Finding a real estate agent is important, but finding the right one for you is paramount. Here are questions to ask prospective agents and help you narrow down your list:
How can you help me find the right home?
Good agents will impress you with their knowledge of the local real estate market and their ability to appreciate what you are looking for in a home. They should be able to show you what is available in your price range, and how the features and benefits of specific houses and neighbourhoods fit your requirements.
Given our particular circumstances, what advice would you offer?
Every family is different, and a good real estate agent appreciates this. He or she should be able to advise you on how to find a home that meets your unique circumstances and lifestyle.
Why should I work with just one agent?
If you don't have an exclusive agency agreement with your sales representative, you're not legally obligated to work only with him to find your next home. It may, however, greatly benefit you to do so. Talk to your prospective real estate agent to find out his position, and then determine what's best for you.
What happens when you are not available?
Agents work extremely long hours and try to be available whenever and wherever you need them. But however accommodating they try to be, they are not always available.
Ask your prospective real estate agents what arrangements they have in place when they are not available.
What makes your real estate service special?
Every agent tries hard to give top-notch service, but what distinguishes a really good one from the rest? Ask them. You may be surprised at what they have to say and, just as importantly, how they say it.
Next steps. . .
When the interviews are over, it's time to make a choice. Think about what the real estate agent told you, and ask yourself some questions:
Did they seem trustworthy and honest?
Were they realistic when discussing your home purchase?
Did they communicate well? Were you on the same page?
Were they committed, motivated and experienced?
We think you'll agree that Royal LePage Lannon Realty, Brokerage agents are the real estate experts of choice – motivated, experienced and dedicated to the highest level of service in the Canadian real estate industry. For expert advice about all aspects of buying a home in your area, contact your local Royal LePage Lannon Realty, Brokerage agent.
Wednesday, January 11, 2012
Tuesday, December 20, 2011
Happy Holidays!!!
Merry Christmas and all the best for a wonderful 2012, from everyone at Royal LePage Lannon Realty, Brokerage.
Holiday Office Hours:
Our office will be closed on December 26, 27, and January 2, 2012.
Real Estate is our business, and giving back to the community is very important to us, therefore we would like to take this opportunity to give a big THANK YOU to all of the volunteers and those who participated in our fundraising opportunities during the year:
- Women’s United Run, Stroll or Roll
- Walk A Mile in Her Shoes
- Thunder Bay Basketeers
- United Way ‘Simply Entertaining’ Cookbooks
- Royal LePage Shelter Foundation
Holiday Office Hours:
Our office will be closed on December 26, 27, and January 2, 2012.
Real Estate is our business, and giving back to the community is very important to us, therefore we would like to take this opportunity to give a big THANK YOU to all of the volunteers and those who participated in our fundraising opportunities during the year:
- Women’s United Run, Stroll or Roll
- Walk A Mile in Her Shoes
- Thunder Bay Basketeers
- United Way ‘Simply Entertaining’ Cookbooks
- Royal LePage Shelter Foundation
Thursday, October 20, 2011
Find Real Value
On paper, a home’s value is largely determined by established area prices, then adjusted for considerations such as the desirability of the particular lot, structural improvements and recent upgrades.
When it comes time to sell, however, a home that appeals to a large number of potential buyers has the best chance for success. The listings that stand out in the crowd are often perceived to be well worth the asking price. Here are some of the key factors that influence the selling potential of a particular property.
LOCATION, LOCATION, LOCATION
• Safe communities that are close to employment centres, shopping and public transportation, or that have reputation for excellent schools, are often more popular with buyers.
• Higher than normal crime rates, taxes or homeowners association fees can act as deterrents.
• A cul-de-sac lot is a sought-after side for many, while a noisy or busy street may reduce the number of potential buyers and call for a lower value.
• A pleasant view or a waterfront location will often command a significant premium over similar area properties.
CURB APPEAL - The view from the curb is your home’s opportunity to make a good first impression. A well-maintained yard and an inviting entrance will help bring more buyers through the door.
HOME IMPROVEMENTS – Many homeowners remodel to accommodate their changing needs or to appeal to the preferences of today’s buyers. Attractive or practical upgrades can add substantial value when chosen well. However, costs are unlikely to be recovered if a home’s amenities surpass the neighbourhood norm. Before committing to a significant renovation, make sure to weigh the costs and benefits. When in doubt, consult your trusted real estate professional.
