By Warren McNeil

As a Kitchener Waterloo Real Estate Agent, this question is one that we seem to answer often. Although not directly asked, “why should I hire a realtor” we know this is the underlying question. There are many answers to this question and I am going to provide a few. I am sure we have all seen the howrealtorshelp commercials; they are quite entertaining to say the least. Those commercials can only show so much. In one of the commercials they show an airplane flying over the house. Implying that a realtor would help you identify better areas then others. Or the other commercial has a two couples doing an offer and the negotiations seem to take forever.

Here are a few more good reasons to realize the value that a realtor can provide to their clients.

1. Finding the house: I am sure that you have all used realtor.ca. This is a great site providing you with all the listings that match your search criteria. However it is difficult to figure out which listings are new and unless you have a photographic memory or you maintain a database of new listings, then the task can become tedious. Realtors can provide you the newest listings daily. That way you will only have to look at what has just come on to the market and discount the old listings. Realtors can also notify you of price reductions in realtime.

2. Market knowledge: Realtors can also provide you with  information such as days on market and the most recent sales in the area. Helping you to make educated decisions so that you don’t overpay for a property.

3. Expertise: Realtors sell houses everyday so they have much more experience then common individuals. Would you try to perform your own open heart surgery? Probably not. Realtors are professionals who have years of experience selling and assisting buyers with the purchase of housing.

4.  Market evaluation: Realtors know pricing because they are around houses every single day. They are always doing market evaluation, previewing houses, showing houses and selling houses. After many years of doing the same thing every day, they become extremely skilled.  Pricing is a very important part to selling a home. The incorrect price can result in the failure to sell a property. Drawing on the knowledge of a realtor can help you get top dollar for your house.

5. Negotiating: This is a big one! Realtors have experience with negotiating all aspects of an offer. Everything from price, chattels, conditions and closing dates to name a few. Although, all of us have a natural level of negotiation skill, when it It comes down to the nitty gritty, realtors bring an extra level of experience in this area that is necessary to achieve successful negotiations in the purchase and sale of a property.  Don’t underestimate their value it could save you money now or in the long run.

6. Paperwork: This is also an important part to the purchase and sale of a house or other property. It is the realtors job to make sure you are protected. They will include many details in the offer meant to protect you. An example of this is home inspection. Mostly all houses that sell in the Kitchener-Waterloo area have a home inspection condition in the offer. There are many more of these types of conditions.

I hope you found the information here helpful. If you have any questions please don`t hesitate to contact us.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage ( 519.579.4110 
8 www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com  

By Warren McNeil

What’s Happening? Quite a bit actually… Our market is up this month over the same month last year. This is good news. Things have been humming along very well lately. We are seeing some multiple offers on houses in our area and they seem to be selling quicker. This is extremely good news!

I think consumer confidence is increasing despite the news we have heard or read the past few months. First-time home buyers appear to be getting off the fence and into the market. Move-up buyers are also taking the plunge. This is good news for sellers and buyers alike. I think this added confidence will help the remaing fence-sitters to make their move. There are plenty of opportunities out there.

Sellers who are thinking that they might not make as much money as they did in a hotter market might want to reconsider. Timing could be the key in getting top dollar for your house. There could be a buyer out there right now looking for a house just like yours. The same can be said for a buyer who is waiting to find that great deal.

With the interest rates at an all time low, availability of governments incentives, I think now is a great time to buy and sell. I think that the increase we have seen this month over the same month last year is a good sign that things are looking up. I am optimistic that we will see more of the same.

Hope you found the information encouraging and helpful.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

By Warren McNeil

Today I was reviewing the listings, and it is pretty slim pickings right now. I think it has to do with the fact that it is the winter-time and because sellers are still bit nervous about the state of the market. What does this mean? Well, buyers really need to look hard for homes to find anything decent. As for sellers, this could be a really good opportunity to sell since there are less homes currently for sale.

It is always hard to determine what is the best time to sell. In the winter there is usually always less homes for sale then the spring. People always seem to wait till the snow melts before putting their house up for sale. But what people don’t realize is that the winter could be a good market to sell in because there is less comptition out there.

If you are a buyer, you might find a real gem in the winter. There are always good opportunities out there, you just have to look for them.

