This is a good year to get out the wallet!

Blog post March 3, 2015; 

This year is looking to be a great one! Why you might ask? Home prices are falling in Fredericton, Tax Assessments are too high, and practically everyone that is looking to sell TODAY that has bought a home in the last 3-5 years is really feeling the pinch.

So.. why is this to be a great year? Because now is the time to start your activity. Interest rates are low, high ratio mortgages are still available, and a home that WAS worth $225,000 last year could sell for 10% less than it would have last year.

I look at all homes as investments such like a stock or a bond. Wouldn’t you as an investor be happy if the price of Apple Stock started to come down? I know I would. It would be the optimal time to buy stock. This can be viewed in the same sense.

This is a perfect time to upgrade. If your mortgage is portable, you might be surprised what you could get for the same payments you’re making now.

This is an IDEAL time to get into the rental game.  With more listings on the market, real estate investors (who for the most part are getting near or are at retirement) want to cash out. Many of them hold clear titles with little to no balance on their mortgage. The surplus of homes on the market means they have to get a little more creative to sell. I know of over 20 apartments in the city at this very moment that aren’t on the MLS, and where the owner would hold a second mortgage on the property.

**Usually I wouldn’t recommend a VTB mortgage, but with rates low, prices coming down, and even the cost of a second mortgage not all that high (not to mention rates have NOT dropped for us anyway). All of these factors mean your net ROI when you’re talking about Cash + Equity is better than it would have been for quite some time.

Now is the time to buy in Fredericton. This market will turn around. With the government, Universities, health care sector, and core economic factors we have here in this City, the market will come back up. And when it does, you’ll look like a genius for upgrading or buying that rental property, today.

**Please speak with myself, or a Lawyer before performing any of the actions mentioned in this article.

 

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Home sales up in February!

February home sales up over year over year

We've all heard it... the market isn't doing so well.. it's a tough sell out there.. Well now, we have some stats that show quite the opposite!

Residential property sales numbered 110 units in February, rising 18.3 per cent from February 2015. This stood slightly above the five year average for the month and also marked the best February in three years.*

Fredericton's February sales of homes priced from $150,000 to $250,000 increased +7% on a year-over-year basis, which is great news for homes priced in this range. This price range is the most affordable, and easiest to sell in terms of marketability. With interest rates where they are, these homes present favourably to new home buyers.

Sales for homes in Fredericton in the range from $250,000 to $350,000 were down five sales on a year-over-year basis. There were two more sales priced from $350,000 to $500,000 compared to the same month last year and an increase of one sale from a year earlier for homes priced above $500,000.

 

  • New listings numbered 357 in February 2016. This was a 17 per cent increase from a year earlier.
 
  • There were 13.1 months of inventory at the end of February 2016. This was well below 16.5 months reported at the end of February 2015 but above the long-run average for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
*All stats and text are derived directly from CREA and the Real Estate Board of Fredericton

 

When buying or selling - ensure your REALTOR® has all the information and facts and is aware of trends pertaining to your home and neighbourhood!

How was Q1 in Fredericton?

How was Q1 in Fredericton Real Estate?
We've broken down the numbers for Fredericton North, South and Oromocto. We've looked at the sales, and the sale prices. How does your home stack up against the running averages for the homes that sold from January - March in 2016?
Fredericton Home sale prices
 
The figures shown above have been compiled using Filogix. The total volume for sales in the Fredericton area was more than $48 Million Dollars for Jan - March. Heading into our busy season, we will more than exceed these figures!
If you're looking to list this spring, be sure to contact me ASAP as we are currently seeing approximately 40+ new listings to the market daily! The spring air and temperatures have kicked off this year to a GREAT START!
If you found this article helpful, please share! :)

Spring is in the Air!

Deering Realty Newsletter!

Fredericton Spring Real Estate Market - 2016!

It's early, it's here, and it's looking like a VERY promising Real Estate Year in Fredericton!

The number of homes sold through the MLS® Systems of real estate Boards in New Brunswick increased 3.1 per cent on a year-over-year basis to 361 units in January 2016. This was the second best January level on record after 2007 (source - NBREA website)

Sales up! Great news!!

At the local level, home sales were up on a year-over-year basis in Fredericton (+38.9%).

Clickity Click for more info »

Buyers and Sellers Crossroads!

We're headed toward our busy season where buyers and sellers will be out in droves! Make sure you have a rock solid marketing strategy to ensure your home shows and presents the absolute best!

