Real Estate Information Archive

Come join us for a FREE Seminar Hosted by Flav Onsen,       Royal LePage Wolle Realty. 
Learn how to buy and manage your first Income Property!

Thursday November 24th, 7pm; Kitchener, ON
Please RSVP as seating is limited to flav@onsenhomes.com

This is just a reminder of some closing costs and extras that occur when buying a home.  The following figures are approximate:

1.  Land Transfer Tax:
- Click HERE for exact figures and amounts.

2.  Tax and Mortgages:
- Figures are only available through a lawyer.
- These adjustments will include things like property taxes, any Rental items, or condo fees if applicable.

3.  Mortgage Insurance Fee (if CMHC is used for a High Ratio Mortgage):
- For existing homes (Resale) from:  
81% - 85% = 1.75% (down payment between 15% - 19%)
86% - 90% = 2.00% (down payment between 10% - 14%)
91% - 95% = 2.75% (down payment between 5% - 9%)

Greater than 25 years, up to and including 30 years: add 0.20%
Greater than 30 years, up to and including 35 years: add 0.40%
     
4.  Mortgage Processing Fee:
- (only if CMHC High Ratio Mortgage is used)  From $160 - $250.

5.  Survey:
- It is a requirement today, with all mortgage lenders, that a survey be provided with every new mortgage arranged, showing the location of the building; cost will vary from $650.00 and up.  Note: Title Insurance WILL be used regardless if survey is available or not - $ 251.00.

6.  Registered Deed:
- Deals with legal registration of the property in Buyer’s name, as well as all mortgage and legal description and details - $70.50.

7.  Registered Mortgage:
-  Procedure to register the Mortgage at the Registry Office - $70.50.

8.  Title Search:
- Lawyer searches title of property to make sure all is in order (Mortgages discharged, land encroachments, etc.) - $50.00.

9.  Tax Certificate:
- Determines how much is owing for outstanding costs owed back to the Seller for pre-paid taxes - $50.00 – $80.00.

10.  Sheriff’s Certificate:
- Determines if any outstanding liens are present on property (outstanding Judgments against Seller) - $66.00.

11.  Zoning Compliance:
- Determines if certain area is within allowable city zoning code for the new or continuing use of the property (residential, commercial, multi-family, etc) - Cost is now included in the Title Insurance Fee.

Note: The above costs are not guaranteed and are only to be used as guidelines.

Utility bills can be costly, especially during cold winter months or a hot summer. There are several simple things you can do to lower your utility bill. Most of the things you can try are fairly inexpensive and easy to implement. And if it saves you money, it's worth it in the long run.

1.  Use fluorescent light bulbs. These bulbs not only last longer than regular light bulbs, but they also use less energy when in use, costing you a lot less on your energy bill.

2.  Turn off your appliances and unplug them when they are not in use. Even if your appliance isn't on, if it's plugged in, it's using a small amount of energy. Unplug them to receive a small drop in your bill. It may not be much savings up front, but over time, your savings could be significant.

3.  Take shorter showers. Reducing shower time will not only lower your water bill but your energy bill as well. This is an easy way to save a little on your utility bills.

4.  Set your thermostat a degree or two hotter in the summer and colder in the winter. One or two degrees won't make too much difference in your comfort level, but it can give you significant savings on your bills.

5.  Repair leaky faucets and toilets that continually flush. Just a small faucet leak can waste a significant amount of water.

6.  Wash dishes and clothing only when you have a full load. Smaller loads will waste water and energy, so maximize your cost by only washing a full load at a time.  Also, be sure to check your local "time of day usage" rates and try to schedule your dishwasher/laundry at a cost effective time of day.

7.  Air dry your clothing rather than using the electric dryer. This may require you to get creative if you don't have a clothesline. You can use a shower curtain rod or purchase a small drying rack.

8.  Have your home inspected by a local utility company. They can tell you where you can make improvements to your home in order to save even more on your utility bills.

Courtesy of ehow.com

The number of residential real estate sales through the MLS® system of the Kitchener Waterloo Association of REALTORS®, increased to mark a gain over October 2010 of 4.9 %.  There were a total of 470 residential sales, representing a 5.6 % increase over results recorded last year at this time.

Single Detached home sales last month were up 6.6 % from October 2010.  Price increases were stable in October 2011; the average price of a single family detached home sold in October increased a slight 0.9 % to $332,358 compared to a year ago.

