What should I do at an open house?

If you’ve bought or are looking to buy a house, you’ve probably been invited to an open house or two. But did you know that many real estate agents now consider open houses obsolete? In an MSN Real Estate article, agent Liz Johnson admits that open houses don’t actually sell houses – at least not directly. So, then why do agents like Johnson still hold open houses?

Let’s back track a little. If you’re new to the real estate scene you might be thinking: Wait, what is an open house anyway?

Holding an open house is a traditional way of selling homes. When a home goes up for sale, the real estate agent, with the consent of the current home owners sets up a time when the house will be open to the public. An open house is designed to keep the home open to the public for longer than the usual short segments. Open houses usually run for a couple of hours. This allows visitors to leave, come back, and really look at the details of a house.

Real estate agents now hold virtual open houses too, where interested customers look through photos and videos of a house.

Real estate agents like Liz Johnson still run open houses for the networking opportunities they bring. In other words, they know that the main goal isn’t to sell that particular house – instead, they meet prospective customers, hand out business cards and maybe even talk about other properties they might be involved in selling.

Likewise, as prospective buyer, you can use open houses to network with agents, and find out if similar properties are up for sale.

You can also use an open house as opportunity to take a better look and ask any important questions. Check out the neighborhood, find out what other properties in the area are selling for and so on. Now that you have the extended time to look around, think about resale value. Is there anything about the house that will make it hard to resell? Is the house near a busy street or industrial zone? Do neighboring houses look just as polished? Are their permanent stains or issues with the house? Look at ceilings, walls, irremovable structures, and awkward windows.

Consider taking an interior designer’s perspective on a house before going to an open house.

Sources:
What questions should I ask at an open house? (MSN Real Estate)
Is an open house a waste of time? (MSN Real Estate)
Image by MARIE JEANNE Iliescu at www.lartek.ro

What Makes a Good Neighbourhood?

Sometimes when we think about the home buying process we disregard the importance of the actual location of the home in the city in favour of concentrating more on the logistical side of the actual house, such as finding a real estate agent or getting your finances in order. But, the location of your home is extremely important. It determines where (if you have any) your kids go to school, how easy it is for you to get to the mall, the doctor etc. How much time can you afford in the morning to get to work? Do you want your kids to live in the same neighbourhood as their school friends? We’ve taken the opportunity to think about these questions and compile what it is that makes a great neighbourhood!

First of all a low crime rate is typically essential when selecting and okay-ing a neighbourhood for you. No one wants to fear walking their dog or letting their kids play on the street. Having good schools nearby is also an important criteria, especially for those who have a young family or who are on the brink of starting a family. It’s important when you start your real estate search that you can access information about schools and how they rank. For example if you are moving in Toronto and you have children that are almost school aged checking Toronto’s school rankings must be one of your considerations.

A community environment is also a part making a neighbourhood great. Having a community that treats all of its residents fairly is extremely important. Whether you are from an ethnic minority, or you are an elderly couple, feeling welcome and comfortable is so important.

Aesthetics of a neighbourhood must also be taken into account. Is it pure cement and roads, or is there greenery and trees? Are there open spaces and parks? Having a neighbourhood that you find beautiful will make your day to day life more pleasant and, in a practical sense, it will enhance your overall quality life. Being able to take your kids to the park, or go for a run along a river might be an important criteria for your lifestyle. A neighbourhood with enough sidewalks and paths is an important consideration as well, as walk-ability is often one of the top candidates for what makes a good neighbourhood.

What makes a good neighbourhood is also highly personal. Each person has a different lifestyle and unique priorities. Your age, your income and your day to day life are all important factors when it comes to how well a certain neighbourhood suits you. Let us know, what are your key considerations when it comes to selecting where you buy or rent your home?

Common Regrets When Buying A Home

Hindsight is a great thing - especially when someone with buying experience can tell you what they wish they had known. Here's the beginning of a list of regrets from recent home buyers:

1) I should have asked the seller to do more repairs before closing.
2) I should have asked my agent to rebate me at least enough to pay for all the closing costs.
3) I should have scoped out the neighborhood at different times of day; the neighborhood gets a little dicey at night.
4) I wish I had 20 percent to put down on my home so I wasn't saddled with mortgage insurance now.
5) I wish I'd thought to have the sewer line tested-it's 90 years old and needs to be replaced.
6) I should have bought the cheaper house with good "bones" in the nicer neighborhood and done a little cosmetic fixing.
7) I should have done a "practice" commute - that road to work really backs up in morning rush hour.
8)I wish I had researched the cost of remodeling before I bought my fixer-upper.
9) I should have measured! I am never going to get that queen-sized bed up that narrow staircase.
10) I wish I hadn't agreed to an escalator clause

The Week in Websites

Check out our weekly round up of sites that are interesting to anyone who’s curious about real estate!

Some useful tips and tricks for any buyers and sellers:
http://www.cmhc-schl.gc.ca/en/index.cfm

For some design tips for everyday and to help your home sell:
http://www.timescolonist.com/homes/Decor+trends+2012/5996358/story.html
http://www.dougblackstock.com/home-sellers-guide/twenty-seven-seller-tips.php

The week in Canadian real estate news items:
http://toronto.openfile.ca/blog/curator-blog/curated-news/2012/torontos-real-estate-market-sets-more-alarms-big-banks
http://www.vancouversun.com/business/More+gains+Canadian+home+prices+predicted+2012/5985432/story.html

Move Your Home Search Online

If you’re reading this, you’re probably (even a little) web-savvy. Your search for something or other brought you to this article. But “search” in itself has vastly improved the world of real-estate in the last couple of years. Like many tools on the web, real-estate engines developed to eliminate some tedious physical steps.

