What to Expect During a Home Inspection

A home inspection is a vital part of the buying process. It protects you from unknowingly purchasing a house that has serious deficiencies-and thereby turning what was initially a dream home into a nightmare.

So what actually happen during a home inspection? Here are a few snapshots of what to expect.

• There is no quick way to properly inspect a house. A thorough examination by a qualified home inspector will take at least two hours, and possibly longer.
  
• Don’t just wait around. Accompany the home inspector during the examination.
  
• Expect the inspector to check the house inside and out;, top to bottom. The inspection should include a trip to the roof, a visit to every room in the house, a crawl into the attic, a look inside electrical outlets, and more. (If all of these are not done, ask why.)
  
• An inspection is a lot like a doctor’s examination. It should check every system of the house for potential problems: structural, electrical. Heating, cooling and roofing. Ventilation, grading (to ensure that water drains away from the house), and plumbing.
  
• Ask questions during the inspection. Learn all you can about the maintenance of the house, what needs to be repaired and other issues. If there are problems, find out if they are serious or relatively minor.
  
• When the inspection is complete, you should receive a comprehensive written report. If you don’t understand something, don’t hesitate to ask.
  

There are several options for dealing with deficiencies, including asking the seller to make required repairs or asking to renegotiate the price based on the cost of repairs.

Selling Your Home? Consider a Pre-Sale Inspection

A home inspection isn’t just useful when buying a home. It can be invaluable when selling one too.

A home inspection can detect previously unknown problems that you may wish to address before putting your house on the market.

For example, let’s say an inspection reveals that there is a small crack in the foundation. Getting this fixed in advance could help prevent the “buyer turnoff” or price reduction that could result if the buyer’s inspector were to discover the problems first.

Selecting the Right Neighbourhood

Choosing the right neighbourhood is just as important as picking the right home. Perhaps it is even more important.

After all, you may be able to renovate a kitchen but you can’t move a nearby bus stop, or make a playground magically appear within walking distance.

The neighbourhood you choose to live in has a huge affect on your lifestyle and that of your family. So it’s important to take as much time shopping for great location as it is a new home.

Hobbies and Hangouts

Imagine that you’re looking for your net home. You drive into a neighbourhood, and it looks beautiful.. There are plenty of trees, well-kept homes, and parks nearby. What more could you ask for?

In addition to the usual characteristics of an ideal neighbourhood, it’s important to make sure it also fits your unique lifestyle – and that of your family. For example, is the area reasonably close to upscale restaurants where you and your spouse can enjoy dinner? Or, is there an indoor recreational center where your daughter can continue her swimming lessons? Or a golf club where you can refine your swing?

The closer a neighbourhood is to hobbies and hangouts, the more ideal it will truly be.

Take a Walk

Once you have toured a house that interests you, take a walk. Explore the neighbour hood. Get a sense of the atmosphere, community an personality of the surrounding area.

Is the street relatively quiet? Or, is it a main throughway for commuters into and out of the neighbourhood?

Stop and listen. Is there a lot of ambient noise from traffic or other sources?

What about local amenities. Find out about parks, playgrounds, community centers, and shopping. These can be very convenient if located nearby.

Do you have kids? Then you’ll also want to learn about the local schools. Are they within walking distance? If busing is required, where do your kids meet the bus?

Ask Questions

If you see any neighbours while exploring the area, chat with them. You could simply say, “Hello, we’re considering buying a home in this area. May we ask you a couple of quick questions about your experience living here?”

You’ll spend as much time in your neighbourhood as you do inside your home. So get to know it, before you decide to make an offer.

Signs of an Improving Neighborhood

Buying a home in a neighbourhood that is on the upswing can be a very good investment. both financially and in terms of lifestyle. As the area improves, the home values will likely increase. In addition, the people who live there will tend to enjoy their properties and surroundings, and continue to invest in them.

So how do you determine if a neighborhood is improving? Here are a few signs to watch out for as you shop for a new home:

• Home Improvements. Look for indications that home renovation or remodelling projects are being done in the neighbourhood-contractor sings on the front lawns...tradespeople’s trucks parked in the driveways... building supplies being delivered. When homeowners spend money to improve their homes. It show that they are happy enough with the neighbourhood to invest in it.
  
• Landscaping. Notice how well the homeowners take care of their home exteriors. Are the shrubs pruned? Are the driveways swept? Are the lawns mowed and relatively weedless? Homeowners who keep their landscaping well-maintained tend to also care about the surrounding area.
  
• Real Estate Activity. Look for “Sold” signs on the lawn. This may mean that the neighbourhood is in demand. By contrast, lots of “For Sale” signs could be an indication that people are trying to move out of the area.
  
• Commercial Investment. When there are a lot of nearby shops and restaurants under development, there is a strong indication that business owners have faith in the area. If, however. You see a lot of “For Lease” signs on empty stores and building, this may mean that these businesses have moved onto greener pastures.
  

All the above signs are l of course, Just indicators. You should research the neighbourhood thoroughly to understand what it may be like in five to ten years.

Mortgage Payments Can be Deceiving

You see a great home. You pull out your mortgage calculator and start punching in the numbers. The estimated monthly payment is displayed on the screen. You think, “Yep we can afford that!”

Can you?

It’s easy to be seduced by a mortgage payment calculation. However, mortgage payments aren’t the only costs of owning a home. You also need to consider:

• Property taxes
  
• Home insurance premiums
  
• Electricity costs
  
• Maintenance (especially a factor in older homes.)
  
• And more
  

If you don’t you could end up spending hundreds of dollars more per month than you originally expected.

Call today for help calculating the true cost of home ownership.

Beware of home hunting Burn Out

House hunting can be a grind. If you’re not careful, it can easily take both an emotional and physical toll on you.

At the beginning, you and your family will be fuelled by excitement, desire and enthusiasm-the raw ingredients of adrenaline. That’s what keeps you going .

After a while, however, along day of viewing homes with fidgety kids and an empty stomach can leave you exhausted. When that happens, even the most ideal home can seem undesirable.

Since you don’t want exhausting to result in a missed opportunity, it’s important to pace yourself. Here are some tips for doing just that.

• When it comes to endurance. Everyone has their limits. If a child or spouse is looking tired, take a break. Just because one person is able to see a lot of homes in quick succession doesn’t mean everyone else in the family will have the same stamina.
  
• Never house shop on an empty stomach. Make sure everyone has a good breakfast. Lunch, or dinner before heading out.
  
• If you have young children, find out where the local parks and playgrounds are located. These are great places to take a break and let the kids play for a while.
  
• Keep some bottled water and perhaps some light snacks in the car. You never know when someone’s stomach will begin to grumble.
  
• During an all-day excursion, avoid the temptation to eat a large lunch at a restaurant. It may make you fell sluggish and tired in the afternoon. If you’ve been house hunting for several weeks, all the homes may start to look alike.

If this happens take a few days off. It will help to restore your perspective.

Using “Conditional Offers” To Your Best Advantage

You find a home that you’re interested in buying. But you have concerns. Is it in a good state or repair? Will you be able to secure the right financing? Can you sell your current home in time?

Any of these issues can prevent you from making a prompt offer and as a result, cause you to lose the opportunity.

The solution? Make a conditional offer.

A conditional offer means just that. You offer to purchase the home so long as certain conditions, which you specify, are satisfied. Here are the most common examples:

• “Subject to financing”. You will buy the home if you’re able to arrange for a suitable mortgage.
  
• “Subject to inspection”. You will buy the home if it passes inspection by a qualified home inspector of your choice. If he or she finds that substantial repairs are required, you can either walk away from the deal or renegotiate.
  
• “Subject to selling my current home”. You will buy the home if you can sell your own home within a set period of time. For example: 45 days. A seller might agree to this if your home competitively priced.
  
• “Subject to the repair of ___.” You will buy the home if the seller makes certain repairs, at his or her own expense. This can range from something relatively minor, such as fixing a crack in the foundation, to major repair like replacing the roof shingles.
  

