Real Estate in Port Elgin and Southampton ( Saugeen Shores ), Bruce County

2012-01-24T13:04:00.000-08:00

Winter 2012 Newsletter Port Elgin and Area Real Estate News by Jason Steele

Real Estate Port Elgin MLS - Port Elgin Real Estate listings homes for sale Port Elgin and area. Jason Steele Coldwell Banker The Property Shoppe Real Estate Brokerage

2012-01-24T12:37:00.001-08:00

Real Estate Port Elgin MLS - Port Elgin Real Estate listings homes for sale Port Elgin and area. Jason Steele Coldwell Banker The Property Shoppe Real Estate Brokerage

Fall Newsletter

2011-11-23T10:59:00.000-08:00

These following stats are board wide in the area that serves the REALTORS® Association of Grey Bruce Owen Sound. Monthly figures below are compared with the same month in 2010.

January : units sold were down 12.3% and average price was down 3.3%

February: units sold were down 17.9% and average price down 3.2%

March: units sold were down 23.2% and average price was down just 0.8%

April: units sold down 8.9% and average price was almost equal at –8.3%

May: units sold down 16.8% and average price was UP 1.7%

June: units sold down 14.3% and average price was UP for second consecutive month at 5.2%

July: units sold were down 3.2% and average price sunk again at 0.3%

August: units sold were up 3.4% and average price was also up at 8.7%

September: units sold were down 5.8% and average price was slightly up 0.6%

October : units sold were down 6% and total units sold were down almost 17% over last year. The average price though remains at record high levels.

REMEMBER THAT THESE STATS COVER THE ENTIRE BOARD AREA. FOR SPECIFIC LOCALS, PLEASE DON’T

HESITATE TO CONTACT ME FOR FURTHER INFORMATION.

Listings

2011-03-25T07:46:00.000-07:00

Hi folks, I wouldn't normally send this type of email but.....

The Port Elgin area is very short on listings at this time. There are
plenty of buyers out there for homes that are priced right.

If you know of anyone thinking of listing their home in Port Elgin or
Southampton, please ask them to call me.

(if they have not already contracted with another brokerage of course.)

P.S. - Please remember not to keep me a SECRET! You can feel comfortable in
providing me with an introduction to someone you know that may have
mentioned they are looking to buy or sell real estate.

Jason Steele

New 20090

Broker

Vice President, REALTORS(r) Association of Grey Bruce Owen Sound

Coldwell Banker, The Property Shoppe Real Estate, Brokerage

(independently owned and operated)

519-377-2147 cell

519-389-4444 office

http://www.jasonsteele.ca <http://www.jasonsteele.ca/>

Not intended to solicit persons/properties currently under contract with any
other representative or brokerage.

This email and any files transmitted with it are confidential and intended
solely for the use of the individual or entity to whom they are addressed.
If you have received this email in error please notify the system manager.
This message contains confidential information and is intended only for the
individual named. If you are not the named addressee you should not
disseminate, distribute or copy this e-mail. Please notify the sender
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reliance on the contents of this information is strictly prohibited.

Trademark owned or controlled by The Canadian Real Estate Association. Used
under license

2011 Winter Newsletter

2011-01-25T09:01:00.000-08:00

Hi there, I was in the process of setting up my re-formatted newsletter last
week and realized that I had sent it to a few people before it was complete.
I do apologize if you were one of those that got the incomplete letter.
This new format will be done on a quarterly basis (winter, spring, summer,
fall) and will be full of interesting and "newsworthy" media articles!

If you no longer wish to receive the newsletter, please reply to this email
with "remove" in the subject line, and I will gladly have your name taken
off the newsletter list. These newsletters are meant for information only
and not intended to solicit person's or property currently under contract
with another brokerage for property in my service area.

Thank you

Jason Steele

P.S. - Do you have a friend or family member looking to buy or sell a home?

Rest assured your referral will be treated with the most honest and
professional service they have ever experienced!

Jason Steele

New 20090

Broker

Vice President, REALTORS(r) Association of Grey Bruce Owen Sound

Coldwell Banker, The Property Shoppe Real Estate, Brokerage

(independently owned and operated)

519-377-2147 cell

519-389-4444 office

http://www.jasonsteele.ca <http://www.jasonsteele.ca/>

Not intended to solicit persons/properties currently under contract with any
other representative or brokerage.

APRIL STATS

2010-05-22T06:27:00.000-07:00

Average home price scales new heights in April.....

The residential average price for homes sold through the MLS® System of the REALTORS®

Association of Grey Bruce Owen Sound rose to the highest level on record in April 2010.

Meanwhile, the supply of homes for sale on the market continues to grow. According to statistics provided by the Association, the average price for homes sold in April 2010 was $224,157, rising 17 per cent from a year earlier. Home sales numbered 210 units in April 2010, up 15 per cent from the same month in 2010.

This is the eighth consecutive double-digit increase in sales activity. “Demand continues to run strong, and this is putting upward pressure on prices,” said Karen Cox, President of the REALTORS® Association of Grey Bruce Owen Sound. “However, recent supply gains are bringing some balance back to the marketplace.”

The number of new listings on the Association’s MLS® System was up 22 per cent from yearago

levels to 604 units in April 2010. This is a record for new supply in the month of April.

There were 1,749 active residential listings on the Board’s MLS® System at the end of April
2010. This is also a record, up 12 per cent from April 2009. The dollar value of all home sales in April 2010 was $47.1 million. This is the highest level on record for the month, up 35 per cent on a year-over-year basis. Total sales numbered 293 units, 26 per cent higher than in April 2009. The total value of all
properties sold in April 2010 was $65.2 million, up 46 per cent from a year earlier.

The number of months of inventory stood at 8.3 months at the end of April 2010, down slightly
from 8.6 months last April. The number of months of inventory is the number of months it
would take to sell current inventories at the current rate of sales activity.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 350
REALTORS® registered with its member offices. The geographical area served by the
Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including
Bruce and Grey Counties, and part of Wellington County.

"REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association". Trademark use under license from The Canadian Real Estate Association.
Information provided by the REALTORS® Association of Grey Bruce Owen Sound, Copyright 2010. E&OE.

The High Cost of Over Pricing

2010-04-28T19:03:00.000-07:00

A seller's ultimate goal is the obvious...sell the property for the best price possible! But what happens to a listing when the list price is set to high? How do you find the right price to list your home? How do you know if you have priced your home to high....showings, or lack there of is a strong indicator that your home is listed to high for what the market will bare.
When you hire a professional real estate rep to market and sell your home, the first thing that should be done is a comparative market analysis. This is where comparable homes are used to find an appropriate price to list your home. When I do this, I only use homes that have sold...not homes that are currently listed. Current listings are not good indicators...why....because they have not sold.
If good comparables are not used, and you are pricing your home on speculation alone, you will most certainly hurt your chances of a good sale. Your house becomes a 'stagnant' listing which sits on the market ultimately expiring as a listing.
Some "excuses" I hear all the time are "my home wasn't advertised enough, that is why it didn't sell"....usually, that is not the case....the bottom line is the home is likely priced to high to satisfy the market, thus resulting in a lack of showings and buyers that could be interested in your property.
"But I have time and can wait for a buyer"...this is another story I hear quite often. Why then are you listing your home? Would you buy a stock/bond that is failing and losing money? Then why would you invest time/money in overpricing your home?

When thinking about listing your home, use common sense...think of yourself as the buyer, not the seller....

It's not what you think your should get, IT'S WHAT THE MARKET WILL BARE!

Wonderful location

2010-04-05T07:34:00.000-07:00

Just reduced and ready for immediate occupancy. Located in Port Elgins "Lord Elgin" estates only 4 minute walk to the beach!
Sent on the TELUS Mobility network with BlackBerry by Jason Steele - Real Estate Broker www.jasonsteele.ca (tml@bmts.com)

HST collection on real estate

2010-04-02T07:24:00.000-07:00

Re: HST Being Applied to Real Estate

Please Be advised that the HST (HARMONIZED SALES TAX) COMES INTO EFFECT ON JULY 1st, 2010, however there are situations where transition to HST may in fact affect the Buyer or Seller in a Real Estate Transaction.