Applying a fresh coat of paint to your interior walls is a relatively inexpensive way to add value and appeal. Not only will this improvement show buyers that your home is well cared for, it’s an easy way to change the look and feel of a room.
When it comes time to sell, however, a home that appeals to a large number of potential buyers has the best chance for success. The listings that stand out in the crowd are often perceived to be well worth the asking price. Here are some of the key factors that influence the selling potential of a particular property.
LOCATION, LOCATION, LOCATION
• Safe communities that are close to employment centres, shopping and public transportation, or that have reputation for excellent schools, are often more popular with buyers.
• Higher than normal crime rates, taxes or homeowners association fees can act as deterrents.
• A cul-de-sac lot is a sought-after side for many, while a noisy or busy street may reduce the number of potential buyers and call for a lower value.
• A pleasant view or a waterfront location will often command a significant premium over similar area properties.
CURB APPEAL - The view from the curb is your home’s opportunity to make a good first impression. A well-maintained yard and an inviting entrance will help bring more buyers through the door.
HOME IMPROVEMENTS – Many homeowners remodel to accommodate their changing needs or to appeal to the preferences of today’s buyers. Attractive or practical upgrades can add substantial value when chosen well. However, costs are unlikely to be recovered if a home’s amenities surpass the neighbourhood norm. Before committing to a significant renovation, make sure to weigh the costs and benefits. When in doubt, consult your trusted real estate professional.
Applying a fresh coat of paint to your interior walls is a relatively inexpensive way to add value and appeal. Not only will this improvement show buyers that your home is well cared for, it’s an easy way to change the look and feel of a room.
Wednesday, September 21, 2011
Consider the Cost of Insurance Coverage
Insurance companies base your premium on the likelihood that you will submit a claim and how much it might cost them if you do. Expect insurers to ask about the following factors when calculating a price quote for your homeowners insurance policy.
Replacement cost: The price is based primarily on the size and construction quality of your home, along with the value of its contents.
Where you live: Insurers will also consider the statistical risks associated with your neighbourhood, such as exposure to crime or natural disasters.
Age and condition: An aging roof, older pipes and outdated electrical wiring are considered potential hazards.
Availability of water: Significant damage is less likely if fire stations or hydrants are located nearby.
Heat sources: A home with electric heat or a forced-air gas furnace will cost less to insure than one that is heated with oil, especially if the tank is old. Poorly maintained or installed wood stoves have been known to cause house fires and carbon monoxide poisoning.
Other uses: Insurers will want to know if you operate a home business or rent out a room or guest suite.
Additional structures: They will also ask about the presence of any outbuildings, storage shed or pool on the property.
Safety features: A monitored security or fire alarm, or a fire sprinkler system could earn you a significant premium discount.
Scope of coverage: You can choose whether to purchase a basic policy or if more comprehensive coverage is worth the extra cost.
Get quotes from several companies, but do not base your decision of price alone. You need a company that answers your questions and handles claims fairly and promptly. Ask friends, relatives or your trusted real estate professional for a referral.
HOW TO SHOP & SAVE:
- In most cases, increasing your deductible from $500 to $1000 will significantly reduce your premium.
- Look into whether your membership with certain groups including unions, non profits, alumni or professional associations could get you an “affinity” discount.
- Ask about other special discounts that may be available for seniors, loyal customers, non-smokers, or for purchasing more than one policy.
Take an Inventory - To simplify the claims process and ensure you are fully reimbursed in the event of a loss, it’s well worth the time to create a home inventory. Homeowners and tenants should always have a current record of their possessions, any identifying markings (model or serial numbers) and the estimated values. Use written descriptions, photos, audio or video recordings, or any combination that you prefer. Keep inventory records, including receipts for major purchases, in a safe deposit box or another secure location outside of your home.
Replacement cost: The price is based primarily on the size and construction quality of your home, along with the value of its contents.
Where you live: Insurers will also consider the statistical risks associated with your neighbourhood, such as exposure to crime or natural disasters.
Age and condition: An aging roof, older pipes and outdated electrical wiring are considered potential hazards.
Availability of water: Significant damage is less likely if fire stations or hydrants are located nearby.
Heat sources: A home with electric heat or a forced-air gas furnace will cost less to insure than one that is heated with oil, especially if the tank is old. Poorly maintained or installed wood stoves have been known to cause house fires and carbon monoxide poisoning.
