Why Should You Get A Home Inspection?

I find most people are willing to take a used car to a mechanic to look it over before they purchase the car. They probably spend about $150 to do this, and the car may cost between $5,000 and $10,000. So, why wouldn’t you consider having your home inspected by a house “mechanic” before spending $200,000 to $300,000++?

A professional home inspection can be done at a cost between $350 and $550. Here are some of the common items I see in inspections, and the costs associated with repairing or replacing any problems the home inspector finds:

  • Double tapping in the breaker panel. This usually means you have too many wires feeding into one circuit in your breaker box, which makes it a fire hazard. Resolving double tapping can cost between $150 to $250
  • Heating and Air Conditioning. I find most sellers aren’t in the habit of servicing their HVAC systems yearly. This could be a hidden cost passed along to you, the buyer. Servicing the HVAC costs around $100 to $175. If the HVAC hasn’t been serviced, you could end up with AC condenser issues ($3,000 to repair) or issues with the furnace’s heat exchanger ($3,500 to repair). As you can see, servicing your HVAC systems avoids some costly problems down the road.
  • Attic and Crawl Space issues. This is where we find hidden problems never seen by the homeowner that can explode into large cost problems for you, the buyer, to fix.
  • Water seepage along the vent flues. Sometimes the rubber boots that go along the flues become cracked, and when it rains or snows, you get water in through those vents. That costs $50 to $100. Ice damming causes water damages along the eves of the property, which could cost $250 to $350 to fix. If water gets in and mould grows or the wood rots, then your repair costs would be thousands of dollars.

These are just a few of the common issues we see during home inspections. As you can see, an inspection pays for itself. Don’t forget, always inspect!

A good home inspector can save you lots of money and give you peace of mind. Feel free to email me. I’ll be happy to put you in touch with some great inspectors.

 

Top 10 Reasons To Hire A Realtor

The following statement is worth repeating – when selling your home, it is best to hire a REALTOR®. Selling your own home is complex and time-consuming. It can also be emotional.

Hire a REALTOR® and secure the following advantages:

1.  REALTORS® can determine what a property is worth because they have access to the MLS® System and comparables.

2.  REALTORS® have the knowledge and experience to market and stage the property, negotiate successfully, and close a deal.

3.  REALTORS’® marketing and exposure may yield multiple offers.

4.  REALTORS® do the paperwork and ensure it is completed properly.

5.  REALTORS® help protect the privacy and security of the sellers.

6.  REALTORS® qualify buyers before showing the property. That is, REALTORS® ensure people viewing a property can afford to purchase it.

7.  REALTORS® can remain objective and are able to deal with facts when marketing a property.

8.  REALTORS® can provide objective feedback about why a property is not selling and make recommendations based on experience.

9.  REALTORS® are experts in the field, having completed an extensive course of study.

10. REALTORS® are governed by the Real Estate Council of Ontario, and must adhere to provincial laws, which include a Code of Ethics.

 

Power of Sales

More often than people think, houses in Muskoka go up for sale by the bank… otherwise known as a Power of Sale. There’s a notion attached to those words that has people believe they’ll automatically get some hugely discounted deal. More often than not, that’s not really true. Here are a few thoughts about buying a home in Muskoka that is Power of Sale.

The bank has no heart. They have no emotion tied up in the house, no memories, no love. All they have is a bottom line and a certain number they’re looking for in order to walk away free and clear.

The bank doesn’t know a lot about the house. And what they may know, they take no responsibility for. A lot of it is a guessing game for the buyer. Always smart in these situations to have a good home inspector. Take your time. Go to the town offices and find out as much as you can about the house. The town should have records like the year it was built, information on septic and well. The bank won’t supply any of that.

In these situations it really is Buyer Beware.  There’s no recourse if you find something out about the house after the deal has gone firm. The bank makes that clear – you are buying the home in “as-is” condition. Often the bank will attach many pages of additional clauses to an offer. Most of them are standard, but sometimes there are very important things hidden between the lines.  Each bank has it’s own way of doing things, and no deal is just like another. It pays off to pause a moment and read all the fine print.

Finding a reliable Realtor in these situations is imperative. Fred and I are very experienced with power of sale homes. We can guide you through the process, and know what things to look for.  We will help get past records, surveys and any other information that is readily available. We can also take our combined 30+ years on the business and let you know our opinion of the house.

