How to navigate the current market if you’re a first-time homebuyer

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As housing prices soar to record levels, first-time homebuyers who are finally ready to make a move are feeling left out in the cold. Bidding wars, over-asking sale prices and an inflated market make it difficult for these buyers to break in. Are first-time buyers effectively shut out of the market? We asked two experts – a mortgage broker and a local real estate agent – to weigh in and give us their best advice and recommendations. Both agree that first-time homebuyers have a place in the market and can have a successful outcome if adequately prepared.

It’s About More Than Just Pre-Approval

Having your finances in order is more than just getting pre-approved. It’s also critical to be clear about what debt you already have and your credit score. Jason Woods (Dominion Lending Centres – TLC Mortgage Group) says it’s essential to work with a mortgage broker who asks the right questions and gets a complete picture of your financial situation. “Online mortgage calculators are not reliable because applicants can overlook information or enter the wrong numbers, making their pre-approval inaccurate,” Jason explains. “We need to understand if they have car loans, a student loan and what’s available for a down payment. We talk to them about closing costs, the initial deposit and making sure that money is readily available. We all need to be clear on what they can realistically afford, not just what’s on paper.” Jason also advises that buyers get their finances in order before they start house shopping.

Keep the Offer Clean

A clean offer means one without conditions. Luke O’Reilly of Royal LePage State Realty explains that many first-time homebuyers want to get an inspection or want to place a condition on financing. “Most offers won’t be successful with any conditions in this type of market,” explains Luke. “If the first-time homebuyers need peace of mind, they should consider paying for a pre-inspection.” Luke also explains that simple things like matching the seller’s closing date and not asking for additional inclusions can go a long way to presenting a successful offer. Working with a realtor who knows the neighbourhood and price that homes typically sell for makes a tremendous difference during the offer process. “In a multiple offer situation, buyers need to go in with their best price based on comparable sales,” explains Luke. “A realtor who knows the neighbourhood can better advise you on what to expect and at what price you are likely to win the bid.” It’s easy to get caught up in the moment and the pressure of a bidding war, so keeping a cool head and not extending yourself too far is a key strategy. Once an offer is accepted, a five percent deposit is required within 24 hours. First-time homebuyers may not be aware of this and need to ensure they have the money ready.

The Time is Now

While many first-time homebuyers may be tempted to wait until the market cools, it’s crucial to understand the market trends and how much correction to expect. Data published by Teranet (National Bank House Price Index) shows that despite slight fluctuations, the housing market across Canada has increased year-over-year for 12 straight years. Real estate often corrects slightly in a hot market, but prices rarely drop. “In April, the average price came down slightly, and homes are sitting a bit longer,” says Luke. “This is possibly due to more inventory or a slight increase in interest rates. There are fewer multiple offers and some indications that the market may be cooling slightly. It’s a great time to enter the market but keep in mind prices are still increasing overall.” Jason agrees and advises buyers not to wait. “The market may flatten out somewhat, but there’s no sign a crash is coming,” he says. “If you don’t get in now, it may be even harder in a year.”

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Top 5 Home Renos to Increase the Value of Your Home

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Many Canadians who are not in the market to sell are opting to renovate their homes instead. If you are thinking about a renovation this year, consider these suggestions from two of our local real estate experts to help you get the most bang for your buck while increasing your home’s value. 

Reisha Dass from RE/MAX Real Estate Centre described many of today’s homeowners as focused on comfort and maximizing space. This shift is not surprising considering the amount of time we are now spending at home. “We try to do it all from home now,” Reisha explains. “Work, schooling, exercise and relaxation are all done in our homes.” Under normal circumstances, the ongoing favourite renovations have been kitchens and bathrooms. But as Lynn Fee  of The Lynn Fee Team at Keller Williams Complete Realty Inc. explains, these days, it’s about creating space, indoors and outdoors. Lynn also points out the current supply problem for materials, like lumber. “Some contractors are also booked into next year, so this might be the year for DIY projects. A YouTube video and a little imagination can help you create a big impact.”