A Conditional offer will protect you. However, there is always the risk that the seller will say “No.” If you’re in a competitive situation, for example, and another buyer’s offer is unconditional. You may lose the deal-even if your offer price is higher!

So you really need to use conditional offers strategically, in just the right way, under just the right circumstances.

Get It In Writing

As you tour a potential new home, you notice that the carpeting in the living room is stained. “Don’t worry about that,” says the homeowner, who senses your disapproval. “We’re going to get the carpeting professionally cleaned before we move.”

Should you take their word for it?

Regardless of how honest a seller may seem, never rely on a verbal promise.
Will they move that abandoned car in the back yard? Will they fix the crack in the front steps? Is that expensive-looking ceiling fan included with the house?

Don’t assume. Get it written into the offer.

No Income Mortgages – Self employed and commissioned sales people

For years it was almost impossible for self employed or commissioned sales people to get financing for a home. Problems consists of
1) Onerous and Intrusive demands: Years of financial records, tax returns and other paperwork made it difficult, if not impossible, to get a mortgage.
2) Fluctuating incomes: Canadians with fluctuation incomes were treated as high risk clients and the amount of mortgages they were offered were far below what they could afford to pay or wanted.
3) Not a long enough history: Business owners and commissioned sales people that had not been in business for 3-4 years could not provide the required documents whereas employees need only be at their jobs a few months.
4) Taxable Income Too Low: Many self employed and commissioned sales people write off a portion of their gross income with legitimate tax deductible expenses. This can make their net operating incomes look too low for the lenders. The problem then becomes, "If I write off all my legal expenses so I pay the least amount of income tax, the lenders won’t like my net income, and if I don’t claim all my legal expenses I will have a higher income that the lenders will like, but I will pay unnecessary taxes. Either way I have a problem."
Finally there is an answer, No Income Verification Loans
Due to the highly competitive nature of our mortgage market, there are lenders that offer mortgages specifically designed for self employed and commissioned sales people. These lenders were smart enough to realise that there is a huge need for this type of product considering the high number of self employed and commissioned people in Canada.
No Income Verification loans mean exactly that. They resolve the 4 problems mentioned above.
1) They eliminate most of the documents required making it easier, faster and less intrusive to get a mortgage.
2) Fluctuating incomes from past years are not even looked at.
3) A long business history is not needed as years of financial statements are no longer required. Some lenders like to see that you have been operating for 2 years, but do not need a financial history.
4) Taxable income too low; these mortgages are granted on stated income rather than net taxable income. This allows you to continue to use all legal means possible to reduce your income taxes without hurting the possibility of qualifying for a mortgage.
New products - Bigger mortgages
Up to 90% Financing
As more and more Canadians move from traditional employment jobs to self employed or commissioned jobs, the mortgage market is motivated to develop more products.
Up until recently No Income Verification mortgages were limited to a maximum of 75% of the value of the property. Now that GE insurance has joined the market and provided mortgage default to lenders on No Income Verification loans, we are seeing loans as high as 90% of the value and still with No Income Verification.
Finally, self employed and commissioned sales people are being treated with the respect they deserve, fast and easy approvals and good discounted rates.
Please Call and we would be happy to discuss your options with you.

Tips for Checking References

You have no doubt heard this tip before: Always check references before you hire a mover, lawyer, decorator, contractor, or other home professional.

But for some people, picking up the phone and calling strangers to ask for a reference can feel awkward or even intimidating. Here are a few tips that can help:

• Call in the early evenings. This is the most convenient time for most people.
  
• Explain that you are checking references and that the professional or company you are considering hiring suggested you call.
  
• Ask if this is a convenient time to speak.
  
• Ask if they were satisfied with the services.
  
• Ask if there were any surprises with the final bill.
  
• Ask if they have recommended that professional or company to their friends?
  
• Thank them for their time.

How the Buyers Find Listings on Vancouver Island

The Vancouver Island Real Estate Board recently published stats that they had collated from Buyers who have purchased on Vancouver Island in 2007. The question asked that could be most valuable to both Sellers and Realtors is how the property was found or selected by the Buyers. Not surprisingly over 40% of listings were found on the MLS.ca. Secondly, 30% of homes sold were introduced to the Buyers by their Realtor and his or her web site. The study further breaks down the remaining stats as follows, 11% of properties were found via the Yard Sign, 6% of Buyers were told of the listing via friends or family and lastly only 3% of Buyers found a home from the old fashioned newspaper advertisement which is generally the most costly and least effective tool for the realtors. The benefit of having these stats is it shows home sellers how important it is to wisely to choose a Realtor who focuses on giving you maximum web exposure and who strives to make people aware of his or her websites and web presence.

Putting the FUN BACK into Moving Day

Moving into a new home should be an exciting experience. But, unfortunately, that’s not typically the case. In fact moving day is traditionally fraught with such misery that there is even a reality TV show about it.

Your real estate agent can help. He or she can assist you in finding the right movers, provide you with relocation tips, recommend contractors and other home professionals, and advise you on what to expect on closing day.

Some agents disappear after the deal is done. Make sure your agent is available to help make the transition into your new home a pleasant one.

Your House is a Product on the Market

As our Real Estate Market starts to correct itself, homes may have a difficult time selling and are on the market for longer periods of time. With this in mind it is even MORE important that your home has an ‘edge’. The art of Home Staging is that edge. It is always to your advantage to prepare your home for sale and doing it properly is most important.

Your house is now a product and as such it’s not about your taste anymore - it’s about selling that product. It’s that simple. Speed is important when getting your house ready to sell and emotion has no part in this equation. Your home has to now connect with strangers immediately that they walk through your door. People will be positive or negative about your home within a few minutes and spending more time there will only build on that feeling. So making a positive and strong first impression is vitally important.

A detached view is needed when preparing a house for sale and that is the job of the Home Stager. We create a strong first impression by taking out the religious icons, the toys, pet things, personal items. We help to create a neutral environment that appeals to many people but with a generic ‘clue’ to having a life – anyone’s life - there.

A fresh coat of paint in key areas is sometimes all it takes, other times quite a change in color needs to happen. Using bright accent pieces in ‘quiet corners’ will change the appearance of a room…your house needs to appear to be cared for in different and important ways. Flowers and plants on a minimal scale make a home feel fresh, clean and stunning if used in the right ways. Remember that it’s often the ‘little’ things that can make all the difference and step up an atmosphere to a different level. Remember that Staged homes have a proven success rate – they show better than competing homes and they often sell for considerably more money and in substantially less time than non-staged homes in the market place. Photos of staged homes look much better in the advertising and they are recognized as properties ready to sell and are recognized by the buyers as the homes they would most like to see.

Take the market advantage, maximize your property’s sales appeal quickly and affordably. Use the proven set of guidelines of the Home Stager and have your home be the most professional and inviting home on the market in your price range incorporating both interior and exterior enhancements suggested by your Home Stager.

Barbara Milligan
Legacy Re-Design & Interior Decorating
Office – 250-246-2073
Cell – 250-210-0710

Web Marketing: The Wave of the Future

On an average day on Vancouver Island 77 listings are added to the MLS system and the system is being updated virtually every minute of every working day. The minute a listing is entered into the database it becomes available to all members and the general public. All listings on the MLS are given exposure through the www.realtor.ca site. This site is updated each business day with new listings and changes to existing ones. This enable the public to search MLS listings across Canada - (over 80 board listings are included)- and make contacting the Listing Representative easy and convenient from anywhere in the world! Statistics show that the number of Vancouver Island Real Estate Boards property feature sheets viewed on the internet each month is constantly on the rise. This site has grown from approximately 5000 hits in April 1996 to over 1 million page views per month. Proving that doing Real Estate Marketing on line and providing clients with a state of the art Web Site such as our own is obvious direction for the future of home sales in the future.

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

What Should You Expect from Your Realtor?

You probably know that a REALTOR does more than just post a FOR SALE sign on your front lawn, or guide potential buyers through your home. But how much more? What exactly will a real estate agent do fro you?

