8 tips for finding your first HOME!

The following post comes from Coldwell Banker Vanguard Realty, Inc. agent, Kim Knapp. Kim is an experienced agent in Northern Florida and has a great team who has worked with countless first-time home buyers.  What is interesting for me  - is that even though the price points, market, product and geography of the Buyers are different to our – their needs and process is the same.

Here are her 8 tips to help make finding that first home go as smoothly as possible:

1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing. “Our local Coldwell Banker Horizon Realty REALTOR® can help you determine what areas will present you with the amenities you would like to fit your life style choices”
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender or Mortgage Broker (Brenda Dilley brenda@homelinecanada.com) and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford. A good Realtor can help you go over the expected closing costs, whether or not you qualify for an exemption from the Property Transfer Tax and how the statement of adjustment from the lawyer at completion will reflect those costs to you.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own. You will be the one that will be ultimately living in the home and paying the mortgage payment.
5. Decide your moving timeline.When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.  “School start dates, right down to the available of friends or family that may help with the physical move.”
6. Think long term.Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection.If possible, get a warranty from the seller to cover defects for one year. “In some markets that is uncommon but certainly obtaining a professional home inspection from a QUALIFIED inspector is most important – we have contact info and credentials from several in our Kelowna area”
8. Get help from a REALTOR®.Hire a real estate professional who specializes in buyer representation.  “You can secure your agency contract with them by completing and Exclusive Buyers Agency agreement. Our Realtors will explain clearly what their fiduciary duties are to you as their client, how they are compensated through the transaction and any other details you need clarity on.

REALTORS® are a huge wealth of knowledge and can help you through every step of this exciting – but sometimes scary process.

First Time Home Buyers Week...Coldwell Banker

There seems to be a week for everything these days, but very few of them prove to be valuable for more than just a week. So Coldwell Banker® With 30% of home buyers in 2013 being first time home buyers, they are dedicating an entire week of content on the Coldwell Banker Blue Matter blog, Twitter and Facebook pages to sharing tips, explaining terminology, and guiding first time home buyers through the real estate process.  We will also post this info to our Facebook page as it filters through to us.

The Coldwell Banker network of agents and brokers across the globe share insights as well as real life experiences from first time buyers who are currently going through the home buying process for the first time. In my Blog of September 8, 2011  “Out of the Mouths of Babes” I review some of these topics from the perspective of my daughter – who just bought her first house.  Even though inventory and markets change, the basics haven’t changed much at all –Here’s just a quick sample of some of the content I’ll be unveiling as it comes through:

• 8 Tips for Finding Your First Home
• Confessions of a First Time Home Buyer – Taking the Leap
• Common Closing Costs for Buyers
• Real Estate 101: What does it mean to be pre-approved?
• Real Estate 101: The Importance of Interest Rates
• 9 Questions to Ask Your Home Inspector

As an aside to the First Time Home Buyer Week – there have been reports generated from surveys that show a very interesting trend in young couples entering the real estate market.

When headlines address the home buying market, it’s typically done from a dollars-and-cents perspective. But, buying a home is so much more than a business transaction as we are seeing a shift in the real estate culture that is being led by millennial couples who are purchasing a home before marriage. Buying a home is one of the most emotionally impact-ful experiences a person can have, especially if it’s a mutual experience shared with one’s husband or wife (to be).

Coldwell Banker Real Estate partnered with market research firm Harris Interactive to learn more about the emotions married adults exhibit during the home buying process. As it turns out, the survey findings revealed that 1 in 4 young couples are buying a home together before tying the knot. The results also discovered that nearly all (92 percent) of married individuals who purchased their first home with their current spouse after being married view it as a positive milestone in their relationship and life together. From a psychological vantage point, these statistics make complete sense.

Purchasing a home is a very exciting and special time in a couple’s life.  Time.com and USA Today, have been seen to say buying a home together has become “the new engagement ring” for some young couples. The home buying process forces couples to deal with their competing feelings of money and how to spend it, and that is why successfully purchasing a home with someone else is deemed a significant accomplishment in any relationship. It means the couple has been able to overcome their differences in an effort to create a better future together.