Fix the Simple Things

On the small-scale end of the spectrum, you can do inexpensive renovations to update your home to enjoy now or if you are planning to list soon. “The big theme is space,” says Lynn. “Start by purging the clutter and removing furniture that does not serve a clear purpose.” A fresh coat of paint is always a great way to freshen a room and remove any scuff marks or holes in the drywall. New fixtures, window coverings and replacing outdated hardware is another easy way to update your space.

Flooring

Consistently laid flooring throughout the home with smooth transitions is the way to go. Engineered hardwood is a popular choice, and many people can install it themselves by watching a video created by a professional. “Big, bold tiles are in this year,” says Reisha. “Plus, adding some punches of colour in the right places throughout the house is a great way to make your home fun and exciting.”

Kitchens & Bathrooms

“There’s nothing like gleaming new countertops and updated cabinetry and sinks,” says Lynn. “But, if a big project isn’t in the budget this year, consider repainting existing cabinets.” You can quickly obtain the appropriate paint and primer at a knowledgeable paint store to do this yourself or hire a handyperson who has experience.

Outdoor Living

As we continue to search for additional living space, moving outside in summer is a natural choice. With a covered area or gazebo, you can add a TV, built-in fireplace and even a bar. Hardscape features such as a stone wall, lawn ornaments, or a water feature give your outdoor living space a spectacular upgrade. Consider extending your patio to add seating space and look at ways to add shade. With so many of us spending time at home, the ability to spread out, even in a small backyard, is a bonus. “Outdoor lighting also adds a dramatic change to your home and creates a space you can use well into the evening,” adds Lynn. While inground pools have been a popular option since the onset of the pandemic, pool companies now have a waiting list of one to two years.

Basement Renovations and Rental Apartments

As always, basement renovations continue to be a popular home renovation. They not only increase your living space but can also be used as an office, rec room, classroom or basement apartment. “You may have elderly parents or adult children moving in with you or need the additional income,” explains Reisha. “Many homeowners are getting more creative about where to create this extra living space such as a loft over the garage.”

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Meet the Realtor: Albert Venditti

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Tell us a bit about your life before you started your real estate career. 

My early life through high school and university consisted of travelling the world and competing for Canada in the national and international stage.  I was on the Canadian National Team as an Olympic wrestler, and competed in Pan American Games, Mexico, the world championships, Bulgaria, and the Summer Olympics, Montreal. 

How long have you been working in real estate and how did you get started?

I am entering my 24th year as a licensed real estate agent, and have been in real estate most of my adult life after graduating. I was always interested in real estate and in my time off I would buy properties, do renovations, rent them or flip them. 

What is it that you love about this career and that makes you passionate about what you do?

What I love about my career is the thrill and excitement my clients get when they buy or sell their home. I am overcome with joy and a sense of accomplishment to see my client’s dreams come true. 

Is there a particular area you specialize in, either in terms of neighbourhoods, or types of homes, or perhaps the type of clients you like to work with?

I work with a wide range of clients from the first-time buyers, to the move up buyers, to the high-end buyers. People are People and my job is actually all about working with people.

In such a competitive market, with so many realtors, what do you offer your clients that you think makes a difference?

People often ask me what I do to get business? My answer is, “I service the hell out of them”. If you do a great job, people will always come back to you and send you referrals. I believe that giving the best quality professional expert service is the key to any business.

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Start Your Own Veggie Garden Indoors

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By Julie Achtermeier

 

There’s no question we’ve hit the doldrums of winter, but on the positive side, spring is just around the corner. The days are getting longer, and before you know it, we’ll be ready to head out into the gardens. If you’re planning to grow your vegetables this season, start now with seeds and enjoy your gardening practice early.

 

What to grow?

