June Smith - Results only Experience can Deliver

Executors (or Estate Trustees as they are know in Ontario) are the individuals appointed in the will to carry out the final affairs of the deceased. It is a big responsibility and carries with it equally big liabilities if the estate is not handled properly. These are some of the common mistakes Estate Trustees make when dealing with the real estate holdings.

Mistake #1  Failure to Obtain the Certificate of Appointment Before Listing the Home For Sale

Many Executors or Estate Trustees don’t realize that an estate can not be listed for sale until the court issues a Certificate of Appointment of Estate Trustee (formerly call Probate). This validates the will and confirms the status of the Estate Trustee with full legal power to execute the will. There may be exceptions when a property can be listed prior to this step, but a lawyer should always be consulted before proceeding with the sale of the estate property.

Mistake #2  Failure to Select the Right Agent for the Job

After the death of a loved one, many Realtors will appear on the scene anxious to list the home for sale. Family members and beneficiaries may have their favourite Realtor that they have worked with in the past, but that doesn’t make them the best fit for this job. While it may be tempting to work with an Agent you know, a friend or even a family member, that type of situation can also create conflicts. You need an unbiased, experienced Agent who will provide an accurate market evaluation of the property, understands the process and time-lines involved in estate sales, is prepared to answer your questions, meet with beneficiaries or other family members and guide you through the steps without anyone feeling pressured.

Mistake #3  Failure to Secure the Property

Once a loved one passes away, one of the Estate Trustee’s first obligation with respect to the family home is to ensure that it is safe and to keep it safe during the administration of the estate.

Changing the locks to the house is a good idea. Many people outside the family such as care-givers, neighbours, cleaning services etc may have had keys to the home. A locksmith can replace locks or re-key existing locks and provide new keys.

Mistake #4  Failure to Maintain Adequate Insurance on the Home

When you take over as Estate Trustee, you need to locate the house insurance policy and notify the insurance company that the home is now vacant. Vacant homes are at risk for vandalism and break-ins and most policies have specific requirements about how often the home needs to be checked. Failure to comply with this may result in the policy being void. They may also require extra coverage on a vacant home. Be sure that you also consider fire and liability coverage.

Mistake #5  Failure to Maintain the Home

Executors are required to maintain the family property. In addition to having the home regularly checked for insurance purposes, they will also need to arrange for maintenance - ie grass cutting, snow shoveling etc. Utilities such as gas, hydro and water will need to be kept running and the accounts kept up to date. If the home is going to be vacant in the winter, the heat must be kept on to ensure pipes don’t freeze. When it’s time to sell the property, buyers need to have the utilities functioning for viewing the property and performing home inspections.

Have your questions answered and learn more about selling a family estate at www.SellingTheFamilyEstate.ca

June Smith, B.A.Sc.

Re/Max Aboutowne Realty, Brokerage

18 Years of Award Winning Service

Condos - Townhomes - Detached

905-842-7000 | june@junesmith.ca
www.SellingTheFamilyEstate.ca

Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.

1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you choose is both highly skilled and a good fit with your personality.

2. Remember, there’s no "right" time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. Right now, inventory levels are high so there are lots of homes to choose from and interest rates are at historical low levels.

3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.

4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go.

5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to "win" by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.

6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.

7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers.

8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short.

9. Choose a home first because you love it; then think about appreciation. While homes do appreciated over the long term, a home’s most important role is to serve as a comfortable, safe place to live first and foremost.

10. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased.

June Smith, B.A.Sc.

Re/Max Aboutowne Realty, Brokerage

18 Years of Award Winning Service

Condos - Townhomes - Detached

905-842-7000 | june@junesmith.ca
www.CondosandTownhomes.ca

These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.

1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains through mortgage payments and property evaluation. Call your Realtor for a current appraisal on your home.

2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.

3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.

4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, the neighbourhood doesn’t justify it,, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.

5. Are you comfortable moving in the current housing market? In a hot market, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. In a slower market like we are currently experiencing, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.

6. Are interest rates attractive? Right now, interest rates are at historical low levels. A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.

June Smith, B.A.Sc.

Re/Max Aboutowne Realty, Brokerage

18 Years of Award Winning Service

Condos - Townhomes - Detached

905-842-7000 | june@junesmith.ca
www.CondosandTownhomes.ca

When buying a condo or a townhome it’s still location, location, location - and there are even more location implications when buying this type of property.

1. Neighbourhood Location. As with single detached homes, this is still a prime consideration. You will want to consider proximity to shopping, transportation, parks, schools.

2. Building / Complex Location. Whether is it a condo apartment building or a townhome complex, consider the neighbourhood mix. For instance, if a condo building is located in an area with a high concentration of high rise buildings, it may be prone to traffic congestion problems and possible noise problems.

3. Exposure Location. Light is an important issue in smaller properties such as condos and townhomes. Buyers tend to prefer southern and western exposures to take advantage of the light. This can also mean higher energy costs in the summer months to keep your unit cool. If summer heat/sun is a concern, choose an east or northern exposure.

Specific to Townhomes....

4. Location within a Townhome Complex. Consider where a unit is located with respect to traffic flow through the complex - is it in a high traffic area, close to a busy visitor parking area, close to a noisy playground area (families may want to be close the play area but singles or retirees may not).

5. Location within a Townhome Block. Is the townhome an end unit or interior unit. End units tend to be more desirable and often offer advantages such as extra windows on the end wall and more privacy in the patio area since there is only one neighbour.

Specific to Condo Apartments....

