Mortgages – questions you need to be asking!

Over the next few weeks we are going to provide you with some great questions to ask when shopping for a mortgage. These tools will be helpful regardless if you are looking for your very first mortgage or a seasoned veteran. The only assumption will be that you qualify meaning you are good to go and that a lender will advance you the funds or renew your mortgage for you.

We will mix some advice or our opinion in from time to time but keep one thing in mind there isn't a one size fits all option available. Every mortgage is for “your” wants and needs and they can vary from person to person or term to term. Today may be it is all about the best rate but when you renew may be you need a mortgage with flexible terms because maybe a move is in the works.

Our first bit of advice is shop around, check with your bank and compare with other banks. Ask a mortgage broker to give you some quotes, check with another because when you shop for just a mortgage the credit bureaus look at this as you being a wise investor they don’t beat your credit score up. Just make sure you are shopping for just one product, avoid filling out credit apps at every store you enter because doing this while you shop for a mortgage could have a huge negative impact on your credit score. Some banks will tell you if you shop around that you will take a hit…well our advice here is strike this one of your list as they don’t know what they are talking about or they know their product doesn't compete with others available.

Our second tip is to deal with a mortgage specialist or mortgage broker!!! The banks have staff selling a great number of products today, insurance, investments, and mortgages and then they open accounts or work as a teller when it’s quiet. This we understand is the new world but you want someone who has the extra knowledge to give you the right answers every time all the time! Shopping around takes time you don’t want to have to come back again to get the answers you should have received the first time. So when booking that appointment ask if you are meeting with a specialists who deals with just mortgages and if not either strike this lender from your list or ask for their specialist.

If you need help before our next blog don’t hesitate to call us at Oakhill and we would be more than happy to point you in the right direction. We've dealt with most of the lenders in our market more than once we know the good ones and we've met a few…well let’s just say ones we avoid too!

Happy New Year, be safe and enjoy the holidays with family and friends!

Trendwatch – Kitchen Ideas for 2015

This year, the granite look is in but that doesn't necessarily mean spending thousands on real granite. If you are looking for something trendy yet practical, the 180FX Countertop Series (in over a dozen designer colours) may be just the answer! These patterns are bolder than traditional counter top colours and are available in a 2” square edge counter top profile for a very realistic look! 

Another great look for 2015 is using glass tile back splash (as a feature wall or throughout the kitchen). Available in a wide range of solid and multi-colour patterns, this treatment becomes a focal point in any kitchen and increases the overall value of the home. It works great in any modern or classic kitchen design.

With tighter budgets and smaller, more efficient kitchens becoming norm, we continue to see a strong demand for cabinet storage accessories this year. One recurring favourite is our 21” pantry cabinet with four adjustable roll out shelves. It does a great job at organizing canned and dry food items in an easy-to-find way! 

When it comes to colour, it’s all about cool greys and rich plum tones this year, and both look great in the kitchen! Prestige has a several grey cabinet colours and, when paired up with a plum accent wall, it makes kitchen come alive! Or for something more contemporary, a strongly contrasting cabinet colour, such as spiced cider, can create a look that is stylish and sophisticated

What's Hiding in Your Tap Water

Water isn't always as simple as it looks. Sometimes there's a lot more lurking in what may look, taste, or even smell like otherwise completely safe drinking water.

In much the same way that many of the processed foods we eat can hide more sugar than we expect, sometimes things get into the water that shouldn't be there. Even some of the chemicals and procedures used to treat water at the municipal level can leave behind some unpleasant byproducts, like bromate, trihalomethanes, and chlorite.

Odorless and Tasteless Contaminants

MicroorganismsWhen we think of odorless and tasteless contaminants, microorganisms are among the more obvious offenders that can go relatively undetected in water and cause pretty major problems. Common microorganisms like cryptosporidium and giardia, and perhaps the less common legionella, can all pass a sniff or taste test, but cause severe stomach upset, and in some cases of legionella's presence, pneumonia.
DisinfectantsThe most commonly used disinfectant should be relatively familiar to us since chlorine has a variety of uses, both in and outside the world of water treatment. In large, sustained quantities, however, this fairly ubiquitous additive can cause eye and nose irritation as well as chronic stomach upset. Chlorine's chemical neighbor, chlorine dioxide, used to treat and control microbes, has been known to cause anemia in infants as well as certain nervous system effects.
Inorganic ChemicalsArsenic falls into this category, as well as other offenders like fluoride and asbestos. While none of these are particularly desirable additives to have in drinking water in the first place, arsenic and asbestos can present the potential for immediate health problems and irritations.
Lead, mercury, and nitrates also make the list of hard-to-detect chemicals, since they can generally pass undetected in water - the only way to identify them is a water test.
Know the RisksIn general, regardless of the kind of contaminant(s) that may be present in your water, the most vulnerable populations are the same: young children, the elderly, and anyone with a compromised immune response.
The best thing you can do to protect yourself from odorless and tasteless chemicals in water is have your water tested.

