Surprising Ways Buyers Find Homes

Posted on March 4, 2016 by Darin Germyn

Posted in: Buying a Home , Darin Germyn , Home Search , Macdonald Realty

Do you ever wonder how most people find the homes they eventually buy? You might imagine them driving by a “For Sale” sign or seeing a home for sale in the newspaper and then calling to enquire.

Of course, many buyers find out about listed properties that way. But, according to research by the National Association of Realtors, there are many other — sometimes surprising — ways buyers find their next dream home.

For example:

88% of buyers find a home with the help of a real estate agent.
90% of buyers search online as part of the home buying process. (Such as viewing a property’s profile on the agent’s website.)
69% of buyers searching for a home using Google, use a specific local term, such as “Whitby-south homes for sale”.
29-46% of buyers attend an Open House as part of their home hunting activities.

Overall, the research shows that buyers are using a multitude of ways — combining online and offline methods — to find homes.

What does all this mean to you? If means that if you’re preparing your home for sale, you need to ensure your marketing plan takes into account all the ways buyers are finding properties — so you can be sure that they will find yours.

Looking for a REALTOR® who knows how to market your home for maximum exposure? Call today.

Until next time,

Darin

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“Closing Day” Terminology You Need To Know

Posted on May 5, 2015 by Darin Germyn

Posted in: buying a home , closing day costs , darin germyn , finishing the sale , macdonald realty , selling a home

“Closing Day” Terminology You Need To Know

Closing day is an exciting time. After all, you’re moving into your new home! However, it can be stressful as well. Thelast thing you need is to be confronted with something you don’t understand. So here is a quick list of common “closing day” terms.

Disbursements. This is the allocation of funds to the appropriate parties, such as the seller. Your lawyer will take care of this for you.
Possession. This is the moment on closing day when you are legally able to take possession of your new home. It’s usually when your REALTOR® or lawyer hands you the keys.
Title. This is a legal document that identifies the property and its owner.
Closing costs. These are expenses, excluding the selling cost of the property, that are due on closing day, such as legal fees, reimbursement for pre-paid utilities, utility deposits, insurance, and taxes.
Closing adjustments. These are expenses pre-paid by the seller that need to be reimbursed on closing.

There may be other terms you come across on closing day as well. Don’t worry, a good REALTOR® can help make the day go smoothly for you and your family.

Looking for a good REALTOR®? Call today.

Until next time,

Darin

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You don't notice it – but most buyers will

Posted on November 5, 2014 by Darin Germyn

Posted in: buying a home , darin germyn , macdonald realty , what buyers will notice

Imagine you're viewing a potential new home. You walk in the front door and are instantly impressed. You explore the property room by room and like what you see.

Then there's something you notice that's not quite right. An odour. You realize that it's likely cat dander and, now that you've identified it, you smell it everywhere. Suddenly the home doesn't seem as attractive as it did just moments earlier.

The owner of the property is probably so used to the smell that he doesn't even notice it. Neither does anyone else in the household.

So, when marketing your home for sale, be scent sensitive. Think about the odours that you may have become used to but others are likely to notice. Even odours you think are pleasant, like the strong scent given off by some house plants, may not be pleasing to everyone.

An odour can easily distract a buyer from appreciating the good qualities of your property. Pay particular attention to garbage bins (which can smell even when empty), pets, kitty litter (even when fresh and unused), the kitchen (especially after cooking), perfumes, and closets.

The smell of cigarette smoke is particularly unpleasant to many people. Its odour can linger even on an outside deck or patio.

Bottom line? Don't assume buyers won't notice certain smells. They will.

Looking for more advice on selling your home quickly and for the best price? Call today.

Until next time,

Darin

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Getting the most from an Open House

Posted on April 4, 2014 by Darin Germyn

Posted in: buying a home , darin germyn , how to search for a home , macdonald realty , macdonald realty , open house online

Getting the most from an Open House

Have you ever attended an "Open House" advertised in your area or in a community you like? Most people have. Even if you're not serious about moving, viewing a few properties in a neighbourhood you like is a great way to get a sense of the market. Who knows? You might stumble upon your next dream home! To get the most out of an open house, follow these guidelines:

Most open houses will have a handout available containing the list price and other property information. Be sure to keep a copy.
Don't just view the rooms. Explore the entire property, including the backyard.
Don't be shy about asking the listing agent (or whoever is hosting the open house) questions about the property.
Ask about the area. Are there schools nearby? Where is the nearest park or playground located?
Ask about potential required repairs and renovations. For example, if the furnace is more than 15 years old, it may need to be replaced soon.
Walk around the neighbourhood. Try to get a sense of what it's like to live there. If possible, chat with a neighbour.
Finally, if you become interested in the home, be sure to advise the listing agent that your own REALTOR® will be following up. Otherwise, the listing agent might assume that he or she will be representing you. Looking for a good REALTOR® to have by your side? Call today.

Unitl next time,

Darin

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2 HUGE changes to the mortgage market that may affect you

Posted on March 11, 2014 by Darin Germyn

Posted in: buying a home , changes in mortgage market , cmhc premiums increase , cmhc property transfer tax , darin germyn , macdonald realty

2 HUGE changes to the mortgage market that may affect you

Both announced in the last 2 weeks, there are 2 BIG changes coming up in the Real Estate, and moreso, mortgage arena that will affect many people both buying and selling real estate.

CHANGE #1- Property Transfer Tax (PTT) threshold increased from $425,000-$450,000 to $475,000-$500,000

What this means for Buyers- Under the old rules, if you were to purchase a home above the $450,000 mark as a first time home buyer, you would be subject to a property transfer tax amount of 1% of the first $200,000 and 2% of the balance of your purchase price.

Ex. If you were to purchase a home at $475,000 as a first time buyer, you would pay $7,500 in PTT.

Now, under the new rules, first time home buyers can purchase up to $475,000 without paying any PTT. There is also a threshold between $475,000-$500,000 where there is a reduced amount until your purchase price goes above $500,000.

Awesome right?!

What this means to Sellers- If your home is priced under $500,000, the affordability for many buyers has just increased tremendously. This is great as it may open up an entire new category of first time buyers that were previously unable to afford your home due to the tax amounts they would incur.

These changes went into effect as of Feb 19, 2014.

CHANGE #2- CMHC is increasing their premiums for high ratio lending to Buyers

What this means for Buyers- Getting a mortgage as of May 1, 2014 is about to get more expensive. A high ratio mortgage is someone applying for a new mortgage with less than 20% as a down payment on the full price of the property. CMHC is a company that insures your mortgage for the bank, in case you default and the property goes into foreclosure. When this new change kicks in, the price of insuring a high ratio mortgage is increasing about 15%.

Ex. A first-time buyer, purchasing a $240,000 condo and putting five per cent down, will have to take on around $900 more in debt under the new rates, paid out over the course of 25 years.

 This is not a huge amount yet is extra money needed to over the course of time. To squeak by this change, you must have a firm and approved purchase of a new home prior to May 1, 2014.

For more information on CMHC, check out http://www.cmhc-schl.gc.ca

What this means for Sellers- Not a huge impact, yet any small increase to a fee for buyers removes a portion of their affordability. This usually affects first time home buyers with small down payments the most.

If you have any further questions on the changes, or would like some advice on either buying or selling your home, always feel comfortable reaching out for my help.
 Until next time,
 Darin

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Surprising Ways Buyers Find Homes

“Closing Day” Terminology You Need To Know

You don't notice it – but most buyers will

Getting the most from an Open House

Getting the most from an Open House

2 HUGE changes to the mortgage market that may affect you

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