Although all marketplaces are subject to month to month fluctuations, it is obvious that we have a strong, stable market in our region.  Those of you wishing to enter the housing market can still take advantage of low interest rates.  Feel confident that you are purchasing in what is a healthy local housing market.

Click HERE for:  Residential Sale Price and Total Units Sold in October over the last 10 years.
 
If you are thinking of selling your home this fall, purchasing a home, or if you have any questions regarding this fall’s Real Estate market, please give either Teresa or myself a call for a Market Evaluation of your home, and to meet to discuss the best course of action for you and your family.

Flav Onsen, Sales Representative
Royal LePage Wolle Realty, Brokerage
flav@onsenhomes.com

On average, heating a home with natural gas creates about 6,400 pounds of carbon dioxide (CO2) per year, while using electric heat creates about 4,700 pounds of CO2. Getting your home ready for the winter will not only help you save money on your heating bills, it will also make your home more comfortable and more environmentally friendly by lowering your carbon footprint. Here is a checklist for winterizing your home. Most of the items on the list are simple projects that you can do yourself.

1.  Ceiling fans:  Contrary to popular belief, ceiling fans can actually help to heat your home in the wintertime. Set your fan to rotate clockwise during the winter so that it creates an updraft. This will help to bring the warm air near the ceiling down to the rest of the room.

2.  Check the exterior of your house:  There are plenty of places around the exterior of your house where gaps and cracks can let warm air escape. Thoroughly inspect the entire outside of your house, paying special attention to the foundation, gutters, roof, windows, doors and places where pipes/wires/vents enter your home.

3.  Install a radiant barrier in your attic:  There are some great products like the Reflectix Radiant Barrier that you can easily install to help block the movement of warm air out to your attic. Think of it almost like thick aluminum foil, that comes in a large roll and you staple it to the joists in your attic. You can roll it over your existing insulation either on the attic floor joists or on the roof joist.

4.  Install storm doors and windows:  Storm doors can not only help during the winter when they help to seal up your door, but they also help during the summer when you can replace the glass with a screen to let the breeze in.

5.  Clean your vents and duct work:  Having your vents and duct work professionally cleaned will help your HVAC system run more efficiently and also make the air circulating through your house cleaner by removing dust and pollen build up from the ducts.

6.  Check for leaks in your vents and ducts:  Pay special attention to the connection points between ducts and where the ducts attach to your furnace. If you feel air escaping, then you need to seal the hole. Silver duct tape is a quick and easy fix.

7.  Use caulking and weatherstriping around windows and doors:  Caulking and weatherstriping are two more cheap and easy do-it-yourself projects that can help reduce drafts.

8.  Cover your windows with a plastic window insulation kit:  Plastic window insulation kits are inexpensive and easy to install. These are temporary barriers that you put over your windows to help keep out the drafts and when installed properly, they are hardly noticeable. The 3M Indoor Window Insulation Kit is a great choice.

9.  Winterize your pipes:  This includes insulating all exposed plumbing pipes and draining the water from your garden hose spouts, garden hoses, air conditioner pipes and pool pipes.

10.  Check the batteries in your smoke and carbon monoxide detectors:  Replace your smoke and carbon monoxide alarm batteries every year and test them monthly. This is particularly important during the winter to protect you from the dangers of carbon monoxide.

Courtesy of The Better Planet

What have you done to winterize your home?

Having The Right Price From The Start Is Key!

Here are 6 reasons why overpricing your home NEVER works:

1.  It makes other homes more attractive (helping to sell the competition)
2.  It can attract the wrong prospects (those who want a more expensive home)
3.  It can waste the initial surge of buyers interest (In today’s market that is the first 3 weeks)
4.  Fewer Sales Representatives will be inclined to show your home
5.  It can discourage prospects who wonder why the home has been on the market so long.
6.  Having a cushion to negotiate does you NO GOOD if you have no one to negotiate with!

Think about this...
When buyers come into the market and meet with a REALTOR, they give the agent their criteria, which includes a certain price range.  Now we can put your home on the market at the price you’d like; however, based on the data I’ve reviewed, it would be at a level with comparable properties (some of which are overpriced, that’s why they have been on the market longer than they should).

Yes, you can always come down in price; however, I’ve found you need an offer to even begin the negotiating process.  When the Buyer’s Agent is searching for homes in a certain price range, the computer doesn’t know that you’ll come down in your price.  It only searches in the price range entered, and it will shun your price, your home, and you.

Can you see how you could be damaged in the marketplace by overpricing your home?

