Ten Tips to be Ready for Spring

After a long, dark winter, spring's bright sun and warm winds are, well, a breath of fresh air. The only downside? All that sunshine spotlights your leaf-filled gutters, cracked sidewalks and the dead plants in last year's flower beds. Dwight Barnett, a certified master inspector with the American Society of Home Inspectors, shared this checklist to help you target the areas that need maintenance so you can get your chores done quickly, leaving you time to go outside and play in the sunshine.

• Check for loose or leaky gutters. Improper drainage can lead to water in the basement or crawl space. Make sure downspouts drain away from the foundation and are clear and free of debris.
• Low areas in the yard or next to the foundation should be filled with compacted soil. Spring rains can cause yard flooding, which can lead to foundation flooding and damage. Also, when water pools in these low areas in summer, it creates a breeding ground for insects.
• Use a screwdriver to probe the wood trim around windows, doors, railings and decks. Make repairs now before the spring rains do more damage to the exposed wood.
• From the ground, examine roof shingles to see if any were lost or damaged during winter. If your home has an older roof covering, you may want to start a budget for replacement. The summer sun can really damage roof shingles. Shingles that are cracked, buckled or loose or are missing granules need to be replaced. Flashing around plumbing vents, skylights and chimneys need to be checked and repaired by a qualified roofer.
• Examine the exterior of the chimney for signs of damage. Have the flue cleaned and inspected by a certified chimney sweep.
• Inspect concrete slabs for signs of cracks or movement. All exterior slabs except pool decks should drain away from the home's foundation. Fill cracks with a concrete crack filler or silicone caulk. When weather permits, power-wash and then seal the concrete.
• Remove firewood stored near the home. Firewood should be stored at least 18 inches off the ground at least 2 feet from the structure.
• Check outside hose faucets for freeze damage. Turn the water on and place your thumb or finger over the opening. If you can stop the flow of water, it is likely the pipe inside the home is damaged and will need to be replaced. While you're at it, check the garden hose for dry rot.
• Have a qualified heating and cooling contractor clean and service the outside unit of the air conditioning system. Clean coils operate more efficiently, and an annual service call will keep the system working at peak performance levels. Change interior filters on a regular basis.
• Check your gas- and battery-powered lawn equipment to make sure it is ready for summer use. Clean equipment and sharp cutting blades will make yardwork easier.

www.hgtv.com

www.realestate-hamilton.ca

Price Price Price! Assessing Correct Value

Of course what most of us tout is location, location, location. It is important to understand how price and location fit together. When it comes to selling, the importance of pricing a home is superior to everything else. A simple illustration is to picture a home for sale in the best location you can imagine. Then put a price on it that is too high by market comparison. The result will be that the home may be admired by many but no offers will come since the price is attracting the wrong crowd. To further illustrate, take a less popular location and market-price it, the buyers will be lined up with offers. Location factors in to correct pricing the way other important features do when assessing the likely sale price of a home. Correct pricing then, when it comes to selling, plays the leading role followed by strategic marketing and negotiating in order to obtain optimum value.

Location is paramount on the other hand when assessing where the highest rate of appreciation might be expected over a period of time. Locations that are superior for neighbourhood, proximity to schools and shopping, receive a steady demand on the part of buyers and usually produce a higher increase in value and of course a quicker sale when that time comes.

When buying, there is a trade-off for location. A home for sale on a main street for example will usually have more features for the price, than the same home on the nearby crescent. So a main street may be just what a consumer prefers knowing that they are getting more of the features they want for their money. On the other hand, a buyer may prefer to take the "crescent" home with less features for the money preferring the added safety that accrues to that location, where small children may be a concern.

It is by and large a matter of choice and most folks whether buying or selling want to come away from the process feeling they were well informed and pay or receive a fair price.

www.realestate-hamilton.ca

Canadian Housing Market

I came across the following report. Looks like moderate increases in price for the next year. Coupled with ultra low mortgage rates, this provides an excellent opportunity for anyone buying real estate in the next year. 

I received a couple of questions about how to trade-up houses and keep payments equal, or even lower than current from this article last week. I'll be tackling that next week with some break downs and math-like stuff to show you how easy it is. On to the report:

Key forecasts in Ontario analyzed on next report

Price forecasted  MLS® price is $382,200 for 2013 and $390,000 for 2014.

Sales expected to moderate to 191,300 units in 2013.

Single-detached starts will reach 23,300 and 24,600 units in 2013 and 2014, respectively

Resales: According to CMHC the market will be relatively stable in 2013, but rise along with economic conditions in 2014. The forecast for pricing on MLS should be equal to inflation, or slightly below, in 2013 and 2014. The average MLS® price is expected to rise to $367,500 in 2013 and then to $377,300 in 2014.

Housing Starts: Total housing starts are forecast to decline in 2013 in Ontario before rising modestly in 2014. Improving employment, economic growth and net migration in 2014 will help stabilize or support modest rebounds in housing starts in 2014 for most provinces. 