Taking the time upfront to understanding what you should expect from your agent will help to reduce misunderstandings, and make the selling process less mysterious and stressful. You’ll be able to anticipate what’s going to happen next, be prepared to ask the right questions along the way, and be aware of whether your REALTOR is meeting expectations.

Typically, you should expect that a good real estate agent will:

• Explain the Listing Agreement to you. (This is your contract with the real estate firm.)
  
• Prepare a realistic appraisal based on the expected market value of your home, by comparing it to similar property sales in your area.
  
• Provide you with advice on how to make your home more appealing to potential buyers, especially during showings and open houses.
  
• Create a comprehensive marketing plan to promote your home.
  
• Screen enquiries, schedule appointments, and show your home to potential buyers. Field offers from potential buyers, deal with counter-offers. And negotiate the best terms and selling
• process to make it as easy and stress-free as possible.
  
• Help you throughout the entire selling process to make it as easy and stress-free as possible.
  

These services should be the minimum you expect from a good agent. The best agents will actually do more. They will be there for you in the weeks, months, and even years after the sale to make sure everything continues to go smoothly in your new home.

Make it “Love at First Sight”

Did you know that 95% of buyers buy their new homes on emotion? Your first impression of your home is so important and it needs to be at its very best. You need to be right up front with your best impact for your potential buyer.

As a Professional Home Stager I often find that one of the areas I spend most of my time working with is the furniture, artwork and collectibles to optimize their arrangement. Most people have far more furniture in their homes than is necessary and this is made glaringly obvious once that house is on the market. We ‘live’ in our homes over a period of years and don’t consciously realize that we are filling it up with more and more ‘stuff’. Some of the very best pieces are not used to their full potential because they are hidden by all the other things around them. By using less furniture we can create a sense of breathing space. You need to place furniture correctly to highlight the room’s focal points and maximize the plus’s of your rooms. Replace family photos with scenic pictures that won’t necessarily draw the buyer’s interest. You want them to study the rooms and their space and not your family members!

Many homes need their accessorizing tweaked…for instance their lighting, plants, linens etc. This is individual with each and every home and a professional Home Stager specializes in knowing what motivates potential buyers. We will use those tricks of the trade to help you the Home Seller get your house ready to come out on top of the sellers market.

Many home owners decide that once they move they want me to come and help with their new homes because they don’t want to go back to their ‘old’ way of living. Several people decide that once some of their ‘stuff’ is in storage they don’t actually miss it! They find they want to live in their new fresh, clean and clutter–free environment. After all Home Staging is in fact a cleansing experience and most home sellers very much enjoy the process.

Barbara Milligan
Legacy Re-Design & Interior Decorating
Office – 250-246-2073
Cell – 250-210-0710

Consumer Confidence

The balance of sentiment regarding major purchases has stayed negative for three consecutive quarters, hitting its lowest point in more than a decade. This negative balance of opinion means more households believe it is a bad time to buy a big ticket item such as a home or a car. This indicator is an important factor underlying the housing market. Rising food and fuel cost are continuing to take a large bite of household budgets and households expect finances to dim even further over the next 6 months to reach the lowest point in seven years. For the first time in almost five years more people expect fewer jobs than those who said they expect more jobs. All this leads to a less active housing market and makes pricing a key to turning your home listing into your home sold. The Canadian Real Estate Council and Vancouver Island Real Estate continue to note that there are buyers out there they just want to pay what the market predicts.

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

Should you try to “Time” the Market?

If you’re thinking of buying a new home, you might be tempted to wait until “the market is just right.” That might work for professional real estate investors who are willing to take those kinds of risks. But if you’re looking for your next dream home, trying to time the market is usually not a good idea.

Why? Because no one can predict the real estate cycle with any degree of accuracy. Interest rates go up and down, as do housing prices-often a lot less predictably than experts care to admit to. If you attempt to wait until just the right moment, that moment may never arrive. And, you’ll miss out on some great opportunities.

When is the best time to look for a new home? When you’re ready to buy one. Don’t wait. Start your search today.

Take a Close look At Track Record

Why is one major league baseball player paid $5,000,000 while another on the same team, wearing the same jersey, with the same qualifications and experience is pair only $300,000?

The answer is, of course, track record. The player that hits the ball and makes the bases more often than most other players in the league, year after year, is considered the greatest asset to the team-and is therefore paid a significant premium.

Now, you don’t have to be a baseball fan to understand how the importance of a track record applies to selling your home. A real estate agent with a track record of top performance is going to have a much greater chance of selling your home quickly and at the best price.

How do you determine the track record of a prospective real estate agent? Ask. Most reputable REALTORS will share this information with you and many are, in fact, proud of their track records.

Here are some REALTOR “stats” you should consider:

• The percentage of listing the REALTOR actually sold.
  
• How quickly those homes sold (Average number of days on the market.)
  
• The percentage of asking price those homes were sold for.

Keep in mind that, even in the hottest markets, not every home will sell for 100% of the asking price. So if the average for your neighbourhood is 90% and the agent you’re considering consistently sells for 95% of the asking price, then this performance is well above average.

Where do you find this information? Each local real estate board maintains these “market watch” statistics. Visit the board’s Web address or call the board office.

Want to discuss how to sell your home more quickly and at the best price? Call today 250-246-8866

Get Down To Basics

Your house is on the market – it needs to be at it’s best. Now is the time to take a step back and really take a good hard look at your home with objective eyes.

Nothing will turn a buyer away faster than walking into a prospective new home and smelling the odor or a dog or smoke. So be sure to keep your windows open for a good length of time before your house is being ‘shown’. Exchange that smell for the smell of fresh coffee and baking cookies – yes it’s the old standby but it does work. It will help the buyers identify and bond with your house.

A buyer wants to feel that you have taken good care of the home they are thinking of buying – so – make cleanliness your new motto of the day. This will put the buyers mind at ease that you have been mindful of your residence in other ways as well. So take time to clean everything from the baseboards up to the light fixtures. Hire a contractor to power wash windows, walkways and clean out eavestroughs. Fix those leaky faucets, fix the cracked tiles and redo the old caulking around the bathtub if it looks a bit shabby. One of the most important items to get in good shape is the furnace so spend some time making sure it is in good working order and clean and tidy – this will also help to make it look like new.

Remember that staged homes show better than competing homes for sale and are recognized by buyers as the best properties to see. As a professional Home Stager I am in the business of preparing a home for sale in order to help achieve the very best price in the fastest time. Remember that living in a house and getting a house ready for sale are two very different things.

Barbara Milligan
Legacy Re-Design & Interior Decorating
Office – 250-246-2073
Cell – 250-210-0710

Mortgage Information

The Canadian government will guarantee up to 90% of the mortgage amount against insurer default. So, this is security for the lender in the event the insurer defaults. This Government Guarantee is in place for CMHC (Crown Corporation) as well as the private insurers, such as Genworth Financial Canada.

The government guarantee is also a criterion for high ratio loans to be sold into the Canada Mortgage Bond program, which is a relatively new cost-effective funding source for banks and mortgage lending companies. These Bonds are bought up by investors all around the world due to their higher yield than Government of Canada Bonds combined with their “government guarantee”.

So what has changed?

Well, the Finance Minister looked to our southerly neighbours as well as across the pond and noticed some pretty dire scenarios which begged the question: Are we guaranteeing mortgages that are a little too risky? After an analysis of the mortgages that fall within their guarantee, recent trends, and industry consultations, the Minister of Finance decided to cease guaranteeing high ratio mortgages with the following characteristics:
- LTV ratios in excess of 95%
- Amortizations in excess of 35 years
- Non-amortizing mortgages (Interest-Only Mortgages).
- Applications where the beacon score of both borrowers is less than 620.

How does this affect me?

If you are a current homeowner, who is happy in your home and have no intentions of moving in the near future than this probably doesn’t affect you. However if you are a prospective homebuyer, looking for 100% financing and a 40 year amortization then your financing options are becoming a little more limited. Most of the big chartered Banks and many lenders have already pulled the above products. Other lenders, such as MERIX are offering these products until October 13, 2008 (please speak with your mortgage originator concerning rules around this deadline).