1. It's ready-made for outside living:
-There are more than 3,000 acres of parks and six conservation areas.
-The region boasts 22 golf courses.
-The Grand River is the world's best managed waterway.

2. You can get 'there' from 'here':
-The local airport is international and offers daily Ottawa flights.
-It's a one hour drive to Canada's busiest airport, Toronto Pearson International.
-Pending traffic, it's a one hour drive to downtown Toronto.

3. The area offers urban and country living:
-Trendy lofts, revitalized warehouse districts and new buildings in downtown cores. 
-Three urban core locations. (Cambridge, Kitchener, Waterloo).
-Suburban neighbourhoods - old and new.
-Rural country settings minutes from town complete with a thriving Mennonite community.
-80% of residents live within a 30-minute drive to work.

4. It's a high-tech haven:
-Over 500 tech companies are located in the Waterloo Region including RIM, Google, IBM, and more.

5. World's Top Intelligent Community:
-Waterloo was voted 2007's 'Intelligent Community of the Year' by New York's Intelligent Communities Forum. www.intelligentcommunity.org.

6. Affordable living:
-Inexpensive housing.
-Comparative salaries and wages to Ottawa and Toronto.
-Highly competitive cost of living.

7. Access to world class education:
-The area is home to three top universities - University of Waterloo, University of Guelph and Wilfred Laurier University - and one of Ontario's premier colleges - Conestoga College.
-50,000 students annually.

8. Opportunities for you and your family:
-Opportunities for you to partner in tech, insurance, not-for-profit, education and service businesses.
-Over 30 minor sports organizations in the region as well as music, arts, drama, museums and more.

9. Cultural festivals and creative spaces:
-The region is home to more than 60 arts, culture and heritage festivals and galleries.

10. It's all here:
-Cool jobs. Hot technology. Top companies. What more could you ask for?

Courtesy of Watch Magazine, a publication of the University of Waterloo Research & Technology Park.

The Process and the Benefits: 

Staging® is the process of preparing any home for sale, regardless of price or location.  Using a proven set of guidelines, the house is inspected for compliance with proven standards and any necessary modifications made. Once this process is complete the home is designated a Staged® Home. 

”The way you live in your home and the way you market and sell your house are two different things.”

What is Involved: 

Organizing Furniture:

Allowing the Buyers to walk through the house with a continuous flow, and also helping make the rooms appear bigger.

Removing Excess Furniture/Items:

Personal pictures, knick knacks, collections, etc.

Room by Room Checklist:

Flav and I are able to provide you with a check list of each room and recommendations for Staging®.

Note:  Average age of Seller is 53 yrs.  Average age of a home Buyer is 32!

If you have any questions regarding Staging® your home, please give me a call/email, and I will be happy to answer any questions you may have!

Teresa Onsen, Broker

teresa@onsenhomes.com

As interest rates continue to be low, it's a great time for buyers who are entering the market for the first time, or those wishing to transition into a different kind of housing - whether that is trading up, or downsizing into something more convenient.

While sales have been slightly behind last year's results for most dwelling types, the condominium-class property has been the notable exception.  There was a 2.8% increase in sales last month compared to a year ago.

With the condominium market now compromising of nearly 20% of K-W's total residential sales, stronger demand for condos have pushed the average price up 5% to $205,434 (compared to this time last year).  Consequently, the average price of a detached home has increased 3.7% to $341,222.

Click HERE for:  Residential Sale Price and Total Units Sold in September Over the last 10 years.
 
If you are thinking of selling your home this fall, or if you have any questions regarding this fall’s Real Estate market, please give either Teresa or myself a call for a Market Evaluation of your home, and to meet to discuss the best course of action for you and your family.

Flav Onsen

Sales Representative

flav@onsenhomes.com

What a wonderful summer we’ve had!  We hope that you also enjoyed it and that you are now ready to embrace Fall!  Kids are back to school, the leaves are ready to change colour and the economy seems to be slowly getting back on track.

In the Real Estate world homes are being sold as usual.  Not much has changed during the summer months. Mortgage Interest rates are holding steady at their lowest rates ever which is fueling a high buyer confidence. Many of our clients have decided to make a purchase this year, some with re-sale homes, with others preferring a brand-new home (hurry, many builders are selling out on their available lots to build on!). We have also had a number of Investor clients make a purchase with many opportunities in Kitchener and Waterloo.

If you would like more information regarding the current market trends in your specific area, or are curious to know the current market value of your home, call us anytime.  We would be happy to help you.

Flav and Teresa.