Ottawa Real Estate February Highlights – “Primed for a Competitive Spring Market”

Ottawa Real Estate February Highlights – “Primed for a Competitive Spring Market”

TRYING TO EXCITE BUYERS? “COMING SOON” CAN BACKFIRE!

As the Spring market gets started and more and more properties come on line “For Sale”, you’re bound to start seeing a growing number of  “Coming Soon” signs or banners on these homes.  It’s suppose to get buyers excited and move fast.  It lets the buyer believe that once this property hits the market it will go fast as demand must be building!

In order to have a “For Sale” sign on a property that is on the MLS® system, there must be a listing agreement between the seller and agent.  This simply means that the home is listed under contract but the seller has decided to not allow the public in for various reasons.  There can be legitimate reasons for not wanting buyers through your home just yet.  Maybe the home isn’t ready and needs repairs of painting.  maybe new carpeting or hardwood floors have been ordered but not yet installed. OR, maybe the listing agent has his/her own motive.

AGENT MOTIVE

A few months ago, CBC’s Market Place did a story on the real estate industry and the subject of “Coming Soon” and other tactics like this were explored.  Buyers, using their own agents to represent them would try to get into a listed property only to be told that there were no showings yet or the property was “Coming Soon”.  It turns out that the listing agent actually sold the property to someone he was working with and “double Ended” the sale (meaning he was able to collect both the listing and the selling side of the commission).  The other buyer was shocked.  Not only did the sale take place during the “Coming Soon” period but sold for less that the buyer, who really wanted that home, was willing to pay.  This is not an isolated incident.  Many of the agents secretly interviewed by Market Place boasted that they double end up to 80% of their listings.  We’ve been in the industry for almost 30 years and we can tell you that even 50% of sales by one agent (the listing agent) is a staggering number.  In the hotter markets such as Toronto, it seems to happen often but this practise is catching on in other markets including Ottawa.

WHO BENEFITS?

Who benefits really is the key.  The client, in this case the Seller, should benefit fist and foremost.  We believe that the agents should not benefit at all except for the commission that the seller and agent have agreed to in a written listing contract.  One primary pillar of our industry is to work in the best interest of our clients.  Another is to be fair to all whether they are our client, another agent’s client or just members of the public.

The benefit of “Coming Soon” can benefit the seller by creating excitement and potentially multiple offers but does that out-way the benefit of exposing the seller’s property to hundreds of potential buyers and their agents?  The evidence is no!  Keeping a property on the QT offers no benefit to the seller.  Why?  Because without MLS® exposure, the number of prospective buyer who will see that a specific property is available will be extremely limited to the listing agent’s own contacts.  The more exposure, the more viewings, the more activity the better the results.  This is why the MLS® system was developed, to give access to all buyers and agents in order to create the highest demand.

(Related: Brushwork Painters in Gettysburg provides you with the best painting services for your residence and office. Check them out)

ARE ALL AGENTS ALIKE?

The simple and clear answer is no.  Just because an agent uses “Coming Soon” does not mean that there intentions are questionable.  They may believe that this tactic works, and in some cases it does.  The seller may request that the agent use this tactic and as long as it’s done properly, legally and within our Board’s rules, we have no issue with it.  But be cautious when hiring an agent that pushes this tactic on you.  Make sure that the representative explains exactly how the tactic works and what he or she is and is not allowed to do.  Make sure they explain the pros and cons.  In other words, make a smart and informed decision.

We are always here to answer your questions on this or any other subject.  Please write us at homesbyhartman@realtyagent.com