6. Level Location. Floor levels can be an important consideration. While new builders almost always charge a premium for higher floors, this doesn’t always come into play in the resale market unless a view is involved. If a higher level significantly improves the view, you will pay a premium, otherwise there is no advantage/premium for living on the 5^th floor versus the 4^th floor. Ground floor units are tricky - sometimes they command a premium and sometimes they sell for lower than average price. While a ground floor can offer a larger patio area versus a balcony, some people feel there is a higher security risk living on this level.

7. Floor Location. Pay attention to the location of the unit with respect to proximity to elevators, garbage chutes and stairwells which may contribute to noise levels and have an affect on resale if buyers perceive these as major issues for them.

8. Parking Spot Location. Whether a parking spot is underground or above ground, you will want to ensure the spot is easily accessible. If underground, is the spot close to the elevator, are there any obstructions such as posts that make it difficult to maneuver in and out of. If there are two spots, are they beside each other, apart or tandem.

June Smith is an Award winning Sales Representative with Re/Max Aboutowne Realty Corp. and has been selling condos and townhomes in the Oakville market for over 15 years. For more information call June Smith at 905-842-7000 or visit www.CondosandTownhomes.ca

June Smith, B.A.Sc.

Re/Max Aboutowne Realty, Brokerage

18 Years of Award Winning Service

Condos - Townhomes - Detached

905-842-7000 | june@junesmith.ca
www.CondosandTownhomes.ca

You may have noticed that homes in your area are not selling as fast as they have been, or for as much as expected. Home Sellers take note - buyers have been gaining leverage. In a Buyer’s Market, the supply of homes grows faster than market demand resulting in higher inventory of homes. Buyers are more selective, homes can take longer to sell and prices soften.

When it’s time to sell, understanding the market we are in, picking the right Agent for the job and following some key tactics can still net you top dollar for your home - and in a Buyer’s market, you may end up spending less than you imagined on your next purchase - so you are still ahead of the game.

Here are my 9 best tips for Selling in a Buyer’s market:

The most important thing when selling or buying is to select the right Real Estate Agent. Dealing with an Agent that has the experience, strategies and systems in place to sell in a changing market is paramount. Select an Agent that has past experience in a Buyer’s market, understands your neighbourhood and has broad experience with the type of home you are selling.

A good Agent knows the pulse of the market. Listen to Agents who are giving honest advice, not just the answers you want to hear.

Study your local market and know what is going on - how long it’s taking for a property to sell, list to sold price ratios, recent sales stats, expiry rates, current supply of similar homes on the market and the time to clear that supply. A qualified Agent will review this information for you and explain the implications.

In recent years, Sellers could set their price and get it. Today, if a home is overpriced, a buyer will dismiss it and move on to the next one.

It is vital in a slowing market that your home is priced properly when you first put it on the market. Homes that are ideally priced right from the start, sell more quickly, sometimes even with multiple offers in a Buyer’s market. The quicker a home sells, the better the price you will get. Homes that are overpriced sit on the market much longer and in the end, sell for less than if they had been priced right in the beginning.

Accept that the market will set the sale terms. Don’t take it personally if you don’t get the price you expected. Be prepared to make price adjustments if you are not getting the action you anticipated. If you are not getting any nibbles after 3 to 4 weeks, it’s time to re-evaluate.

Never before has it been more important that your home is in top condition. The Buyer’s are pickier than ever and they want it all. If your home doesn’t have it, they can get it down the street. Buyers won’t put up with dated light fixtures, stained carpets, scuffed hardwood floors, torn window screens. Again, a good Agent can advise you on the fix-ups that are required and the best place to spend your time and money for the greatest return.

Make you home stand out in the crowd. Play up the best and most unique features of your home. If you don’t have a unique selling feature, you may want to consider offering an incentive to the Selling Agent to get them excited about your home. Offer to help with buyer’s closing costs, mortgage buy downs etc. It doesn’t have to cost a lot, but it has to make your home even more appealing to Buyers.

Don’t be too quick to turn down a offer. Don’t feel insulted. Many Buyers will come in with a lowball offer to start, knowing full well it will never fly anywhere near that price - but what the heck, it’s worth a shot. Keep your cool and make a counter offer, then you will know for sure where they are coming from. And even though the Buyer’s offer was ridiculous, don’t do the same with your counter offer.

Never let an offer die. There may be concessions you can make to potential buyers such as making minor fixes, helping them find a better mortgage rate so the can pay your price and actually have lower monthly payments. You might even have to consider giving them the closing date they want while you find interim accommodation. Making a deal now, instead of later, can save you money in the end, especially if prices start to slide.

In a changing and highly competitive market, you must always stay one step ahead to win over that buyer. If one tactic isn’t giving you the results you want, don’t be afraid to change gears. An experienced Agent will be able to draw on a wealth of marketing strategies that can get the results you need.

If a cooling market translates into ever sliding prices, you may want to get out while you can. Sometimes, you just have to take a loss and move on - even so, you may be able to make it up at the other end with a better price on your next home. If you do have to take a "loss" on your home - just remember that you have lived there over the years and are probably still further ahead having owned than rented. :)

June Smith, B.A.Sc.

Re/Max Aboutowne Realty, Brokerage

18 Years of Award Winning Service

Condos - Townhomes - Detached

Phone: 905-842-7000

june@junesmith.ca
www.Condos-Townhomes.ca

"Although it may seem that having several sales professionals working for you increases your chances of finding the right property, it doesn’t. In fact, having more than one sales professional working for you usually works the opposite way".

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Note that this information is outdated.

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