Decide what plants you would like to grow this year and do a little research. Consider the size of your gardens and how much space each plant will need. For example, planting watermelons in a small garden will crowd out other plants. Zucchini requires several plants to germinate and spreads out horizontally, so you will need a larger area. If space is a challenge, focus on taller plants rather than ground crawlers. Try green beans or cherry tomatoes, which tend to grow tall rather than spread out.

 

Choose a location indoors

Seeds are usually sown indoors about six to eight weeks before the last frost of the season. You will need a location with good natural light, like a sunroom, or purchase grow lights from a hardware or gardening store. If you are ambitious, you may also want to consider buying an indoor pop-up greenhouse. An indoor greenhouse consists of shelves inside a zip-up plastic enclosure that traps heat and humidity to provide a prime environment for growing seeds. They are relatively small, and most will sit out of the way in a corner.

 

Prepare your soil

The process of planting does not have to be expensive or complicated. Egg cartons work well as starter pots. Be sure to label them, so it doesn’t become a mystery garden unless you like to live on the wild side. It is recommended you plant seeds in a soilless peat moss mixed with equal parts vermiculite and perlite. This mix is lighter than potting soil, which can be too dense for the delicate seedling roots. You can also purchase ready-to-use pre-formed seed starters to keep the operation simple. Moisten the soil with warm water and follow the directions on the seed packets for planting.

 

 

Caring for your baby plants

Once planted, your new seeds will need to be covered to stay warm and moist. You can use a seed tray cover or plastic wrap. Move them to a location out of direct sunlight in a warm room. Ideally, the bottom of the seed tray should stay warm so you can use a heating mat (purchased from any gardening store) or place the tray on top of the refrigerator. Once germination has occurred, remove the cover and place in a location with bright light. You can also purchase a grow light if natural light is an issue. The seeds should be fertilized once a week with an organic liquid fertilizer to keep the roots and stalks healthy as they grow.

 

Transferring your seedlings

When your new seedling stems begin to grow additional leaves, it’s time to transfer them into larger containers with potting mix and compost. Most garden centers sell an organic potting mix for vegetables, which contains the correct balance of nutrients for food-producing plants. Carefully move each seedling into their new pot filled with soil, and then water well. Keep your seedlings in a well-lit area out of direct sunlight. The seedlings are delicate and need time to get used to their new pots and soil. Check daily to ensure the soil does not dry out but be careful not to overwater. Once the threat of frost has passed and the seedlings are well-established, you can plant them directly in the garden or in pots to take outside.

 

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Real Estate Trends for 2021: Halton Region

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Written By: Julie Achtermeier 

In 2020, real estate was among a short list of sectors that saw tremendous growth in the second half of the year after initial lockdowns due to Covid-19 put a halt on most activity in the spring. As people adjusted to working-from-home, the desire to move outside the city to a suburban landscape with larger yards and a bigger floor plan allowed the market in Halton to rebound. By the fourth quarter of 2020, agents were dealing with multiple offers and record-breaking sales numbers.

 

George Niblock from Royal LePage Real Estate Services said December 2020 was his busiest to date, ending up with an increase in sales of 28 percent over the previous year. “I listed many properties in December right before Christmas, which is something I rarely do,” says George. “The demand was much higher since people weren’t taking time off to attend parties or gatherings as they normally would. Buyers stayed focused on buying right through the holidays.”

 

“People remain focused on making a move outside the city,” explains George. “They have adjusted to the work-from-home lifestyle as well as the various restrictions and changes and are ready to expand their living space. Clients who are making appointments are serious buyers.”

 

George explains that the sales process has become easier than during the first lockdown in March of 2020, with appointments booked through an app and Covid-19 assessment forms sent via email automatically. “We are still doing many virtual open houses, and buyers are doing their research online, so they are more qualified by the time we’re booking an appointment to see a house.”

 

What remains a challenge for buyers is the lack of inventory, which has become even more pronounced in 2021. As many people choose to move outside the city, those in the outskirts are choosing to stay put, dedicating their investment to renovations instead.

