We were talking today about some embarrassing moments being a Realtor. I have had a few. The front runner was pretty easy to identify.
I was waiting in my car for my chance to present an offer on behalf of my clients. We were in a multiple bid situation. It was an unusually dark night. I had a junior agent with me and was teaching him how to present offers. I felt pretty cool that I was a senior agent. It was late, must have been 10pm.
Anyways, I was called to present and had one thing on my mind- get this deal together for my clients. As I approached the front door I could see everyone looking at me at the dining room table. The door was open so I walked right in. However, I failed to spot the mesh wire of a front screen door and walked into it at a very fast pace. If you have ever been fortunate enough to witness someone walking into a screen door you can appreciate just how hilarious it looks. Not the first impression I was looking for. I think the screen actually bounced me back into the junior agent. It was like walking into a trampoline!! Some of the screen also ripped open on the side. It did break the ice! The sellers were cool.
We all had a good laugh at my expense. I felt they may have laughed a little longer then I would have liked. But in the end everyone left happy. The sellers got more then asking, the buyers a house, and the junior agent left with a good story.
Imagine going into a bidding war on a house against your best friend.
Well, I was the Realtor caught in the middle.
It was a cold, snowy night in Ottawa. I was on my way to show a house that had just come on the market to some really close friends of mine. It looked to be a perfect fit for them. It had only been on the market for a few hours. As I approached the house I got another call from another couple and very goods friends who wanted to see the same listing. You have to understand that these two clients were also very close friends themselves(in each others wedding party’s close). My first thought when I got the call was that this was going to be awkward. But really….what was the chance of this house being “the one” for both of them?
Well, that question was answered about an hour later. After showing it to each of them back to back; my first thought was bang on. This was going to be awkward!
They both loved the house and wanted to place an offer on it. We couldn’t find a solution where everyone was happy. So…. they went into a bidding war. What are the chances of facing off against a good friend for the same house!!!
I excused myself from dealing with my second friend (because they were call #2) and set them up with a top Realtor in another office. That way everything we did was confidential and I wasn’t in the more awkward position of representing both parties.
Naturally, the client I was working with ended up securing the house 🙂 In the end my inspector Sean uncovered some issues the seller was trying to conceal. That was the end of that house. In the daylight some of the craziest neighbours I have ever seen were also revealed……but that is a story for another day.
All that agony, awkwardness, sleepless nights and no deal!
We have laughed about this many times since. Both clients found great houses shortly thereafter and we are all still good friends today. It could have been a lot worse!
It was a beautiful sunny morning in the capital. I was driving on a quiet Centertown street with a speed limit of 40km/hr. heading to show a house to a great client.
As I approached the house I saw my client and waved. I checked the mirrors and went to make a three point turn. Out of nowhere, a car smashed into the side of my SUV. It was travelling at over 130 km/hr. The only reason I survived was because their back end smashed my front end as they were swerving out of control.
What happens next is shocking. The car that hit me crashed into other parked cars. I expect them to finally stop but no, they start speeding away! That is when the police cars fly by. About 8 in total. Guy had just robbed a bank and was in a police pursuit. One cop stopped to make sure I was ok then went off in the chase.
Felt like I was on a movie set. Except I had a job to do! Takes more than a high speed police chase and accident to stop me from doing what I do. I showed my buyer the house as we waited for the police to come back. Clients come first!
FYI-cops got their man a few blocks away in a foot pursuit.
In the Ottawa housing market, it is more likely to find condominiums than it is to find co-operatives – but you should know the differences between them before you start to look.
Condominium ownership
The homeowner owns the unit and shares ownership of common elements. Condos are usually apartment buildings, but also include townhouse developments and developments of detached buildings on private roads.
The homeowner is responsible for the interior area of the unit (everything from the plaster in). The condo association is responsible for the up-keep of the exterior of the building, common interior elements (halls, elevators and parking garages, for example) and the grounds.
All condo owners pay a monthly fee to the condominium association to cover maintenance costs and common utility fees and taxes.
Condos often have strict rules regarding noise, use of common areas and renovations to units. Condominium residents often enjoy less privacy than residents of detached homes.
Condos are usually less expensive than freehold houses.
Co-operative ownership
Co-operatives (or co-ops) are similar to condos but instead of owning your unit, you own a share in the entire building or complex.