Let’s take a closer look at the 40 year amortization phenomenon:

Why is it appealing when borrowers know they are paying many thousands of dollars in interest over the life of their mortgage? Well there are a couple of predominant reasons:

New homeowners are increasingly concerned more with their payment amount than the house price or the interest cost over the life of the mortgage. It’s a decision made largely on cashflow.
The vast majority of people who take 40 year amortizations actually qualify for 25 year amortizations but choose the former and accelerate their payments, which reduce their amortization to 32 years. Registering their mortgage with a 40-year amortization helps protect them in the future should they need to decrease their payment.

From a purely mathematical perspective, according to the Ministry of Finance:
“Reducing amortization from 40 years to 35 years on a mortgage loan of $200,000 with a 6 per cent interest rate results in a $41 increase in a borrower’s monthly payment, but the borrower will save $49,000 in interest payments.”

Looking ahead…

If the decision to take 40 year amortizations is based on cashflow, then we’d suggest $41 per month on its own will not cause any major disruptions in the housing market. The reality is that new mortgagors will have to spend a little more in their monthly mortgage obligations but the impact to the housing market will be isolated to those who needed the 40 year amortizations and 100% financing to qualify for their mortgage. As a replacement for 100% financing, we may see the increase in popularity of Cashback mortgages once again. The 100% financing programs have all but made CashBack offers obsolete, however they may be a decent option for some people once again - even if the interest rate is higher.

In the short term, we may see a small spike in homebuying and refinance activity as people try to accelerate their timelines in order to take advantage of these fleeting offers. This may keep the market relatively strong through 2008. In the medium to long term, we don’t expect these changes to have much of an impact to the housing market. 35 year amortizations are still available and for that matter 40 year amortizations will still be available by some lenders, such as MERIX, for those customers who have the minimum 20% down payment for conventional financing.

Board Stats

The stats for the month of July have just been released by the Canadian Real Estate Council (CREA) for the period ending July 31, 2008 and the stats show an overall decline in unit sales but a huge increase in inventory. The stats released through CREA for the Vancouver Island area show unit sales of 444 units down 28% from last year when unit sales were 616 for the same time period. CREA on a positive note is very firmly stating that properties that are correctly priced are still selling. Listings for July of this year are up 40% from last year but the price increase is very marginal. The Vancouver Island Real Estate Board is made up of over 1200 members and while average sales prices continue to rise slowly VIREB saw monthly average prices come down from the previous month in all zones except Port Alberni. This further shows that consumers are being educated by their REALTORS that properties that are priced right are continuing to sell.

Making a Wish List... And using it Wisely

Depending on how you use it, a “wish list” can either be an advantage or a disadvantage when shopping for a new home. If you use it wisely, a wish list can narrow your search, so you don’t waste time looking at houses you don’t like. This saves you time and stress. However, if your wish list is too long or overly specific, you risk missing the opportunity to view homes that might otherwise be ideal.

So how do you use a wish list wisely?

That’s easy. Simply use your wish list as a guide to point you in the right direction. But build in flexibility so you don’t miss out on homes that are a close fit.

Here are some ideas for your new home wish list:

• In which part of town do you what to live? List your favourite neighbourhoods. Sometimes it’s easier to write down where you don’t want to live.
  
• What price range will you consider? Be realistic here. You might hope for a maximum of $200,000, but be willing to pay an extra $10,000 if the ideal home presents itself.
  
• What amenities do you want nearby? Think about the needs and hobbies of everyone in the family. These may include health clubs, jogging trails, parks, public transit, daycare centers.
  
• What about schools? If you have kids, this is an important question. Distance, quality of education, reputation, and programs will all be important considerations for you.
  
• What type of house do you prefer? How large? How many bedrooms? Size of backyard? A two-car garage? Big kitchen?
  
• How much renovation are you willing to do? Will you consider a house that has a lot of potential, but needs extra work? Or do you want one that is in move-in condition?
  

Of course, there are many other items you may want to put on your wish list. Just be sure to make them realistic and flexible. If you need help matching your wish list to home available on the market, call today!

Putting Your Best Foot Forward

Now that your home is on the market – you need to maximize your selling price with a professional Home Stager. Your home needs to be at it’s very best to make a strong positive impact inside and out for a first impression with a prospective buyer.

When Home Staging a house for sale my services are tailored to the unique needs of each and every client but there are certain enhancements needed that all clients have in common. The most important one is de-cluttering. You want a buyer to be able to ‘picture himself’ living in your home and he won’t be able to do that when it is cluttered with your personality. Quite simply…clutter turns buyers away. So purge your closets, empty cupboards, box up everything that is not needed and if you must - rent a storage locker. Set up boxes for the Good Will, a friend needing some items, some to store and frankly some to just throw away. I can almost guarantee that what you now don’t see you won’t miss while your home is on the market. So be ruthless – “edit” your house and pare it right down. Let the prospective purchaser have a chance to picture himself living happily in your home.

To maximize your sale and to decrease it’s time on the market it is important to hire a professional with the skills to create wonderful environments and inviting atmospheres in your home. Staged homes show better than competing homes for sale and are recognized by buyers as the best properties to see.

Barbara Milligan
Legacy Re-Design & Interior Decorating
Office – 250-246-2073
Cell – 250-210-0710

Consider Buying A Home With Some “Undesirable” Features

When you’re looking for a home, chances are, you have a checklist of things you want. Two bathrooms...a finished basement... a great looking kitchen... an expansive deck...

But what happens when a home you see has a feature that doesn’t quite measure up? Perhaps the basement is poorly renovated. Or the kitchen is small. Or there’s only one bathroom. Should you say “NO”?

Here’s something to consider: A home that has a few undesirable features will probably cost less. And, those savings may more than cover the costs of any needed upgrades or renovations.

So don’t pass up on a house simply because it doesn’t meet all your criteria. It may be worth buying a home for less and then making improvements.

When selling a home the first impression is from the street.

Your home is much more than for sale now – it has become a product on the market and as such must be in it’s very best condition. Like any other consumer product it has a lot of competition on the market including display suites and other multiple listings in your price range.

Your house must have curb appeal to keep the buyer interested enough to take the next step and come inside your house. The prospective buyer needs to ‘connect’ with your house.

Prospective buyers make up their minds about viewing houses even before they get out of their car. With this in mind your gardens need to be updated, grass cut, gardens weeded and leaves raked. Is your driveway clear of obstacles and mess? Spend some time on your front door step – is the door clean and tidy or does it need a fresh coat of paint? Is the front step attractive with a chair placed in a nice angle or some lovely flowering pots giving an attractive welcome?

Attention to detail is what will help your house stand out from the other homes the buyers are interested in. Consider the expert merchandising of a professional Home Stager who has an understanding of both current trends and the psychology of the home purchasing process. The Stager will create an inviting home product with broad appeal to a wide range of buyers. Staged homes show better than competing homes for sale and are recognized by buyers as the best properties to see.

Barbara Milligan
Legacy Re-Design & Interior Decorating
Office – 250-246-2073
Cell – 250-210-0710

When selling a home the first impression is from the street.

Your home is much more than for sale now – it has become a product on the market and as such must be in it’s very best condition. Like any other consumer product it has a lot of competition on the market including display suites and other multiple listings in your price range.

Your house must have curb appeal to keep the buyer interested enough to take the next step and come inside your house. The prospective buyer needs to ‘connect’ with your house.

Prospective buyers make up their minds about viewing houses even before they get out of their car. With this in mind your gardens need to be updated, grass cut, gardens weeded and leaves raked. Is your driveway clear of obstacles and mess? Spend some time on your front door step – is the door clean and tidy or does it need a fresh coat of paint? Is the front step attractive with a chair placed in a nice angle or some lovely flowering pots giving an attractive welcome?

