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May 24th, 2013 
Jerri-Ellen Fraser
Sales Representative

Johnson Associates Real Estate Ltd., Brokerage 905.877.5165

office:1-888-877-5165
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Best Fixed - 1 year
2.39%
Best Fixed - 2 year
2.49%
Best Fixed - 3 year
2.49%
Best Fixed - 4 year
2.69%
Best Fixed - 5 year
2.74%
STAGING… FOR A FASTER SALE AND HIGHER PRICE
There are many television shows today that focus on home staging. If you have not watched any, do yourself a favor and tune in. They all say the same thing: do not even consider putting your house on the market until you have taken a close look at its condition. Experienced sales people know that you only have one shot at impressing potential buyers, so take some time to prepare your home for showings. You will be rewarded with a faster sale and a higher offer.

Start with the Basics
  • Everything from floors to windows must be spotless. Remember to clean the oven and other major appliances.
  • Skylights should be crystal-clear, too.
  • Kill the offensive odors. They're the first thing buyers notice, and often a permanent turnoff.
  • Eliminate clutter.
  • Put away small kitchen appliances and other items that are sitting on countertops and tables.
  • Remove photographs from table-tops.
  • Organize the closets.


    • Outside Tasks
  • Clean the drain gutters. Buyers almost always comment if gutters are full of leaves and it makes them question other maintenance issues.
  • Store or organize items that make the yard look messy.
  • Make your front entry inviting. Decorate it, paint the door or buy a new door. It's the first look at your house, so make it a good one.


    • Tips for Vacant Homes
    Vacant homes often greet Real Estate Sales Representatives and home buyers with a blast of stale or mildew-laden air. As soon as buyers smell mildew, they are out the door. Deal with the mildew before you list the house.

    Have you ever noticed that during colder months the interior of a house without heat always feels colder than it is outside? Leaving the heat or air conditioning running while a home is on the market reduces odors and makes the house more inviting. Keep the lawn and landscaping tidy, even if you have to hire someone to do it.

    Don't Take it Personally
    The first step is to separate yourself from any personal feelings you may have about your home. It's not your home now; it's a commodity you intend to market. As the seller, you must trust your own instincts. Try to evaluate your house as if you are seeing it for the first time.

    If you were a home buyer, what would you think about the house?

    What changes would make immediate improvements?

    What are the home's best features and how can you show them off?

    How about a look that says "comfort" or a popular decorating theme, such as the vintage, casual look of Shabby Chic.

    Create a Mood
    Is there a mood that you’d like to create? If you're near water, how about breezy fabrics and blue-green colors that remind us of the beach? If you're in the mountains, perhaps you could go rustic. Study the house, brainstorm, and speak to your friends or family members about possible ideas.

    Pack It Up
    Pack away most of your family photos. Buyers should be able to imagine their own possessions in the home. When home buyers start deciding how their furniture will fit into your rooms, you're on your way to a contract.
    Pack up the bulk of large, personal collections, so that buyers don't get so distracted by them that they forget to look at the house.

    Make It More Spacious
    Remove excess furniture to make rooms appear more spacious.

    Clean and organize the closets.

    Store boxes in an out of the way location or rent a temporary storage unit so you can de-clutter every part of the house.

    Expose Desirable Features
    Remove rugs if they’re covering up nice hardwood floors.

    Remove heavy drapes that keep out natural light, especially if there's a great view out the windows.

    Add Some Life
    Living (not artificial) plants go hand-in-hand with nearly any home staging theme.

    Freshen Up
    How about a coat of fresh paint? Are walls in the house dingy? Are the colours dated? Should you clean curtains or other window ornaments?

    Create a Mood
    Bake bread during showings, or place a fresh loaf in a basket on the counter to create a warm and homey atmosphere.

    Classical music playing softly in the background is nice, but choose something that enhances the mood you are trying to create. For example, in the Blue Ridge Mountains, locals and out of town buyers react positively to Appalachian folk music playing softly in the background.


    Essential Curb Appeal
    In addition to keeping the lawn nicely trimmed, there are other elements you can add to grab a buyer's attention before they walk in the door:

  • Use outdoor lighting. It does wonders in the evenings when many homebuyers do drive-bys of properties.
  • Buy an attractive doorknob set.
  • Sweep the driveway; pressure wash the house or sidewalks if necessary.
  • Enhance landscaping.


