Kingston Real Estate Podcast with Pierre Nadeau

5 Tips for Preparing Your Home for the Market

Pierre@NadeauTeam.com (Pierre Nadeau) — Mon, 12 Sep 2016 08:41:00 -0700

If you’re considering selling your home anytime soon, there are a few things you should do to prepare it to sell for top dollar. Here are five things you should start with:

1. Get a stager. We always suggest hiring someone to come in and stage your home to ensure that it’s being shown in the best possible light. There is a lot of competition out there, so you’ll want your home to stand out from the rest. A stager will help you do this, and this will, in turn, get you top dollar.

2. Make some cosmetic changes. If the house needs some touch-ups, a coat of paint, or the carpets need to be shampooed, you’ll want to fix those issues quickly. A buyer tends to make snap judgement about a home based on first impressions.

3. Declutter and depersonalize the home. You’ll want to get rid of any clutter and things like family photos in order to neutralize the look of the interior. Ideally, you want your house to look like a model home.

4. Maintain your yard. Many times, sellers focus all of their attention on the interior of the home and will forget to look after the front and back yards. Cut your grass and make sure any gardens are looking manicured and well-maintained. When buyers drive by your home, they’ll judge the inside of your house by what it looks like on the outside.

5. Make any necessary repairs. If a buyer will notice it, fix it. This includes any issues with crooked shingles on your roof, as well as basement leakage or other noticeable problems. You’re trying to eliminate any excuses in the mind of the buyer as to why they should not buy your house or make a lower offer on the purchase price. You don’t want to lose $10,000 just because of a damaged roof!

If you have any questions about preparing your home for the market or have any ideas for future topics, feel free to give me a call or send me an email. I’d be happy to help you!

How to Properly Price Your Home

Pierre@NadeauTeam.com (Pierre Nadeau) — Thu, 8 Sep 2016 11:31:00 -0700

When selling your home, there are a couple of key points to keep in mind that will help you price your home properly.

The first thing you want to do is look at recently sold homes. You might have to contact a few different Realtors and get a few different prices, but at the end of the day, all Realtors should be within a $10,000 price range on your home.

Most of the research you do will be on sold homes, and Realtors will provide you with that information. You also want to know what your competition is. What is for sale in your neighborhood and similar to your home? If you've got a bungalow, compare it to other bungalows, not a two-story home, for example. Make sure the finishes inside are the same as well.

Everyone has the Internet these days, so you're not going to fool anyone pricing high.

Next, you want to figure out what the average price is. You want to make sure you're priced kind of in the middle. I like to look at the finishes in a home and ask if they are average, above average, or below average to find out where you should price your house relative to the rest of the neighborhood. Always remember, though, your house is worth more to you than it is to the average buyer.

The biggest thing to remember is that pricing your home is 90% of the marketing plan. Everyone has access to the Internet, so you're not going to fool anyone by pricing too high. The longer your house sits on the market, the lower the offers will be. If you price properly from the beginning, you'll sell fast, for top dollar, and be able to move on to your next house.

If you have more questions about pricing your home properly or about real estate in general, give me a call or send me an email. I'd be happy to help you.

Are Home Inspections a Good Idea?

Pierre@NadeauTeam.com (Pierre Nadeau) — Fri, 24 Jun 2016 11:20:00 -0700

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People ask us all the time if it’s a good idea to do a home inspection when they purchase a home and of course, it’s a no-brainer. You always need a home inspection because you need to know what to expect from your home in the future. Even if nothing is seriously wrong, the inspector is going to be able to identify any future problems so you can plan ahead.

In a general home inspection, the first thing they’re going to look at is the structure. They will take a look at everything on the exterior of the property and check for cracks and leaks. Next, they’ll move inside and check the major systems of the home including plumbing, wiring, and the HVAC system. If you have a wood stove or wood-burning fireplace, you may need what’s called a “wet certificate” to make sure it meets code.