1-800-959-8287 is the telephone number for HST Rulings.

ALTHOUGH I WILL BE MORE THAN HAPPY TO TRY TO EXPLAIN THE TRANSITION RULES AS THEY APPLY TO YOU, IT IS STRONGLY SUGGESTED THAT ALL CLIENTS SEEK THE ADVICE OF HST RULINGS DEPARTMENT, YOUR ACCOUNTANT OR YOUR LAWYER.

* HST shall apply to new build homes and will be available for partial rebate similar to GST. (provided rebate is assigned to builder)

* Resale Homes normally would not be subject to HST (but may if substantial renovations have been done recently or used as a home based business)

* Vacant lots may or may not be effected

* Farms may be effected

However, it is not likely that the government will not be introducing advertisement or leaflets to help you understand the HST…

HST will affect but is not limited to, the following services in a real estate transaction:

1) Lawyers fees
2) Home inspection fees
3) Movers fees
4) Real estate commissions
5) Basically all services that are used during the real estate transaction

AS WE MOVE THROUGH THE TRANSITION PERIOD and BEYOND JULY 1, 2010, PLEASE UNDERSTAND THAT AS BUSINESS OWNERS, WE ARE ONLY ACTING AS COLLECTION/REMITTANCE AGENTS FOR THE HST DEPARTMENT.

(the phone number above will assist you in determining all of the affects HST will have on your day-to-day purchases as well.)

HST and OREA

2010-02-18T06:17:00.000-08:00

Ontario Real Estate Association(OREA) = Ontario REALTORS® working hard and investing their dollars to help Ontarians towards a better quality of life.

NEWS RELEASE
Ontario REALTORS® recommend HST relief for homebuyers
(Toronto, February 16, 2010) Ontario REALTORS® are calling on the Government of Ontario to provide relief from the harmonized sales tax (HST) for homebuyers by reducing the provincial land transfer tax (LTT) rate.
The recommendation, which is contained in the Ontario Real Estate Association’s (OREA) 2010 pre-budget submission to the Standing Committee on Finance and Economic Affairs, would save the average homebuyer almost $1,600.
Under the HST, home buyers and sellers will pay 8 per cent more on legal fees, appraisals, real estate commissions, home inspection fees, and moving costs, adding about $1,500 in new taxes to the average residential real estate transaction in Ontario.

QUOTES:

“The HST is going to hit homebuyers and sellers hard,” said Pauline Aunger, a Rideau St. Lawrence REALTOR® and President of OREA. “Cutting the provincial land transfer tax rate will help offset the cost of the harmonized sales tax, making homeownership more affordable for all Ontarians.”

“Our clients deserve a tax break,” said Barb Sukkau, a Niagara REALTOR® and Chair of OREA’s Government Relations Committee. “Ontario’s REALTORS® are open to working with the provincial government to find solutions to assist Ontario homebuyers and sellers transition to the HST.”

QUICK FACTS:
OREA proposes that the Government of Ontario reduce the provincial LTT rate by 0.5 per cent on all property value tax brackets. This proposal would save the average Ontario homebuyer $1,591 and cost the provincial government $311 million annually.
OREA estimates that the HST will add $1,513 in new taxes to an average resale home costing $318,366. OREA also estimates that the HST will add $310 million in new taxes annually to residential resale home transactions.

OREA represents 47,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy and other services.

OREA represents 47,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. OREA serves its REALTOR® members through a wide variety of professional publications, educational programs, advocacy and other services. Current LTT vs.

New Mortgage Rules

2010-02-17T06:28:00.000-08:00

Today, the Finance Minister Jim Flaherty made some changes designed to slow down the more speculative and risky portions of the housing market short term - and to provide additional stability for the future. Let's look at them so we understand what is happening.

First - if you want to take out a new variable rate mortgage (or any other mortgage where the rate is less than the 5 year fixed rate) you must qualify for that mortgage using today's 5 year fixed rates. As you know, to qualify for a mortgage, your payments can't be greater than a certain percentage of your income. Yesterday, for example, we would use a mortgage payment based on the current 3 yr fixed rate when looking at a variable rate mortgage request - today (actually no later than April 19, 2010) we will calculate that ratio using a 5 yr fixed rate. People can still get the 1.95% variable rate mortgage but now they have to demonstrate, through that ratio, that they can handle the mortgage even at today's 5 yr fixed rate.

Second - if you want to refinance your home, you can only take up to 90% of your homes value out instead of 95%. This is designed to slow down speculators taking equity out of their homes for other investments and to ensure that if there is a small correction in particular over-heated markets, that we don't end up with negative equity home-owners. None of us want to own a home with more debt on it than it is worth!

Third, and finally - if you want to purchase an investment property - non-owner-occupied - you are going to need at least 20% down. For multi-unit residential (greater than 4 units) this was previously 15% down - but for 4 units and under you could in some cases go as low as 5% down. This is a material change and absolutely targeted at reducing speculation in the market - particularly in the big city condo market.

All in all, this is a decent attempt at slowing speculation and reducing risk as we move forward out of this slower economy, without killing the market. While the media continues to bring up issues like increasing minmum down payments to 10%, everything that I hear and read suggests that this is largely off the table - it has too much potential to kill the market - something nobody wants to do in this fragile economic recovery period

This information has been brought to you by:
Jim Cook
Mortgage Broker
Mortgage Intelligence
519-396-6800
james.cook@migroup.ca

2009 ended on a HIGH note!

2010-01-24T11:19:00.000-08:00

Annual sales activity in 2009 tops previous year
(Jan 19, 2010) The number of homes sold through the MLS® System of the REALTORS®
Association of Grey Bruce Owen Sound was up in 2009 from 2008 levels, bolstered by a stronger
performance in the second half of the year, particularly in the fourth quarter.
According to statistics provided by the Association, home sales numbered 108 units in December
2009, jumping 86 per cent from the same month in 2008.
Despite a year-over-year increase in the third quarter of the year, year-to-date activity had been
trailing 2008 levels until October. However, the fourth quarter of 2009 was one of the strongest
on record. As a result, annual sales in 2009 surpassed levels reported in 2008. Activity totalled
2,097 units in 2009, up four per cent from the previous year.
On a seasonally adjusted basis, home sales were up eight per cent month-over-month in
December (seasonal adjustment removes normal seasonal fluctuations). Seasonally adjusted
activity now stands 88 per cent above the low reached one year ago.
“Demand continued to improve right up until the end of the year,” said Karen Cox, President of
the REALTORS® Association of Grey Bruce Owen Sound. “The strong sales momentum seen at
the end of 2009 is likely to carry forward into the new year.”
The average price for homes sold in December 2009 was $211,220, an increase of 11 per cent
from December 2008. Annually, the average price for homes sold in 2009 was $205,490, edging
up two per cent from 2008.
The total dollar value of home sales in December 2009 was $22.8 million, more than double year ago levels and the highest dollar volume on record for the months of December. On an annual
basis, the dollar value of all home sales in 2009 rose six per cent to $430.9 million.
Total sales numbered 144 units, nearly twice the amount reported in December 2008. The total
value of all properties sold in December 2009 was $30.9 million, 116 per cent above one year earlier.
Strong demand and average price gains are beginning to draw more sellers back to the market.
New listings jumped 68 per cent from a year earlier to 156 units in December 2009. This was the largest increase in nearly two decades.
Active residential listings on the Association’s MLS® System were down seven per cent from
year-ago levels to 1,030 units at the end of December 2009. This is the fourth consecutive
decline in active listings.
The number of months of inventory stood at 9.5 months at the end of December 2009, well below the recessionary peak of 19.2 months reached one year earlier. The number of months of
inventory is the number of months it would take to sell current inventories at the current rate of
sales activity.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 350
REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.

2010-01-24T11:15:00.000-08:00

Hey there, if you or someone you know is considering listing a home in the spring….DON’T WAIT! There may be a flood of competition for your home by then.

