Winnipeg's Real Estate Blog

Recession? What Recession?

Winnipeg Home Buyers are coming out of the winter-slump.....a little earlier than normal, too!

 

With all respect to anyone who has been affected by the economical down-turn, it sure does not seem to show in Winnipeg's real estate market right now.

Last week, Feb 23rd, a house in St Norbert, which had been listed on the MLS at $149,900 sold for $180,000....thats a full 20% above asking.  And the ASKING price had been fair to beging with.......

While this is a somewhat extreme example, it certainly is not the only one.  Showings for homes listed with Realtors are hectic, and we've seen several former "Private Sellers" give up and call to have their homes 'listed'.  After all, "Saving the Commission" doesnt help if you dont "Sell the House".

 

As per my latest Podcast Episode 12, Winnipeg's market remains robust and steady.  This is especially true in the -under $250K- price range.  While upper-end homes and selling at a slower pace, first-time home buyers are the driving engine of the housing market overall.

If you're in this price range...'buckle up',  cause its gonna be another bumpy ride.

 

Bo 

Episode 12: Sell your home in a slower market, Market Update

While Winnipeg's Real Estate market is remaining strong, some segments are certainly slower than others. For example, luxury homes and high-end condos are taking a little longer to sell, and will benefit from advice given here. In fact, EVERY type of home, including the 'fast-movers' will benefit informtion in this episode.
Also included is the Market Update for Feb 26th, 2009

New Listing: 361 Houde Dr in St. Norbert

785 sq ft bi-level home in St Norbert.  A great starter house at an excellent price.  Modern, vaulted ceiling design with large eat-in kitchen, and spacious bedrooms.  New flooring, paint and lights.  New patio door leading to a 2 level deck in the fenced and spacious back yard.  When you go into the developed basement, you will see why bi-levels are so popular:  a high ceiling and large windows take away that ‘basement feeling’, and add to the overall square footage.  3^rd BR and large recroom are finished and ready for you.  C/air, very clean and ready for you.

 

For a virtual tour, go to Virtual Tour

 

Home-Staging: Now more important than ever!

Hello everyone:

Whenever someone hears 'home-staging',  they might envision a huge project, with truck-loads of furniture, rented art and lamps, decorations and yes, even rented 'fake fruit' for the kitchen counters.  But reality is that it does not have to be THAT involved:  homestaging might take the form of simply re-arranging furniture, choosing a different color for the kitchen and de-cluttering.

As my headline indicates: its now more important than ever!  Here is why:  In the past few years we have seen a very active 'sellers market'.  Multiple buyers were bidding on a scarce supply of homes, and in these 'bidding wars', buyers were doing everything they can to stand out from the crowd.  This included offering well-above-asking price, putting up huge deposits and writing offers with no conditions.  Often they did all of the above.

Well, Winnipeg's market is still flying high, especially when compared to other major centres, but there are certainly areas and types of homes which may no longer get multiple offers:  If you're living in a luxury home or condo, for example, it may take a little longer to sell, and in fact it is now the home-OWNER who is competing for the buyers attention.  In some of these areas buyers have choices, and the home-owner needs to stand out above his competition.

Home-staging is gaining in popularity, and is certainly well worth examining.  As my  friend Lisa Stefanuik of "Designed-To-Sell-Homestaging" likes to say  "You never get a second chance to make a first impression".

Home buyers will, almost instinctively, make up their mind about your home within the first few minutes.  It it looks cluttered, colors are off, or there is a hint of a 'smell', buyers will move on.

Accredited Home Stagers will offer a 2 to 3 hour 'consultation', during which the owner will be supplied with a list of "Recommended To-Do's" to help them get the most money....and in the fastest time.

Check out the home staging website with before and after pics at http://www.designed-to-sell-homestaging.com.

Also, listen to my next Podcast in which I will discuss other things a home-seller can do to help the sale of his house or condo, especially in a more level market.

Podcast at www.rivercitypodcast.com

...til next time

Bo

Episode 11: Market Updates Explained

How do Realtors examine the market? What determines a Buyers Market.......or a Sellers Market? Current Market Conditon for Feb 12th, including stats on Available Homes and Condos, as well as Sold Homes and Condos. Stats on Current Days on Market.

Also see our website at www.WinnipegHomeFinder.comand catch all episodes of our Podcast at www.RiverCityPodcast.com

Buying or Selling a Condo? Here is a Guide!

Hello Everyone:

When it comes to Condo's, I do have a bit of knowledge in this field.  In fact, nearly 1/3 of my sales come via condominiums, either in representing the buyer or the seller.

The vast majority of Condo-Corporations are professionally managed:  That is, a management company looks after the day-to-day affairs such as hiring the landscaping people, dealing with repair and maintenance issues, handling the finances and book-keeping etc etc.

One of the major responsibilities of such a Management Company is to make sure that all the necessary documents are provided whenever a current owner wants to sell his/her unit.  In Manitoba, the Condominium Act stipulates the owner's requirements, which include providing the prospective buyer with a copy of the following:

1) A copy of the Disclosure Certificate

2) A financial statement.

3) A projected Budget statement

4) The Management Agreement

5) A copy of the By-laws

6) A copy of the Declaration

The first on this list, (Disclosure Certificate) is arguably the most important.  It contains approx. 15 sections which outline the financial and legal well-being of the corporation.  Sections include:

Whether or not the corporation is involved in any legal disputes. 

Whether there are any insurance claims against the Corporation. 

Is the Corporation planning to change or add to any of the amenities and common elements?  For example, are they planning to install a tennis court and pool, potentially raising condo fees?

These are just some of the major points in a Disclosure, and you can see why it is an important document.

When a Corporation is professionally managed, obtaining such a certificate is merely a phone call and around $75.00 cost.  However, in very rare cases, condo corps decide to 'self-manage', in which case the elected Board is responsible for providing this document.

Reason for my blog-entry on this:  I've recently met with a condo board which has decided to self-manage, and they were not aware of some of these regulations.  So here is a copy of a blank Disclosure Certificate...

Disclosure Certificate

In addition, I also have a copy of a Buyers Guide, which potential condo buyers might find useful.

Condo Buyers Guide

For more info on buying and selling, homes or condos, be sure to visit my website at www.WinnipegHomeFinder.com

til next time.....