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.
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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Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.
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ROBERT Mackay is your TRUSTED REGINA REAL ESTATE LAWYER!
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.
How to avoid realty mistakes
If you are selling or Investing in a home can be overwhelming and stressful. It is, perhaps, one of the most important decisions you will ever need to make. It is fraught with potential pitfalls and you must do everything you can to avoid making costly mistakes. the following is list of the biggest mistakes we all make when buying and selling our homes.
Failing to Showcase Your Home and Making Small Cosmetic Changes
When you are selling your house, you have to really look at it objectively and think about it from the viewpoint of the house hunter. Make minor enhancements to the house and maybe hire a professional stager to come and arrange your furniture.
Staging is about decorating your house for the buyers' taste, not yours.
A great place to start is with the front of the home and the main entryway. Home staging is designed to increase the potential selling price and reduce the amount of time the house stays on the market.
Setting Too High of a Sale Price
As a seller, it's really important to do your research. To come up with your sale price, look up what comparable homes in your neighborhood have sold for. Figure out what the going price is and try to put yours right in the middle of that, unless you have something extra-special to offer. It's always better to price a home that way than to start too high and have to reduce. Once you reduce, it always looks like something is wrong with the home.
Overlooking the Extra and Hidden Costs
Buying a home is not just about the money that you spend upfront; it's about all the rest of the money you have to spend beyond that. Find out what the property taxes are, what your water bill might be and what a standard electric bill is in that home, especially if you have electric heat instead of gas heat. You also need to factor in furnishings you may need to purchase before you can move in.
Buying a Home Without a Professional Inspection
There are a lot of things a home inspection can reveal about a property that are not visible to the naked eye. Be sure to hire someone who comes with a good referral basis, who's been in the business a while and knows what to look for. Look up Home Inspectors and get a list of qualified home inspectors in your area.
Be sure to hire a home inspector to thoroughly check out a house you are interested in purchasing.
Once you find an inspector, insist that they compile a written report, complete with photos. Photographs are important because there are areas a home inspector will go that you might not look at.
Falling in Love With the First Property You See
Many homebuyers, particularly first-time homebuyers, fall into the trap of falling in love with the very first house that they see. You need to at least look at three more houses in the area to get an idea of what the comparables are in that price range. You want your real estate agent to show you homes comparable to what you saw. At the end of the day, re-evaluate.
Skipping the Loan Pre-Approval Step
When you are pre-approved, the bank is saying, "we will give you a mortgage of up to this amount, so now all you have to do is find your home." Some sellers only allow real estate agents to show their house if someone has a pre-approved letter. That indicates that the shopper really is serious about buying a home.
Not Hiring an Agent
There's a lot more to selling a house than just putting a sign on the front lawn. If you don't have an agent, you will not get on the multiple-listing service (MLS). That means that other agents are not going to know that your property is for sale. Another thing to consider is if you are willing to show the house each time someone wants to come by and look at it. If you do plan to sell your house on your own, be sure to have a lawyer present at the closing. It's really important to have someone on your side who understands all the complexities.
Not Thinking About Resale
When you are decorating and renovating your home, you need to think about what is going to appeal to a broad section of buyers when it comes time to sell it. Buying houses and being in the real estate market is like chess: You always want to look two or three steps ahead in the game.
Not Researching the Neighborhood
It's absolutely critical that you research the neighborhood before you buy. Check out the area, amenities and the school system to be sure that your address corresponds with the correct school district. Also attend a community meeting, if possible. You're not just buying a house, you're buying a piece of that real estate and the land around it.
Buying a House for Its Decor
Remember that you are buying the house, not the things inside it, so make sure you see beyond the decorations and look at the bones of the home. Focus on the floor plan and the square footage. You also might want to measure the dimensions and graph out how that's going to work with your belongings.
Not Providing Easy Access for Showings
Make your house easily accessible to potential buyers. If there's nowhere to park or it's difficult to get into, buyers may just skip it and look at someone else's property.
When you go about buying your home the right way, you can make it less difficult and ensure success. For more questions and help with any legal property issues consult with our Trusted Regina Real Estate Lawyer Robert MacKay
Here is a list of more consumer tips by Robert MacKay
Robert MacKay's team provides professional, personalized service and with their assistance, you can rest assured that your real estate transactions will be handled with the utmost consideration and care.