Port Elgin is very short on listings NOW, possibly turning things into a prime sellers market. If your home is priced right, it should sell quickly!

As of January 22nd, there are approx a total of 17 “re-sale” homes available in Port Elgin. ONLY 17.Of those, only 1 is under 200,000; 8 are under $250,000; and only 2 are between $250,000 and $300,000

Make the right call! JASON STEELE – 519-377-2147

You want someone that is in the business FULL TIME (this is my career, not my summer hobby); someone that is DEDICATED, HONEST, DEPENDABLE, and works HARD….you want JASON STEELE on your side!

Check out all I have to offer in listing homes, on my website jasonsteele.ca or go to http://www.youtube.com/user/trumpyourfired and view some of the REAL virtual tours that I do for my listings. Not just some “fish eye” camera panning room shots, these are walkthrough narrative videos which are appealing to a buyer.

November another great month!

2009-12-11T08:13:00.000-08:00

(Dec 9, 2009) The MLS® residential average price for homes sold in the area served by the REALTORS® Association of Grey Bruce Owen Sound rose to the highest level on record in November 2009. Sales activity was also strong in November, though activity edged back from October’s record levels.

According to statistics provided by the Association, the average price for MLS® home sales in November 2009 was $217,463 – the highest average value ever reported. This is an increase of 14 per cent from November 2008. The large year-over-year gain not only reflects current strength, but also a weak showing last year.

MLS® home sales numbered 146 units in November 2009. This is up 32 per cent from the same month last year, when news of the global financial crisis hammered consumer confidence.

“The strong and sustained rebound in demand has stabilized the marketplace, and we’re seeing that reflected in prices,” said Neil Devlin, President of the REALTORS® Association of Grey Bruce Owen Sound.

The total dollar value of MLS® home sales in November 2009 was $31.7 million, 50 per cent above year-ago levels.

Total MLS® sales numbered 210 units, an increase of 39 per cent from November 2008. The total value of all MLS® properties sold in November 2009 was $45.6 million, rising 62 per cent from one year earlier.

New listings were up 18 per cent from a year earlier to 264 units in November 2009. In contrast, active residential listings on the Association’s MLS® system dropped 11 per cent from year-ago levels to 1,220 units at the end of November 2009.

The number of months of inventory stood at 8.4 months in November 2009, down from 12.3 months in the same month last year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 350 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.

"REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association". Trademark use under license from The Canadian Real Estate Association.
Information provided by the REALTORS® Association of Grey Bruce Owen Sound, Copyright 2009. E&OE.

PRICE PRICE PRICE

2009-08-28T10:01:00.000-07:00

As a seller you must be properly informed about the area market prices. Just because your neighbor got $$$ (which is the biggest cause for overpricing in my opinion) does not mean your house holds the same value. It could be worth more!

The second biggest cause for overpricing is "my family told me what it's worth". That's a shame because you are being given the wrong advice from non-experienced people . I had one the other day say, "my daughter told me....." Their advice was $100,000 over price compared to what has sold in the area within the past year, and they were using comparisons that were totally different/new/much superior features. It hasn't listed yet, but if it does at that price, then the person listing it did not investigate.

As a registered real estate representative, I am trained and experienced in pricing a home correctly. When you don't listen to what an experienced person tells you, you run the risk of over marketing (on the market too long) the home which creates a stigma thus significantly lowering the bottom dollar that you may end up getting.

For example if I told you that your house should list at 239,000 and you decide to list it at $249,000 because you fell into the "249" trap (someone told you that is what it is worth) the chances of a good and fast sale become marginal. If you list at the "market" price, it should sell if it shows well. The biggest reason homes sit for a long time is price. It doesn't matter if it needs a roof, if it's priced to high, it won't sell. If it's priced with the common sense that it does need a roof a potential buyer might agree. If the basement leaks, or it needs new windows, remember to price it accordingly.

Here is another tip....if you are getting more than one valuation on your home, don't tell any of the representatives that you are getting more than one opinion. This way you can be assured of consistent facts/figures.

The third biggest reason a home sits for a long time is marketing. Just a sign will not normally sell your home.(unless you are one of the lucky ones that gets that once in awhile driveby sale) There needs to be a combination of newsprint, open houses, and thorough marketing to get the job done.

"REAL" virtual tours help. Virtual meaning the feeling that you are there. Most tours just provide strategic pictures that spin around the room. My virtual tours are actual video taken of the home with narration of each room and it's features. Those are uploaded to my many websites and social media such as Youtube and House Hunting networks, which capture much more audience than a simple sign and ad in the local paper. If you have a nice cottage to sell, how is an ad in the local paper going to sell it....you need to reach an audience of people that come from areas to cottage here such as the Tri-city area, or Toronto.

When you are ready to list, give Jason Steele a call, you will be glad you did! Have a look at the testimonials on my website, you will see what my clients really think!
http://www.jasonsteele.ca/

Cottage in the Port Elgin area

2009-08-21T09:30:00.000-07:00

From Friday's Globe and Mail Last updated on Thursday, Aug. 20, 2009 02:32PM EDT

When Toronto lawyer Doug Harrison tells his friends and colleagues he's headed to his cottage in Port Elgin, Ont., for the weekend, he's often asked, “Huh? Where's that?”
The beach town on Lake Huron in western Ontario is unfamiliar to many Torontonians, who are more aware of Muskoka, the Kawarthas or Prince Edward County as cottage destinations. “It's not on the radar,” says Mr. Harrison. “It's amazing how many Torontonians don't know about it.”
But the days of obscurity for Port Elgin and the neighbouring community of Southampton might not last much longer. “We're starting to notice more people from Toronto coming to the region,” local real-estate agent Brad Angel says. “The Kawarthas and places like that have become quite expensive, and people are looking for alternatives.”
Prices are lower along Lake Huron, although it's no bargain basement. Lakefront properties start at about $450,000, largely because there is such a tight supply. The area has always been popular with families from London, Guelph and Hamilton, and there's little ownership turnover. Cottages are often handed down through the generations.
If the lure of lower prices isn't enough of a draw, the natural beauty is. Wide, sandy beaches interspersed with rugged outcrops, as well as the vast expanse of Lake Huron, are compelling. “You just cannot get better sunsets than on the Lake Huron shore,” says Mr. Angel, the broker of record for Coldwell Banker-The Property Shoppe.
Mr. Harrison's reasons for venturing three hours west of his Toronto home and office are more personal. He grew up in Hamilton, and his wife, Margaret Grottenthaler, is from Guelph.
They spent summers in their youth in and around Southampton, and rented cottages in the area as adults before buying their own land in 2003 and building a modernist beach house. “I think most people gravitate, when they get a cottage, to the area they experienced as children,” Ms. Grottenthaler notes.
Port Elgin and Southampton are about a half-hour north of Kincardine, and an hour southwest of Owen Sound. Port Elgin, whose population includes blue-collar workers, white-collar types from the Bruce nuclear plant, and increasingly affluent cottagers, has a main street that's seen several new establishments open over the past couple of years, including a deli, a pair of yuppie-friendly coffee shops, an English pub and a swank Italian restaurant. Southampton has long had enough upscale shops and services to satisfy city folk.
Still, the area is relatively isolated, and Mr. Harrison and Ms. Grottenthaler hope that never changes. They prefer the slow pace and lack of modern trappings. “In Muskoka, you have to be much more industrious,” Ms. Grottenthaler says. “You have to boat, you have to swim, you have to fix the dock. Here, you don't have to do anything. You just have to get out your lawn chairs and read a book.” For many harried Torontonians, that might be the biggest lure of them all.

Survey Says............

2009-08-19T08:52:00.001-07:00

COLDWELL BANKER REAL ESTATE SURVEYS 1,000 MEN AND WOMEN TO DISCOVER GENDER DIFFERENCES IN THE HOME-BUYING PROCESS

Survey Finds that While Couples Make Real Estate Buying Decisions Together,
Women Make Up Their Minds Significantly Faster than Men

BURLINGTON, ON (August 17, 2009) – It often seems as though men and women are from different planets, but every day millions of couples navigate through day-to-day and even life-altering decisions. Because a home is the biggest purchase most people will make in their lifetime, Coldwell Banker Real Estate LLC surveyed 1,000 individuals to discover how much men and women differ in the home-buying process.