(Housing starts is an economic indicator that reflects the number of privately owned new houses (technically housing units) on which construction has been started in a given period.)

Takeaway: The Key Factors as outlined by CMHC have noted a expected increase of 1.6% employment rate, overall increase in net migration and in Economic growth which are the key factors in maintaining a stable housing market. Our next report will compare up to date statistics to  the estimations made by CMHC of these three key factors. In addition, CMHC identifies a improving U.S. economy will benefit Ontario’s labour market. We will be keeping a close eye on the U.S economy on our next report as well as it has significantly decrease its growth rate since 2012.

Full report available at cmhc.ca

www.realestate-hamilton.ca

Mortgage Update

Rates are historically low right now. There could be an excellent opportunity to 'trade-up' in houses, and have your mortgage payment actually go down. Visit www.philrom.com for more info.

Today's Best Rates
5 Year Closed Mortgage	As low as   2.79%
Variable Rate Special	As Low as Prime -0..45%
Home Equity Line of Credit	As Low at Prime +.50%
3 Year Rate Special	As low as 2.64%
10 Year Rate Special	As low as 3.69%
5 Year Cash Back for Down Payment	As low 4.85%

The Cashback for downpayment is still  availible for customers that do not have  5% from their own resources!!

*Rates are subject to change without notice, some conditions apply.

www.realestate-hamilton.ca

Hamilton Real Estate Market Moving Toward Balance

The REALTORS® Association of Hamilton-Burlington (RAHB) reported the average sale price for all property types in March was 10.8 per cent higher than same month last year.

There were 1170 property sales processed through the RAHB Multiple Listing Service® (MLS®) in the month of March, representing a 14.3 per cent decrease in sales from the same month last year.   RAHB also reported a 9.7 per cent decrease in listings compared to the same month last year.

“It’s certainly a quieter spring than we’ve had for the last three years,” said RAHB CEO Ross Godsoe.  “We are seeing fewer listings and sales than average.”

Seasonally adjusted* sales of residential properties were 8.4 per cent lower than the same month last year, with the average sale price up 2.9 per cent for the month.  Seasonally adjusted numbers of new listings were 4.2 per cent lower than the same month last year.

Seasonally adjusted data for residential properties for the month of March, 2013:

Planning for a new home

9 Ways to Plan Ahead for a New House

There are many advantages to purchasing a new home: buyers are able to build equity, to enjoy the pride of ownership, and to obtain accommodation that is often larger and/or more luxurious than what is available to rent. Property has also proven to be a relatively safe and profitable investment in the wake of the technology stock plummet of 2000 and the Enron and Worldcom scandals.

If you are planning to buy a home within the next few weeks or months, preparing now can help you save time and money. When competing in a seller's market, being prepared may also give you an advantage over other buyers. Consider the following tips prior to beginning your home search.

1. Know your bottom line before you begin looking at homes. This means more than just knowing what price you are willing to pay. Consider the distance you are willing to commute to work, the number of bedrooms and bathrooms you require and what you need in terms of local community facilities. If you have children, the proximity to schools and parks will likely also be a consideration.
   By knowing your bottom line, you can avoid making snap decisions guided by emotional responses to attractive home features or the pressures of competing buyers
2. Check your credit.
   Bad credit can happen to good people. Sometimes it’s due to an unpaid or lost bill and other times it can be inaccuracies in the report itself. Who wants to discover that they have a bad credit rating after finding the home of their dreams? Rather than waiting for a lender to inform you of your credit rating, it is wise to obtain a copy prior to beginning your home search. This will give you an opportunity to address any inaccuracies and perhaps settle any outstanding debts. The more ‘blemishes’ you have on your credit report, the more likely it is that your lender will charge you a higher interest rate as a hedge against a bad loan. You can obtain a copy of your credit report from accredited organizations such as Equifax.

Affordable Style

Redecorating our living spaces has never been more popular. Turn on the television these days and chances are you'll come across one of numerous programs featuring a team of designers who transform a home in just a few days. Astonishing before and after photos demonstrate what can be achieved with some paint, a few furniture upgrades and a good layout. What we don't see, of course, are the hours of planning and preparation that have led up to the televised decorating frenzy.

Unfortunately, most of us don't have a large budget, much less a team of designers working for us. So where do you start and how will you afford it? The following ideas will help you add comfort and beauty to any space without breaking the bank.

Start with colour. Paint is one of the most important tools for decorators; paint is a relatively inexpensive way to dramatically change the look of a room. You can open up a small space with light tones. You can warm a room with red, orange or yellow. Shades of blue and green can be soothing. A powerful accent colour, such as rust red, painted on one wall can create a focal point. Consider your personal preferences. Redecorating is an opportunity to create the home you've always wanted. Keep in mind, however, that dark tones will require several coats to cover if you want to change them later.