Have you ever just wanted to jump in the car and go looking at Open Houses? Do you live in a complex and just wanted to see how other people decorate their suites? Do you have a relative in Ontario who might want to move here someday and so you are scouting out homes for them? Is there an Open House at your home and you are killing time?
People visit Open Houses for all kinds of reasons. Some even come with a view to buying! As REALTORS®, we love that!
But seriously, the purpose of an Open House is to attract qualified buyers who will fall in the love with the property and make an offer. In truth, studies show that a marginal amount of sales result from Opens (except for new construction projects). I believe it is something in the range of 1% to 2%.
There are a few things you should know before going in:
1. The salesperson in attendance is almost always hired by the seller to market and sell the property for the highest possible price. Therefore, when you ask "how low do you think they will go"? You can assume with 100% accuracy that they will accept the asking price. The salesperson cannot indicate anything other than that, because they are representing the seller's best interests.
2. If you are already working with a REALTOR®, by all means, tell the salesperson in attendance. He/she will appreciate it!
3. Introduce yourself and if you are just curious or just looking, let the realtor know. Again, being forthright will be appreciated and you will not be followed around and questioned incessantly!
4. Kindly leave your drinks and snacks in the car. Spilled Starbucks and Slurpees; not good.
5. Be nice; take your shoes off at the door.
6. Do not bring children to an Open. Even if it is a family home there are breakables. Moving around treasured toys will be noticed when the owners come home.
7. Stay together. REALTORS®, are responsible for the home while it is open and having people roaming around separately, makes this task difficult.
8. In general, keep in mind that you are a guest in someone's home and it is likely their most valuable asset. Please be respectful of their property.
9. If the salesperson asks you to sign in with name, address, phone number, please provide the information. This is done for security reasons. Some visitors find this intrusive, but think about it this way, would you let a complete stranger walk into your home and look around without knowing who they are?
9. Finally, we don't mind you coming for all of the reasons mentioned. Seriously, it is all good exposure for the property and some realtors even pick up new clients from Open Houses. Just use common courtesy and have a good time. Who knows? It may turn out to be your dream home!
Saturday, February 19, 2011
Monday, January 17, 2011
The Professions we Trust Most- Reader's Digest Canada
There is nothing like the Reader's Digest Annual report on which professions Canadians trust the most, to burst my bubble of happiness. Do you know that nurses are trusted more than doctors, judges are right ahead of locksmiths, plumbers are more trusted than religous ministers and taxi drivers are more trusted than home building contractors? Fascinating stuff. Out of 41 categories, real estate agents are number 36, just ahead of CEO's, psychics, politicians, car salespeople and pulling up the rear, telemarketers.
Ouch! That really hurts! It's probably because people people only use one once in awhile and it is not top of their radar. But seriously? I mean, yes, in every field there are folks that drag down the rest, but by and large, the colleagues that I work with are fantastic, honest, reliable, careful, knowledgable, and have been in business for years.
One of the things that I see happen from time to time, is that prospective sellers feel that a real estate professional has suggested a price that is too low. Their friend, neighbour, co-worker, or uncle from another province who used to be in real estate, has advised them that because of the crown molding in one room, extra insulation or the fact that the 30 year old furnace has never broken down, the house should be worth xxx number of $$$ more. In today's world of technology, buyers are incredibly savvy and have a good idea of what properties are worth in a given area. The longer a listing sits, historically, the less sellers will receive. When it is sold, and they had to accept less, sellers sometimes mistakenly think that their sales representative has "given the house away" (not gotten its full value), or just wanted "to make a sale". In my experience, if the property is well priced to start, it sells relatively quickly and the seller gets closer to the asking price. Everyone is happy!
Top Jobs: The Professions We Trust Most
Ouch! That really hurts! It's probably because people people only use one once in awhile and it is not top of their radar. But seriously? I mean, yes, in every field there are folks that drag down the rest, but by and large, the colleagues that I work with are fantastic, honest, reliable, careful, knowledgable, and have been in business for years.
One of the things that I see happen from time to time, is that prospective sellers feel that a real estate professional has suggested a price that is too low. Their friend, neighbour, co-worker, or uncle from another province who used to be in real estate, has advised them that because of the crown molding in one room, extra insulation or the fact that the 30 year old furnace has never broken down, the house should be worth xxx number of $$$ more. In today's world of technology, buyers are incredibly savvy and have a good idea of what properties are worth in a given area. The longer a listing sits, historically, the less sellers will receive. When it is sold, and they had to accept less, sellers sometimes mistakenly think that their sales representative has "given the house away" (not gotten its full value), or just wanted "to make a sale". In my experience, if the property is well priced to start, it sells relatively quickly and the seller gets closer to the asking price. Everyone is happy!
Top Jobs: The Professions We Trust Most
New Mortgage Rules: Not As Bad As We Thought!
The rumours we have been hearing about lately materialized this morning while most of us in BC still hadn't had our first cup of coffee! Good news, it is not as bad as we thought! The finance minister is attempting to protect Canadians from overextending themselves. Back in the day, amortization periods were 25 years and they have recently jumped to 40 years. Now we're pulling back a bit. This saves the consumer thousands of dollars in interest over the full term of the mortgage. But seriously, who stays in the same house for the entire term of a mortgage? However, the longer amortization just made it a bit easier for buyers to get into a home. Simply put, if you're borrowing to the max and sell in a falling market, it won't end well and you'll be angry at your real estate agent!
There are three points to the new rules included in the link below. The world has not come to an end, there is still tons of mortgage money available, and the rates are still at historic lows. For anyone just getting into the market, it could not be a better time because values are set to rise and you can reap the benefits in the coming years!
http://www.fin.gc.ca/n11/11-003-eng.asp
There are three points to the new rules included in the link below. The world has not come to an end, there is still tons of mortgage money available, and the rates are still at historic lows. For anyone just getting into the market, it could not be a better time because values are set to rise and you can reap the benefits in the coming years!
http://www.fin.gc.ca/n11/11-003-eng.asp
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