Courtesy of Culligan Rothesay.

What is a shower water filter and how does it work?

Dry, itchy skin? Limp, lifeless hair? Soap scum or residue? If these are some of the side effects coming from your shower, then it's no wonder you're searching for an answer. For a quick fix, you could try a shower water filter as a simple DIY solution, or you could explore a more permanent, long-term, and professionally installed solution.

How do shower water filters work?

Shower water filters come in a variety of sizes and styles that fit directly onto your showerhead. These DIY solutions effectively reduce chlorine, scale, and sulfur odor, and also help prevent dry skin and chlorine damage to color-treated hair.
Once your shower filter is installed, you'll likely notice your skin feeling less dry, your hair feeling cleaner and full of bounce, and there will be significantly less scale buildup around your tub and faucet (this means less cleaning, which is another hidden bonus), as your filter will remove a huge amount of minerals and potentially harmful chemical impurities in your water.
Although adding a shower water filter can produce instant relief from hard water and other problems associated with your water supply, it is a somewhat temporary solution. Most shower water filters have a cartridge that needs to be replaced regularly. Depending on its use, you typically need to replace your filter or its cartridge after every six months of regular use.

Is there a more long-term solution?

Yes, there is! Although a shower water filter is a relatively quick and easy DIY solution to your problem, there are also long-term solutions that may provide a more effective, longer-lasting result in more places throughout your home than your shower alone.

Installing a whole-house water filtration system means cleaner water everywhere, not just in your shower. By reducing particles, contaminants, and imbalances in your water, whole-house filtration addresses hard water problems like soap scum and residue, poor-tasting water, and chemical odors by treating your water directly at the source.

Another way to reduce hard water in your shower and its effects on your entire home is with a water softener. A water softening system is designed to help reduce water contaminants, scale buildup, and increase energy efficiency while extending the life of your appliances - that means spot-free dishware, soft laundry, and more.

Courtesy of Culligan Rothesay.

www.realtor.ca is not the MLS® system!

       

By Angela Boudreau, CAE CRAE Executive Officer, Saint John Real Estate Board You know what's ironic? The incredibly popular real estate website, www.realtor.ca, which is chock-full of REALTOR® listings, isn't actually the means by which REALTORS® search for properties. Not at all. Surprised? The site, which averages 3.5 million unique hits every single month from coast to coast in Canada, solely attracts the public. Day in and day out, thousands upon thousands of clicks and searches are made by home buyers, home sellers, and those who simply enjoy cruising the latest homes for sale. Real estate salespeople who are members of their local real estate board - in Greater Saint John, that's about 230 of them, or over 95 per cent of those licensed in our region - access the services of their Board’s Multiple Listing Service®, also known as MLS®. The MLS® system is wide, deep, and robust. It contains all residential and commercial properties that are actively for sale, or ever have been over the last 20-or so years. In addition to the basic information posted on www.realtor.ca, the MLS® system includes property taxes, sale prices, days on market, specific instructions about showing appointments, and details about heating, land titles, rental equipment, inclusions such as appliances, and dozens more. All of this data is collected by, submitted by, and accessible only to members of the Saint John Real Estate Board. The www.realtor.ca website gets its data from MLS®. Through a legal agreement in place with the Canadian Real Estate Association, a handful of key data fields upload nightly from the MLS® system to www.realtor.ca so the public can have a glance, in an organized and compiled way, at every single listing for sale with the country's more than 100,000 REALTORS®. But most of the true real estate exposure, marketing, and trading occurs as a result of the private MLS® system, where over 230 Greater Saint John REALTORS® share their inventory with fellow REALTORS® and use their professional expertise to endlessly comb through the inventory, analyzing, sorting, and using a variety of system tools to zero in on the properties that meet the needs of each of their buyers. If you choose to sell your home yourself, you probably know it won’t appear on www.realtor.ca, and it certainly won’t be in the MLS® system. But you should also be aware that even if you choose to post your property on a site that promises to get your home "exposed" on www.realtor.ca, it still may not be in the local MLS® system where local REALTORS® can find it and sell it. Only members of the Saint John Real Estate Board can enter listings into MLS®. If you entrust the listing of your house with anyone, make sure they are licensed to trade in real estate in the province of New Brunswick, and find out whether or not your home will be in the Saint John Real Estate Board MLS® system, where over 95 per cent of REALTORS® will find it and market it on your behalf.

