The Lion's Club just had their Maplefest last week-end, and it was a great success. I love this time of year: you get to see neighbours in a casual and friendly environment, everybody mingles and it's just a great time to live in Cumberland.
If you happened to be visiting during the last few weeks, you may wonder what kind of activity the real estate market is having in this area. In my humble opinion, lots of people driving around, especially on a sunny day, but few committing to a purchase just yet, as you can see by the number of homes for sale. In all fairness, this is the time of year when people are thinking of making a change of residence, for whatever reason. So it's normal to have quite a bit of choice in April. If you are thinking of moving to Cumberland, now is the time to start looking: the snow is gone, and you can actually see what the neighborhood and yards look like.
If you are a seller, don't expect the same kind of activity as you would find in Orleans, especially when it comes to homes in the price range of most first-time buyers: your price tag is higher, and chances are your home was custom built: it will not appeal to everyone. The other thing you should consider is that one of the reasons prices in the lower ranges have gone up so much is based on the laws of supply and demand, namely first-time buyers and down-sizers are groups vying for the same product. But where are your buyers coming from?
I would venture that the value of bigger homes has not increased to the same extent as smaller ones. As they say, the proof is in the pudding, right? What is important is not so much what people are asking, but rather what they are getting...
Once you have agreed on the different terms of the relationship with your agent, he or she can get to work finding you the home that bests suits your list of requirements.
I am assuming that you have been pre-approved for a mortgage, and that you have shared this information with the sales rep you are working with. If this has not been done, it is kind of pointless to venture out looking at homes: chances are both you and your agent will be spinning your wheels. In this market, it is essential to know the exact amount you qualify for, and double check to make sure that the amount is realistic. Would you really want to forego your yearly holidays just to afford a specific home? Oh, you might be willing to do it for a year, but what about year 2 and subsequent ones? It is sometimes better to buy smaller and maintain the lifestyle you are used to.
One last comment regarding mortgage pre-approvals. They only serve to let you know that you qualify to borrow a certain amount - the caveat is that the house you are purchasing must also qualify! So don't even think of foregoing a financing condition in the offer. For first time buyers, the house is often acting as collateral for your loan: if the lender is not confident that they could get the full amount of the loan back in the event you defaulted on your payments, the lender might decline the final approval...
Hopefully you have discussed the commuting time you are willing to live with, and the type of neighborhood that would make you happy. Then of course, there is the real estate itself: freehold or condo? Detached, semi-detached or row? Must it absolutely be an end-unit? How many bedrooms, bathrooms, parking spaces? Anything you could absolutely not put up with? Cosmetics can be dealt with, most of the time, but if the work required involves adding rooms or changing roof lines, it's often best to give it a pass.
Many people are fearful of signing a Buyer Representation agreement with a real estate brokerage, but in my view, it is the smartest move a buyer can make...
How else can you make sure the person you are asking to help you find your next house is in fact working in your best interest? Getting their commitment in writing ensures that both of you understand the terms of the agreement and the level of service you can expect. By specifying what you are looking for and in which areas, the price you are willing to pay, the time frame you are thinking of buying in, and other such details, there are no surprises. You will know exactly where the potential homes you are offered to view are coming from - are they limited to multiple listing offerings, or do they include private sales? Who is going to be paying the real estate rep? When and how much?
By discussing the options with the real estate brokerage's representative, and finding out the levels of service available, you are no longer working blind: you have someone in your court, following your directions...
Speaking to friends and acquaintances, what they find lacking in the real estate industry is an outlet for the regular person to ask questions and get answers that aren't canned. Let's face it, most people have to work for a living, and so it is understandable that some may be more prone to spewing these rehearsed answers than others.
Evidently, I would like the subjects discussed to be real estate related, especially as it applies to the Ottawa area market. And since I live in Cumberland, any posts regarding living here are welcome...
You are free to write your questions in French or English, and I will do the translation if requested.