 

“The first month of the year is typically a quiet ramping up,” says Deborah Brown from RE/MAX Escarpment Realty. “But this year, we are already experiencing record-high demand and record-low supply.” Deborah describes December as traditionally a ‘planning’ month, where they prepare for the upcoming year, but this past year, she was out with buyers right through the holiday season.

 

The lack of inventory is also responsible for pushing prices higher, making home buying for first-time homebuyers more challenging. In many cases, young adults have opted-out of their city condos to move back in with their parents. The result is an increased demand for homes with rental apartments or in-law suites.

 

“The biggest demand is for detached homes,” explains Deborah. “Buyers are looking for more space as well as separate living quarters for younger or older family members.” And while the trend for larger homes soars, Deborah continues to see what she describes as the “move over buyers” who migrate from urban to suburban living – spending their money on more robust living space instead of life in the big city.

 

By the end of 2020, the market had rebounded to record levels, with average prices across the GTA and southern Ontario at record highs and the number of available listings at record lows. With the first month of the year already behind us, the industry shows no sign of slowing down. Sellers continue to benefit from the enormous windfall, and buyers must prepare themselves for bidding wars and making offers on multiple homes before finding the right one. Patience may be a skill that buyers need heading into the 2021 real estate market, but it is also an exciting time for them to redefine what “home” means. And, while we can’t predict what the rest of 2021 will look like, there are no obvious slow seasons in sight. It’s only full steam ahead.

 

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Creating a Quiet Nook

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By Julie Achtermeier

Over the past twelve months of lockdowns, restrictions, working from home and schooling from home, the “home” itself has become more than just a landing place. It is where we have three meals a day, work, spend our downtime, and even work out. Whether you are a family of one, two, four or more, most of us have found the year in close quarters to be, well, close.

Every day it becomes more apparent that our mental health is being affected by a year of stress, worry, and restrictions due to the global pandemic. Some days we must dig deep to keep ourselves healthy, mentally and physically. Carving out a new wellness space is a great way to take care of you and your family’s mental health and provide a much-needed escape from the daily routine. The key to remember is that this is for some alone time, so an investment in furniture will be minimal.

Find the Ideal Spot

If you have a family like mine (two teenagers, a husband and a dog), you may have searched for somewhere to escape once or twice over the past year. The key to finding a quiet nook isn’t just about finding extra space. The goal is to find an area of the house that’s quiet and off the beaten path. A cozy reading chair in the family room isn’t going to give you any peace if someone’s watching a hockey game.

Since the area is for one person, only a small space is required. A landing, corner of a bedroom or even a walk-in closet can become a peaceful haven once you re-designate its usage. If space is a challenge, think of unconventional areas like the foyer, an entranceway or even a mudroom. The best way to start is to survey your home and see if your current layout and function suit today’s needs.

For example, in my house, we have a small dining area that had become nothing more than a place to throw papers, homework and mail. We asked ourselves: Is this the best use of this space, given we will not be entertaining anytime soon? We removed the dining set and made the area a second office, moving my writing desk out of the master bedroom. With a now-free corner of the bedroom, we created a quiet place for anyone to use when they need a little recharge. Not only did this create a quiet nook, but it also took “work” out of the bedroom, helping me get a better night’s sleep.

Keep Decor Minimal

Once you have chosen your spot, decorate with one comfortable chair and a calm motif. If you’re looking for a more significant project, you could repaint the walls and change the lighting, but this renovation can be low maintenance and inexpensive for quick results. Keep in mind the functionality of the space and only add items that will enhance the experience. A painting with a peaceful scene, a crocheted blanket, a small table with a reading light, and an essential oil diffuser are all enjoyable items you can add. It could also function as an area to meditate by adding a floor cushion, a salt lamp or some candles. Keep the area clutter-free and set a rule that whoever uses the space, takes their book, computer, teacup or any other items with them when they leave.

The goal is to help you recharge, not become another area to clean.