Feel free to contact me for a free marketing consultation Click here! »

How many homes listed/sold in Feb? This is a note.

There were 487 homes newly listed in the Fredericton area in Febuary, and 130 homes sold overall. This makes a ratio of 3.8:1 in terms of listed homes vs Sold

 

Bathroom Reno Time!

This home is located in New Maryland, and originally had 3 bathrooms. Out of all these bathrooms, there wasn't a single bath tub! Not great for a family with kids, but perfect for the opportunity to renovate!

 

Here's what it looked like to start!

Bathroom New maryland

After demo'ing the shower, old tile and trim we got to this stage:

Dark, poor colours, but on the right path!

We had to build a false wall behind the tub install. This allowed us to box up and create a custom box for shampoo and other things for the shower!

 

Time for the Flooring! Beautiful 2 foot tile from Maritime Flooring!

 

How it's all starting to come together :) 

And the end result??

 

final bathroom new maryland real estate

 

Hiring a Realtor that understands what needs to be done to help a house sell, along with the prices you should expect to pay for renovations can be worth it's weight!

If you plan on listing and doing renovations, it's always a great idea to get your Realtor on board with your plans to see if the renovation is worth doing in the first place!

 

- Jeremy

jeremy@deeringrealty.ca

506-471-1781

 

Why to buy or Sell in New Maryland?

First of all, let’s look at property values!! 

The average selling price of a home in New Maryland sold for $229,957.63!! 

This is based off of sold listings from Jan. 1st 2015 - Dec. 31st 2016
This does not include vacant land or mini homes sold in Peterson Park.

Compare this to the price of the average home sale price in the Greater Fredericton for Dec. 2015 of $165,946!!

 
This is a total volume of $13.5 Million dollars in real estate activity on 59 total transactions!

 
This makes the area a fantastic choice for either buying and retaining your property value, or selling when the time comes. Why are the values so great here? There are a few reasons. 



#1 Property tax is less than Fredericton City Tax. Being 5 minutes from all amenities and getting a tax break means a BIGGER home for less tax Dollars!

#2 New Maryland Elementary School is one of the TOP rated schools in the Province making the area VERY appealing for first time buyers or young families. 

New Maryland Elementary School

#3 New Maryland Town Hall does an amazing job of organizing events, creating community spirit and bring everyone together. It truly has a small town feel but 5 minutes from all the essential amenities of uptown Fredericton.
 New Maryland Town Hall

#4 Proximity - to the uptown area, corbett centre, + Major highways.  This makes it great for our military members as they are conveniently located next to the highway making the drive to base Gagetown just around 10 minutes. It also works out well for the family members who don't work at base Gagetown, as the drive to everything uptown is just a skip away! 

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If you are planning on Buying or Selling in New Maryland - be sure to get in touch :) I live here, and have a vested interest in the community and want to make sure you get top dollar when the time comes to sell! 

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Should I FSBO?

This is one of my favourite topics to discuss. Everyone out there wants to save money, and of course I am right there along with them! 

Most people will start the FSBO process by meeting with Realtors® and then will offer their homes price by what is currently being listed in their neighbourhood.

This is wrong!

The price your home should be listed at should reflect current sold data and activity. Active listings are not indicative of selling price!
Kijiji and other property related FSBO sites are great for additional exposure, but who’s looking for property and where? The answer is everyone, and the internet first!
A GIANT portion of buyers are also going through Realtors who are using specific tools and software where Kijiji doesn’t fit. 
 This is a HUGE pool of people that is essentially dismissed when a FSBO goes up. Why?


Realtors® don’t see the ad who have a TON of qualified buyers



Homes are priced incorrectly



Some people post a FSBO with a buying commission to the buying realtor. Offering 1% or 2% and then having a Professional negotiate and close a property with a home owner is very difficult, especially if the home owner has never sold a home before. Most Realtors® make 2.5% for one end of a deal and are able to transact with another professional who has been through the process MANY times


People are generally also emotionally involved in their home, and having a 3rd party deal with the transaction removes all emotion and make the process much easier for everyone.
At the end of the day, you're paying the commission for a well established network and system that has been proven to work. Chances are, even with the commission a Realtor® can net you out more money after your home has been sold, and get you a better buy
I don’t prospect FSBO’s relentlessly. I’ll ask, and inquire if there’s a possibility to work together, but at the end of the day I truly want to work with people that want to work with together. 

If you'd like to work with me, or know someone who I could help - Click here to get in touch! :)