Water that smells like rotten eggs

Culligan Blog

What to Do When Your Water Smells Like Rotten Eggs

Ever had the experience of turning on the faucet and what comes out is an affront to your senses? Especially your olfactory one? That's usually the biggest tell that you might have some sulfur sneaking its way into your water supply.
It can be a pretty upsetting experience, which is why we wanted to give you all the information we could to help make it a little more bearable, as well as a clear-cut plan for how to get rid of it, and help make sure it doesn't come up again.

Effects of Sulfur Bacteria in Water

The unmistakable odor of rotten eggs really has nothing at all to do with eggs, in this case - rather, the culprit is usually one or more variants of the chemical sulfur. The chemical typically creeps into your water at the source when the supply originates from groundwater resources; it's also common among well-water users. Although sulfur content in water may not lead to serious health effects, its presence is extremely unpleasant to the senses.
Not only will sulfur bacteria lead to offensive odor and taste, it can lead to corrosion of your metal appliances and discoloration of your silverware and copper or brass utensils. You may also notice the negative effects on your laundry - greasy-feeling water and discolored clothing.

What You Can Do About It

Now that you know what's causing the smelly, bad-tasting water, what is there to be done? These foul characteristics can remain even after the water treatment process and remain in the water once it reaches your home. By adding an in-home water filtration system like the Culligan HE Sulfur-Cleer® Whole-House Filter, you'll have better-smelling and better-tasting water throughout your home immediately.
This Culligan filtration system is expertly designed to reduce odor by oxidizing the presence of hydrogen sulfide in your water, while the Sulfur-Cleer® cuts straight to the root of your problem, leaving you with fresher water and fewer odors.

From the fine folks at Culligan Rothesay.

It’s been a while!

Sorry that it has been awhile since our last post but we have changed a few things around at Oakhill as we grow our business. We realized that the model home centre we had located on Ashburn Road wasn’t the right fit and we had an opportunity to change things up so we did. We have moved our office to a building we own, located at 25 Williams Court in Quispamsis, we placed two mini homes on land we own and order another spec home for Bermuda Court in East Saint John. We haven’t stopped there either as we are into the final negotiations on two parcels of land that we are very excited about, one that will be a land home package for mini homes in Saint John and the other a typical subdivision in Quispamsis.

 

 

We had a very busy month in July and August with the move and business went through the roof as we closed on a number of transactions. So as we look around and try to find some time to get things into their place we realize we feel a lot like our clients. Moving can be stressful, you lose things, the effort to get everything back up and running like you had it is always a struggle. We were operational here by the end of July but just today we had the cabling guys in to see how hard it will be to move one of our phones. We still have boxes to unpack, shelving to go up but like our clients we are getting through it all.

Rest assured you will see us back at the blog keeping you informed of the latest stats and market trends and sharing with you all the info we can.

Blog soon!

April Stats!

The Saint John Real Estate Board Inc. MLS ® Statistic Report [APRIL 2015 ]