Non-waterfront and waterfront sales hit multi-year highs in March

Residential non-waterfront sales activity recorded through the MLS® system of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® numbered 157 units in March 2016, up 4.7 per cent from March 2015.

On a year-to-date basis non-waterfront sales were running 7.7 per cent ahead of the first quarter of 2015.

Sales of waterfront properties jumped 28.8 per cent year-over-year to 85 units in March 2016.

On a year-to-date basis waterfront sales were up 17.4 per cent from the first quarter of 2015.

“Demand for both waterfront and non-waterfront properties was extremely strong in March, with sales of both hitting their highest levels in more than a decade,” said Tom Wilkinson, President of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®. “Rising sales combined with falling supply appear to be putting some upward pressure on prices.”

The median price for residential non-waterfront property sales was a record $253,000 in March 2016, up 10.4 per cent from March 2015.

The median price for waterfront sales was $425,000 in March 2016, rising 21.6 per cent from March 2015.

The dollar value of all residential non-waterfront sales in March 2016 totalled $40.8 million, rising 10.3 per cent from March 2015. This was the best March level on record.

The total value of waterfront sales was $60.1 million, more than double March of last year and a record for the month. This was such a strong March showing that it marked the first time volumes had surpassed even $30 million in this month.

Summary – Sales by Housing Type
Category March 2016 March 2015 Year-over-year
percentage change
Non-Waterfront Residential 157 150 4.7
Waterfront 85 66 28.8
Includes transactions in all areas recorded by the REALTORS® Association of Ontario Lakelands
Summary – Median Price by Housing Type
Category March 2016 March 2015 Year-over-year
percentage change
Non-Waterfront Residential $253,000 $229,250 10.4
Waterfront $425,000 $349,500 21.6
Includes transactions in all areas recorded by the REALTORS® Association of Ontario Lakelands

Detailed – Non-Waterfront Residential Sales and Median Price by Area
Non-Waterfront Residential
By Area Unit Sales Median Sale Price
March 2016 March 2015 Year-over-year
percentage
change
March 2016 March 2015 Year-over-year
percentage
change
Muskoka 83 61 36.1 $223,000 $205,000 8.8
Haliburton 14 10 40.0 $164,500 $214,250 -23.2
Orillia 57 48 18.8 $268,500 $251,000 7.0
Detailed – Waterfront Sales and Median Price by Area
Waterfront
By Area Unit Sales Median Sale Price
March 2016 March 2015 Year-over-year
percentage
change
March 2016 March 2015 Year-over-year
percentage
change
Muskoka 46 44 4.5 $482,500 $358,750 34.5
Haliburton 24 13 84.6 $388,750 $365,000 6.5
Orillia 15 5 200.0 $407,500 $430,000 -5.2

 

Waterfront Sales Set New Record

Residential non-waterfront sales activity recorded through the MLS® system of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS® numbered 173 units in September 2015, down 9.4 per cent from September 2014. This was still above the five and 10-year average for the month.

On a year-to-date basis residential non-waterfront property sales were running 4.4 per cent above levels at the same time last year. This was also the best sales figure for this period since 2003.

Sales of waterfront properties rose 17.3 per cent from September a year ago to 203 units in September 2015. This was the first September to see sales rise above 200.

Year-to-date sales of waterfront properties were running 13.6 per cent ahead of the same period in 2014, marking the best first three quarters of any year on record.

“Non-waterfront sales stepped back on a year-over-year basis in September, although looking back past last year it was still the best showing for the month in more than a decade,” said Tom Wilkinson, President of Muskoka Haliburton Orillia – The Lakelands Association of REALTORS®. “Meanwhile, for the third time in the last four months, sales of waterfront properties again set a new monthly record.”

The median price for residential non-waterfront property sales was $227,750 in September 2015, up 4.5 per cent from September 2014.

The median price for waterfront sales was $375,000 in September 2015, edging down 1.3 per cent from September 2014.

The dollar value of all residential non-waterfront sales in September 2015 totalled $41.6 million, down 8.4 per cent from September 2014. However, this was still the second best level for the month on record.

The total value of waterfront sales was $103.6 million, up 17.4 per cent from September last year. This was the best September on record and the first time in history that volumes in this month had surpassed $100 million.