Set the Mood

This quiet space can be somewhere to close your eyes and rest, or a place to retreat with a good book and glass of wine. No matter how you spend your time here, set the mood first by ensuring your family knows this is your uninterrupted quiet time. Get comfortable and take three big breaths to indicate to your body and mind that you are now slowing down. Avoid bringing work to this area and keep the focus on rest and relaxation.

If in doubt, keep calm and carry on.

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MARKET UPDATE – OAKVILLE & MILTON

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The Holidays Can Be A Magical Time To Sell Your Home

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In a year unlike any other, the real estate market has seen some remarkable twists and turns. While businesses closed, restaurants faltered, and stores relied on online shoppers to survive, the real estate market paused, for a couple of months, and then surged ahead to record sales not seen since the end of 2017. No one quite expected a pandemic to bring house sales back to its peak. Now, as the holidays approach, can we expect a typical “holiday” selling season?

According to Cindy Avis of RE/MAX Aboutowne Realty Corp in Oakville, the holiday season can be a great time to sell your home. “Homes look beautiful, smell wonderful and are picturesque during the holidays,” says Cindy. “And you’re going to attract serious buyers.” Most house shoppers who are merely browsing take a break during the holiday season and spend time with family and friends. Those who are motivated to buy will be out in full force and have more time to shop with less competition.

The dynamic of social gatherings has certainly changed this year, and so it is difficult to predict how this might affect people’s motivation to buy or sell during the holidays. “It’s hard to know what this Christmas season will look like with the pandemic,” says Cindy. “We’ve seen the market rebound to pre-pandemic levels during the summer and fall, and the market doesn’t show any signs of slowing.” Cindy also points out that many snowbirds will not be travelling south to the United States this winter, and it is not clear how that might affect the market. “While we don’t know how the holidays will look this year from a sales perspective, there has been a definite trend towards family spending more time at home with loved ones.”

During a typical year, spring and fall are the busiest seasons, with winter and the holidays seeing less activity. For Jennifer Brazeau-Barg of Royal LePage Meadowtowne Realty, listing during the holidays is not a casual move. “Most people listing in December are motivated to sell,” says Jennifer. “It’s important to understand the motivation of the seller and work with them, so they understand the advantages of selling at Christmas and how to take advantage of this magical time of year.”

Jennifer recommends having photos taken of the home before decorating for the holidays, and once the home is holiday-ready, in case the listing lasts longer than the season.

“We don’t know if this holiday season will look any different than in previous years,” Jennifer explains. “The low interest rates have kept the market going, and many families are choosing this time to move out of the city to find more land, a bigger home with office space, or are making a complete lifestyle change. There are many reasons people are moving during this pandemic.”

Sellers are often reluctant to list during the holidays since it is not always convenient to show their home, but this year with fewer family gatherings, that may not be a factor. Online virtual tours also give buyers a chance to research homes from the comfort of their living rooms before booking a showing, making it more convenient and less intrusive.

With fewer gatherings and family functions due to the ongoing threat of Covid-19, it’s difficult to predict whether homeowners will spend more time looking at homes or will prefer to spend the time at home with their family.

Whether you choose to sell during the holidays or decide to wait, it’s important to consult with a realtor to get the scoop on your neighbourhood and what the trends suggest this year, as well as get some great hints about how to showcase a holiday home.

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Meet the Mortgage Broker: Jason Woods

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How long have you been working as a mortgage broker?

I can’t believe it has been 12 years already!

Why Dominion Lending Centres?

I chose to work with Canada’s #1 mortgage company.  They have over 700,000 mortgages funded along with the best technology in the business, as well as access to 90+ lenders across Canada including TD, ScotiaBank, Manulife Bank, HSBC, all the Credit Unions, and more…. All of this adds up to a lot of choice along with a solution for any client’s needs.

What attracted you to this business?

I have always had an interest in real estate, and I have found that assisting people in financing their dream home or building their real estate investment portfolio is a perfect fit.

Is there a particular type of financing or mortgage that you specialize in, or are there particular clients you like to work with?