Attention to detail is what will help your house stand out from the other homes the buyers are interested in. Consider the expert merchandising of a professional Home Stager who has an understanding of both current trends and the psychology of the home purchasing process. The Stager will create an inviting home product with broad appeal to a wide range of buyers. Staged homes show better than competing homes for sale and are recognized by buyers as the best properties to see.

Barbara Milligan
Legacy Re-Design & Interior Decorating
Office – 250-246-2073
Cell – 250-210-0710

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

5 Questions to Ask BEFORE you Hire a Home Inspector

Hiring the right home inspector is important. After all, you want the inspection to leave no stone unturned when determining the condition of the house you are considering purchasing. Unfortunately, the professionalism and range of services vary widely in the home inspection industry. So it pays to ask the right questions before you choose. Here are a few suggestions:

“What does your inspection cover?”

A home inspector should be able to resent you with a detailed list of what is covered in the inspection. Don’t settle for a vague verbal promise like, “We check everything top to bottom.” Get it in writing. In addition, you should get an assurance that the inspection complies with all Local and State or Provincial regulation.

“What are your qualifications?”

As with most professions, experience counts. You want to check how long the inspector has been in the business, and how many homes like yours he has inspected. Also ask about his credentials. What professional training programs has he completed? Does he belong to a recognized home inspection association?(if so, he should have an ID card to prove it.)

“Do you also offer to do home repairs or renovations?”

If he does, it’s a conflict of interest. You want an inspector to give you an unbiased report as to the condition of the house, without any expectation of getting some contracting work on the side.

“How long will the inspection take?”

You’ll want to find out if the inspector takes his time and does a thorough job. Or rushes things so he can get as many homes done in a day as possible. On average, a typical single family home should take two to three hours to inspect properly.

“May I contact some references?”

Ask for references from people in the neighbourhood you are considering. Then, make sure you call them.

Boost Curb Appeal In Less Than a DAY!

A realtor stops the car in front of your house. Potential buyers are in the backseat. They look. They talk. Then they drive away!

What happened!

It may be that their first impression was not a good one. People do tend to judge a book by its cover. That’s why it is so important to ake the “curb view” of your home the best it can be.

Here are a few tips:

• Clear the sidewalk
  
• Cut the grass
  
• Paint faded window and door trims
  
• Plant flowers
  
• Trim bushes and hedges
  
• Check exterior lighting (In case a buyer drives by at night.)
  
• Make sure the house number is clearly visible

The Relationship Between the Rising Price of Oil and Gas and Real Estate - Part 6

Today we will conclude our 6 part series on the way the inevitable increases in oil and gas prices are and will continue to effect the real estate market.

We have looked at how location, heating systems, design and floor plan, square footages, building materials, and the Building Code are all profoundly effected.

Aside from all of that, the effect of the energy crisis on the economy over all will profoundly effect the real estate market. As more of people’s disposable income is absorbed by transportation costs, food costs, and the cost of virtually every product and commodity, people will be forced carve down their housing allowances.

The term and implications of the word “downsizing” will change from being an elective change of values from ownership to experiential living, to a mandatory change for survival. Downsizing will be a matter of absolute necessity verses a lifestyle choice.

Look forward to many more small 1000 to 1500 square foot 3 bedroom ranchers in the lower mid range of your market area’s average residential housing price point, and look at larger homes on the high end of the market sitting for a much longer period of time on the market.

Increasing gas prices will also effect on a macro economic scale as it effects tourism and the influx of people to our area as new citizens, as well as tourism dollars dropped in our communities, which will in turn have a spin off effect on our real estate market as the trickle down effect ensues.

This concludes our study of the impact of rising energy costs on the real estate market. We hope you’ve enjoyed it and we tremendously value your input.

Best Regards,
The Debbie Simmonds Lifestyles Real Estate Team

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

July 26 Artisan’s in Waterwheel Park 10am-5pm Chemainus Chamber of Commerce (250) 246-3944

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

REFINANCING

Should you break your mortgage for a lower rate?Yes and no. When you break your mortgage contract to renew your mortgage at a new rate and a new term, you're faced with a prepayment charge to reimburse your financial institution for the lost interest income. As a basic rule of thumb, the prepayment charge is based on three months interest or the interest rate differential (that's the difference between you present mortgage rate for the balance of your term and the current rate you want to take out), whichever is greater.

Did you know that most Banks and Lending Institutions offer the worst rate possible when your mortgage comes up for renewal?

In response, you say: "But, they have all my business, they will give me the best rate because I have been with them for years!" -Wrong!

The fact is that each Bank branch acts as a separate profit centre independent of the Head Office. They are rewarded and paid based upon the profitability of their over all mortgage portfolio. They know that most homeowners don't want to go through the hassle of shopping around, and possibly having to re-qualify for their mortgage at a different Bank, so, they offer you a higher rate and hope that you will take it.

Some homeowners are smarter than others, and they negotiate for a better rate. This usual results in a rate that is 0.50 - 0.75% better than what was originally offered in the renewal process. The smartest homeowners call a mortgage broker!

We are able to gain competing offers on your mortgage business and we usually return with a rate that is -1.00 to -1.75% better than your Bank would offer you. That's right, - 1.75% better! This can translate into incredible savings! (See below with only a -1.50% savings)
Imagine saving over $129 per month, and reducing your mortgage by an additional $3,000 in 5 short years!

Here's an example for you to consider:

Bank Renewal Mortgage Mortgage Broker Negotiated Mortgage

Mortgage Principal: $150,000 Mortgage Principal: $150,000

Rate 5 yr Term: 6 % Rate 5 yr Term: 4.50%

Monthly Payment: $959.71 Monthly Payment: $830.21

Savings Monthly: $0 / month Savings Monthly: $129.50

Mortgage Principal at Term end: $134,755 Mortgage Principal at Term end: $131,694

Savings on Principal: $0 Savings on Principal: $3,061 !!!

In addition to a better rate, we can usually tailor fit a mortgage product to your specific needs. We fit a Lender's product to your specific desire to have a flexible mortgage versus a closed mortgage, or a variable term versus a fixed term, etc. We deal with over 30+ Lenders, so options are always available!

Arguably the best reason to use us for your mortgage referral is that we know the secret. Secret you ask? Yes, the secret is that you can secure your mortgage renew up to 120 days before your mortgage actually renews! This often helps you save thousands of dollars in interest. For instance, if your mortgage renews on June 1st, we can secure a new rate for you as early as February 1st. It often happens that rates fluctuate every 60 days, so, you will often be able to get a preferred with us.

Take a moment now, and feel free to contact one of our highly skilled mortgage brokers to help save you money on your renewing mortgage.

Getting Schooled on Local Schools

If you have kids, the local school will be a big part of your new home buying decision. That’s why it’s important to get a schools “vital statistics,’ such as :

• Safety record
  
• Curriculum
  
• Accommodating for special needs
  
• Awards
  
• Average class sizes
  
• Extracurricular activities (sports. Arts. Crafts. Technology. Etc.)
  
• Scores on standardized achievement tests.
  
• Daily schedules and vacations
  

Even such seemingly inconsequential detail as hours of operation can be important. If school starts a half hour later than you expected, you may not be able to drop off your kids on your way to work and therefore, you will need t make other arrangements.

Giving Buyers the Red Carpet Treatment

You don’t have to roll an actual red carpet down your walkway every time you show your home. (But it wouldn’t hurt!)

The most important thing is to make sure the journey to your front door is a pleasant one. That’s when buyers form their first impressions.

Make sure the walkway is swept clean and is clear. The last thing you want is for a buyer to trip on a broken paving stone, or get matted clumps of freshly-cut grass stuck to their pant legs!

The Relationship Between the Rising Price of Oil and Gas and Real Estate - Part 5

This week’s topic is how rising oil and gas prices will effect the building code. Each year our building codes are revised and enhanced to increase the safety and quality of our housing. This also inevitably leads to the increase in the cost of new construction. For example, with climate change and the consequent wind storms etc. not normally experienced in our area, the building code was amended to require that shingle nails be much be longer. This of course means more cost for longer shingle nails and this is just a minute example of how the code effects over all costs and begins to add up on a construction project.

