Tag: buying

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%).

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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

 

The lowest priced home in Fredericton

Not all blogs will be heavy with info. That's not fun. This one will be quick for sure! 

I always thought it would be cool to know what the cheapest, most affordable home to buy would be in the Fredericton area. So, today I'm publishing it.

80 River Street, Marysville

This is 80 River Street, in Marysville. It's a 2 bedroom home, very conveniently located - close to the new highway and the north side amenities. Currently it's being listed by our very own Phil Booker at Exit Realty Advantage.  The price? 

$49,600 

Sure, it's a semi-detached home - but where are you going to find something this affordable in Fredericton that isn't on a leased lot or a mini? If you have $2500 for a downpayment, you could be in this rather than renting. Or, you could flip it. Maybe this home doesn't work for you, but it just goes to show you that there are homes out there that can fit any budget so long as you have a Realtor who keeps their finger on the pulse!  You can click here to get in touch!

Until next week!

I've considered doing a flip, but not sure where to start!

This is a common question I hear from my buyers all the time. Most importantly, let's make sure your Flip does not become a Flop!

"Where will we ultimately get the greatest value?"

This question really depends on a few things. Of course, to start it all depends on what you are able to get the home for in terms of price. Whether it is the Fixer Upper (FU), or the home that is completely Move in Ready (MIR). Let's say all things equal, and this is no longer a relevant topic for discussion. 

Here's the example I'm going to work with:

2 Homes, side by side in Sunshine Gardens in downtown Fredericton. Both are bungalows, same      amount of bedrooms, bathrooms, lot size, garage... you get the idea. Both as 'identical' as possible. The main difference. One was recently renovated in 2015, the other hasn't been touched for 25 years. 

To get a true idea of the comparison from one to the other, you would need to study both subject properties in depth to be sure of the quality of finish work and fixtures. Once you have a pretty good handle on that, it would be time to start pricing out your materials and also get a few quotes for the work. 

If you're looking at a complete overhaul, there are a few ways you can get this quoted/contracted. You can go through a general contractor and get a blanket quote over all of the work that needs to be done. This would/should include all sub-contractors like your electrical, plumbing, etc.. and leave you not be worried about time lines or scheduling different trades. Usually the price on this type of quote will be higher, however your headache and stress level should stay relatively low. 

Secondly, you could price out each separate job and contract each piece (bathroom, kitchen, flooring, tile, etc. etc. etc. ) to each trades person.

Pros?

- Usually less money to do it this way.

Cons?

- You really need to be hands on and schedule accordingly. If you are on a tight time line to completion, this might not be for you. Alternatively if you have the time to get your renovations finished, this is usually ideal. 

- Not as much accountability. Think about this situation. You have had your entire basement finished and just paid a company to drywall and crackfill. The crackfillers went through and did their 3 coats and sanding, you checked over their work and paid. Then you start to paint. While painting you notice there are a TON of low spots. Good luck getting that contractor back to correct his mistake. 

Let's pretend you opted for a General Contractor. After their quote for labour and materials, your renovation budget is $50,000. The home is currently listed for $200k, bringing your total investment in on this property to $250,000. If the home that was recently renovated next door sold last year for $235,000 - then there's your red flag. That's a $15k difference.

You either need to get this home at a the very least at a purchase price of $185,000 just to break even ($200k-$15k = $185k) or you need to adjust how you do your renovations. Maybe you would need to opt for the second option or pick away at some things yourself (i.e.: painting) to save a few bucks to keep you in line with the competing property. Lastly, if these aren't possible and a return is all you are looking for, you just might have to walk away and try another.

Currently in Fredericton, there are well over 2000 listings on the MLS. There are certainly some homes out there that can be turned over for a nice little payday, but you do need to have a Realtor that can search them out and bring them to you the moment they arrive on the system. Does your current Realtor do that? If you ever thought about going this route and wanted to discuss more, be sure to let me know!

Lastly, it's always important to TRUST the people you work with and also trust their competencies. Whether it is the contractor who's giving you the quote for reno's, the Realtor who is presenting you with the opportunity. Be sure to have a solid foundation and team that can make this happen!

 

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What to look for in a Realtor

March 23rd, 2015; What to look for in a Realtor?

This might seem pretty simple. Work with the person you know best, right? After all, they’ll probably be the most honest and serve you the best. Or maybe you should pick the Realtor that has the most listings in the city? Maybe the one that recently came to the real estate market from the public spot light and is well known?

While all these choices could be good for you, and work you should really go through this checklist first.

  • How long have they been in the business?

I could argue that anyone who has not been in the real estate game for more than 5 years could be viewed as inexperienced. The marker fluctuates like any type of market. It truly is beneficial to see the ups and downs along with the years experience in negotiations.

  • Do they even own property?

This may seem like a strange question. But to me it shows that the Realtor is truly confident in the market in which they’re selling. Would you buy a Ford from the car dealer who has a Chevy parked in their spot?

  • What is their educational background?

Surprisingly there are a ton of Realtors out there with a high school diploma only. I’m not one to say there’s anything wrong with that, and in some cases having a highschool degree is a very good thing. However, would you honestly want someone with a grade 12 diploma handling one of the largest transactions of your life?

  • Do they just agree with everything you say?

This might be one of the most important. Sure. We get it. You want the VERY most for your property. When you ask me for my opinion, you’ll get it. The price I estimate for your property may not be the same number in your head, but that’s ok. We can work it out. Would you rather a realtor takes your price (ex $20k higher than market just to get a listing) and waste your time and have your house sit on the market for a year? 

I recently went into a listing presentation and the estimate I gave and the price the home owners wanted was over $30k apart. I could have taken it and just said yes, but I didn’t. Most will. Most will take it for the listing and use it to leverage other homes and do open houses. 

If you ask me for an opinion, don’t be offended. You should be offended if a realtor just says yes to everything you say. We are the professionals in the market and work it everyday. If you ask for an opinion and then don’t take it, then property guys or Kijiji seems right for you. 

This might seem harsh, but it’s the most blunt truth you’ll get. Can you imagine going to the hospital and asking the doctor for surgery. When he recommends a procedure you disagree and suggest another? Sure, pretty dramatic. But you get the idea.

 

 

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