The real estate company engaged a third-party research firm, International Communications Research (ICR), to delve into the inner-psyche of men and women, asking questions such as “How long did it take for you to know that the last home you purchased was right for you?” and “If you found the home of your dreams but had concerns about its security, would you still be interested?” Coldwell Banker Real Estate also surveyed couples on additional topics, such as “Who wears the pants in the relationship?” when it comes to making major financial decisions.

“The results were surprising,” said Diann Patton, the Coldwell Banker consumer real estate expert. “Not only did we uncover some of the inherent differences between men and women, but we also pinpointed a number of ways that the two genders are actually the same. For example, both men and women are increasingly concerned with having a space to work in their homes – something we would not have seen 40 years ago.” She continued, “We also found that feeling insecure about a home’s safety is a deal-breaker for most people, regardless of gender.”

Below are some key highlights from the Coldwell Banker study:

Women may be inclined to make up their mind more quickly than men …

When asked how long it took before they knew their home was “right” for them, almost 70 percent of women had made up their mind the day they walked into the house, vs. 62 percent of men. Conversely, significantly more men needed two or more visits: (32 percent of men vs. 23 percent of women).
Women would rather live closer to their extended family than to their job …

55 percent of women find it more important to be closer to their extended family (those that do not live in their household) than to their job, compared to only 37 percent of men.

A home’s security is a deal-breaker for both men and women …

64 percent of women said that if they found the home of their dreams but had concerns about its security, they would no longer be interested. More than half of men agreed (51 percent).
Couples say that no one “wears the pants in the relationship” in terms of major financial decisions …

When asked who wears the pants in the relationship (when it comes to major financial decisions, such as purchasing a home), almost 70 percent of respondents living with their significant other said it’s actually mutual.
However, 23 percent think that they, themselves, wear the pants in the relationship, not their partner. More men than women said this (26 percent vs. 20 percent, respectively).
Men and women agree on how they would use a spare room, for the most part …
When the respondents were asked how they would use an extra 12 x 12 room if it could be anything they wanted, men and women agreed on the top three most popular, and very practical, responses:

Bedroom: 25 percent
Office/Study: 15 percent
Family Room / Den: 11 percent
However, men really do want a “Man Cave”…

Interestingly, out of the 8 percent who indicated they would turn that spare room into an entertainment centre, it was a preponderance of men leading the charge. In fact, four times as many men as women said they would use the extra space for recreation / entertainment.
In addition to providing background on the survey results, Patton is able to offer tips for couples who are currently going through the process of buying a home. “These results further validate how critical it is for couples to recognize each other’s differences and work together, from deciding a neighbourhood to how to use a spare room,” she said. “Online tools and the expertise of a real estate professional can be particularly helpful for couples, especially if they work together step-by-step along the way.”

Methodology: Coldwell Banker Real Estate engaged ICR to conduct an omnibus survey via telephone in May 2009, among more than 1,000 U.S. respondents. Canadians were invited to participate through a Zoomerang online survey

About Coldwell Banker Real Estate LLC
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and approximately 100,000 sales associates in 47 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

2009-07-26T12:09:00.000-07:00

Chesley Lake Flyer

Jason Steele Broker

2009-06-26T11:41:00.001-07:00

Okay Buyers, the time is now, rates are low, afford a home...let me show you how. Your in good hands, when you choose me, my testimonials prove how honest I can be. You will be treated with the unexpected, pure heart, and compassion unlike the political elected (hey it ryhmed!) So when you are ready to make this big choice, let Jason Steele - Broker be your Real Estate VOICE!!!

Balanced Market

2009-05-12T13:47:00.000-07:00

I sure do appologize for not blogging for some time now. Things have been so busy, I have been focusing on my clients needs.

Could it be that we are heading towards a balanced market?

1) Prices in Saugeen Shores seemed to have stabilized
2) Inventory of homes for sale is not exceptionally high like last year
3) The market is moving in this area
These are certain indications that we are heading out of the buyers market and with rates this low (3.85%) now is a great time to buy.

When and how should I list my home!

If you are thinking of listing your home, now is a very good time. Buyers are out shopping because of interest rates and the weather is making it even nicer to go property shopping!

Listing privately can cause lots of problems, the number 1 being that "are you opening your door to strangers"?

DON'T OPEN YOUR DOOR TO STRANGERS! HIRE A PROFESSIONAL LICENCED REALTOR®

Not everyone knows the value of your home. Neighbors, friends etc may tell you one thing, but you should put your trust to a professional to price your home according to the market conditions.

It's possible that you will get some people that tell you your house is worth more than it really is. The problem is, it will sit on the market and not get the attention it needs to sell.

Others will offer you a great deal, only to lack service.

A "professional" REALTOR® should offer you comparisons of properties currently listed, recently sold and ones that have expired or reduced because they are over priced, their listing services, and their obligation to your home as far as open house times, advertising etc.

Don't fall into the overprice trap!

2009-04-09T14:11:00.000-07:00

....building a high standard of professionalism to the real estate transaction

REALTORS® POST BEST MONTH IN 6 MONTHS

(April 7, 2009) – For REALTORS® of the REALTORS® Association of Grey Bruce Owen Sound (RAGBOS), March marked their busiest month in half a year.
REALTORS® of the RAGBOS traded 145 residential properties in March for a total value of $27,931,305, representing a 61.1 percent increase over February’s results. This is the third consecutive month that the RAGBOS has recorded an increase in sales from the previous month.
“Canadians still see home ownership as a good investment” says Neil Devlin, President of the REALTORS® Association of Grey Bruce Owen Sound, “and with historically low mortgage rates and improved affordability, first‐time home buyers are getting into the market.” “Despite all the negative news about a sluggish economy, homes sold for an average price of $192,630 last month, which is a 6% increase over the previous month, although a 7.9% decline from the first quarter of 2008 figures.
“It is first‐time home buyers who seem to be moving the March sales figures” explains Devlin. “Homes selling in the $120,000‐$250,000 range made up 45% of the total residential home market activity in March, a 4.3% increase in the proportion of sales occurring in that segment compared to the same period last year.”
Devlin believes that now is a good time for qualified buyers to enter the market. Sellers realize that their home must be realistically priced to attract offers and there is now a good selection of properties for sale.
Combined with a prudent buying public we are now in a “balanced market” situation.
A busy spring market is anticipated, being boosted somewhat by the Federal Budget 2009 incentives to get Canadians into their first home or renovating their current home.

Some of the budget highlights include:
• Providing first‐time home buyers with additional access to their RRSP savings to purchase or build a home by increasing the Home Buyers’ Plan withdrawal limit to $25,000.
• Assisting first‐time home buyers by providing up to $750 in tax relief to help with the purchase of a first home.
• Implementing a temporary Home Renovation Tax Credit that will provide up to $1,350 in tax relief.
• Providing an additional $300 million over two years to the ecoENERGY Retrofit program to support home retrofits.
Sellers who are uncertain about current market conditions should consult a REALTOR® to develop an effective marketing strategy. A REALTOR® knows the local market and can help you decide on a competitive listing price for your home.

If you are buying, a REALTOR® will negotiate on your behalf and guide you through every step of the process. A REALTOR® understands the market and must, by law, look after your best
interests. The use of average price information can be useful in establishing long term trends; however the REALTORS® Association of Grey Bruce Owen Sound cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

The REALTORS® Association of Grey Bruce Owen Sound is made up of over 350 REALTOR® Members.
Its jurisdiction consists primarily of Bruce and Grey Counties, although a small portion of Wellington County is included. Much of its Southwestern Ontario trading area is bordered by Lake Huron and Georgian Bay.