2015 2014 2013 %INC/DEC [ 2014 - 2015 ] Total # of Listings [Month] 542 566 680 -4% Total # of Listings YTD 1817 1847 2033 -2% Total # of Expired Listings [Month] 204 154 177 32% Total # of Expired Listings YTD 754 704 698 7% Total # of Sales [Month] 155 166 151 -7% Total # of Sales YTD 505 473 474 7% Total Sales Dollar Volume [Month] $24,256,628 $24,693,417 $27,280,123 -2% Total Sales Dollar Volume YTD $76,626,860 $73,711,095 $76,863,526 4%   Show Chart   2015 2014 2013 TOTAL Total # of Closed Sales [Month] 135 140 139 414 Total # of Closed Sales YTD 448 406 397 1251 Total Dollar Volume of Closing Sales YTD $64,228,659 $62,746,578 $60,844,053 $187,819,290 Total # Sales Pending 0 0 0 0 Total Dollar Volume of Sales Pending $0 $0 $0 $0   Number of Active Listings in the MLS ® System At time of Report Creation. (click Number for Current Detailed Report) 3021         NUMBER OF UNITS SOLD BY PRICE 2015 2014 MONTH YEAR MONTH YEAR Under 30,000 13 46 7 38 30,000 - 39,999 2 20 4 15 40,000 - 49,999 5 19 5 13 50,000 - 59,999 5 15 12 23 60,000 - 69,999 7 19 4 15 70,000 - 79,999 3 16 10 19 80,000 - 89,999 8 27 9 24 90,000 - 99,999 2 11 2 8 100,000 - 119,999 8 35 15 38 120,000 - 139,999 10 44 17 47 140,000 - 159,999 23 50 15 44 160,000 - 179,999 16 40 18 38 180,000 - 199,999 11 36 12 34 200,000 - 219,999 15 33 7 23 220,000 - 239,999 2 13 5 17 240,000 - 259,999 8 19 5 13 260,000 - 349,999 12 39 14 37 350,000 - 399,999 3 10 2 8 400,000 - 499,999 0 6 1 8 500,000 - 749,999 2 6 2 10 750,000 - 999,999 0 1 0 0 1,000,000 + 0 0 0 1

Thinking of Selling?

If you are thinking of selling your home, then there are a few things to consider.

 We will start on the outside and work our way in.

 

You are trying to ensure that your home has as much curb appeal as possible. Sometimes potential buyers do a ‘drive by” to see if they like the look of the outside before they make an appointment to view the home. Make sure your lawn is cut, trimmed and shrub beds are attractive.

 

Your next decision is which door you want a possible buyer to use. Which entrance into your home creates the most WOW? Whichever door you choose, make sure it is clean and free of debris, spider webs especially this time of year. You want to provide buyers with a warm and welcoming feeling.

 

Smell is very important. The smell of your home can make or break the showing. I think we are all use to the smell of our home so perhaps a very honest friend or neighbor can give it the sniff test. I don’t really recommend the plug in things since that often can send off alarm bells “What are they trying to hide” Also so many people have allergies to scents that it can cause a problem. Clean, fresh and of course home baking make the best impressions. You also have to be careful if you have pets, the smell of a kitty litter box can be a huge turn off.

 

Next you need to declutter your home; pack non-essential things in boxes and store them in the basement, garage, storage sheds or with someone else.

Closets, linen cupboards, hallways, entrances and stairways should be as free from clutter as possible.

 

It may look bare to you but it enables the buyer to appreciate how much space is there.

All surfaces countertops and floor spaces should be as clean and clear as possible.

 

Now you have to De-personalize

·       Family Pictures

·       Diplomas

·       Personal reading

·       Front of fridge

 

So many people, buyers and Realtors alike love to look at the pictures to see if they know the people; they are there to look at the house not who you are. People are nosy so if you don’t want it looked at then put it away.

 

Neutralizing is sometimes a tough one but a neutral décor goes a long way toward enabling a potential buyer to see his things in your home. Paint is the easiest and cheapest way to prepare your home for sale. Soft, warm, clean neutral shades work best.

 

I realize that I am tossing a lot at you but it is a very competitive market out there. Buyers are very picky and for the most part know the market. To get your home sold in a timely fashion and get the most money for it you need to make your house really show ready.

 

Kitchens and bathrooms seem to be the 2 rooms that are of most importance. Now if they have not been updated in the past 10 years or so and you don’t want the expense then the price for you home will probably be reflected in that. If your counter top is a strong non neutral colour like rose or blue, then perhaps you should think about replacing it. You are trying to remove as many objections as possible.

 

 

Buyers and buyer’s agents will often over cost repairs. If you don’t want the expense of replacing the countertop then I would strongly recommend you get some prices and samples that you can leave out. You would be surprised how something like that can increase the value and make your home easier to market.

 

Also new hardware like knobs and pulls for the cupboards and light fixtures can give a kitchen and bathroom a quick facelift. Do make sure that both of these rooms are clean and decluttered.

 

As I just mentioned, new modern light fixtures can give any room a little face lift. Another item to update your home is the trim. Most people are looking for white trim it seems to brighten your home and give it a modern look.

 

Make sure everything in your home is in good working order. If you have had work done on your home recently, then receipts can sometime impress a prospective buyer.

 

Once you have your house listed with a Realtor and it’s ready to show, remember to have light bulbs in all sockets.

 

When your home is being shown turn on all the lights and leave.