    • A great overall impression is often enough to make a buyer more lenient about minor repairs that may be required. You want them to fall in love with the house as soon as they see it from the street.
     
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    So, you've decided to take the big leap and purchase your first home. Most of us have a "dream home" tucked away at the back of our minds -- complete with six bedrooms, two fireplaces and a panoramic view. Before setting off to view properties you likely can't

    Your "dream home" can easily become a nightmare when most of your money goes to pay the mortgage and there's little left over for anything else. Overextending yourself financially is the quickest way to destroy the excitement of home ownership and add stress to your life.

    Smart home-buying means knowing what you can afford and being practical about it. Most first-time buyers, in particular, lack the funds needed to buy a home without assistance from a bank or financial institution. Buying a home means combining savings with money borrowed through a special arrangement called a mortgage.

    To keep mortgage payments within their means, most first-time buyers purchase what is commonly known as a "starter home." A starter home is just that -- a way of getting started in long-term real estate investment.

    To match the home you buy to your pocketbook you have to realistically assess your needs, determine what you can afford and, usually, lower your expectations. Begin by enlisting the services of a real estate representative. This individual will help you target your home ownership dreams and provide valuable information on mortgage options, interest rates and incentives, such as government programs, for first-time buyers.

    In the meantime, here are some ways to determine how much you can afford.

    Set a maximum price range
    To determine your "affordability" price range, you must calculate two amounts: the amount of cash you can afford to put towards the purchase (down payment) and the maximum amount of loan (mortgage) you can comfortably carry. Typically, household expenses should not exceed 35 per cent of your gross income.

    Put down as much as you can
    The key to getting started for most first-time buyers is the initial down payment. This is the part of the purchase price you have to put down as cash. You may be able to buy a home for as little as five per cent down. But remember that the larger the down payment, the easier it will be to manage the other expenses (mortgage, utilities and property taxes).

    An ideal down payment is 25 per cent of the purchase price. Keep some cash in reserve though for unexpected expenses related to a home purchase and typical expenses such as land transfer tax, legal fees and moving expenses.

    Know how much to borrow
    To establish your maximum mortgage limit, a financial institution will determine the monthly payment you can afford by calculating your debt-service ratio. List all your loans (car, personal loans, monthly credit card balances). The sum of these and your mortgage payment, including principal, interest and taxes, should not exceed about 40 per cent of your gross income. The mortgage payment and taxes should not exceed about 30 per cent of your gross income.

    Understand interest rates
    The size of the mortgage you can arrange, based on payments you can afford, depends on interest rates. The lower the rates, the larger the possible mortgage and the more affordable home-buying will be. 

    However, there are other variables to consider: How open is the mortgage? Is it portable? Would prepayment be allowed? Discuss your mortgage options with your REALTOR®, banker or financial advisor. Decide what's best for you, establish a limit and stick to it.

    Look at other sources of funds
    If you have been contributing regularly to a Registered Retirement Savings Plan (RRSP), you may have to look no further for your down payment. The federal government's RRSP Home Buyers' Plan allows eligible taxpayers to withdraw up to $20,000 per person ($40,000 per couple) tax free from their plan to buy a qualifying home. However, you have to pay back every year at least 1/15th of the amount taken out until it is all paid back, or there will be a tax penalty.

    The Ontario Home Ownership Savings Plan (OHOSP) is a provincial program which provides tax credits on annual contributions to an Ontario resident earning less than $40,000 a year (or less than $80,000 per couple)  who has never owned a home. While there is no limit to the amount you may deposit in an OHOSP, you can only receive tax credits on annual contributions of $2,000 ($4,000 per couple) or less. Depending on your annual income and the money you invest, you can earn up to $500 individually or $1,000 a couple in tax credits a year. The plan must be closed and a home purchased by the end of the seventh year.

    The Canada Mortgage and Housing Corporation's (CHMC) five per cent down mortgage program is available to both first-time buyers and those who have already owned a home. This benefits buyers who can afford the monthly payments, but would have trouble saving for a larger down payment. Under the program, CMHC may insure the mortgage on your home (against default in payments) for up to 95 per cent of the lending value. An insurance premium of about 3.75 per cent of the mortgage loan is charged.  This amount can be added to the mortgage or paid on a monthly basis.

    Other sources of funds you can tap into for a down payment include savings and investments and loans or gifts from your family or relatives. If you're already a homeowner and moving up, you can use money that you get from the sale of your present home.

    Article Taken From OREA