Ultimately the building code will demand increased energy efficiency. R ratings are likely to increase, new and improved insulation materials will be employed, hot water systems that are locale specific rather than one hot water tank inefficiently supplying the whole house may be considered as mandatory one day. New roofing materials that in themselves have a greater R factor will be considered.

Eco-block insulated construction which is much more energy efficient than frame construction could one day be mandatory. This would cause an enormous cost to the developer, but much increased energy efficiency to the end user.

Houses may be mandated to be built in such a way that they are solar efficient by the nature of their orientation on the property. Solar panels may also be mandated one day.

These are just a few examples of what are, and what may become reality for Canadians in the years to come as a result of increasing oil and gas prices.

Best Regards,
The Debbie Simmonds Lifestyles Real Estate Team

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

July 26 Artisan’s in Waterwheel Park 10am-5pm Chemainus Chamber of Commerce (250) 246-3944

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

Pre-approved Mortgage

A pre-approved mortgage certificate is a written commitment, by a lender, that you will get a mortgage for a set amount of money, at a specific rate of interest that is guaranteed for a set period of days. The commitment is made subject to a property assessment. The service is free and without obligation.

A pre-approved mortgage gives you an edge. Before you even go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. With your financing already mapped out, you can concentrate on finding the right home in your price range. A pre-approved mortgage also puts you in a strong bargaining position when you make an Offer to Purchase. If the seller wants to make a quick sale, you may be able to negotiate a price lower than the list price, because the seller knows that you are a serious buyer. On the other hand, if several people are bidding on the home you want, you may decide to offer to purchase at the list price, to beat out earlier offers.

This also lets the realtor no that you are a serious buyer. There is no point for the realtor showing you homes out of your price range.

Shopping for a Home

You are ready to go shopping if you have:

Set aside money for your down payment and additional costs
Determined the price of home you can afford
Investigated your mortgage options
Your pre-approved mortgage certificate










http://www.expertmortgages.ca/
Allyson Foulis, Laura Reaney, Maureen Haslehurst, AMP Brokers
Jennifer Robinson, Cheryl Leukefeld, Katharine Creery
office 250-727-7746
fax 250-721-5924

Why You Should Order Your Own Credit Report

“I don’t have a problem with credit’” a potential new home buyer says. “I pay my bills on time. I never have trouble getting a loan.”

That may be true. However, according to several surveys, most people are surprised by at least one piece of information in their credit report. And it only takes one derogatory item to create an obstacle to getting the lowest mortgage rate possible, or even getting a mortgage rate possible, or even getting a mortgage at all.

That’s why it’s important to check your credit report before you shop for a new home. You will then have the opportunity to deal with any unexpected issues.
For example, you may discover an error. (This isn’t unusual) If you do find there is a mistake in your credit report, inform the credit bureau immediately. They are required, bylaw, to promptly make a correction.

If there are late payments noted on your credit report, you can write a letter of explanation to the credit bureau telling your side of the story. This will accompany the credit information that goes to your lender. Assuming everything else in your credit report is fairly good, most lenders will accept a reasonable explanation for late payments, such as being laid off from a job, an extended illness in the family, or military service overseas.

How do you get your credit report?

There are three major credit bureaus in North America:

• Equifax (www.equifax.com)
  
• Trans Union (www.transunion.com)
  
• Experian (www.experian.com)

All have websites that allow you to order your credit report for a reasonable fee. It’s a good idea to order all tree credit reports as not all companies report credit information to all three bureaus.

Getting your credit report, and checking that it’s accurate, will make the home buying process go a lot more smoothly.

5 Minute Tips for Preparing Your Home for Viewing

Obviously, your home should look its best when potential buyers arrive. However, time is not always on your side. There may be times when you have only a few minutes to get things ready. What you do with those minutes can mean the difference between an interested buyer…. And one who crosses your home off the list.

Here are some of the things you can do to help your home look its best in just five minutes or less:

Put away coats, hats, and shoes. Clean up, especially around the foyer. You don’t want clutter to be the first thing a buyer sees.

Turn on all lights and lamps. A home that is bright looks larger.

Put on some soft music. Easy listening is the best choice. Don’t play rock or jazz music because some people might dislike it. Think elevator music.

Make sure the toilet lids are down. Even when a washroom is sparking clean, a raised toilet seat gives the impression however incorrectly-that thinks are less than hygienic.

Relocate the pets. Put pets in the back yard or basement, or at least segregate them in a separate room. Better still; take them away from your home entirely.

Close the garage doors. Most garages don’t look great on the inside.

Hide the waste bins. Keep them out of site.

Wash the dishes. If possible, don’t leave them on a drying rack. Put them away.

Put away personal items. Put family pictures, bills and other personally identifying information away. You want the buyers to visualize themselves living in your home, not you.

Open all curtains and blinds. This makes rooms look bigger and brighter, even at night.

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

The Relationship Between the Rising Price of Oil and Gas and Real Estate - Part 4

As we continue our series on how rising oil and gas prices are effecting the real estate industry, this week we would like to focus on how the energy crisis is impacting the cost of new construction.

The cost of all building materials are going up, some at alarming rates. Builders are pausing and reassessing their costs and unit margins on a weekly basis. Inevitably there will be a lull in new construction until markets begin rising fast enough to keep pace with inflation. We anticipate that there will be a lag time before that happens. In the mean time developers will finish the projects they have started and prices will necessarily be much higher to cover their costs.

The cost of materials themselves have increased dramatically because of the energy cost of producing them at source, as well as the transportation cost increases to have them shipped to the site. This is particularly significant for those of us on Vancouver Island because of proximity to the manufacturers and ferry costs. Combined with a labour shortage in Canada of the trades, this is making life very uncomfortable for builders and developers.

Numerous materials containing oil derivatives ie. rubbers, wiring conduit, plastics, pipes carpet, paint, vinyl, etc., will also see significantly inflated prices.

All of these combined factors are and will continue to culminate in higher building material cost and consequently higher new construction prices past on to the consumer.



Best Regards,
The Debbie Simmonds Lifestyles Real Estate Team

FINTRAC

Here is a bit of interesting news about changes to the Real Estate Contract that all realtors and their clients are required fill out when buying or selling real estate in Canada

The Canadian Real Estate Association (CREA) has been working with both the Finance
Department and FINTRAC since 2005 to ensure it would be possible for REALTORS® to comply with the new Canadian law, and that the new regulations would not put REALTORS® at a business disadvantage in the buying and selling of real property.

This process included a number of meetings with Finance Minister Jim Flaherty and his staff,
officials of the Finance Department, and officials from FINTRAC. Because of significant concerns raised by CREA, and an impasse in discussions with government, in the Fall of 2007 the national Association initiated a REALTOR® “call-to-action” to raise awareness of the issues among members of Parliament. This resulted in a meeting with the Finance Minister, and redress on some significant concerns. PAC Reps were also asked to raise some of the Association’s objections during the annual visitation to MP offices on parliament hill in April.

The government is well aware that some of these new regulations represent major changes to
the process of buying and selling real estate in Canada. CREA received an interim response letter from Finance Minister Jim Flaherty dated May 15th, 2008, indicating the government would propose regulatory revisions addressing some of the Association’s concerns, especially those dealing with unrepresented parties in a transaction. In other words, changes would be made to the regulations after they came into effect. Please note the intent of those revisions has already been incorporated into this publication.

The specific regulations for the real estate sector for anti-money laundering and anti-terrorist
financing take effect on June 23rd, 2008. Criminal penalties for wilful non-compliance also take
effect in June, followed by the civil penalties, including administrative monetary penalties (AMPs) that take effect on December 31st, 2008. FINTRAC has assured CREA that enforcement of the new regulations will be gradually phased-in, and that considerable efforts will be made by the federal government to promote a better understanding of both money laundering risks and the new measures developed to combat them - as they did when the initial requirements became law in 2001. FINTRAC has also advised that criminal charges will only be imposed for repeated and deliberate or wilful non-compliance during this unofficial “phase-in” period.