In spite of what the market is doing there are still people looking at buying and selling real estate.

Thanks for reading,

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

By Warren McNeil

What is a foreclosure or power of sale? Although a simple Google search will get you this answer, I will just reference my trusty real estate encyclopedia for you.

Foreclosure (Accounts for approximately 1/4 of 1% of all transactions in Canada annually)

The termination of the mortgagors (person who has the mortgage) right to  property by the motgagee (bank) resulting from the breach of covenant (promise) by the mortgagor, e.g., the non-payment of moneys due. The foreclosure action deprives the mortgagor the right to redeem the property (equity of redemption), subject to tatutory provisions that exist in individual provincial jurisdictions.

In other words the bank takes over the house to sell and the mortgagor can’t redeem any equity. In some cases the bank will sell for what is owing on the mortgage.

The statistic that I cited in the heading was on a Powerpoint slide at our Re/Max convention this year.

Power of Sale (Method used in Ontario)

The right of a mortgagee to force the sale of a property, without judicial proceedings, should default occur. The term power of sale indicates a sale under the power contained in the mortgage document and/or persuant to appropriate provincial legislation. Procedures concerning power of sale vary by province.

Provincial reference:

The power of sale can often be the fairest, most inexpensive method to deal with an unpleasant financial circumstance, as it allows the, mortgagee to retrieve only what is entitled to and no more. If a suplus occurs, the the owner/mortgagor will benefit. The power of sale does involve certain complexities, particularly the gaining of posession and the obligation of the mortgagee to obtain the best possible value.

People ask me all of the time, where do I get a list of foreclosure properties. I always tell them it is very difficult because in Canada foreclosures account for approximately 1/4 of 1% of all transactions annually. I don’t know the exact number I just know it is really low.

Power of sale’s, on the other hand, are the method Canadian lenders use to remedy defaulted mortgages. When offered for sale, these homes usually sell at market value. Some people think they are going to get a deal with a power of sale. This is not always the case. That’s not to say that you won’t get any deals. What I am saying is that sometimes you won’t. Obtaining a list of power of sales can be a little difficult. I usually try to keep track of which homes are power of sales.

Another type of home you should consider is the one that needs some work. If you know where to look you could find some real gems out there. Sort of like searching for treasure. If you are handy and some extra time on your hands, consider purchasing a home that needs a bit of work.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

By Warren McNeil

Seems like one of the most common questions people ask me these days is what is going on with the real estate market in Kitchener-Waterloo. Now being the positive person I am, I am telling people that the market is a bit soft right now but I am very optimistic that we should be able to weather the storm. One thing is for sure, people still need a place to live and as long as there are still buyers, there will be sellers.

What I am seeing happening right now is that houses are sitting on the market a little longer and some people in some areas of the city are getting less money then they would have a year ago. I think there are few of factors at play here. Some of these factors are, the US subprime situation, the current election, the time of year, banks have stopped offering 0 down or 40 year mortgages, the negative media exposure coming from the US and other areas of Canada.

Take a look at this chart:

According to the above chart, the overall average house prices consistently gone up over the last 8 years in our area. In some areas the appreciation has been alot higher. My point is, sooner or later things cool down. The hot market of the last couple of years is starting to cool. How much will it cool? Only time will tell.

I have heard news reports stating that the Kitchener-Waterloo real estate market is one of the top ten markets in Canada to invest in. I believe this to be true.

Here are a couple record postings that might cheer you up! When I read the following postings I can’t help but remain optimistic.

Housing sales on track for record year
http://news.therecord.com/article/251944

Townhouses, condos bolster real estate sales
http://news.therecord.com/article/424344

Residential sales up 10 per cent
http://news.therecord.com/article/423822

Townhouses, condos and semi-detached are currently selling well. This means that parts of our market are still strong, Hopefully this will spill over into the other areas that are not doing as well.

Luxury house sales in our area are also up:

Re-Max reports upswing in luxury home sales in major Canadian cities
http://news.therecord.com/article/237718

Luxury housing market standing its ground
http://news.therecord.com/article/420246

Luxury home sales rising in ‘unprecedented’ uptick
http://news.therecord.com/article/238144

It always gets better!