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Barrie, ON

Barrie Homes: Barrie Housing Market Remained Balanced in 2011

Peggy Hill - Barrie Real Estate: Real Estate Agent in Barrie, ON

The Canadian Mortgage and Housing Corporation (CMHC) recently released their first quarter 2012 publication which gives us some insight into the state of the market at the end of 2011 and some shifts in the market which indicate changes to come in 2012 for the Barrie real estate market.

There are three main conclusions that the CMHC has drawn from the close of business in 2011. (1) New home starts shifting from single-detached to higher density dwellings, (2) An increase in existing home sales and (3) Barrie's real estate market continued to remain balanced.

(1) Higher Density Home Starts Increase

New constructions has shifted away from single-detached homes and towards higher density dwellings such as rows or apartments. According to CMHC the ratio of single-detached homes to total starts has been trending down since 2007. This downward trend indicates that Barrie is becoming more urban. It is also due to an increase in demand from both aging baby boomers and cost-conscious younger buyers for more affordable high density homes. This is not the case however in Innisfil and Springwater Township whose markets have only seen a slight decrease in the ratio of single-detached starts to total starts.

(2) Existing Home Sales Increase

The price gap between new home sales and existing home sales continued to widen in 2011. The average price of a new single-detached home in 2011 was $418,000 and the average price of an existing home in 2011 was in the range of $282,000 to $249,000. Because of this price gap some buyers looked to the existing homes in order to save on cost.

(3) Barrie Market Remains Balanced

As a whole in 2011 the Barrie market saw steady sales activity and flat new listings. This pushed the sales to new listings ratio higher but still within that of a balanced market. Homebuyers in 2011 remained cautious and most focused on homes with lower price tags. Mortgage rates remained low and full time jobs continued to increase giving buyers the security they needed to enter the market. Sales increased faster than new listings which indicates that first time buyers also returned to the market.

Please feel free to contact me any time to learn more about the Barrie real estate market and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Peggy Hill

Barrie Homes: Mortgage Rate Update & Why it's a Good Time to Buy

Peggy Hill - Barrie Real Estate: Real Estate Agent in Barrie, ON

Thanks to our friends at Dominion Lending Centre www.MortgagetAndLifestyle.com we have an update for you on mortgage rates:

Rates remained the same on both fixed and variable mortgages this past week. Bond rates continue to be extremely low and stable. We are seeing 5 year mortgages in the 3.09-3.39% range and variable rate mortgages as low as prime -.2%. The 10 year fixed special still seems to be the best deal out there at 3.89%.

Today's rates are historical lows, making now a great time to buy or refinance.

If you have a variable rate of any more than prime +.75 or a fixed rate of 4.25% or more, It might be beneficial to explore refinancing to a lower rate. Bank prime is at 3.00% and the next meeting of the Bank of Canada is on March 8, 2012.

Why is it a Good Time to Buy?

  • Mortgage Rates are at historical lows - 5 year fixed rate mortgages at approximately 3%
  • Canada has a lot going for it - A stable banking and political environment with a steady real estate market
  • Immigration - Because of the economic climate in Canada many people (often wealthy) look to immigrate here. They all need homes when they get here and this will help to ensure that the real estate market in most urban centres will remain strong

Before making a decision to buy you should always sit down and figure out what you can afford on a monthly basis. Make sure that it's a good time for YOU to buy.

As a Member of the Top 5 in Real Estate Network®, I have a wealth of real estate and homeownership information that may be of help to you. Feel free to contact me any time to learn more about the Barrie real estate market or this important information, and be sure to forward this article on to any friends or family that may be interested as well.

Sincerely,

Peggy Hill

11 good tips that will help to sell your home faster

Mike  Montague: Real Estate Agent in Barrie, ON

Barrie homes

There is nothing new on this list that hasn't been emphasized in a number of earlier blog posts but good advice is always worthy of restating. Here are 11 tips to help you sell your home faster:

    1. Curb appeal – Keep falling leaves and dead shrubs out of the yard! You don’t want a potential buyer’s first vision of your home to be negative (“look how much work it’s going to be to keep up this yard”).
    2. Front door – At the very least, make sure it’s clean. You may want to replace or paint the front door as this is your potential buyer’s first up close look at the property. Make sure storm doors are clean and that all locks and door handles are tight and functioning. A loose or broken lock gives the wrong impression from the get-go.
    3. Light – Make sure you home looks spacious and light. If you have darker areas in the house, buy additional lamps for those spaces. Put in full wattage bulbs (check the tag on the lamp neck for maximum allowable wattage) and make sure all bulbs in the house work. When the house is being shown, have ALL lights on, even closet lights and the one over the stove. Light and bright makes your home much more desirable.
    4. Windows – Open drapes and blinds to let in as much natural light as possible. Take down all worn, torn or broken blinds or drapes. Bare windows look far better than windows with torn or dirty treatments. And make sure windows are clean. Clean windows let in more light, improve the view on the other side, and make the rest of the house feel cleaner.
    5. De-personalize – You want buyers to see themselves and their family living in the house. It’s important to take down family photos, trophies, collectibles, anything that makes them see this as your home, not theirs.
    6. Smell / fragrance / odor? – This will be the first thing prospects notice when they walk in. You certainly don’t want the house to smell musty or like last night’s dinner. Scrub well and you may want to consider lemon scented cleaning products and/or burn vanilla scented candles.
    7. Clutter – No. None. Clean out, throw away and store everything that you can. Now’s the time to get rid of things you don’t want, but don’t replace them! Much better to have your home look open and spacious. You don’t want it to feel crowded or your buyer gets the impression that there won’t be enough space for their things. If you have a lot and can’t get rid of the excess, rent a storage building and take out more than you think you should. You may find you actually enjoy the extra space.
    8. Bathrooms – Remove everything you use – yes, toothbrush, toothpaste, hairbrushes and combs, razor, shampoo, bar soaps, make-up, everything out of the shower and off the vanities. The bathroom should be so clean it sparkles. Hang a new shower curtain – clear or white – and leave it open so the bathroom looks larger. Make sure all light bulbs are working and the highest wattage possible. No one likes a dingy or dirty bathroom.. It’s best to install new toilet seats (very inexpensive) and, if necessary, new faucets and shower-heads. Clean all grout. Great grout cleaners can be found at home improvement stores.
    9. Kitchen – Remove everything from counter-tops to make the space look as large as possible. Scrub all appliances until they shine. Take everything off the refrigerator – notes, photos, magnets, everything. Make sure cabinets and doors are free from fingerprints. Dated hardware? You can really spruce up your cabinets by replacing the knobs. Check out Habitat for Humanity stores for great deals on cabinet hardware.
    10. Bedrooms – Neat, clean, beds made, and eliminate clutter. Removing an extra nightstand or dresser may do wonders for increasing the visual space of the room.
    11. Closets – In every room of the house, clean out closets by throwing out or passing on anything not still being used. Make closets look as large as possible by leaving at least 30% of the space vacant. If necessary, pack up and store what you don’t need now. When buyers open doors, you want them to see plenty of closet space in the home.




Hot market selling first then buying.

01-23-12
Roy Boni
Roy Boni: Real Estate Agent in Barrie, ON
We’ve decided to sell our condo before we try to buy a home because we just can’t take the risk of carrying two mortgages at the same time.

Selling first is usually the way to go, but with more than a decade of rising real estate prices in Toronto, there is a temptation to buy first.

Buying first has some advantages. For instance, it’s possible that interest rates could move higher in the coming months. There are some very tempting mortgage offers, such as 5-year rates of 2.99 per cent, that we will miss out on because we’re not buying yet.

In our case, being able to buy a home first would allow us to move into a new place and then paint and fix up on condo from the comfort of our new home.

With three young children and lots of stuff, we found this scenario very tempting.

But the big disadvantage is that we wouldn’t have access to the equity in our condo when we buy a house. If our place doesn’t sell, we run the risk of carrying two mortgages at the same time.

On average, it takes a home in the Greater Toronto Area about 29 days to sell. Our agent told us the average in our building is 70 days.

We’re also concerned that the market could turn suddenly. More banks and observers are warning that the Canadian housing market could see a correction in the coming months, particularly in Toronto and Vancouver. Estimates range from a downturn of 10 per cent to 25 per cent.

On the other hand, selling before you buy has a big advantage: You know exactly how much you have to spend before you put an offer on a new home.

We realize that our dream home may come and go while we’re still selling our property, but to us the risk isn’t worth it.

Also read:

Should you sell your home before buying?
House prices to rise again in 2012, but more slowly than last year: LePage

Pratt Homes Barrie Minor Pee Wee Season Champs!

01-19-12
Karen Hansen
Karen Hansen: Builder-Contractor in Barrie, ON

The Pratt Homes Barrie Minor Pee Wee team are regular season Champs! They finished in first place a full 7 points ahead of second place Bradford. Way to go boys!