If you’re buying a country property, you also want to make sure you get an inspector to come check out your well. You’ll want a professional doing this, so they can do a pump test, hook up a computer system, check your flow, and analyze the water to make sure it’s good to go.

These are just a few of the things to look for in a home inspection. If you have any other questions for us or would like us to discuss something specific on our next blog, give us a call or send us an email. We would love to hear from you.

Hidden Costs of Home Buying in Kingston

Pierre@NadeauTeam.com (Pierre Nadeau) — Fri, 17 Jun 2016 07:36:00 -0700

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I'm frequently asked about the expenses incurred both before and after a real estate transaction. It's an especially common question with first-time buyers who don't have experience in the market. It's one thing to come up with upfront costs that may sneak up on you, but there are also costs that pop up with maintaining the home.

As a first-time buyer, you're probably looking at putting down about 5%. There are programs that allow you to put 0% down. After that, you're paying land transfer tax, which runs about $2,225 for a $250,000 home in Kingston, for example. After that, you have lawyer fees which range from $1,000 to $1,500 depending on how much work they have to do.

Nowadays, mortgage companies require an appraisal about 90% of the time and they'll expect you to cover that cost as well. It ranges from $350 to $450. I personally always recommend that you have a home inspection as well, which runs about the same cost as the appraisal. If you're buying a country property, I also recommend a well inspection, which also runs in that price range. If you're buying a condo things are a bit different, as you won't have some of those other costs, but you will need a status certificate, which costs about $100.

One of the last things in this category to think about is when you're all done, we'll have what's called a "statement of adjustments." With this statement, you see the buyer and the seller responsible for their own portion of taxes and utilities. Your lawyer will adjust all that and give you those costs at that time.

Some other types of costs include CMAC fees. If you're putting 5% down on a $250,000 house, you're only looking at about $8,550, and CMAC fees are usually blended into your mortgage, so you usually don't need to worry about bringing that to the table up front.

Then there are carrying costs. Once you get into the house, you're definitely going to need some carrying cost money. Some of the things you want to worry about are property taxes, and normally in Kingston, you're looking at about 1 to 1.5% of the value. Remember that you'll be reassessed, too, so allow yourself that percentage to pay in property taxes. Next are heating costs, water, and sewer.

The next thing to think about is any renovations you want to do like painting, changing flooring, or fixing the deck, for example. You also need to consider insurance, so call your agent to ask about it. Then you'll have expenses like phone and cable. If you're buying a new construction home, remember that you may need appliances, landscaping, a deck, or even a paved driveway. Some builders do not include some of these things that buyers may think come standard. Another cost that can add up that many people don't consider is curtains and blinds, especially for high-quality ones. The costs add up.

If there are questions you have about this topic or anything related to real estate, please don't hesitate to give me a call. Have a great day!

What’s Happening in the Kingston Real Estate Market?

Pierre@NadeauTeam.com (Pierre Nadeau) — Wed, 27 Apr 2016 12:02:00 -0700

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A lot of my clients want to know whether we’re seeing a seller’s market or a buyer’s market taking shape in Kingston.

Although the rest of the nation is seeing a hot seller’s market, we are actually seeing the opposite. We have a lot of inventory available, and we’re in a buyer’s market right now. When you think about how incredibly low interest rates still are (2.49%), it makes it a great time to buy or sell a home. Variable mortgage rates can be as low as 2.3%, so this money is practically free!

If you’re a seller in this market, this doesn’t mean it’s a bad time to do so. You will most likely experience a very quick sale because demand is high right now, and you can then turn around and buy your next home affordably in our area. Although you might not have the advantage while selling, you will have an advantage while buying.

Overall, our market has been safe and steady over the years. Home prices have also increased by roughly 7% since last year, which is a tremendous amount of appreciation. This is great news for both home sellers and home buyers.

If you would like more information about our local market, please don’t hesitate to contact me. I would love to continue this conversation with you!