Pre-real-estate search engines, the early stages of home search involved physically going to check out a prospective home. Visiting apartments and/or houses has its merits, particularly in the later stages of house hunting. But at the beginning, when you might not be sure what you want, when you’re assessing your budget, when you can’t decide if you really need that extra bathroom, an online search can really save you time and energy.

For example, looking for my own apartment, I wasted days travelling to see apartments only to arrive onsight and realize the bedroom was way too small for my furniture.

When you search online, you can specify your search by square feet. Best of all you won’t bother visiting places that don’t meet your qualifications. You can narrow your search down by almost anything; new releases, price limit, number of bathrooms, etc.

Remember though, that a real estate search engine does not replace a realtor. It just allows you to get your initial searches done by yourself (maybe even in a few minutes?). Later when you know what you want, have admired and hated some pictures online, you can contact a realtor with a solid request. Search also eliminates the pressure of having to tell your realtor that you hated the place, or at least the number of times you have to do it.

Another great thing that search provides is a print out of your search. You can bring the print out along when you visit a place. Does the second bedroom really qualify as a bedroom, or is it more like a half-room? If you’re looking to rent, a print out can also remind you of which landlords are willing to cover amenities and which aren’t. A bullet point list let’s you know what’s covered and what’s not, what’s available (pool? gym? parking?) and what’s not. With concrete, written and sometimes numerical information, you’re in a better place to make a more informed decision. A decision that’s based on more than just a feeling of what the place is like.

CAPREIT Rental Deals for January 2012

Check out all the great CAPREIT apartments for rent in your city. Here are the rental incentives offered by CAPREIT for the month of November: 

Calgary, AB

• 501 40th Avenue NW, Queens Park Village - move in bonus 
• 4501 37th Street NW, Holly Acres - move in bonus 
• 6707 ELBOW DRIVE SW, Mayfair Place - move in bonus 
• 924 7TH AVENUE SW, Pentland Place - move in bonus 
• 9100 BONAVENTURE DRIVE, Bonaventure Estates - move in bonus 

Victoria, BC

• 200 Gorge Road W, Gorge Apartments - $500 move in bonus 
• 215 Gorge Road E, Redwood/Prince Charles/Charles Dickens - $250 Move in Bonus 

Halifax, NS

• 1333 SOUTH PARK STREET, Park Victoria - Free Month's rent 
• 2074 ROBIE STREET, Welsford - Free Month's rent 

London, ON

• 724 Fanshawe Park Road East, Wyndfield Place - 500 move in bonus 
• 95 Fiddlers Green Road, Fiddlers West - one month free 

Toronto, ON

• 225 Markham Road - $200 Off Last Month's Rent 

Brampton, ON

• 3 Knightbridge Road – Ask About our Move-In Specials 
• 80 Orenda Court, Brampton Village - Ask About our Move-In Specials 

North York, ON

• 500 Murray Ross Parkway - Ask About Our Move- in Specials 
• 10 San Romanoway - Apply by January 31 & Receive $750 on Last Month's Rent 
• 44 Stubbs Drive - $250 Move In Bonus 
• 75 Eastdale Avenue - $500 Off Last Month's Rent 

Etobicoke, ON

• 10 Blackfriar Avenue, West Park Village - $500 Off 1st Month Rent on 1 bedrooms 

East York, ON 

• 8 Park Vista - $300 off last month’s rent 

Scarborough, ON

• 30 Livonia Place - $500 Move- In Bonus 
• 30 Tuxedo Court - $500 Move-in Bonus for 10 Tuxedo only 
• 567 Scarborough Golf Club Road - $250 Move-in Bonus 
• 1050 Markham Road - $150 off Last Month's Rent 
• 215 Markham Road - $150 off Last Month's Rent 
• 1757 Victoria Park Ave - $250 Move- In Bonus 

Mississauga, ON

• 1315 Silver Spear Road, Inwood Manor - Ask About Our Move-in Bonus 
• 2076 -2100 Sherobee Road, Somerset Place - Ask About Our Move-in Bonus 
• 3420 Morningstar Drive - Ask About Our Move-in Bonus 

Longeuil, QC

• 2281 Rue Joliette - move in bonus

How to Find the Real Estate Agent that's Rights for You

Our last blog discussed how first time buyers should approach buying a home. One of the essential steps that I mentioned was finding the right professionals to help you close the deal in the most time and cost efficient manner, real estate agents being one of these essential professionals. In this blog I want to go a bit further into this topic and discuss what makes a good real estate agent and how you should go about selecting the right real estate agent for your needs! So, here are a few tips that'll help you shop around for a real estate agent!

• Consider agents expertise: Not all agents have the same background. Make sure you ask the right questions and get to know what the real estate agents you look at specialize in. If you are looking to buy a condo then you should be looking for an agent that has some experience in buying/selling condos.
• Make sure your real estate agent is connected: This refers to both there connections with the real estate world and real estate news and numbers and also online. Are they current? If your agent doesn’t have a website or a social media presence they are probably missing out on important information and aren’t up to date in the real estate world.
• Know who you are hiring: Is the agent full-time? Part-time? Full-time agents typically are more in touch with the real estate market.
• Get the right kind of agent: If you are looking to buy a home make sure to get a buyer’s agent who will represent the buyers interest and vice versa if you are looking for an agent to sell your home.

Hopefully these guidelines will give you what you need to find the agent that suits your needs!