Archive for the ‘Chris’ Blog’ Category

Ottawa Market Update

Posted on: November 3rd, 2011 by Chris Scott

Condominiums were the main driver of resale homes in October with condo sales up 14.5% from the same month in 2010. Residential sales were near-identical to last year’s. The rising popularity of condos is certainly evident in the numbers.

In general, Ottawa continues to enjoy a steady resale market with sales very near the 5-year average for October. Members of the Ottawa Real Estate Board sold 1,062 residential properties in October through the Boards Multiple Listing Service® system compared with 1,038 in October 2010, an increase of 2.3 per cent. The five-year average for October sales is 1,071.

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $337,797, an increase of 2 per cent over October 2010. The average sale price for a condominium-class property was $259,316, a decrease of 1.5 per cent over October 2010. The average sale price of a residential-class property was $362,341, an increase of 3.7 per cent over October 2010.

Each area shows different trends. If you are interested in knowing what your house is currently worth on today’s market, give me a call. I’d be happy to provide you with the information or to answer any real estate related questions you might have.

Chris

Ottawa Market Update

Posted on: October 5th, 2011 by Chris Scott

Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board’s Multiple Listing Service® system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.

Of those sales, 280 were in the condominium property class, while 922 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.

“Not much has changed in the Ottawa resale housing market since last month. Sales remain slightly above average, prices continue to appreciate at a moderate rate, and homes are taking about the same amount of time to sell,” said Board President Joanne Tibbles. “The stability and affordability of our housing market, coupled with low interest rates, is still appealing for investors and for home buyers who want to make Ottawa the best place to call home,” she added.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $335,765, an increase of 3.4 per cent over September 2010. The average sale price for a condominium-class property was $254,864, an increase of 5.9 per cent over September 2010. The average sale price of a residential-class property was $360,334, an increase of 3.2 per cent over September 2010.

Each area shows different trends. If you are interested to know what your house is currently worth on today’s market, give me a call. I’d be happy to provide you with the information or to answer any real estate related questions you might have.

Chris

How Much Can You Afford?

Posted on: August 29th, 2011 by Chris Scott

How Much Can You Afford?

Before you begin shopping for a home, it’s important to know how much you can afford to spend on homeownership. You will want to plan ahead for the various expenses related to homeownership. In addition to purchasing the home, other significant expenses will include heating, property taxes, home maintenance and renovation as required. Two simple rules can help you figure out how much you can realistically pay for a home. You must understand these rules to understand if you will be able to get a mortgage.

Affordability Rule 1

The first rule is that your monthly housing costs (principal, interest, property taxes and heating/cooling expenses) shouldn’t be more than 32% of your gross monthly income. If you are thinking of buying a condo, you should also include half of the monthly condo fees.

Affordability Rule 2

The second rule is that your entire monthly debt load should not be more than 40% of your gross income. Your entire monthly debt load includes your housing costs plus all your other debt payments (car loans or leases, credit card payments, lines of credit payments, etc.).

Your Maximum House Price

The maximum home price that you can realistically afford depends on a number of factors. The most important factors are your household gross monthly income, your down payment and the mortgage interest rate. For many people, the hardest part of buying a home — especially their first one — is saving the necessary down payment.

How to Calculate your Mortgage Payments

Use the mortgage calculator on my website to run some numbers and get an idea of how much house you can really afford. There is no point in being house poor. Buying a house is likely the largest and most significant investment you will make in your lifetime so it’s best to “get it right”. If you have questions, give me a call. I’m always happy to help.

Choosing a Real Estate Agent

Posted on: August 29th, 2011 by Chris Scott

If you’re like most people, buying a home is the biggest investment you will ever make. Whether you’re buying a starter home, your dream home or an investment property, you should find an agent with experience in the local market to ensure you are making the most informed decisions you can, every step of the way.

Here are some characteristics of a good Real Estate Agent:

They will take the time to understand what it is you are looking for
They will help you to determine how much house you can afford
They will encourage you to get pre-approval for a mortgage
They will be eager to help you find the right home
They will do their homework. They will offer to find you the information you need, and get back to you
They will follow-up to see if you are interested in viewing more houses
They make it easy for you look at the house…if the homeowners remain on the premises, they will distract them while you have a good look around
They will keep out of your way, and allow you to set the pace
They will listen to your comments and concerns, and address them, if possible

Any agent can take you to a house and open the door for you. You will want to find someone who feels like they are on your ‘team’, and it may take a few appointments to find the right one, but you will have a much more positive experience during what can be a very stressful time.

Anny Metivier

2024-08-13

Over the years, with multiple military moves, we’ve had the opportunity to work with many real estate agents, and we can confidently say that not all are created equal. Chris, by far, has been the most trustworthy and easiest real estate agent we’ve had the pleasure to work with.

Jake Moffat

2024-06-07

Colin has been the best realtor to work with and helped us buy a great house in the perfect neighborhood. Colin and the rest of the team at Chris Scott were incredibly helpful the whole way and always available to answer questions, show us houses at a time that was convenient for us and were just generally professional and friendly during the whole process. We will recommend Colin and the team to our friends and family.

Faith Woodley

2024-03-13

I was a co-Executrix of an estate, and we had a condo that we had to sell for the estate. In order to get the property ready for sale, we had to have the over 5,000 square foot condo painted and the carpets replaced. Since the property was empty, Chris recommended a home stager that he uses on properties that require these services, and she did a fantastic job of staging the condo. It took the condo to the next level. The condo sold for a phenomenal price, and we were very happy with Chris Scott and his abilities. He always gives over 100 percent to get the job done! I recommend him to anyone that requires the services of a great real estate agent.

Emily Bozanich

2023-10-07

We worked with Rachel and she was beyond diligent. She is so organised and meticulous with details, it really helps when buying a home. She even agreed to do a virtual walk through for the home we ended up buying because we weren’t going to get there ourselves prior to offers being reviewed. She was also great with recommending areas to consider and avoid. Highly recommend.

Cy Dixon

2023-10-06

Rachel was amazing. She helped me find the perfect home for me and my son during a challenging time in my life. She was extremely patient and empathetic, professional and knowledgeable. I highly recommend her. No one will work harder for you than Rachel.

Jeff C

Awesome realtor team very helpful and knowledgeable

Nathalie Groupe Godin

Great service. Very knowledgeable. Super helpful. I’d use this team again.

D Hynders

2023-10-05

I recently used Chris' team to purchase a new house and I have to say that it was a pleasure to work with them.

Megan Bixby

My husband and I purchased a house in the surrounding Ottawa area with the assistance of Colin from this group of individuals. We unfortunately were left with no choice but to purchase a home sight unseen due to our work circumstances. We originally considered not purchasing because of this. We deliberated and chose to purchase a home after participating in FaceTime showings and we could not have been more satisfied. Colin was objective, professional, calm, informative, and realistic. He listened to our needs and helped us choose our home. The fact that we were pleasantly surprised, and a year later remain pleased as punch, says everything about how talented this company is. Will, without a doubt, use this company when we leave Ottawa.

André Desjardins

2023-10-04

We worked with Chris to find a home back in 2011 that would suit our desire to be close to work. He was nothing but professional and courteous! Listening to our needs and showing us what we were looking for. Years later, when we thought about down sizing and finding a renovated home, he took us around to see some in the neighborhood. He always open to helping us out in our searches