Resale homes sold more quickly in February - 2011

March 3, 2011 : Resale homes sold more quickly in February [2011]

Members of the Ottawa Real Estate Board sold 936 residential properties in February through the Board’s Multiple Listing Service® system compared with 1,030 in February 2010, a decrease of 9.1 per cent.

Of those sales, 213 were in the condominium property class, while 723 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Once again we’re seeing sales numbers very close to the five-year average for February, which is 962 sales. It’s important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa,” said Board President Joanne Tibbles. “This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they’re going after it, perhaps even going up against other bidders,” Tibbles added.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010. The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

Source OREB

The Perfect Kanata Neighbourhood

When you discuss buying property, the expression "location, location, location" usually springs to mind, and that is so true. While it is not uncommon to consider the type of house you want first when you are looking for your ideal home, did you know that finding a suitable Kanata neighbourhood is even more important? If you simply hunt for a perfect home in Kanata without considering the right neighborhood, you may regret it later. It may develop into a potential challenge for you in the long run, to say the least.

Before you decide on a new Kanata neighbourhood, here are some things you need to consider.

1. Is there a school in the vicinity?

If you have school-age children, having a school in the vicinity of your new Kanata neighbourhood is an important factor to take into consideration. When there is a school nearby, you will have less worry about their security and well-being since your children will not have to walk far to reach school. Make sure that you try to find a Kanata neighbourhood that has a number of schools in the community.

2. How safe is it?

Don't ever get caught up in the illusion of a lovely and quiet suburb. You have to ensure that the new neighbourhood you are looking for is not a target for crime. Ask your Kanata real estate agent during your house viewing to help you get the crime statistics and data for various neighbourhoods in Kanata.

3. Does a community center exist in the neighborhood?

You will be able to find a community center in the majority of neighbourhoods in Kanata. Some neighborhoods, however, do not have one. When you see a Kanata community center that looks inviting, take note of its location. You do not want one that is located at the far end of a large neighbourhood if you need to walk the distance with small children.

4. Does it have a local church nearby?

If you regularly attend church, you may want to consider getting a home in a neighbourhood with a local church nearby. This would also depend on your church affiliation since you do not want to end up driving across the city just to reach your regular place of worship if you attend the church often.

5. Is shopping easily accessible in the neighbourhood?

Do you find yourself regularly going out to the nearest store to get a lot of your home supplies and provisions? It is best to look for the ideal Kanata home that is in close proximity to shopping. Also note the different kinds of shops located in the area to ensure that they have whatever you need.

While looking at the various neighborhoods in Kanata, you should consider these points and you should also make up your own personal list of amenities you would you like to have in your new Kanata neighbourhood. Remember to bring this list with you every time you have a viewing appointment with your Kanata property agent, especially when you meet for the first time. This will help your real estate agent direct you to the perfect neighbourhood for you in Kanata.

The Expert's Guide To Finding A Home In Morgan Grant

Getting in touch with a qualified and knowledgeable real estate agent in Morgan Grant is one of the simplest ways to get started when you begin looking for a home in Morgan Grant .You may easily lose your focus if you only surf real estate websites on the Internet that exhibit stunning pictures of homes and make them appear like beautiful palaces. By  only looking at pictures depicting Morgan Grant homes for sale, it is possible for you to get swayed into making a rash buying decision since the homes may not be as good as they look. The Morgan Grant home may actually be in a mess or have hidden structural problems that can trigger unexpected, serious problems in the long run.

A qualified Morgan Grant real estate agent can guide you towards a home that is within your budget and get you a deal that works best for you. Having viewed and shown to other prospective buyers the homes you see on the Internet, Morgan Grant agents are better able to honestly describe the real condition of each home that is being offered.

Property agents in Morgan Grant also know the true market value of houses in various parts of Morgan Grant . They can tell you in a snap the sort of prices homes in different Morgan Grant neighborhoods will fetch. A similar home in one locality can have a $100,000 price difference, or more, when compared to another in a different suburb. Your real estate agent will be able to determine if the selling price represents a fair indication of its real market value in Morgan Grant .

Hunting for a home yourself can result in a lot of wasted time and resources. You should hire an experienced real estate agent in Morgan Grant to save your time and energy. The agent will be able to evaluate your ideal home requirements and show you the best value for money properties in Morgan Grant that fit into your budget.

Keep in mind that a real estate agent's income is largely dependant on giving the best service possible to their clients before concluding a sale. You can be assured that they will try their very best to help you get the perfect home in Morgan Grant . If you need anything or have a question about homes in Morgan Grant , call me up and I'd be happy to talk more about it with you.

A Fixed Rate Mortgage and an Adjustable Rate Mortgage in Ottawa - A Simplified Version

If you are trying to secure a mortgage to buy a home in Ottawa, there are two types of mortgages you can choose from; a fixed-rate mortgage or an adjustable-rate mortgage. You may not be familiar with these mortgage terms at all, but you will find an easy explanation of both terms below. You can also call your Ottawa real estate agent who can explain to you more in-depth details so you can better understand the difference.

Fixed-rate mortgage

On average, the rate of interest for a fixed-rate mortgage is higher than it is for an adjustable rate mortgage. Due to likely hikes in the rates of interest over the period of the mortgage, credit companies in Ottawa need to make up for any losses that may occur if and when the rates of interest increase. For the majority of people buying a home in Ottawa, this mortgage provides peace of mind since you will not expect the monthly payments to increase for many years.

Adjustable-rate mortgage

This mortgage has a lower rate of interest than the fixed rate loan at the start of the loan term, but it has a repayment that is uncertain over time. When the rates of interest spike during the term of your loan, your monthly repayment rates will follow suit. This is quite risky for most people that are looking for a home in Ottawa. It is a gamble, but all in all it is a risk that many choose to take in order to get a cheaper interest rate for the first few years.