REASONS to use a REALTOR®:
• REALTORS® are trained professionals, licensed by the Province of Ontario and are accountable to the Real Estate Council of Ontario (RECO).
• REALTORS® are subject to a higher standard than the minimum standard required by the Real Estate & Business Brokers Act (REBBA 2002).
• REALTORS® are members of real estate boards and as such are required to adhere to the Canadian Real Estate Association’s Code of Ethics and Standards of Business Practice.
• REALTORS® have completed stringent educational and licensing requirements and must be of good reputation in order to be licensed.
• REALTORS® are committed to continuing education and consistently refine and improve their skills and professional knowledge through participation in the profession’s Professional Development Program.
• Both RECO and 43 Ontario real estate boards use a comprehensive investigatory and disciplinary process to deal with complaints. REALTORS® who are found to have breached either the legislation or REALTOR® Code are subject to sanctions by their board and RECO.
• REALTORS® are covered by a well-funded errors and omissions indemnity plan.
• REALTORS® use standardized forms and have access to well drafted (and court-tested) clauses and phrases which affords a high level of protection and comfort to their clients.
• REALTORS® are paid when a transaction successfully completes meaning that commissions and fees are not normally paid by the client unless a transaction successfully completes.
• REALTORS® have access to and use the Multiple Listing Service® and REALTOR.ca listing services – the most successful real estate listing website in Canada.
• REALTORS® are trained marketing professionals – they know how to price and market properties so that they sell for the most money possible in the shortest time possible.
• REALTORS® are trained negotiators. Sellers and buyers do not generally negotiate for a living. This places them at a disadvantage because they can become emotionally involved when they deal directly with an unrepresented buyer or seller.
• REALTORS® are thoroughly familiar with representing buyers and sellers in real estate transactions and understand the pitfalls of the process. Sellers and buyers “doing it themselves” can make mistakes, the result of which can far outweigh any perceived or real financial advantages to be gained in saving a commission or fee.
• Unrepresented buyers and sellers using for-sale-by-owner organizations expect to save REALTORS®’ fees. However, since both buyers and sellers want to save the same commission or fee, their negotiations begin at a disadvantage. Their negotiations are further hampered because they do not have an independent party like a REALTOR® to help them negotiate the best possible deal.
• REALTOR® involvement can protect consumers against the risk of a potential loss due to
misadventure, fraudulent dealings or criminals who case homes during showings. REALTORS®
provide “on hand” professional advice, are adept at advising clients how to avoid any financially
damaging situations and give consumers peace of mind by providing them with a stream of qualified clients.
"REALTOR® is a registered trademark of REALTOR® Canada Inc., a company partly owned by The Canadian Real Estate Association". Trademark use under license from The Canadian Real Estate Association.
Information provided by the REALTORS® Association of Grey Bruce Owen Sound, copyright 2009. E&OE

Why is it taking so long?

2009-04-02T17:41:00.000-07:00

1) What makes a house sell
2) Why does it take some homes longer than others to sell
3) Why use the services of a real estate representative
4) Can one person sell my house quick than another

Answers

1) Appeal, price, the sellers motivation
Appeal - the house must show well inside and out. If your representative tells you to declutter, paint etc, you need to listen. They aren't saying just to sound good, they are saying it because it is what sells a house. Take wallpaper for example. Big bright 70's colored flowers! A typical buyer isn't going to say "pretty wallpaper", they are going to say "pretty much has to come down"! If it's one room, not such a big deal, but the entire house, means lots of work to a potential buyer,
Price - it has to be priced within the market, and for what the market allows. Just because you neighbor got that much doesn't hold water for a typical buyer. They want to know why your price is where it is. Did your neighbors house have the same features? Did your neighbor sell in a better market? These are all questions your "licenced" representative can help you with.
The Sellers Motivation - if you really, and I mean really want to list your home, then do it. But if you are testing the market, think twice before doing so. Testing the market can hurt your chances for getting a good price for your home. Most people that do so, list very high to try and get "nibbles" only to see their listing sit and lose interest. People wonder if it has problems. Your agent is there to do a job, and if you are not motivated, chances are it will rub off on your agent.

2) It takes longer to sell some homes over others for most of the reasons above. Price, motivation, and appeal. Sometimes, the sale is done before the "for sale" sign hits the lawn. You see the "for sale" sign go up, then one showing and boom, SOLD. Sometimes there is a buyer just waiting for that exact home or neighborhood.

3) Again, why use the services of a "licenced" real estate representative? Because we are educated, follow a strict "Code of Ethics" and are governed in the province that we practice. We know the market, we provide stats and data on historical trends, we can tell you how to stage your home, we seek title information, municipal information and the list goes on and on and on....call me if you would like more detail. I would be happy to discuss how hard I work for my clients.

4) Can one person sell your house quicker than another? Not likely. The only difference between signs on a front lawn(when you are dealing with National companies) is the level of service that you will achieve out of your agent. Most listings, excluding "exclusive" listings are visible to the general public on REALTOR.ca which is where more than 80% of home buyers start their search. Wouldn't you want constants updates like graphs, charts, showing details, and communication?
Can one agent market your home better than another to attract more buyers? Possibly. A sign on the front lawn, and an ad in the local paper isn't usually enough in today's market. You need a representative that is internet savvy, tech savvy and one that has strong marketing techniques. In a buyers market, there are so many homes on the market, that your listing needs to be "first" to win the race!
Visit my websites, the many websites and techniques such as Talking House(tm) that I use to promote your listing. The more exposure, the better a chance of selling quicker...period!

Sometimes you see one Brokerage's sign up for a long time, only to be replaced by another Brokerage's sign (another company). This happens because sometimes home owners think that by changing companies they have a better chance of selling. Although in some instances this could be true (where a representative and seller didn't get along) but for the most part this won't usually make a difference. The big difference is listening to your representative, they understand, and have the expertise to help get the job done.

http://www.greybrucearea.com
http://www.jasonsteele.ca
http://www.portelginhomesforsale.com
http://www.pecoldwell.com
http://www.coldwellbanker.com
Social Networks are a great place as well to promote and market listings.
Such as this Facebook page click here

A sure sign of Spring!

2009-03-30T08:41:00.001-07:00

Raking your lawn, seeing some Robin's, these are all "signs" of spring....

Here is another SIGN of spring placed on your front lawn!

This Years Award!

2009-03-30T07:21:00.000-07:00

Recieved this award this morning. I am happy to know that my hard work, and dedication to my customers has once again been recognized. 2007 was Associate Society, 2008 was Sterling Society, 2009 - shooting for President's Society!
Thank you to all of my past, present and future clients. You will never be disappointed in my service to you.

Jason Steele

Stat Holidays and your offer to purchase

2009-03-29T19:22:00.000-07:00

Because your offer to purchase is all about "Title" exchanging hands, one must be able to register the transaction with the Land Registry. Because of that be sure the day that you pick to close your transaction does not fall on a weekend or public statutory holiday! Below is a list of those certain days in 2009 in which a transaction can't be closed.

Holiday 2009
New Year's Day Jan 1
Family Day Feb 16
Good Friday Apr 10
Victoria Day May 18
Canada Day Jul 1
Labour Day Sep 7
Thanksgiving Day Oct 12
Christmas Day Dec 25
Boxing Day Dec 26

Harmonizing Taxes!

2009-03-26T10:37:00.000-07:00

Sales tax harmonization will hurt resale home market

(Toronto, March 26, 2009) Ontario’s REALTORS® say the McGuinty government's plan to harmonize the GST and PST will add over $2,000 to the cost of a real estate transaction, hurting the resale home market and prolonging the housing industry’s recovery from the current economic downturn.

“Now is not the time to be erecting barriers to homeownership,” said Pauline Aunger, President of the Ontario Real Estate Association. “We need consumers to invest in housing to help get our economy going again.”

According to the Canadian Real Estate Association, home sales in the province of Ontario were down 29 per cent in February, compared to 2008.
Under a harmonized sales tax (HST), home buyers and sellers will have to pay extra tax on a range of services associated with real estate transactions such as legal fees, moving costs, real estate commissions and home inspection fees. Currently, consumers only pay the 5% Goods and Services Tax (GST) on these services.
“These additional taxes could price some homebuyers, especially first-time homebuyers, right out of the market,” explained Mrs. Aunger. “Harmonizing will not help homebuyers in any way.”