Drum roll please....Stats for March 2015

The Saint John Real Estate Board Inc. MLS ® Statistic Report [MARCH 2015 ]

2015 2014 2013 %INC/DEC [ 2014 - 2015 ] Total # of Listings [Month] 406 431 458 -6% Total # of Listings YTD 1275 1281 1353 0% Total # of Expired Listings [Month] 238 173 159 38% Total # of Expired Listings YTD 598 550 521 9% Total # of Sales [Month] 128 111 130 15% Total # of Sales YTD 350 307 323 14% Total Sales Dollar Volume [Month] $19,801,700 $18,563,924 $19,158,950 7% Total Sales Dollar Volume YTD $52,370,231 $49,017,678 $49,583,403 7% Show Chart 2015 2014 2013 TOTAL Total # of Closed Sales [Month] 127 133 105 365 Total # of Closed Sales YTD 309 266 258 833 Total Dollar Volume of Closing Sales YTD $44,344,631 $42,424,878 $37,404,639 $124,174,149 Total # Sales Pending 0 0 0 0 Total Dollar Volume of Sales Pending $0 $0 $0 $0 Number of Active Listings in the MLS ® System At time of Report Creation. (click Number for Current Detailed Report) 2634 NUMBER OF UNITS SOLD BY PRICE 2015 2014 MONTH YEAR MONTH YEAR Under 30,000 12 33 7 31 30,000 - 39,999 7 18 3 11 40,000 - 49,999 6 14 2 8 50,000 - 59,999 3 10 7 11 60,000 - 69,999 3 12 1 11 70,000 - 79,999 2 13 4 9 80,000 - 89,999 5 19 3 15 90,000 - 99,999 4 9 4 6 100,000 - 119,999 12 27 9 23 120,000 - 139,999 16 34 16 30 140,000 - 159,999 6 27 7 29 160,000 - 179,999 11 24 9 20 180,000 - 199,999 9 25 8 22 200,000 - 219,999 4 18 8 16 220,000 - 239,999 3 11 4 12 240,000 - 259,999 6 11 2 8 260,000 - 349,999 9 27 11 23 350,000 - 399,999 6 7 2 6 400,000 - 499,999 3 6 1 7 500,000 - 749,999 1 4 2 8 750,000 - 999,999 0 1 0 0 1,000,000 + 0 0 1 1

So you've sold your home...and it's WINTER!!!

Winter Moving!

So you have sold your home and it is now time to move…but wait there is four feet of snow on the ground, it’s very cold out and they are calling for more snow…YIKES!!!

You’re a gamer and well you have to move so you call your family and friends and somehow get them to agree to help and you save some money because you don’t have to hire a professional crew. Moving day has arrived, you’ve rented a truck and the packing has begun. Your once clean house is now slippery, wet and very dirty with all the traffic coming and going and you are praying nobody slips and falls breaking your prized possessions or worse hurting themselves. The hours tick by and the crew is hungry and you forgot about feeding them, no worries quick call to the local pizza shop grub is on the way and you were smart enough to ask for a couple of bottles of pop. Food arrives, no napkins and no cups and yours are all packed…hmmm…hey we have TP…it will have to do and well pass the bottle. Few more hours and the truck is already to head to your new home but wait you now realize you have over loaded the truck and the bumper is dragging on the ground, now what! Ok a few friends have half tons…take some stuff out, shift the load and all is good, on the road you go.

You have now arrived at your new home, everyone is all excited and you show them around the new pad, lots of chatter but nothing has been unloaded as there is a steep driveway and the guys don’t think you should take the truck down the hill. What to do??? Ok let’s just unload at the top of the driveway and lug everything by hand. Sounds reasonable but those friends aren’t looking impressed, they didn’t sign up for this. Family has given you the look but they know their family and they have to tough it out with you as you have done for them. Hours go by and finally the truck in unloaded, your new home is a disaster, boxes everywhere and the snow, mud and water has your new home looking much worse for wear. Oh and you forgot you now have to go back to your old place and clean up the mess you made.

If the thought hasn’t crossed your mind yet it will soon… a professional crew may have been the wise choice! They are used to this stuff as they do it every day, they won’t have an aching back or sore hands from the hours you put in because they have the right equipment and knowledge to do the job right. It may have cost you a few bucks but when you think about how long it took, truck rental, food, drinks, mess and now less friends it may have actually saved you money to hire a professional.

