place you want.
It pays to keep your emotions in check when selling.
It only makes sense that when you put down roots in a space you become attached to it. Unfortunately, emotional connections sometimes get in the way of pricing a home at its actual value or accepting a perfectly good offer.
Staging has real benefits.
People become attached to their things as well as their actual dwellings. But not every potential buyer will be as enthused about your treasured family vacation photos or carefully curated souvenirs. If your agent suggests you use the services of a professional stager, they’re trying to get your home the value it deserves.
Keeping your home tidy helps!
Even in a hot market, going out of your way to make your home as presentable and welcoming as possible is a necessary piece of getting the buyer you want. Spending a few minutes every day to tidy up, wipe down counters and give the floors a quick swiffering makes an agent’s job that much simpler.
The land of mortgages is big, and Ryan Boughen, a multi-award-winning Regina Mortgage broker with TMG The Mortgage Group, understands how confusing it can be with new rules, rates and information appearing regularly in the market. There are also dozens of lenders with thousands of mortgage products available. Ryan Boughen is a Trusted Regina Mortgage Broker, and in his latest mortgage tip, he touches on the subject of mortgage renewal.
Your mortgage is probably the single most considerable expense. Unfortunately, most people give it little thought. Here are the most expensive mistakes you must avoid when you renew your next mortgage.
✅ Don't take the first offer - Most times, the first offer you receive from a bank or lender is never their best. Don't be afraid to shop around.
✅ Refinancing - Many mortgage brokers and lenders will bring up the opportunity to refinance your debt or take out equity from your home at the time of mortgage renewal. For more than 99% of us, this is a bad idea. The lure of “cheap money” is strong – whether to pay off debts or use the money for a home reno – going into more debt when you renew your mortgage will cost you in the long run.
✅ Paying off Debt Responsibly - If you have car loans, lines of credit, a balance on your credit card, or other personal debts, you should never pay more than the minimum on your mortgage. Paying off these debts, saving for your child’s education and putting away 15% of your gross income into retirement ALWAYS takes priority over paying off your house.
✅ Have A Master Plan for your Finances - If you fail to plan, plan to fail. Ideally, you should have a monthly, yearly and 5-year plan for your overall finances. Anything from planning your monthly expenses, such as budgeting housing, automotive, and general expenses, to the amount you want to see in your RRSPs and retirement fund.
MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.
MacKay & McLean are your TRUSTED REGINA LAWYERS. In Mackay & Mclean's latest legal tip they provide helpful information on the duty to disclose in real estate transactions.
Buying Regina and are property? Wonder what the obligation on the Seller is to, to be honest? This is called the duty to disclose.
When buying property, the rule of thumb is caveat emptor or buyer beware.
For this reason, many buyers obtain a home inspection. However, a home inspection may be a double edge sword, as it can negate potential title insurance claims.
The Seller has a duty to disclose latent defects or defects that are not readily observable. Observable defects are generally referred to as ‘patent’ defects. The problem here is that Sellers disputing the claim often claim that they were ‘unaware’ of the defect. This may permit them to escape liability. It is difficult to establish what they did or did not know.
For practical reasons this relegates many to investing in the fix rather than in a law suit.
The failure to disclose a latent defect may entitle a Buyer to collapse a transaction, have it set aside or damages. Please consult a lawyer with respect to your specific situation.
The Property Condition Disclosure Statements that are often included in transactions are somewhat helpful, in that they at least provide some record of the representations made with respect to the property. The MLS listing or web site advertisement, if bought privately, is also very helpful. Lastly, if you are relying on some specific representation, e.g. the ability to build a garage on the property or that the jacuzzi tub works, then make it a term of the contract.
Please contact MacKay & McLean for a free consultation and to discuss any concerns or answer questions you have on real estate and property law
Read all of our Regina Real Estate Law articles here
Buying, Selling or Refinancing Real Estate Property in Regina and area, or need general legal advice?
Being a small Regina, SK firm, the lawyers of MacKay & McLean give personal, professional attention to each of our clients, thus maximizing results while minimizing cost. Our lawyers and front office staff take the time to talk to you so that you are comfortable with the process. More importantly, we take the time to listen to you.
Robert Mackay and the team at Mackay & McLean offer a variety of legal services and are able to represent you in a variety of situations that require counsel. In addition, they offer a free initial consultation. Trusted Regina Lawyers, based in Regina Saskatchewan, specializing in real estate, criminal, personal injury, commercial & family law.
MacKay & McLean provides the professional services of a large Regina law firm, with the intimate attention of a small firm. The legal process can be daunting and overwhelming, but it doesn't have to be. MacKay & McLean is with you every step of the way.
MacKay & McLean are TRUSTED REGINA LAWYERS
When looking to buy, sell, or refinance a property, you need to hire somebody who is not a stranger to addressing the real estate needs of individuals and families.
Canadian Home Prices Could Drop as Much as 5% Due to Coronavirus
Trusted Regina Real Estate Lawyer Robert MacKay shares some insight on the potential future of the Canadian Housing market.
Canadian home prices could fall a “relatively modest” five per cent by July as some owners are forced to sell in the face of the economic hardship brought on by COVID-19, Capital Economics said Monday.
While sales activity and price gains were firm in the first half of March, real estate boards from across the country are reporting a near halt in activity as government shutdowns and physical distancing have people staying home.
As April unfolded, it became innately clear that COVID-19 had already impacted the local housing market, with Toronto home prices declining for the first time in nearly two years.
But the pandemic isn’t just going to have an impact on a local level but on a national level as well, with some experts already predicting that Canadian home prices could fall in the months to come.
Capital Economics said Canada’s house price inflation accelerated to a nearly two-year high in March, but given the disruption already caused by the coronavirus outbreak, prices are set to decrease in the coming months.
Capital Economics senior Canada economist Stephen Brown said April will see “an even steeper fall” in sales activity to a “small fraction of their normal levels.”
“New listings also fell sharply in March, which meant the sales-to-new listing ratio continued to point to strong house price inflation ahead,” said Brown, however, he said
“given the huge rise in unemployment and the cashflow problems that restrictions on tourism have caused investors in the short-term rental market, it seems likely that there will be some forced sellers in the coming months. Those sellers will inevitably have to accept lower bids from the few people willing to buy in the current environment.” said Brown.
Last week, the Canadian Real Estate Association reported a 14 per cent drop in sales volume from February to March. New listings were down 12.5 per cent from February, while average prices were flat month-over-month and up 12.5 per cent year-over-year.
That dynamic has Capital Economics “penciling in a relatively modest fall in house prices of five per cent in the coming few months.”
Source: Greg Bonnell - BNN Bloomberg - April 20 2020 - https://www.bnnbloomberg.ca/home-prices-could-fall-5-amid-pandemic-capital-economics-1.1424090
Source: Ainsley Smith - Toronto Storeys - April 20 2020 - https://torontostoreys.com/canada-home-prices-coronavirus-decline/
For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay
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- Real Estate & Mortgages
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