For a resale house priced at $360,000, a HST could add over two thousand dollars in new taxes to closing costs. In total, a HST will add $313 million annually in new taxes to resale home transactions.

“In the last decade, Ontario’s homeowners have faced a barrage of new costs,” said Aunger. “From municipal land transfer taxes to sky rocketing property taxes, homeowners are being pushed to the brink to accommodate increasing demands from government. A harmonized sales tax is yet another cash grab on Ontario’s already overtaxed homeowners.”

The Ontario Real Estate Association represents 47,000 brokers and salespeople who are members of the 42 real estate boards throughout the province. Members of the association may use the “REALTOR®” trademark, which identifies them as real estate professionals who subscribe to a high standard of ethics and service.

OREA serves REALTORS® through a wide variety of professional publications, educational programs, advocacy and other services. A division of the association, the OREA Real Estate College, provides real estate registration education courses in Ontario.

Help with Downpayment!

2009-03-05T18:48:00.000-08:00

The information below was borrowed from the Bruce County website to help promote that the end of the program is coming to a close.....hurry before it's too late.

Home Ownership - Realize Your Dream of Owning A Home

This program ends March 31, 2009.
All applications must be approved by March 31, 2009, closing date may be later.
Are you currently renting and dreaming of owning a home, but you don't have the down payment in the bank? The County of Bruce is participating in the Canada-Ontario Affordable Housing Program. (AHP)The Federal and Provincial governments have committed more than $28 million to make homeownership affordable for low and moderate-income households across Ontario. The Homeownership program provides up to 5 percent in down-payment assistance to eligible applicants to assist them in purchasing a home. Applicants must be renting, be at least 18 years old, have a gross household income at or below $64,900 and be eligible for financing from a financial institution. The selling price of the home must be at or below $205,315.

Your First Encounter with a Real Estate Representative

2009-03-02T13:14:00.001-08:00

What should your first encounter be like with a Broker or Salesperson?

First thing an agent should be asking you is "are you working with any other agent?"

This should be asked anytime there is contact with a new customer, whether walking into an open house, or into their office. There are a few reasons for this, but the most important reason is ethics. If you have been working with someone else, you should continue to do so, as that agent has invested the time and effort into finding you a property. The exception would be if you are not happy with their service. The other important reason is that if you have a "buyer agency" with one agent, you could owe them a commission on the property you purchase depending on how the agency contract is written.

The next thing an agent should be providing is "Working with a Realtor®". This pamphlet describes how we work for you. Whether a Seller, Buyer, Multiple Representation or customer service, this information is spelled out in this document and should be given at the earliest practical time in the relationship.

And the most important thing when meeting a representative is feeling comfortable with them. Knowing that they are going to work hard for you, and that there is trust between both parties.

2009-02-11T09:48:00.000-08:00

What is Buyer Agency? Why Buyer Agency and why do some reps ask for one up front? Who does it protect? Why a Holdover? Are there risks?

1) Buyer Agency is a contract between a Buyer and their Brokerage. This Form is a contract between a Buyer and a real estate company that gives the real estate company permission to act on the Buyer’s behalf in the purchase of a property. Assuming the Buyer is a Client of the real estate company, the Real Estate Council of Ontario (Ontario’s governing body) REBBA Code of Ethics requires that salespeople have a written Buyer Representation Agreement presented for signature prior to an offer being presented on behalf of the Buyer.
2) Representation agreements can be written, oral or implied. However, your broker or salesperson is required by law to reduce the agreement to writing and provide it to you for your signature prior to entering an agreement to purchase. The agreement should be in writing in order to protect the interest of all parties. It establishes agent responsibilities, commission arrangements and provides the foundation for negotiation and offer drafting. This form, which is commonly used in the real estate industry, provides that the broker is entitled to be paid commission if the buyer enters into an agreement to purchase any property, during the running of the agreement. If the seller does not pay the commission(in the case of a for sale by owner), or all of it, the buyer is required to pay it. Many agents ask for this form to be signed before any showings take place to protect their interests which include time invested, and their ethical and fiduciary duty to protect the client. If you have yet to sign this form, you are a customer, not a client. There is a great deal of difference with regards to that.
3) A perfect example: Customer calls agent to view property. The agent sets up the showings and meets the customer at the location to view the income property. The customer decides they want to see further property. The agent then sets up showings for various times, dates, locations. Many days, sometimes weeks, or months go by, showing after showing sometimes having to return because they want a contractor to see it, or a spouse wasn't available. The agent even introduces them to a series of different builders as he wants to further provide all suitable properties to their customer, hoping they will become a client. A hard working reputable agent will not only show property, but fact find, including visits to the municipality, registry office etc., to get all pertinent information on the subject properties. It’s called due diligence. This represents many days and days of work which costs time and money. Then one day, the agent that has done all of the work finds out that his customer has decided to work with with someone else because they didn’t realize how things work in this industry. The other agent didn’t ask if they were currently working with another agent.
4) This form protects both parties. The Brokerage(sales rep) and the client. When entering Agency, A buyer’s agent promotes your interests and represents you throughout the home-buying process, beginning with the search for the perfect home until you have the keys in your hand. A buyer’s agent can provide you with many important benefits such as knowledge of the local market, negotiating skills and expertise in working with contracts. It sets out what kind of property you are looking for and in what geographical location. A Buyer’s agent has a Fiduciary duty to protect the interests of the Buyer once this form is signed. Remember, we do follow a strict Code of Ethics, and without this form we still have a right to protect you with honesty and fairness.
For many agents in this industry, this is their sole means of income. They do not get paid unless they find you a property, and you put the offer through with them. Without implied or written Agency, the representative that did all of the work on your behalf has no claim to the commission that is to be paid.
5) A Holdover clause specifically addresses what happens when the contract comes to an end. Some agents don’t use a Holdover, while others do. The time of holdover is not specific and can range from days to months. What it means is that anytime after the contract expires, and while in the “holdover” period you purchase a home to which you were first introduced by that agent, commissions would be owed to that brokerage. You have to understand that some people do use the agents time to find property then wait to try and save money on the purchase of the home by not having representation at the time of offer. This isn’t fair to any of the parties involved as the process of purchasing and selling is complex.
6) There should not be any risks involved when signing a Buyers Agency Agreement. You can add anything to the pre-printed sections of the agreement, which takes precedence, so if there is something you want to add such as “exclusions on homes you have already seen”, or “commission payments” then have your agent add it, and agree by both parties signing the changes. Buyer Agencies can also be mutually cancelled at any time. Talk to your agent, they understand.

So, rather than getting to a point of risk such as implied agency commission payouts, discuss any issues with your agent, be open and honest and chances are if there is a problem it is just lack of communication. Realtors® are educated professionals and are supposed to follow strict ethical guidlines.

2009-02-09T10:38:00.000-08:00

Attached is as current an interest rate update as I can provide today. Rates and policies both are very fluid!

The best 5 year rate is now around 4.34% meaning someone can pay just $434 for a $100,000 mortgage over 35 years. Let's look at it another way.

Assume you know someone who is paying $1200 a month for rent right now. If we assume $2000 a year for property taxes and $55 a month for heat estimate for qualifying purposes only, that $1200 a month could be carrying a mortgage in the amount of $226,000.

If your job is secure - if you live and work in a stable community - this is a very affordable time to be obtaining debt.

It could also be a very attractive time to consider refinancing or renewing early - we are developing a simple five minute mortgage check-up to answer the question - is it the right move for me now?

This information was provided by but is not meant as advertisement for:
Jim Cook
Mortgage Agent
Mortgage Intelligence
519-396-6800 - Kincardine
519-389-6900 - Port Elgin

WHAT MAKES A BUYERS MARKET?