What does it matter, you are in your new home and all is well… or is it? Good luck finding and unpacking because even though you were smart enough to mark all the boxes you forgot to tell your crew which room was what and they were tired of asking and stuck it anyplace they found room. No worries you will figure it out but I promise it will take a few weeks to find it all and oh one more item…some things will have gotten broken and nobody will tell you because that’s what it costs to hire family and friends. Do them and yourself a huge favour hire a professional moving crew…I wish I had because this was my move and I even toned it down a little for you…

 

The great agents at Oakhill Realty can not only help you sell and find a home we can also help you with the process of moving. We know who to hire because we have worked with them before and we can put you in touch with the right people. Call Oakhill Realty today at 506-633-8383 to get you on the move.

The number are now in for February!

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The Saint John Real Estate Board Inc. MLS ® Statistic Report [FEBRUARY 2015 ]
2015 2014 2013 %INC/DEC [ 2014 - 2015 ] Total # of Listings [Month] 300 353 400 -15% Total # of Listings YTD 870 850 895 2% Total # of Expired Listings [Month] 153 145 150 6% Total # of Expired Listings YTD 383 377 362 2% Total # of Sales [Month] 102 121 107 -16% Total # of Sales YTD 222 196 193 13% Total Sales Dollar Volume [Month] $16,446,157 $18,909,823 $18,360,353 -13% Total Sales Dollar Volume YTD $32,535,261 $30,453,754 $30,424,453 7% Show Chart 2015 2014 2013 TOTAL Total # of Closed Sales [Month] 83 74 92 249 Total # of Closed Sales YTD 182 133 153 468 Total Dollar Volume of Closing Sales YTD $24,012,861 $20,791,704 $21,958,739 $66,763,305 Total # Sales Pending 0 0 0 0 Total Dollar Volume of Sales Pending $0 $0 $0 $0 Number of Active Listings in the MLS ® System At time of Report Creation. (click Number for Current Detailed Report) 2619 NUMBER OF UNITS SOLD BY PRICE 2015 2014 MONTH YEAR MONTH YEAR Under 30,000 7 21 13 24 30,000 - 39,999 3 11 7 8 40,000 - 49,999 3 8 2 6 50,000 - 59,999 6 8 2 4 60,000 - 69,999 3 9 6 10 70,000 - 79,999 5 11 1 5 80,000 - 89,999 5 13 8 12 90,000 - 99,999 3 5 2 2 100,000 - 119,999 9 15 9 14 120,000 - 139,999 8 18 10 14 140,000 - 159,999 10 21 15 22 160,000 - 179,999 5 13 8 11 180,000 - 199,999 8 16 9 14 200,000 - 219,999 7 14 5 8 220,000 - 239,999 4 8 3 8 240,000 - 259,999 2 5 3 6 260,000 - 349,999 9 18 9 12 350,000 - 399,999 0 1 2 4 400,000 - 499,999 2 3 4 6 500,000 - 749,999 2 3 3 6 750,000 - 999,999 1 1 0 0 1,000,000 + 0 0 0 0
Residential Activity Report by Area

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Bank Repo's

We have recently listed a few properties that had been picked back up by the banks to be re sold. These properties generate a great deal of discussion and many times a lot of interest. There are a number of real estate TV shows that talk about picking up these properties and turning them around, making a fortune and living the good life…

Now reality…the banking system in our country has been well designed and thankfully these listings don’t come up too often but when they do the banks are required to make all reasonable efforts to capture fair value for the home so that any debt can be repaid. They can’t just dump them at some incredibly low price. Usually they will have and Agent and an Appraiser go in and do an evaluation on what the home should sell for and they must be within 10 to 15 percent of one another. If not then a longer process occurs usually the parties are asked to re-confirm their numbers and a listing price is determined.

The Agent will now list the home on MLS® but often with a number of disclaimers; no employees of that bank, any offer is always made at the buyer’s complete risk and cost, there are no disclosures and the home is sold “AS IS WHERE IS” and sometimes a few more conditions. What does this all mean, well simple terms “buyer beware” you need to do your homework period!!!

I don’t very often come across a bank repo that is a real deal, there are some possible good deals as long as nothing comes up but lots of risk is placed on the buyers shoulders. You need to be very knowledgeable about home construction and the costs that you might occur. You also need to act quickly as these homes don’t usually stick around very long. Unfortunately I often see someone who isn’t as knowledgeable as they think jump in and snatch them up thinking that are going to make a killing!  In the end they may make a couple of bucks or break-even but if they really knew the numbers the reality is they often lose money. Even if you do the work you need to place a value on your time and it should be a fair value. You need to replace only those items that buyers are going to pay for, you don’t need to make your flip a new home! You need to know what similar homes are selling for in that market and you need to come in below these numbers so that you can make some money. I would suggest that if you aren’t making 20% profit then it wasn’t worth the risk!