We Believe

The grass is not always greener on the other side – it’s just a different shade of green – with different characteristics, strengths and weaknesses. When you are looking for representation –it’s the details that will take you down the path.

A trusted real estate agent provides experienced counsel, guidance and unparalleled local expertise. Although they don’t have a law degree – their detailed knowledge of contracts can provide you with protection as you move forward in a real estate transaction. 

For first-time home buyers, the first step can be one of the most intimidating.  For the seasoned buyer or seller – you may think you know it all. Things change – all the time – a REALTOR® is required to take Continued Education Courses and is provided with counsel from their industry, lawyers and most importantly, their Broker.

The professionals at Coldwell Banker Horizon Realty have provided the following tips to identifying the right real estate professional: 

Ask around: 

 Friends and family can be the first source of helpful information.  Referrals are the leading source of finding an agent.  If you’re new to the area or don’t have references, you should feel free to contact the manager of the local Coldwell Banker® office - that’s me.  Once you explain your situation and needs, I will be able to suggest a few names of Agents that would meet the qualities you feel you could relate to.

Questions for potential candidates:
As you meet potential agents, you should feel empowered to determine if the agent’s personality and skills are a good match.  Some of the key questions that might help you make a decision include:

• What is your experience in Kelowna or West Kelowna?
• What is the average price point of homes that you help people buy and sell?
• Could I speak with some of your past or current clients for a reference?
• Tell me about the brokerage firm you work with.  How long has it been around?
• What tools do you employ to help get the job done?

Examine their on-line presence:  

Many real estate professionals are especially savvy when it comes to marketing themselves (or their listings) on-line.  They list their areas of speciality.   If the person is highly-visible and socially active on-line, it is also a good indicator that he or she is connected to the right tools and technology that come in handy for home buyers or sellers. Don’t be afraid to inquire about their experience using video when it comes to real estate.  Cutting edge agents can point you toward video tours, community videos and more to give you a real life sense of the areas you are considering.  Those same tools that might help the Buyer buy – will help the Seller sell – as they will attract the rights buyers to your property.  

Ultimate Service® is a program available to all Coldwell Banker Agents. It provides the consumer a true measurement of service to be provided to them, an opportunity to let us know how we did and the ability to terminate our relationship if the REALTOR® doesn't follow through with the service commitments promised.  For 17 years we have had a 98% Customer Satisfaction approval rating.  Our past clients are telling you, you've made the right decision if you choose a Coldwell Banker Agent.

Go with your gut:
After consulting with friends and family, reading some testimonials, doing research and looking on-line, your instincts are often right on.  You will have a good “gut” feeling as to whether a person will be a good fit for the house-hunting /selling process.  It’s a home – not a house – “We Believe” in family life, community living, neighbours and neighbourhoods, “We Believe your home is your castle”   Finding the right one becomes easy when you find the right REALTOR®.

Coldwell Banker 

When the going gets "Tough"...just call me.

Susan Tough

Stage this Home and Sell it...

There are many cliché’s or motivational anecdotes out there that can help us through life.

“you will miss 100% of the shots you don’t take”

"There are two ways of meeting difficulties: you alter the difficulty or you alter yourself to meet them."

"Focus on the critical few, not the insignificant many…. Even the most powerful waves begin as a single drop."

"Some succeed because they are destined to, but most succeed because they are determined to".  

"A positive attitude is a powerful force…. It can’t be stopped."  

"One of the secrets of life is to make stepping stones out of stumbling 
blocks."  

"If you do not believe – you won’t achieve"

One in particular stands out for me because it can be applied to all facets of life – your friends, your business, your job, your yard and your Home.

“You only have One chance to Make a good first impression” 

Think about it as you move through your day working on accomplishing specific tasks, meeting new people, how you are served in a new restaurant you might try or by a service provider – your drycleaner – the appliance repair man.  Whether or not you have a memorable experience you may or may not return.  What about that impression your home made on a Buyer contemplating a move to your area or price range.

Home Stager’s have become a very important and useful service connection for the Real Estate industry and home owners – in all price ranges.  I’e invited one of our favourite “stagers” to share her valuable advice in my Blog today.