Co-op residents pay for maintenance and repairs through monthly fees and are subject to the rules and regulations of the co-op board.
If you decide to sell your shares and move out, the co-op board has the right to reject your prospective buyer.
When you have decided to purchase an Ottawa Condo – or a co-operative, it costs you absolutely nothing to engage the services of a knowledgeable Realtor®. The seller (whether new or resale) covers the brokerage fees.
Buying a home is likely the largest investment you will ever make. You want to ensure you have done your due diligence before you sign on the dotted line! The standard cost of a Home Inspection in Ottawa is between $400.00 and $500.00. This is a small price to pay for peace of mind. In the Ottawa housing market it is typical for the buyer to pay for these services.
A professional home inspector reviews the operating systems and structure of a home of any age—even new homes—and leaves a written report for the client to keep as a reference guide. Typically, the home inspector will comment on the condition of the foundation, heating and cooling systems, electrical service, roof, plumbing, and other significant structural factors and will outline costs of repair or replacement where needed, as well as comment on the condition of the property compared to others of the same age. The few hours that you spend with your inspector are the best time to learn the ins and outs of taking care of your property, and you should keep the reference book for as long as you live there.
I will add that every house has its issues. No inspection has been perfect. The objective of the inspection is not to find a house that has no faults but to educate the buyer on potential upcoming costs. I prefer a thorough inspector rather than one just pointing out the big ticket items.
As your Ottawa Realtor I can advise you on how to incorporate a home inspection as a condition of buying a property. Your offer can be conditional upon a professional home inspection being conducted and a satisfactory report being received by you, the home buyer. If the inspection report indicates some big expenses or anything you are not comfortable with we can terminate the agreement or look for abatement.
As an Ottawa Realtor who has been through hundreds of inspections, I have seen the need to have the right inspector working for you. I would recommend using someone who you know and trust completely. If you don’t have someone, I would be happy to provide someone that offers great service.
Shrinking demand for condominiums in November sapped any momentum in Ottawa’s resale homes market.
Condo sales fell 15.5 per cent from the same month a year earlier, pulling down the overall real estate market by 0.7 per cent even as sales of other housing types held steady. The drop came after three months of small gains in overall sales figures.
For the first 11 months of 2013, condo sales have fallen by 6.6 per cent, according to figures released Wednesday by the Ottawa Real Estate Board. Values have also declined, but only marginally. The average condo resale price so far in 2013 is $263,902, a 1.7-per-cent drop from 2012.
For other housing types, sales are down by 2.3 per cent for 2013, but the average price has risen by 2.1 per cent to $382,597, according to the report.
Chris Scott, a Keller Williams VIP Realty sales representative, said he hasn’t seen any major price softening in the apartment-style condos in which he specializes. Still, with new condo developments stalled and as many as 1,000 existing condos listed for sale — “almost a year’s worth of inventory” — he says pressure on sellers to reduce prices will only increase.
Without the foreign investors who are buoying the markets in Vancouver and Toronto, Scott predicts, Ottawa’s condo market will stay sluggish into 2014. But he believes demand will catch up and prices will firm as more people opt for the condo lifestyle.
“The fundamentals of the local economy are very strong,” he said.
Tim Lee, president of Ottawa Real Estate Board, said the stability long observed in the capital’s real estate market should give confidence to owners of condos and other housing types.
“We don’t have these wild fluctuations,” he said. “It’s not like, ‘Well we bought, we got transferred and now we have to sell and the market’s tanked.’ That happens in Toronto and Vancouver a lot because they can go up and down in a very short period, and in Ottawa it just doesn’t happen.”
This article was taken from the Ottawa Citizen….written by Robert Bostelaar, December 4, 2013
The Canadian Real Estate Association has been under recent pressure to allow for-sale-by-owner companies to advertise listings on MLS®. The idea is to give the consumer more cost effective choices. Since early 2011 the for-sale-by-owner companies have been given access to post “mere listings” on the MLS®.
The two largest companies competing for this type of business are Com Free and Realtysellers. They advertise that they can list your home on the MLS® for a flat fee (ranging from $400 to $2000).
Does this sound too good to be true? Read on.
Firstly, you pay for the flat fee up front whether your home sells or not.