What about if you are planning on making this your home? Well the same principals should apply, you should have a similar margin in play and you shouldn’t make your new home the most expensive one on the street. Aim for the middle of the pack just in case in the end this isn’t the home for you and your family and you end up needing to sell it.

You also need to know what your legal fees are going to be, if you are selling you will need to know what a REALTOR® is going to charge you, there may be tax implications so I would also suggest you consult with an accountant or tax specialists. In the end if you are thinking of getting into this market you need to do your homework, don’t wait till you see a property that is of interest. We have the knowledge at Oakhill to help you and what we don’t have we know where to get it.

So what do those numbers mean!

As we all know numbers can say just about anything and I won’t put any spin but here is our findings from the latest numbers released by the Saint John Real Estate Board.

Inventory is up and that’s good for buyers

Sales are up over last year and that’s good for sellers

Sales dollars are up and that’s really good for sellers but we may have to wait a month or two to see if that is a trend or just a fluke.

Activity was nicely spread out over the various price ranges.

Mortgage rates have gone down.

I think the simplest advice one can give is if you are buying now is the time! If the price trend continues you may pay more in the coming months. If you are selling make sure you are ready to be on the market, you are priced right and realize you have lots of competition.

January real estate numbers

The Saint John Real Estate Board Inc. MLS ® Statistic Report [JANUARY 2015 ]

2015 2014 2013 %INC/DEC [ 2014 - 2015 ] Total # of Listings [Month] 570 497 495 15% Total # of Listings YTD 570 497 495 15% Total # of Expired Listings [Month] 235 232 212 1% Total # of Expired Listings YTD 235 232 212 1% Total # of Sales [Month] 122 75 86 63% Total # of Sales YTD 122 75 86 63% Total Sales Dollar Volume [Month] $16,421,104 $11,543,931 $12,064,100 42% Total Sales Dollar Volume YTD $16,421,104 $11,543,931 $12,064,100 42% Show Chart 2015 2014 2013 TOTAL Total # of Closed Sales [Month] 99 59 61 219 Total # of Closed Sales YTD 99 59 61 219 Total Dollar Volume of Closing Sales YTD $12,882,099 $7,131,450 $8,228,650 $28,242,199 Total # Sales Pending 0 0 0 0 Total Dollar Volume of Sales Pending $0 $0 $0 $0 Number of Active Listings in the MLS ® System At time of Report Creation. (click Number for Current Detailed Report) 2632 NUMBER OF UNITS SOLD BY PRICE 2015 2014 MONTH YEAR MONTH YEAR Under 30,000 14 14 11 11 30,000 - 39,999 8 8 1 1 40,000 - 49,999 5 5 4 4 50,000 - 59,999 2 2 2 2 60,000 - 69,999 6 6 4 4 70,000 - 79,999 6 6 4 4 80,000 - 89,999 8 8 4 4 90,000 - 99,999 3 3 0 0 100,000 - 119,999 6 6 5 5 120,000 - 139,999 10 10 4 4 140,000 - 159,999 11 11 7 7 160,000 - 179,999 8 8 3 3 180,000 - 199,999 8 8 5 5 200,000 - 219,999 7 7 3 3 220,000 - 239,999 4 4 5 5 240,000 - 259,999 4 4 3 3 260,000 - 349,999 9 9 3 3 350,000 - 399,999 1 1 2 2 400,000 - 499,999 1 1 2 2 500,000 - 749,999 1 1 3 3 750,000 - 999,999 0 0 0 0 1,000,000 + 0 0 0 0

Exclusive listing - What does that really mean?

Every once in a while you drive by a real estate sign and see the word “ Exclusive” and for most they tell me that they feel this home must be extra special or something. So when you see this what is the REALTOR® or seller really trying to tell you? Well it may be a pretty special home or extra fancy but what this word really means is that the home is not listed on MLS® and that in most cases it is not available to other real estate agents or companies to sell other than the agency that listed the home.

My question would be why would the agency or seller do this? It limits their exposure on the market usually meaning that it will take longer to sell and most likely for less dollars. The only reason I can see is to limit someone’s access to the home, a nosey neighbour or ex-spouse perhaps. MLS® requires complete access to all parties, it does not allow or permit the seller to exclude someone from viewing the home.