Guest Blogger - Kym Tarr with
Prep this House

Home Staging –Get Your Home Sale Ready!

The stresses caused by the showing and selling your home, some say is right up there with a divorce or death in the family.  However things can go much more smoothly if you get your home ready ahead of time so as to impress buyers and get the top price your aiming for.
Preparing your home for sale is a bit like designing a stage for a play. Everything is in just the right place, perfectly arranged, and comfortably set.  If you're skeptical about the benefits of going to all this work or doubt that it will make any difference in selling your home, put yourself in the place of a home buyer.

Have you ever toured through a development of show homes? The paint is fresh, appliances are shiny, there is artwork arranged around the house, and fresh flowers stand on the kitchen counter. Mirrors are sparkling, towels fresh, and there are no toys on the floor. The rooms look spacious and the furniture comfortable.  The kitchens and bathrooms are polished, smelling fresh, and clutter is not to be seen.

Now leave the development of show homes and go down the street where the homes are several years old. Children's toys are stacked in the family room. Boxes are stacked in the garage to the point where you couldn't park even one car there. Clothes fill the bedroom closets. The house isn't dirty, but there are clean dishes in the kitchen sink and toothpaste stuck on the bathroom vanity. Homework is spread out on the dining room table. The family dog is barking because of the strangers in the house and the floors are showing their wear.

With all other things being equal, which house would be more appealing to you? Of course, the first one! The homes may be the same size, but because of the clear layout, the first home would  much larger. The house was prepared to show off all the good points and none of the bad.

So if you just can't see through all your things to the core of your home, consider hiring a professional to stage your home!   By bringing a Home Stager on board, you the homeowner will get unbiased feedback about what does or does not work in a home and how to highlight your homes best features.   Which in turn will likely sell the home for a higher price.

Thanks so much to Kym Tarr’s continued advice and support for our clients and our REALTORS®.

Check out our radio contest with EZ Rock:

Follow this link to enter on the EZ Rock website!

When the going gets "Tough"...just call me.

Susan Tough

TRUST

Trust – do you trust your mother? 

Do you trust your doctor – if you don’t you will likely find a new one.

Do you trust your best friend? Of course

What about your mechanic – you wouldn’t let just anyone work on your BMW, classic Triumph or that very first car you bought on your own.

REALTORS® – do you trust your Broker?  Do you know they have your back no matter what – can you trust they will perhaps not always tell you what you want to hear, but what you need to hear.

Buyers and Sellers – do you trust your REALTOR®?  If you don’t – you really do need to find a new one.  Please don’t buy into the bad press the industry gets as a whole.  If you have a bad dentist, you change dentists – you don’t mistrust all dentists.  It’s the same with REALTORS®.  Don’t paint them all with the same brush.  Give yourself the time you need to find one you trust – a trusted REALTOR® will help you negotiate on the largest purchase or sale you will ever make.  They help you settle into the community, leave a community... turn a house into a home.

I want to share a blog written by one of the industry’s most respected marketing and social media specialist – David Marine - the Senior Director of Consumer Engagement for Coldwell Banker Real Estate LLC.  We are blessed to have David as a member of the International team for Coldwell Banker Real Estate LLC.

"Changing the Real Estate Conversation...The majority of people that will make a real estate transaction this year are doing so not for investment purposes, but for lifestyle reasons. We’ve become obsessed with home value estimators, but the real value of a home is in how it improves the lifestyle of the owner. Sappy? Perhaps, but it doesn’t make it any less true.

As an industry, we’ve forsaken the dialog of owning a home for lifestyle reasons in favor of mirroring the mood of the media. Stop following the pied piper. Let’s get some trust back.

Regaining consumer trust is no easy task. It’s not a simple five step process, but there are a few things we can do to rebuild what we’ve broken. And it can start online." Read More...

Thanks for giving this some thought  - repost – or share with someone you.  Working through the many facets of your life with your family, friends and colleagues is so much more enjoyable when you surround yourself with people you Trust!                                 

Coldwell Banker® – Where Home Begins.

When the going gets "Tough"...just call me.