I have access to lenders that can support a number of different challenges and opportunities. I welcome the opportunity to assist any and all clients, big or small.

In such a competitive market, with so many options available, what do you offer your clients that you think makes a difference?

Options and Service! In a competing market where rates change literally daily, working with a broker such as myself will allow you to have the peace of mind that I will secure the best rate/product solution for your needs, with the ability to secure new promotions right up until your closing without the need for you to re-apply or do any of the leg work. I will stay on top of daily promotions to secure you the best solution. Service is something I pride myself on and you can be assured that you will always have access to me directly and will be informed, never feeling like you are missing something.

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Making Your House A Home

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After hanging out at home over the last few months, you may be thinking it is time to make some changes. Are your wall colours too bland? Do you dream of taking down a wall to open up a space? Many of us will seek outside help when it comes to making these decisions, but the jargon surrounding home improvement can be confusing — does your project need an interior designer or an interior decorator? The two professions certainly have similarities, but both offer different skills that will benefit your finished project.

What’s the difference?

Surely with a name so similar, they must be interchangeable, right?

The answer is ‘no’.

An interior decorator focuses mainly on the aesthetics of a space — a personal stylist for your home! Interior decorators have an abundance of creative vision and artistic taste, and while no formal schooling is required, many do have extra training. They concentrate on colour palettes, furnishings, and create beautiful livability using the space you already have. “Interior decorators look after everything from the drywall out!” say Anita Puls and Kim Giancaterino from Burlington Design Studio.

An interior designer, on the other hand, is someone licensed with accredited post-secondary training in all aspects of home remodeling, and this usually includes an apprenticeship with a designer. Much of their education is spent on drawing, space planning, design, building code, and architecture. An interior designer is proficient at drawing up floor plans and they will work hand-in-hand with your contractor or architect to ensure they can achieve your dream — even if it means reworking the walls and layout of your home.

Who should you hire for the job?

Before you decide which person is right for the job, you need to evaluate the scope of your project. Are you planning to add or remove walls and windows or are you mainly focused on reworking the esthetics of your space?

Tamara Grant, a local interior decorator and stager, feels it is essential to know the needs of the client beforehand. “It’s important to know your style and preferences since it is being decorated for you to stay and enjoy,” she says. “I like to start by coming up with a colour palette or theme to draw from.” While many clients may feel overwhelmed with the endless choices, Tamara knows that it’s important to take your time. “Do it in layers, start with furniture, add curtains, then pop in the colour with art and pillows, and finish off with tabletop décor.” Another added bonus to hiring a professional decorator is the shopping advantage. Tamara notes, “It helps to have somebody with a keen eye for design and who also knows the best places to shop for furniture and accessories,” she says. Definitely a bonus!

If your renovation involves structural work, you should enlist the help of an interior designer. They aim to improve the functionality of your space, not just the décor and feel of the room. Their expertise in drawing up floor plans, troubleshooting structural issues, and acquiring building permits is a necessity for large projects. A designer offers a trained eye that can really impact the plans of your changing space.

Whichever you choose, make sure their vision is aligned with yours. “Designing and decorating a home requires many considerations like style, functionality, architectural details, and space planning,” Anita and Kim advise, “A professionally trained eye can pull all these elements together to create a cohesive space with a timeless design that will last for many years to come.”

Tips from the professionals

Make your space liveable by keeping it bright and refreshed. Tamara Grant knows lighting is key, “Light is major! Whether it’s natural sunlight, overhead lighting, or task lighting — big and bright is the goal.”

Include natural elements in a space to create a warm and inviting home during the fall and winter months. “Using live plants and fresh greenery, and also including textured fabrics such as velvets, mohair, and wools on accent pillows and throw blankets, really help to cozy up a space during the cold months,” suggests Anita Puls. Warm colour hues such as cinnamon, caramel, cognac, and deep earthy greens immediately add a warm, intimate vibe.

Written By: Kristen Sanchioni

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