Summary – Sales by Housing Type
Category September 2015 September 2014 Year-over-year
percentage change
Non-Waterfront Residential 173 191 -9.4
Waterfront 203 173 17.3
Includes transactions in all areas recorded by the REALTORS® Association of Ontario Lakelands
Summary – Median Price by Housing Type
Category September 2015 September 2014 Year-over-year
percentage change
Non-Waterfront Residential $227,750 $218,000 4.5
Waterfront $375,000 $380,000 -1.3
Includes transactions in all areas recorded by the REALTORS® Association of Ontario Lakelands

 

Detailed – Non-Waterfront Residential Sales and Median Price by Area
Non-Waterfront Residential
By Area Unit Sales Median Sale Price
September 2015 September 2014 Year-over-year
percentage
change
September 2015 September 2014 Year-over-year
percentage
change
Muskoka 88 93 -5.4 $227,000 $200,000 13.5
Haliburton 16 11 45.5 $181,500 $184,000 -1.4
Orillia 68 78 -12.8 $233,000 $225,500 3.3
Detailed – Waterfront Sales and Median Price by Area
Waterfront
By Area Unit Sales Median Sale Price
September 2015 September 2014 Year-over-year
percentage
change
September 2015 September 2014 Year-over-year
percentage
change
Muskoka 123 96 28.1 $395,000 $428,853 -7.9
Haliburton 51 44 15.9 $350,000 $302,500 15.7
Orillia 26 42 -38.1 $444,500 $347,500 27.9

June Real Estate Update

It’s June in Muskoka and the real estate market is hot. For Sale signs are being replaced with Sold signs all over the District. Whether you are selling a home or cottage, that’s good news for everyone.

Waterfront unit sales in south Muskoka are at an all time high since before the year 2000.  The month of May was up by 20 units over the same month looking back over 15 years.  The biggest jump in this sector is in properties ranging from $500,000 to $2,000,000. Unit sales in this range are higher than we have seen before.

Bracebridge residential unit sales are holding pretty steady in line with where they have been since 2010, with the month of May being slightly slower than previous years.  We’ve seen the most sales in the $300-$400,000 range. The average sale price for Bracebridge residential from Jan-May 2015 is $286,766, up $22,260 over 2014.

New Muskoka home and cottage properties are being listed everyday, and now’s the time to keep your eye out for that perfect one – you never know, it may be gone before you know it!

Mortgage Brokers – What Can They Do For You?

Obtaining financing and taking out a loan from the bank for hundreds of thousands of dollars is probably the most stressful part of buying a home, and the biggest purchase people will make in their lives.

In the past, home buyers in Muskoka have pretty much turned exclusively to their banks for their mortgage needs. These days there are more options thanks to mortgage brokers. Independent mortgage brokers are licensed mortgage specialists who have access to multiple lenders and mortgage rates. They essentially negotiate the lowest rate for you.

A mortgage broker can save you time and headaches. Instead of meeting with every bank in town, they do all the work for you. They act as a liaison between you and the lending institutions. Mortgage brokers negotiate the best available terms and rates on your behalf, and will usually work with dozens of different lenders to do so. It really is the most efficient way to get the best mortgage for your needs.

A mortgage broker can help you with all aspects of a mortgage, from figuring out how much you can truly afford, to determining the best mortgage product for you, to finding ways to save you money and pay off your mortgage faster.I
Since mortgage brokers are only paid when a loan is approved and signed, their assistance will cost you nothing.

2. Mortgage brokers help those with less-than-perfect finances secure a loan.
For those with blemishes on their credit report or a low household income, a broker might be able to negotiate better rates than if you approached the lending institutions yourself.

3. Mortgage brokers will save you time.
Mortgage brokers will do all of the legwork for you in terms of paperwork and negotiating with lenders. They will also be your point of contact for everything related to your financing.

When deciding which type of financing is right for you, here are a few details you need to make sure you share with your mortgage broker or the lending institution you decide to work with:

Prepayment
How often will you be able to make additional payments on your mortgage without being assessed a penalty, and how much will you be able to pay?

Frequency of payments
Whether it’s weekly, biweekly, accelerated biweekly or monthly, make sure the lender offers the payment frequency you feel most comfortable with.

Penalties to breaking the mortgage
Make sure that you are fully aware of what the penalty would be should you decide to opt out of your mortgage term.

Here are links to some local Muskoka Mortgage Brokers that we recommend:

James Zantingh, The Mortgage Centre
http://www.mortgageandlending.ca/

Leslie McCann, Summit Mortgage Services
https://www.summitmortgageservices.ca/

Buying a House In Muskoka

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