The interest rate difference will depend on the current rate of interest at the time you take out the loan. You should seek a qualified loan professional for solid advice about getting a fixed rate mortgage or an adjustable rate mortgage. They will be able to advise you accordingly, based on the present interest rates. There is no right or wrong kind of mortgage. It is more a matter of what you need, based on your current financial situation.

Buying a home in Ottawa is an exiting time. I can show you why the time is now to get a new home and answer questions you may have about both of these mortgage types.

A Ottawa Real Estate Agent - How An Agent in Ottawa Can Help you Sell Your Home

Is having a Ottawa real estate agent something that you actually need? You have heard of others selling their own homes, and you may have considered doing it on your own as well. It is important to understand though, that almost everyone who tries selling their own home in Ottawa is really leaving money on the table. Sometimes this can add up to be thousands of dollars, due to the lack of supervision by a Ottawa real estate agent. Yes, obtaining guidance from a property agent can earn you more profit than you think.

Even though a Ottawa real estate agent makes a commission on your home sale, if you compare the profit you stand to lose without hiring a professional property agent, the commission is a paltry sum indeed. These qualified experts have so much experience under their belts and can determine the best prices when it comes to selling property.

When you hire a qualified Ottawa real estate agent you'll know that you are getting someone who can negotiate on your behalf and squeeze out the best deal for you. You will want to hire a professional Ottawa agent to get the absolute best price possible for your Ottawa home.

No one wants to undersell their Ottawa house and it is the agent’s role to help you sell your property in the shortest possible time at the highest price. You'll see a higher profit from the sale by getting a Ottawa agent to visit your house and give you a few ideas that can easily add to your bottom line. Agents are masters of their trade and deserve every penny they receive in commissions.

A good Ottawa real estate agent is able to help you raise the value of your Ottawa home considerably by suggesting some minor repairs, a new paint job or some rearranging. Their time and valuable experience can help you get more for your home - and that really is the bottom line. You really should be taking advantage of your Ottawa property agent to help you make a better profit from your home sale.

A Ottawa real estate agent is a necessity when it comes time to sell your home. Agents want to make selling a home a positive and profitable experience for you and want to take all the hassle out of getting it done. You can call me if you want an expert on your side that is ready to help you get more for your Ottawa home.

A Ottawa Home With Termite Damage - Is It Worth Buying?

If you end up buying a Ottawa home with a termite damage problem, chances are you will be biting off more than you can chew. Termite damage is unnoticeable in most cases, and having a home with this type of damage will usually be too difficult and challenging to handle. The damage caused by termites can be disastrous, and you may wish to find out more prior to purchasing a home in Ottawa with termite issues.

Look at the amount of damage.

You will be unable to determine the amount of damage in a termite-infested home in Ottawa unless you start looking at the underside of the carpets if it has wood flooring. If you suspect that there are termites within the house, you can also fully inspect the house by moving the household appliances, opening walls and checking out the ceilings. If you find serious problems around the house, you may have to engage the services of a pest-termination crew in Ottawa to assess the extent of the damage done to the house structure.

How much will it cost?

The cost of hiring a pest contractor in Ottawa may run into thousands of dollars to completely eliminate the termite problem. Check with the house seller to find out if he is offering to pay the costs of getting rid of the termites in the house. This needs to include the costs of damage that has been done to parts of the house as well. If you really adore the Ottawa house you are viewing, you may want to stall your buying decision and really think twice about it. Is it really worth the distress and wasted time involved to handle all the damage that has been done over time?

You can contract pest controllers to inspect the Ottawa home you are looking at for termite damage. If you suspect that a home you are viewing is infested with termites, do not hesitate to hire a Ottawa pest exterminator to do a thorough evaluation of the house. The small cost of hiring a company may cost you a lot less in the long run.

Do feel free to contact me should you require more details about homes with structural problems and pests. In some cases they can be handled easily, but in other cases you should simply run away as fast as you can from a Ottawa home with termite damage.

Ottawa Condo Buyers - Answers To Some Common Questions

If you are looking for a great deal on real estate, you may have some of these Ottawa condo buyers questions. Every day you can find hundreds of houses that have been put up for sale in Ottawa and are waiting for a buyer. To help you find that ideal Ottawa condo that you really want, here are several frequently asked questions and their answers.

Question 1. Should I use the services of a real estate agent?

If you want to save time, get the best price and avoid any type of hassle, you should really look into hiring a Ottawa real estate agent. An experienced agent will be able to assist you by narrowing down your available choices and negotiating for the best possible deal.

Question 2. Will I be able to afford one?

To answer this question, you should talk to your financial consultant together with your Ottawa real estate agent so that they can help you identify a sensible buying price and a loan that you can easily afford to repay monthly. You can apply for a pre-approved loan at that point and start your eager house hunting.

Question 3. Can I obtain a mortgage loan?

It will all depends on your level of finances and your credit score. Ottawa condo buyers have to prove to their lending institution that they have been able to manage debt well in the past and are a good risk. You'll have to speak to a Ottawa loan specialist and then fill out an application. Your past financial accounts and your present income will be assessed.

Question 4. How much of a down payment will I need?

It depends. Different financial institutions have their own set of criteria for their mortgages. In most cases you will be expected to pay at least 10% to 20%. The more money you can put down for a payment, however, the less interest you will have to pay.

Question 5. How do I get started?

The first thing you need to do is contact a Ottawa real estate agent. You will find out whether you should start house-hunting immediately or whether you should take some time to put some things in order first.

If you are considering a new condo and becoming a Ottawa condo buyer in the near future, give me a call. I can let you know if we should schedule an appointment and look through your options.