2009-02-03T13:13:00.000-08:00

It is so interesting watching people wait for prices to hit rock bottom here in Canada! The problem is that the media is indicating recession, and that prices are falling. Let me share a little historical trend for you. Last year our board reported the 2008 stats and comparing them to 2007, I can tell you that prices have not dropped the way that the media is reporting. Sure in some locals it may be relevant, but in areas such as Bruce County, where employment, and economic concerns are not as bold, prices remain stable. So what then makes this a perfect BUYER opportunity? Selection, interest rates and small price drops!
Consider a house price in 2007 at 195,000 and the same house now at 200,000. Although some may think it's costing them more to purchase really it is not.

On average, interest rates in 2007 were 5.7% and today in February 2009, 4.6%

Assuming a fixed Term of 5 Years and a 25 year amortization

Mortgage 1 $200,000 @ 4.6% would have a monthly pmt of 1118.09
Mortgage 2 $195,000 @ 5.7% would have a monthly pmt of 1213.06

Mortgage 1 would pay almost $43,000 interest and $24,117.64 in principal
Mortgage 2 would pay over $52,000 interest and $20,570 in principal

So as you can see, Mortgage 1 which is at todays home price and lower interest than last year, actually costs you less in monthly payments, interest and your are putting more of your hard earned money towards principal. So, what makes more sense, waiting for prices to fall and interest rates to rise?

Rate Drop!

2009-02-03T13:11:00.001-08:00

The Bank of Canada prime rate is now it's lowest EVER, and fixed rates are very low right now also. People are split between taking a 5 year mortgage at 4.49% or a 1 year at 3.5%. So speaking of "split", why not split your mortgage and take advantage of both great rates. In the meantime, get shopping for that home as many buyers are out there already looking to scoop up a deal, and spring pricing could see a rise in price before long. Call Jason Steele for your real estate needs. I will "listen to you". 519-377-2147 cell

MORTGAGE RATES SLIDE AGAIN!

2008-12-10T11:09:00.000-08:00

MORTGAGE RATES STILL FALLING

In an effort to boost the economy and consumer confidence, many lenders have once again dropped interest rates. What does this mean. Well, I am looking at one rate that is 4.9% on a 5 yr fixed. Last month we were seeing rates around 5.9% which would be a difference of approx at least $50.00/mth in savings and over approx $4500.00 in interest savings on a 5 yr term for every 100,000 in mortgage dollars. Think of what you can do with that savings. Or if you were holding off, waiting to see what the markets were going to do, you are in luck. Prices are down, inventory remains high, and now interest rates are LOW. What better time to buy than in a buyers market with low interest rates!

A GREAT TIME TO BUY!

2008-11-27T17:40:00.001-08:00

Interest rates came down today at most major lenders, some as much a .50 basis points! This is a buyers market for list price and negotiating, so why not take advantage NOW! Before prices rise again as they typically do in the spring! Call Jason Steele Broker for more information. 519-377-2147

Choosing someone to represent you

2008-10-26T10:23:00.000-07:00

Shopping for a real estate representative is somewhat like shopping for a car in my opinion. Realiable, always working, and there when you need it! Did you buy your car because of the incentive from the dealer, what happens after when you need service? Is that dealer there for you? Much is the same in real estate.
Just because the deal is done, doesn't mean you should be without someone to talk to. What about Tarion warranty, or re-sale, how about finding out more information on the property, and most importantly DAY OF CLOSING!
Were you offered a "free home inspection" or "Home Staging"? Are you being offered "great service before, during and after the sale as well"? With the free home inspection, is it with the inspector of your choice? Check the fine print, because maybe it's not. What about the home staging. Maybe you will have a conflict with the stager...can you use whomever you wish?

Sure there is value in a home inspection (approx $300-$400) but does the home inspection tell you the MLS stats, or what the neighbor is like down the street or go that extra mile to provide just as important information?

Basically what I am saying is, that no matter who you choose, do your homework on what services will be provide for you, period.

The "NEW" Market

2008-10-25T08:20:00.000-07:00

So the hype, the fear, the anxiety...what does it all mean?

Everyone is asking the same question, what should I do?

Well if you ask a Real Estate guru such as Donald Trump, he'll tell ya things like "Be fearful when others are greedy. Be Greedy when others are fearful", meaning now is the time to by as many are fearful.

Prices are down, inventory is high and that equals buyers having the opportunity in many cases to purchase what they want, close to the price they want. Quite a difference over last year, where you bought it because it was all that was available at the time.

Think about it now, prices are down over last year in many markets. Many prices have reduced to a point where they are at their lowest possible price. Now is the time to buy.

Will the prices drop futher? Of course that depends on the market(none of us have a crystal ball) Again, most homes are priced where the seller can afford to let them go. We are not in a forclosure market like in the states, so really there are not many firesales/power of sales here!

Should I wait to see if the prices go down further? Read the paragraph above again. Now ask yourself this, "What usually happens to housing prices in the spring"? That's right, they go up. Can you afford to wait for the prices to go up?

We are in an area where the economy is still level. More employers are moving to town, Bruce Power is still strong and should remain that way for many many years for the most part. Canadian real estate markets are far-better positioned than their American counterparts for a good number of reasons.
1) interest rates remain favourable
2) we have less debt personally than the US per person
3) The Canadian banking system is one of the best and strongest in the world. And the govement jumped on Canadian mortgage rules before havoc starts, not after the fact like in the US.
4) SO MUCH MORE....JUST READ ANY FINANCIAL REPORT FROM A REPUTABLE SOURCE.

Real estate has peaks and valleys, and compared to last year(2007) of course we are in a bit of a valley but that is because last year was a tremendous record year.

The time couldn't be better even for Sellers that want to "move-up".

Condominium purchase

2008-09-16T14:31:00.000-07:00

Ever thought about purchasing a condo? What is the difference between condo and freehold? What are the rules in Condo living? So many questions.

Freehold is full ownership of the building inside and out and the surrounding property within the ownership boundry commonly shown on a survey of the property.
Condominium in most cases is the full ownership of the envelope(interior walls of the unit) and shared or common area ownership of the surrounding property. Such as the community hall, the hallway, the elevators, the gardens etc.

Condo living can be great...no more exterior maintenance such as lawns or snow, roof or window repair etc, but, condo's also have rules. Make sure to get a copy of the Rules, regs and by-laws of the corporation to be sure you can live by the rules...pets, noise, kids, payment of fees, common element use such as pools, fitness facilities etc., will be just some of the rules contained in the regulations and by-laws.

Condominium Status Certificate: What is it? It is a document prepared usually by the Secretary of the Condo Corporation which details all the happenings with the condo corp...past repairs, future indicated repairs or replacements(usually done by an engineering firm), how much money is in the reserve etc.
A COMPLETE AND LEGAL STATUS CERTIFICATE NEEDS TO HAVE THE FOLLOWING INFORMATION AND WITHOUT THE INFORMATION BELOW, IT IS JUST A PIECE OF PAPER!
Further information on Condominium Act, 1998 can be found at:
http://www.e-laws.gov.on.ca/html/statutes/english/elaws_statutes_98c19_e.htm#BK91

The corporation shall give to each person who so requests a status certificate with respect to a unit in the corporation, in the prescribed form, that specifies the date on which it was made and that contains,

(a) a statement of the common expenses for the unit and the default, if any, in payment of the common expenses;

(b) a statement of the increase, if any, in the common expenses for the unit that the board has declared since the date of the budget of the corporation for the current fiscal year and the reason for the increase;

(c) a statement of the assessments, if any, that the board has levied against the unit since the date of the budget of the corporation for the current fiscal year to increase the contribution to the reserve fund and the reason for the assessments;

(d) a statement of the address for service of the corporation;

(e) a statement of the names and address for service of the directors and officers of the corporation;

(f) a copy of the current declaration, by-laws and rules;

(g) a copy of all applications made under section 109 to amend the declaration for which the court has not made an order;

(h) a statement of all outstanding judgments against the corporation and the status of all legal actions to which the corporation is a party;

(i) a copy of the budget of the corporation for the current fiscal year, the last annual audited financial statements and the auditor’s report on the statements;

(j) a list of all current agreements mentioned in section 111, 112 or 113 and all current agreements between the corporation and another corporation or between the corporation and the owner of the unit;