There are also “add-ons”. If you require any assistance beyond the “mere listing”, they will ask for payment for those services. You, as the homeowner, are solely responsible for showings, offers, marketing, sellings, etc. You get exactly what you pay for and if a Realtor® is involved on the Buying side, there is still a 2.5% commission to be paid.
A recent study in Toronto showed that of the 708 properties listed in 2012 by RealtySellers, only 43% were sold – and of those sold, 63% of those were sold to a buyer who was working with a Real Estate Agent.
Looking at Comfree, of the 1287 properties listed in 2012, only 52% were sold and of those sold, 55% of them were sold using a Realtor®. In summary, only 23% of the 1287 properties listed were sold without the services of a Realtor®.
When you do the math, close to 1000 properties listed by these companies were never sold yet they collected a flat fee of, on average, $1,000 for doing nothing – that adds up to $1 million in revenue.
Talk to a Realtor® and understand the services that are offered.
If you are planning to sell your Ottawa Home in the next 3-12 months, please give me a call. I’d be more than happy to help.
There’s a lot of confusion about title insurance. Some people call title insurance the “surprise” insurance because they assume it covers any surprises with the property they’re buying. It’s only when there’s a problem that homeowners actually check what their policy covers. By then, it’s too late.
When buying an Ottawa home, it’s important to know what title insurance covers. Does it cover structure, hidden things in the basement, leaks? How many homeowners ask these questions before buying any insurance related to their home? Not enough, I can tell you that much.
Most people buy title insurance when they purchase a home. But it’s not required in Canada. It’s meant to protect homeowners from perils such as title fraud, unpaid liens, encroachments from neighbouring properties — anything that can challenge the ownership of your home or anything related to the title of your home. It also covers losses related to the title or ownership of the property. But it’s not a home warranty or home insurance policy.
Every insurance policy is different. And, as the insurance company makes up the rules, do you think they play to lose?
For instance, most insurance companies don’t cover a leaking foundation. Why? Probably because almost every single foundation leaks. Insurance companies would go bankrupt if they covered leaking foundations. That’s why they make the rules on what they will and will not cover. That’s just smart business. So you need to be smart, too.
Ask plenty of questions about what your title insurance covers (and what it doesn’t cover), up to how much and for how long. Also find out if you can pay extra to make sure it covers everything. It might be just $1,000 more, but I’d pay it for that extra insurance. Or you might need a different type of insurance altogether.
Before you buy title insurance, talk to a lawyer and the title insurance company. Make sure you understand exactly what you’re getting.
If you have any questions, please don’t hesitate to give me a call.
You will likely have recently received your property tax assessment in the mail from MPAC (Municipal Property Assessment Corporation) and you might have some concerns in terms of the assessment accuracy – and what it might do to your property taxes themselves.
Firstly – if your home’s value has been accurately assessed – and it has gone up – this doesn’t necessarily translate into higher property taxes for you. It is when your home’s value has increased at a higher rate than others that you might be facing an increase in your taxes higher than the municipal budgetary property tax increase.
To establish your property’s assessed value, MPAC analyzes property sales in your community. This method is called Current Value Assessment. In addition to recent sales, they look at the key features of the property – location, lot size, living area, age and quality of construction. Other factors that may come into play are number of bathrooms, fireplaces, garages, pools, water frontage, etc. This analysis compares your property with sales of comparable properties in your community.
Go to the MPAC web site at www.aboutmyproperty.ca. You will need your 19-digit roll number and the website password provided in your recent assessment. Carefully review the information about your property to ensure its accuracy and compare your assessment to similar homes sold and unsold in your area. You can obtain information about your property and information on up to 24 additional properties of your choice and up to six selected by MPAC, free of charge.
If you feel your assessment is out of line, you can start the process of filing a “request for Assessment Review”. For the 2013 tax year, your deadline to file a RIR with MPAC is April 1, 2013. You can do this from the AboutMyProperty website or by sending a letter to MPAC with all pertinent information.
You can also call MPAC at 1-866-296-6722
MPAC
P.O. Box 9808
Toronto ON M1S 5T9
Toll free fax: 1 866 297-6703
If I can be of any assistance by, for example, providing you with a quick market evaluation, please give me a shout.
Chris