GET YOUR HOME READY FOR FALL

* Get your mind in the gutters. Inspect and clean gutters and downspouts.
* Button up your overcoat. Seal gaps and cracks around windows and doors with weather-stripping and caulk.
* Get on top of roof problems. Inspect your roof for damaged or curled shingles, corroded flashing, or leaky vents.
* Walks the walks (and drives). Take steps to repair damaged sidewalks, driveways, and steps.
* Chill out. Drain and winterize outdoor faucets and irrigation systems.
* Freshen your filter. Clean or replace dirty furnace filters.
* Give your furnace a physical. Have a professional inspect your heating system and do a hot water heater repair if necessary.
* Gather round the hearth. Check fireplaces for soot or creosote build-up. Better yet, schedule a visit from a reputable chimney sweep.
* Keep the humidifier humming. Clean the plates or pads to ensure efficient operation.
* Head-off gas problems. If you have a gas-fired room heater, have it inspected by a pro. Otherwise get the new item installed, there are plenty of offers discounted at HVAC Direct now. Also, perform any routine maintenance    recommended by the maker.
* Keep the wood fires burning brightly. Wood stoves are making a comeback. To avoid a deadly situation, be sure to inspect yours before firing it up.
* Keep your family safe at home. A home safety check should be an annual ritual in every household. Test smoke and CO monitors, inspect (or install) fire extinguishers, review fire escape plans, and rid your home of old newspapers and other fire hazards.

REAL ESTATE SELLS BETTER WHEN STAGED

The numbers don’t lie; often well-staged homes can see quicker sales and higher offers than their messy counterparts. The key is getting an early start on the process of getting ready. By beginning the huge task of removing the clutter and doing a pre-pack now, you can reduce the stress of preparing for showings and make it easier to move when your home sells when you are already part way done.

Try these five staging and organizing tips to help you reach a faster sale.

Purge From Top to Bottom — Do a proper sort and purge, getting rid of outdated clothing, duplicate items and rarely used gadgets. To keep this task from turning into a source of serious frustration, tackle one room (or even one drawer) at a time.  Go at it steadily.

Pack Up Everything but the Essentials — Start pre-packing your home, storing non-essentials or out-of-season gear in the garage or off-site. Garages and unfinished areas are great for this extra storage.  The idea is to give potential buyers a sense of space, which can’t be done if your home is overloaded with clutter.

Fix Glaring Problems — Remove out-of-style wallpaper, replace broken light fixtures, update cabinet and drawer pulls, and refresh dated window treatments. Simple fixes like these can make your home stand out from the competition.

Depersonalize — Remove family pictures and personal collections, and replace them with neutral artwork and simple accessories. The idea is to give potential buyers a neutral canvas so they can imagine their belongings in your home.

Go for Polished — Research the latest design trends and stage your house to match. Professional stagers recommend tailoring the design style to your target demographic. For example, if you’re in a family neighbourhood, style the bedrooms for children, even if none live in your home.

A professional stager is a nice to have but not necessary.  It can add to your cost of selling.  If you follow other simple steps outlined above, you home will look much better and be ready to sell.  We often do staging for our clients by arranging furniture, helping pick new flooring and paint when necessary or bringing in professional trades people when needed.  Call us and we’ll show you what selling real estate through truly professional REALTORS® is like. (more…)

LED Lighting. Now the best choice!

LED lighting was pretty much reserved for those low output solar powered deck and garden lights we have seen for many years.  They were easy to install, no wiring and relatively cheap.  The only thing was they gave off very little light.

So, when household LED lights started to hit the market, most people including myself scoffed at the idea.  Plus, they were very expensive at $7.00 or more per bulb.  But in the last few years the prices have come down, the light output is as good if not better that the old incandescent bulb and there are a variety of colours from bright white to a warm yellowish glow.  And unlike the curly bulbs, they are attractive looking and do not need to warm up so you get instant light.

These new LED bulbs are the answer to lowering your energy use and cost in your home.  Barrhaven, Kanata, Orleans or Ottawa, reducing your costs is always a good idea. I have changed almost every bulb in my home and have noticed a difference in usage.  Can’t say it cost less as Ontario keeps raising the price of electricity but I’m sure I am still saving. For more solutions of this kind consult electricians-portsmouth.co.uk/air-source-heat-pumps-efficient/. The price of these bulb have come down tremendously.  I just bought 24 bulbs a few weeks ago for only $1.00 ( with government rebate coupon) on sale at Canadian Tire in Barrhaven.  Usually in the fall, there are coupons for discounts issued by the Ontario Governments reducing the price of LED bulbs.  Another benefit are that they last thousands of house and most if not all are dimable so you can set the mood!

To know about alternate sources of energy which can help you protect your electronic appliances and get you a cheaper electricity bill visit – utilitysavingexpert.com.