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!