My advice is to put these issues behind you as your true interest should be to sell the home and who really cares who buys it. As a seller you are always in control of the terms of the sale, you have the right to reject or counter any term or offer.  Even if you get full price you can reject the offer, now your agent may have a clause in your listing contract that says if they bring you a full price offer and you decide to turn it down that you may still owe them their commission so check this first.

I understand why you might not want some people to view your home but if you followed your REALTORS® advice and removed all personal items what impact is there on a nosey neighbour or ex seeing a few pieces of furniture?

Just my two cents but if a client really wanted their home to be an “exclusive” listings than we would do as they asked because it’s their home, however I wouldn’t recommend it to anyone.

Do you have real estate questions? Need some answers? Give us a call, checkout our Face book page or our web site better still drop into our office at 350 Ashburn Road anytime, we would love to show you our display homes and answer all your real estate questions.

Do you have to pick one?

So you want to sell your home but you have two friends in the real estate business and they work for two different companies and you don’t know what to do. Pick friend #1 and then friend #2 will be upset and vice versa pick neither and they will both be mad…a no win/win for sure!

Well Oakhill Realty has the solution… you co-list the home with both of your friends!

What?

Hmmm bet you didn’t even know you could even do that? Well you can, it’s not even that complicated unless they don’t want to or their companies won’t let them. If you look at your listing agreement there is a line for co brokerages and this simply means two different companies will be selling your home. They will usually split the commission that you agreed to and that may be a small stumbling block because it will most likely be about half of what they would normally charge. If the two agents work together they should be able to split the marketing costs so their net dollars will be about the same.

The agents will have to work out some details such as whose sign will be on your lawn and who will be the main brokerage but not a big deal at the end of the day. If one is being too difficult well that may be the one you cut out of the deal. In real estate we have to work cooperatively with other agents and other companies all the time, selling agents working with buying agents, so why not have two selling agents working with one seller? It may be a win/win for you the seller, two great agents and two great companies, why not! I am sure there are some companies and some agents who feel they are too good to share but to us it isn’t about us it’s about you the seller.

Just one more solution from us at Oakill.

December & 2014 Numbers

The Saint John Real Estate Board Inc. MLS ® Statistic Report [DECEMBER 2014 ]

2014 2013 2012 %INC/DEC [ 2013 - 2014 ] Total # of Listings [Month] 219 167 184 31% Total # of Listings YTD 5738 5726 5801 0% Total # of Expired Listings [Month] 748 633 615 18% Total # of Expired Listings YTD 3378 3065 3137 10% Total # of Sales [Month] 118 79 64 49% Total # of Sales YTD 1810 1846 1866 -2% Total Sales Dollar Volume [Month] $20,581,288 $15,672,850 $9,040,000 31% Total Sales Dollar Volume YTD $292,030,401 $308,454,417 $301,361,848 -5% Show Chart 2014 2013 2012 TOTAL Total # of Closed Sales [Month] 113 121 127 361 Total # of Closed Sales YTD 1785 1832 1869 5486 Total Dollar Volume of Closing Sales YTD $290,434,951 $303,693,117 $302,639,348 $896,767,417 Total # Sales Pending 0 0 0 0 Total Dollar Volume of Sales Pending $0 $0 $0 $0 Number of Active Listings in the MLS ® System At time of Report Creation. (click Number for Current Detailed Report) 2264 NUMBER OF UNITS SOLD BY PRICE 2014 2013 MONTH YEAR MONTH YEAR Under 30,000 8 140 8 138 30,000 - 39,999 5 63 0 47 40,000 - 49,999 1 42 1 61 50,000 - 59,999 4 60 2 57 60,000 - 69,999 1 60 4 68 70,000 - 79,999 7 60 2 57 80,000 - 89,999 4 69 3 66 90,000 - 99,999 2 56 4 51 100,000 - 119,999 7 129 6 123 120,000 - 139,999 11 168 5 156 140,000 - 159,999 10 169 9 191 160,000 - 179,999 13 172 7 164 180,000 - 199,999 8 119 5 136 200,000 - 219,999 9 105 1 88 220,000 - 239,999 8 78 2 95 240,000 - 259,999 3 57 2 65 260,000 - 349,999 8 163 9 174 350,000 - 399,999 4 43 5 36 400,000 - 499,999 2 27 0 42 500,000 - 749,999 2 22 2 21 750,000 - 999,999 0 5 1 6 1,000,000 + 1 3 1 4