Susan Tough

Sellers, take note:

GROWING FAMILY IS NO. 1 LIFESTYLE MOTIVATOR FOR HOME BUYERS

Coldwell Banker® survey finds Sellers are more willing to make changes to increase buyer appeal; Buyers prefer updated kitchens & open floor plans to trendy media rooms  
A recent survey of 700 Coldwell Banker Real Estate professionals across North America revealed home buyers are motivated by lifestyle needs, with growing families ranking as top motivator on both sides of the Canadian/U.S. border.  Meanwhile, sellers are becoming increasingly aware of the value of presenting a home with buyers appeal, and are becoming more willing to go the extra mile as they compete for buyers’ attention.

Sellers More Willing to De-clutter, De-personalize and Make Repairs


Of those Coldwell Banker professionals surveyed:

• 94 percent say their sellers are getting rid of clutter and making cosmetic updates, such as fresh paint and minor repairs.  This percentage was the same for both Canadian and U.S. respondents
• 60 percent of Canadian respondents agree that clients are willing to “de-personalize” the home.  This percentage was much higher in the challenging U.S. market, where 76 percent agree.
• 59 percent of North American respondents say sellers are even bringing in new home decorations or furniture to help make the home more appealing.  

When marketing your home, it’s important to help buyers imagine themselves living in the property. De-cluttering and de-personalizing is crucial to this process.  Sellers should recognize that while demand for homes remains strong in Canada, their home is still competing with other listings.  If a home is presented with a minimum of clutter and distracting personal items, it will appeal to buyers and improve the chance of a sale. 



Buyer Preferences are ‘Back to the Basics’


Sellers, take note: when it comes to selecting a home, buyers are going back to the basics.  They value new or updated kitchens, bathrooms and open floor plans as the most important features for a new home. 

• 33 percent of agents surveyed across North America say that a new or updated kitchen is the most important feature to home buyers. 
• 14 percent say the most important feature to home buyers is an open floor plan, while 12 percent say it is a new or updated bathroom. 
• Only 1 percent of the real estate professionals surveyed say they believe that entertainment rooms or finished basements are the most important feature.

Home Buyers Moving for Babies and Careers


The survey also drilled down into which life events are motivating the most people to buy homes.  According to the Coldwell Banker Real Estate professionals surveyed, growing families is currently the biggest lifestyle driver for home buyers in both Canada and the United States.  


70 percent of real estate professionals surveyed say a new baby or growing family is the “most common”, or a “very common” lifestyle reason that North American buyers search for a new home.  Other key motivators include: 

• Marriage - 59 percent.
• Divorce - 48 percent.
• Retirement - 37 percent. 

While the majority of survey responses regarding buyer motivators were similar between Canada and United States, and although job reasons was the No. 2 reason overall across North America, there was one marked difference.  Fifty-five percent of Canadian respondents cited job reasons vs. 69 percent of respondents in the United States, where the economy and job market have endured recent downturns.  


For most of us, while a home is probably our largest investment, the fact remains that people move for lifestyle reasons.  Regardless of market conditions, buying a home remains an investment in our lifestyles where the emotional and psychological benefits can hold equal value to the pure economic investment.

Canada vs. U.S. Pricing Variances


The survey also indicated a clear difference between the two countries when it came to sellers’ pricing strategies.  Unlike the stable Canadian real estate market, much of the U.S. market has been challenging for the past few years.  The Coldwell Banker survey indicates that U.S. sellers are ready to ‘get real’ about real estate.  In the United States, 51 percent of those agents surveyed said sellers were more willing to price their home competitively than at the same time last year, while in Canada only 31 percent of surveyed agents said their sellers were willing to do so.    


Canada continues to enjoy a stable, balanced market, with near historic low interest rates, and a good inventory of homes for sale.  This supports demand for housing, and sellers are continuing to price their homes according to our market conditions. 




Your Coldwell Banker professional REALTOR® can help you determine what ‘tweaks’ you can do fairly easily to your home that will attract more Buyers to the table.  Your REALTOR® is equipped with comparable properties and shopping statistics that can make a huge difference in how they expose your home to the market place to have the greatest effect.

When the going gets "Tough"...just call me.

Susan Tough