(k) a statement that the person requesting the status certificate has the rights described in subsections (7) and (8) with respect to the agreements mentioned in clause (j);

(l) a statement whether the parties have complied with all current agreements mentioned in clause 98 (1) (b) with respect to the unit;

(m) a statement with respect to,

(i) the most recent reserve fund study and updates to it,

(ii) the amount in the reserve fund no earlier than at the end of a month within 90 days of the date of the status certificate, and

(iii) current plans, if any, to increase the reserve fund under subsection 94 (8);

(n) a statement of those additions, alterations or improvements to the common elements, those changes in the assets of the corporation and those changes in a service of the corporation that are substantial and that the board has proposed but has not implemented, together with a statement of the purpose of them;

(o) a statement of the number of units for which the corporation has received notice under section 83 that the unit was leased during the fiscal year preceding the date of the status certificate;

(p) a certificate or memorandum of insurance for each of the current insurance policies;

(q) a statement of the amounts, if any, that this Act requires be added to the common expenses payable for the unit;

(r) a statement whether the Superior Court of Justice has made an order appointing an inspector under section 130 or an administrator under section 131;

(s) all other material that the regulations made under this Act require. 1998, c. 19, s. 76 (1); 2000, c. 26, Sched. B, s. 7 (5).

The Same Question

2008-09-03T11:33:00.001-07:00

Over and over again the same question always comes up regarding a multiple offer or competing offer in a transaction in real estate and that question is.......
"DO YOU KNOW HOW MUCH THE OTHER OFFER IS?"

Well here is the straight forward, no holding back answer....."NO".

In real estate part of our duty as registered real estate representatives is to ensure the best interests of our client(s). To divulge "offer" information does not protect the interest of any parties to the current transaction. So even if I knew the answer, I can't and won't tell you, nor should your representative. The only way to find out if your offer is the "best" offer, is to submit it, have your representative present the offer, and see if it accepted. That doesn't always mean you beat out the other offer monitarily speaking. Your offer could have been the lesser for money, but may have had better conditions or no conditions at all which are worth money in a round-about way.

The best way to ensure you don't end up in a competing offer situation is to get your offer in right away...don't wait around.

Choosing the Right Real Estate Representative part 2

2008-08-26T20:18:00.000-07:00

Once you have chosen your real estate representative it is best to stay with them. Providing your representative has given you the ultimate service and commitment you deserve, you should not bounce around from rep to rep. Most reps invest lots of time, effort and money into selling your home, or as a buyers rep, sourcing out homes that meet your needs. Driving here and there, countless hours spent investigating properties and problems, trips to the registry office, municipal office, bringing that offer back and forth etc, showings and more showings. Did you know a rep does not get paid until the deal is done and closes.
Just because the sign on the property has a Brokerage name on it, doesn't mean you have to call that Brokerage. If you are already working with one, call them first. If they are not comfortable with the area, hopefully they will tell you that.
Most representatives know agents from around the area, and can easily refer you to a reputable one that can help, thus taking the trouble of finding a good rep out of the equation for you. Remember I can show you any listed property in the area, and if it is not listed, I will certainly knock on the door for you!

Choosing the Right Real Estate Representative

2008-08-20T10:26:00.000-07:00

How to choose your Representative for LISTING your home.

Who do I choose to list it with?
What happens when I list my home?
How much do I ask?
How do I present my home for sale?
Do I have to change many things to sell my home?
What fees are involved?
So many questions, where do I turn?

Answers:

You need to confide in a representative who has the TIME and ENERGY to market your home, and answer those questions to the best of their knowledge. Don't you want your home exposed by someone that has the TIME to give your home the attention it deserves? Have you seen "lots" of signs out there lately? Having far too many listings doesn't make someone the best. If I know I can’t handle it, I will refer the listing to someone who can that way I have time to focus on the ones I already have. I try to keep my listing portfolio under 12 properties. This way, your home gets the attention it needs to be marketed properly.
Really, when listing your home the representative uses their marketing skills to attract buyers or their agents. Just placing a sign on the lawn and a listing on the Multiple Listing Service may not get the job done.
When you list your home, I will go over the details necessary to make this time in your life as stress free as possible. Open houses, Talking House, marketing are all steps that are taken when you list with me.
Closets, kitchens and bathrooms are the key to selling the home. De-clutter, and sometimes just a fresh coat of paint is all it takes.
As far as fees, commission varies, and there is no set rate. It is all dependant on the type of marketing needed, the “list” price of the home and other variables.
When you have questions, I will do my very best to provide YOU with answers. If I don’t know the answer, I will not guess….I will find the answer!
SO IF YOU ARE THINKING OF LISTING YOUR HOME OR BUSINESS FOR SALE, REMEMBER, BIGGER ISN’T BETTER, MORE ISN’T MOST. Listing with JASON STEELE, WHO IS THE PERSON THAT WILL TAKE THE TIME YOU AND YOUR HOME DESERVE!! JASON STEELE SALES REPRESENTATIVE
http://www.greybrucearea.com

What's the market done so far in Port Elgin

2008-08-19T14:10:00.000-07:00

So as of today I have run the numbers on a "search" property basis for "solds".
From May 19, 2007 to August 19, 2007 the number of residential sales were 43.
From May 19, 2008 to August 19,2008 the number of reisdential sales were at 38.
Down only 5 units from last year.

It is the amount of listings that are making the market here look as if it is "cooling" off.
http://www.greybrucearea.com

The Race For Space

2008-08-13T18:33:00.000-07:00

Nothing sells a home better than space! The more open, flowing and orderly rooms seem to potential buyers, the easier it will be to sell the home. Whether your home was built in the last year, or the last millennium, there are things you can do to enhance its space. Before you get started, it’s important to ask yourself what a redecorating or home improvement project will do to enhance the space in your home. Even if you’re not thinking of selling today, you may consider it in the future. Making decisions now to enhance the space in your home will pay off in a big way when you eventually do sell. As a real estate professional, homes are my business. I can help you make the most of your investment. If you can think of anyone who would benefit from my world-class service, please have them contact me today.

2008-08-09T18:57:00.000-07:00

So what is happening in the world of real estate in our back yards? In Port Elgin, employment is steady, tourists are here, and money is being spent. So why does it appear that the market is slow? "APPEAR" is the key word here. The difference between a buyers market and sellers market is very evident between the two.

In a buyers market:
- inventory of listed homes is very high
-lower buyers to listings ratio
- buyers have choice which makes purchasing a slower process
- prices correct to the market (price reductions for the most part)
- buyers have a better negotiation strategy because of these factors

In a Sellers Market:
- employment and economy strong
- inventory of homes for sale are low
- higher buyers to listings ratio
- that must have attitude from buyers
- homes sell at or slightly above listed price (multiple offers on one house)

Right now, we are considered to be in a buyers market.
In Port Elgin, we have seen a huge increase in listed homes over this time last year. There are many reasons, such as relocation, vendors wanting to "cash in" on the market, down/up sizing. This has caused the "APPEARANCE of a slowdown in the market when in actual fact, properties for the most part are selling. Not as quickly mind you, but many are selling. We have seen some correction in the market as far as pricing. Last year, many homes lasted no longer than 30 days on the market, this year, it isn't unreasonable to see a home listed greater than 60-90 days which in the past(pre-2007) was normal. 2007 saw a record breaking year around the country. Now the market is correcting itself from that "must have" attitude.
Part of the reason for the "scare" in the market, is people think that if it is happening somewhere else, it is going to happen here. Take the U.S. market for example. That was the big hype for some time. This impacted us, becuase of the fear of it happening here. People also get nervous when they see the layoffs in other markets such as Oshawa. This is very much understandable.
In this type of market, when purchasing a home to "live" in, you can't think of the word "flip". If it is the home you want, and you can afford it, make some negotiations, then make the purchase. Don't hinder on what the value will be in 5 years...no one has a crystal ball nor a theory on what the future will hold for that particular home as there are far to many factors to consider. Most of which are beyond your control.