Best Regards

The Debbie Simmonds Lifestyles Real Estate Team

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!
July 26 Artisan’s in Waterwheel Park 10am-5pm Chemainus Chamber of Commerce (250) 246-3944

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

Ottawa revamps mortgage rules

KEVIN CARMICHAEL
Globe and Mail Update, Reuters
July 9, 2008 at 4:36 PM EDT

OTTAWA — The federal government says it will no longer guarantee 40-year mortgages, one of a handful of measures aimed at guarding against a U.S.-style housing bubble.
The Finance Department said Wednesday in a news release that the government will guarantee no mortgages with durations longer than 35 years. The government also will demand a minimum down payment equal to 5 per cent of the value of the home.
“Today's announcement marks a responsible and measured approach by the government to ensure Canada's housing market remains strong and to reduce the risk of a U.S.-style housing bubble developing in Canada,” the Finance Department said.
The government hastened to emphasize that Canada's housing and mortgage markets were performing much better than in the United States.
Canadian housing prices are in line with economic factors such as low interest rates, rising incomes and a growing population and the demand for residential housing remains buoyant at more than 200,000 housing starts a year, it said.
The percentage of bank mortgages in arrears is also stable at 0.27 per cent, the lowest levels experienced since 1990 and well below the highs of 0.65 per cent in 1992 and 1997.
“The historically prudent and cautious approach taken by Canadian financial institutions to mortgage lending, combined with a sound supervisory regime, has allowed Canada to maintain strong and secure housing and mortgage markets,” it said.
It nonetheless noted “accelerated financial innovation” in the mortgage markets since the fall of 2006, for example, allowing loans up to 100 per cent of the value of the house and increasing amortization periods to 40 years from 25 years.
The government will now require a consistent credit score for mortgages it backs, and a minimum level of loan documentation standards to ensure evidence of the reasonableness of property values and the borrowers' income.
In addition, government guarantees will not be allowed for high-ratio mortgages where amortization is not required in the first few years – e.g., mortgages that begin with interest-only payments.
Finally, it will set a maximum of 45 per cent on a borrower's debt-service ratio – the proportion of gross income that is spent on debt service and housing-related fixed or essential payments.

What is the Ideal Selling Price for your House?

“How much can we get for our house?” That’s often the first question asked when putting a house on the market.

Obviously, you want to get the most money possible for your house. But if you set your price too high you’ll scare off potential buyer- and their agent! If you set your price too low you’ll be leaving money on the table. People might also reasonably assume that there’s something wrong with the property. “Why the low selling price?”

Ideally, the selling price should reflect the market value of your house, and should be influenced by how quickly you want to sell it.

What is market value?

It’s simply the price that potential home buyers are willing to pay for a home like yours in your neighbourhood.

Your agent should suggest an asking price for you house based on market research. The analysis should include sales of properties in your area that are similar to your-taking into account the number of rooms. Lot size square footage, special features (such as pools), etc.-and provide a comparison.

For example, if your house has two storeys with three bedrooms and a finished basement the research should include other houses in your neighbourhood with the same features. If these houses sold for an average of $245,000, then it’s a good bet that potential buyers would be willing to pay that much for your house.

An agent will try to find at least three recent house sales in your neighbourhood. (The more recent the better, as home prices can fluctuate.)

Don’t take it personally.

Market value doesn’t take into account any emotional attachment you may have to any particular feature of your house. You may look at your backyard garden with pride and remember the many hours of hard work you spent planning, planting and nurturing. But, no matter how much more valuable you think the garden makes your house. It is still only worth whatever someone else is willing to pay for it.

Need help setting the ideal price for your house, so it sells quickly and for the highest possible price? Call today.

Be Sensible when it comes to Scents

Sniff, sniff. “What is that smell?”

That is definitely not the reaction you want a potential buyer to have when they view your house.

The problem with common household scent-from family pets, favourite cooking styles, smoking, or even hobbies such as model-making-is that we get accustomed to them. However, someone who enters the house for the first time will notice these aromas right away.
So before a viewing appointment or open house, be sure household scents are under control. A good airing usually does the trick.

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6 Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

The Relationship Between the Rising Price of Oil and Gas and Real Estate - Part 3

This week we are on a discovery of how increasing oil and gas prices are effecting real estate from a design perspective. More and more we are seeing a concern for maintaining large homes and the associated energy costs. There is more pressure on developers, designers and builders to provide less square footage.

We will see, and are already in some cases, a demand for smaller, more efficient floor plans. That means much more open floor plans with very little space wasted in hallways. This also means one eating area instead of our traditional formal dining room and informal nook. Instead we will see one dining area that can be dressed up for formal occasions, or dressed down for informal ones.

It means smaller room sizes over all, as well as rooms that will be multi-purposed. An example of this would be a secondary bedroom also acting as a media room and home office by using innovative accessories such as a Murphy bed wall unit that encompasses the guest bed and home entertainment wall unit, as well as desk and filing cabinet drawers.

In this respect we have much to learn from population dense countries such as Japan as regards their architecture and design which are traditionally much more compact than ours.


Best Regards,
The Debbie Simmonds Lifestyles Real Estate Team

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

July 5 Pancake Breakfast @ the Legion Hall 7am-11am Royal Canadian Legion #191 Ann (250) 246-4880

July 5Huge Street Market Sale - Willow Street 8am-4pm Chemainus Chamber of Commerce (250) 246-3944

July 5 Strawberry Tea in the garden @ St. Michael's Church10am-2pm St Michael’s Church (250) 246-4470

July 9 – August 30KidzPlay Series – Treasure Tales Chemainus Theatre Festival (250) 246-9820

July 19 - 2nd Annual Cowichan Valley Fire Safety Fair held in Lordco Parking Lot from 10am -4pm FREE ADMISSION!!

July 26 Artisan’s in Waterwheel Park 10am-5pm Chemainus Chamber of Commerce (250) 246-3944

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820

October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies Auxiliary

November 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!

Top 10 Reasons to Use a Broker vs a Bank

Top 10 Reasons to Use a Broker vs a Bank

1. A mortgage broker works for YOU, the client, whereas Bank Specialists are employed by a financial institution.

2. If you approach a few banks to shop for the best deal, each bank you visit will pull a credit bureau on you. Each time a credit inquiry is made on your credit bureau, it begins to deteriorate your precious credit rating. Your broker pulls only one single credit report on you and submits it to dozens of different lenders on your behalf. This protects you from bruising your credit rating.

3. The benefit of using a Mortgage Broker is the fact that they have the ability to offer you mortgage products from multiple lenders. Bank Specialists work for one bank which means they can only offer their clients what their financial institution has to offer.

4. For conventional mortgage financing, the services of the Mortgage Broker are generally provided at no cost to the client. We are paid by the lenders for providing business to them.

5. Mortgage Brokers do not work for one specific lender, and you are assured impartial advice. A Bank Specialist has a limited number of their own financial products, and while there may be better mortgage products out in the market place, they will do their best to sell you their own mortgage product.

6. Mortgage Brokers provide personal service, usually at times convenient for their clients. Mortgage Brokers are not restricted in seeing clients within certain business hours.

7. Brokers are typically paid the same amount no matter what rate is offered to the client. Bank Specialists' rate of pay is generally reduced in direct relation to the amount they discount your rate from the bank's posted rate.

8. Depending on your Province, Mortgage Brokers must be licensed and are subject to a strict set of requirements. Accredited Mortgage Professionals (AMP) must take continuing education courses in order to maintain their accreditation. Bank specialists are not licensed and require no formal training.

9. Mortgage Brokers use their knowledge and experience to negotiate the best possible rate and product for you from a number of lenders. When you see a Bank Specialist, that mortgage negotiating is typically left up to you.