Other uses: Insurers will want to know if you operate a home business or rent out a room or guest suite.
Additional structures: They will also ask about the presence of any outbuildings, storage shed or pool on the property.
Safety features: A monitored security or fire alarm, or a fire sprinkler system could earn you a significant premium discount.
Scope of coverage: You can choose whether to purchase a basic policy or if more comprehensive coverage is worth the extra cost.
Get quotes from several companies, but do not base your decision of price alone. You need a company that answers your questions and handles claims fairly and promptly. Ask friends, relatives or your trusted real estate professional for a referral.
HOW TO SHOP & SAVE:
- In most cases, increasing your deductible from $500 to $1000 will significantly reduce your premium.
- Look into whether your membership with certain groups including unions, non profits, alumni or professional associations could get you an “affinity” discount.
- Ask about other special discounts that may be available for seniors, loyal customers, non-smokers, or for purchasing more than one policy.
Take an Inventory - To simplify the claims process and ensure you are fully reimbursed in the event of a loss, it’s well worth the time to create a home inventory. Homeowners and tenants should always have a current record of their possessions, any identifying markings (model or serial numbers) and the estimated values. Use written descriptions, photos, audio or video recordings, or any combination that you prefer. Keep inventory records, including receipts for major purchases, in a safe deposit box or another secure location outside of your home.
Monday, August 29, 2011
Are You Well Covered?
What you should know about HOMEOWNERS INSURANCE…
Home insurance policies can differ greatly from company to company, but they typically fall into one of these main categories:
Basic Policy: Covers both your home and its contents against damage or loss due to a number of specific “named perils” such as fire, lightning, wind, hail, theft and some types of water damage.
Broad Policy: Includes “all-rick” coverage on the dwelling, which protects your home from accidental damage or loss caused by any event that is not excluded by the particular policy. Contents coverage, however, remains limited to damage or loss resulting from the policy’s “named perils.”
Comprehensive Policy: Insures both your dwelling and the contents against loss or damage from any peril except for those specifically excluded by the individual insurer.
Condominium Policy: For homeowners who what protection beyond what is included in the condominium corporation’s policy, specifically liability coverage and insurance for upgrades and belongings inside their unit.
Tenant Insurance: Offers basic liability protection for tenants to cover damage they might accidentally cause to the unit or its contents. It will also pay for a renter’s own personal belongings – items typically not included in their landlord’s insurance policy.
If you own a cottage, you may insure it on the same policy as your home insurance or purchase a separate policy. Coverage is often more limited than the options available for dwellings that are occupied year-round.
Be sure you have enough coverage. Most mortgage banks have minimum coverage requirements for financed homes, but to fully protect your investment it is often recommended that your policy covers 100% of the replacement cost.
Estimate the cost to rebuild:
Ask your real estate or mortgage professional about the average local building costs and multiply it by the square footage of your dwelling. Remember that the cost to rebuild does not include the value of the land itself.
Account for the value of your personal possessions:
Determine how much you would have to spend to replace the contents of your home with new items at current prices.
Maintain the right scope of coverage:
Contact your insurance company to adjust your coverage if you have completed home improvements, acquired or no longer own certain valuable items or suspect that the replacement costs of your home may have change for any reason.
Read your insurance policy carefully. Common exclusions include damage caused by flood or sewer backup, earthquakes, mold and losses that result from normal wear-and-tear, neglect or faulty workmanship, among others. Ask your agent about recommended supplemental coverage options.
Home insurance policies can differ greatly from company to company, but they typically fall into one of these main categories:
Basic Policy: Covers both your home and its contents against damage or loss due to a number of specific “named perils” such as fire, lightning, wind, hail, theft and some types of water damage.
Broad Policy: Includes “all-rick” coverage on the dwelling, which protects your home from accidental damage or loss caused by any event that is not excluded by the particular policy. Contents coverage, however, remains limited to damage or loss resulting from the policy’s “named perils.”
Comprehensive Policy: Insures both your dwelling and the contents against loss or damage from any peril except for those specifically excluded by the individual insurer.
Condominium Policy: For homeowners who what protection beyond what is included in the condominium corporation’s policy, specifically liability coverage and insurance for upgrades and belongings inside their unit.
Tenant Insurance: Offers basic liability protection for tenants to cover damage they might accidentally cause to the unit or its contents. It will also pay for a renter’s own personal belongings – items typically not included in their landlord’s insurance policy.