10. Mortgage Brokers are customer focused, as they rely on referrals form previous clients to provide future business.










Allyson Foulis 746-5924

Cheryl Leukefeld 701-3978

Staging helps sell houses

Staging a house to sell is becoming all the rage. And more and more people appear to be turning to a real estate stager or home show caser for help.
It’s all about showcasing a home so it will sell fast and for top dollar. Basically In home staging what you want to do is highlight the architectural selling features of the home,” Val Sharp, president of the Canadian Redesigners Association, said in a telephone interview from her Victoria home. “So you place the furniture, hang the art and use accessories to do that,” She said. When successfully staged, a home becomes more appealing to a wider range of potential buyers. The difference between a redesigner and a home stager, Sharp explains, is that redesigners create a home that the people who live there will love, while the focus of a home stager is to create a home to sell.
Most makeovers-whether they’re a redesign or a home staging-are done quickly, usually in only a day or two. Nancy Poulin of Regina offers the following tips to help homeowners make the most of their home’s appearance:
· Hang artwork properly, or the room will look off balance. Most people hang things too high. “Artwork in a room should be hung closest to eye level for the activity that’s being done in that room,” Poulin says.
· Use mirrors to help open up a space and make it look larger.
· To make a hallway seem wider, paint one wall a shade darker than the other.
· Spray lemon or orange-scented furniture polish on a surface close to the entrance so potential buyers are greeted with a pleasant, fresh. Clean smell when they enter the home. “Don’t spray anything too perfumy, or they will be wondering what you’re trying to hide,” she cautioned.
· It’s never good to show a vacant house. Rent furniture and accessories, if necessary.
Staging a home can get better results, faster, Poulin says. But the house has to be priced reasonably, as well.
“No matter how much staging you do, if you are asking way over the market price, it’s going to take longer to sell,” she says.

The Relationship Between the Rising Price of Oil and Gas and Real Estate - Part 2

Today we would like to discuss how oil and gas prices will impact heating systems in new home construction, and also in converting heating systems of older homes to more energy efficient technologies.

As of late heating systems have been much more prevalent in my conversations with Buyers as they are weighing all of their options. With rising gas and food prices, home heating and cooling costs are more significant in the minds of Buyers. Already for the past year or more builders are putting in heat pumps with electric forced are furnaces in the higher end homes. This is by far, according to heating contractors, the most cost effective technology available to consumers today for heating and cooling. I am already making significant adjustments when I am analyzing homes for the purpose of Comparative Market Analyses based on their energy efficiency. Of course those homes with heat pumps deserve a significant credit as opposed to those that are much less energy efficient.

There is also the option of installing electric baseboard heating in rooms that are remote from the main core of the house, or are seldom used so that they are kept at a
minimal temperature except when in use.

For older homes or those with relatively inefficient heating systems, upgrading to a heat pump can be challenging. If a ducting system already exists throughout the home, it is a much easier conversion as the furnace and ducting are already in place, and therefore it is a much simpler process to install a heat pump unit.

However, in homes with electric baseboard heating, or in-floor or radiant heating, there are no ducts. This becomes a major project where head room, walls, valances etc. become strategic problems as an entire ducting system must be installed. In this scenario the home owner must be careful to calculate what energy cost savings may be recovered taking into account anticipated rate increases, versus the cost of the improvement. One should also consider the added market value, and how long they intend to stay in the house to reap that incremental market value.

Best Regards,
The Debbie Simmonds Lifestyles Real Estate Team

INDUSTRY STATS

Todays blog is to update the reader on the latest homes stats for April and May of 2008 which have been made available by, "The Vancouver Island Real Estate Board which is an association of REALTORS committed to providing its members with the structure and services to ensure a high standard of business practice and ethics, and to effectively serve the real estate needs of the community."1

"Properties may be searched on the Internet through http://www.mls.ca/ This information is usually updated each business day. VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual pricesin centers comprised of widely divergent neighborhoods or account for price differential between geographic areas."2

The Stats for April and May 2008 definitely show the same amount of listings coming to the market as last year this time but the sales have been behind by nearly 48% for the same period.

Below are the Stats as provided by Vireb

ZONE - COWICHAN VALLEY
UNIT SALES - MAY 08 - 64
UNIT SALES - APRIL 08 - 73
UNIT SALES - MAY 07 - 122
AVERAGE SALE PRICE - MAY 08 - $378,968 -- APRIL 08 - $382,792 -- MAY 07 - $347,678
% MEDIAN PRICE - $379,900
% OF CHANGE - 9%

NOTE* "Source: Multiple Listing Service® (MLS®) sales data from the Vancouver Island Real Estate Board.Median Price: An actual sale at or immediately adjacent to the midpoint in a price group. In the case of an even number of sales, the median is thehighest price in the lower half of that price group. If the total number of sales is an odd amount, the midpoint sale is taken to be the median."3

Now that summer is here and the weather is improving the sales figures should correct and the stats will reflect that in the next Board Stat update which we will post on the blog as soon as it posted. Check back soon.

Best Regards,

The Debbie Simmonds Lifestyles Real Estate Team


1 VIREB
2008. June 1, 2008 MLS Sales Summary, April-May 2008. Nanaimo: Vancouver
Island Real Estate Board: Multiple Listing Service.

2 VIREB
2008. June 1, 2008 MLS Sales Summary, April-May 2008. Nanaimo: Vancouver
Island Real Estate Board: Multiple Listing Service.

3 VIREB
2008. June 1, 2008 MLS Sales Summary, April-May 2008. Nanaimo: Vancouver
Island Real Estate Board: Multiple Listing Service.

Local Events

Looking for something fun to do with the whole family?! Why not check out some of these great community events!

June 29 Danish Folk Dance Group @ the Bandshell Chemainus Valley Cultural Arts Society246-9102

July 5 Pancake Breakfast @ the Legion Hall 7am-11am Royal Canadian Legion #191 Ann (250) 246-4880

July 5Huge Street Market Sale - Willow Street 8am-4pm Chemainus Chamber of Commerce (250) 246-3944

July 5 Strawberry Tea in the garden @ St. Michael's Church10am-2pm St Michael’s Church (250) 246-4470

July 9 – August 30KidzPlay Series – Treasure Tales Chemainus Theatre Festival (250) 246-9820

July 26 Artisan’s in Waterwheel Park 10am-5pm Chemainus Chamber of Commerce (250) 246-3944

August 6,13 ,20 ,27 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944
August 9Celebration - BC's 150th Birthday Bash Waterwheel Park. Chemainus Valley Cultural Society246-9102

September 3,10 Wednesday Evening Market in Waterwheel Park Chemainus Chamber of Commerce (250) 246-3944

September Silent Auction & Garage Sale in Waterwheel Parking Lot Chemainus Rotary Club Shannon (250) 246-2994

September 11 – October 25 The Miracle Worker by William Gibson Chemainus Theatre Festival (250) 246-9820
October 4 Harvest Moon Dance – Chemainus Legion Hall Fraternal Order of Eagles – Craig (250) 246-3947

October 5 Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

November 2 Christmas Craft Show @ the Legion Hall 9am -2pm Royal Canadian Legion #191 –Ann (250) 246-4880

November 6 – December 28 Having Hope at Home by David S. Craig Chemainus Theatre Festival (250 246-9820

November 24Christmas Bazaar @ the Legion Hall Ladies AuxiliaryNovember 29Christmas Dinner Dance – Fuller Lake Activity Room Fraternal Order of Eagles – Merv (250) 246-3401

December 2 Golden Brush Community Awards @ the Theatre Chemainus Chamber of Commerce (250) 246-3944

December 6 Christmas Self Guided Walking Tour Gunnell (250) 246-2421

December 6Chemainus Christmas Carol Ship – BC Ferries- Fraternal Order of Eagles (250) 246-3947

December 7Flea Market @ the Legion Hall 9am-2pm Royal Canadian Legion #191 Ann (250) 246-4880

December 20 – January 3 KidzPlay Series – Rumpelstiltskin Chemainus Theatre Festival (250) 246-9820 out!