If you own a cottage, you may insure it on the same policy as your home insurance or purchase a separate policy. Coverage is often more limited than the options available for dwellings that are occupied year-round.
Be sure you have enough coverage. Most mortgage banks have minimum coverage requirements for financed homes, but to fully protect your investment it is often recommended that your policy covers 100% of the replacement cost.
Estimate the cost to rebuild:
Ask your real estate or mortgage professional about the average local building costs and multiply it by the square footage of your dwelling. Remember that the cost to rebuild does not include the value of the land itself.
Account for the value of your personal possessions:
Determine how much you would have to spend to replace the contents of your home with new items at current prices.
Maintain the right scope of coverage:
Contact your insurance company to adjust your coverage if you have completed home improvements, acquired or no longer own certain valuable items or suspect that the replacement costs of your home may have change for any reason.
Read your insurance policy carefully. Common exclusions include damage caused by flood or sewer backup, earthquakes, mold and losses that result from normal wear-and-tear, neglect or faulty workmanship, among others. Ask your agent about recommended supplemental coverage options.
Wednesday, July 20, 2011
What to Look for in a CMA
A comparative market analysis (CMA) is a professionally prepared estimate of how much a particular home is currently worth. It indicates the price a ready and able buyer would most likely be willing to pay, considering the amount and quality of competing inventory and overall market conditions.
Recent Sales
Comparable properties are typically homes that have sold within the past 6 to 12 months. If the market is changing rapidly, the focus will be on those that have closed during the last three or four months. The final prices of recent neighbourhood sales – especially those most similar in location, square footage, lot size, age, style and condition – justify the value of the subject property and will also be used when it is formally appraised.
Active Listings
These are homes that are currently for sale. Remember that the listed sales price represents what the seller is asking for and may or may not be in line with the real market value. How a home is priced relative to other available listings will usually determine the length of time it will stay on the market.
Pending Sales
The final sales price often remains private until after the transaction closes, but looking at the number and types of listings that are under contract can offer clues about current conditions and which direction the market is heading.
Expired, Withdrawn or Cancelled Listings
These are properties that were taken off the market or did not sell during the listing period, possibly because they were priced too high. Analyzing this data could help you avoid the consequences of overpricing your home.
Recent Sales
Comparable properties are typically homes that have sold within the past 6 to 12 months. If the market is changing rapidly, the focus will be on those that have closed during the last three or four months. The final prices of recent neighbourhood sales – especially those most similar in location, square footage, lot size, age, style and condition – justify the value of the subject property and will also be used when it is formally appraised.
Active Listings
These are homes that are currently for sale. Remember that the listed sales price represents what the seller is asking for and may or may not be in line with the real market value. How a home is priced relative to other available listings will usually determine the length of time it will stay on the market.
Pending Sales
The final sales price often remains private until after the transaction closes, but looking at the number and types of listings that are under contract can offer clues about current conditions and which direction the market is heading.
Expired, Withdrawn or Cancelled Listings
These are properties that were taken off the market or did not sell during the listing period, possibly because they were priced too high. Analyzing this data could help you avoid the consequences of overpricing your home.
Friday, April 29, 2011
How Does Your Home Stack Up in Today's Market?
A CMA report is one of your real estate professional’s most powerful tools of the trade. It includes timely data on active listings, as well as pending and closed sales in a given area. Agents use their knowledge of local neighbourhoods and buying trends to select the most comparable properties and form an expert opinion on the market value.
For owners preparing to list their homes, a CMA provides detailed information about recent sales and indicates how long homes are taking to sell. It also helps sellers size up the competition and settle on an appropriate asking price. Buyers can use the same information to negotiate a fair deal on a home they wish to purchase.
Homeowners who are considering a refinance may want to have an idea what their home is worth prior to researching their lending options and having to pay for an official appraisal. It is also important to know the value of real estate holdings when making financial decisions regarding insurance coverage, estate planning, borrowing or investing.
For owners preparing to list their homes, a CMA provides detailed information about recent sales and indicates how long homes are taking to sell. It also helps sellers size up the competition and settle on an appropriate asking price. Buyers can use the same information to negotiate a fair deal on a home they wish to purchase.
Homeowners who are considering a refinance may want to have an idea what their home is worth prior to researching their lending options and having to pay for an official appraisal. It is also important to know the value of real estate holdings when making financial decisions regarding insurance coverage, estate planning, borrowing or investing.
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