REAL ESTATE MATTERS©

FALL RIVER AREA APRIL AVERAGE SALE PRICE $353,359

Hello Fall River!  My home town!  I am really excited to write this particular column – my first as a REALTOR® with A&HGMAC.  Our office is in the Sobeys Plaza, right in the heart of the community I hold so dear.  As a child growing up on Miller Lake Road in the 60’s I used to walk through the woods to the BA station (now Gerald Burgess’s Ultramar) and up the dirt sidewalk along Highway #2 to buy bread for my mom at Neil Miller’s Red and White Store…..For a quarter!!!   Now here I am working for you in the very same spot.  How cool is that!

I have watched this community flourish from a series of small villages where everyone knew each other; to this wonderful community it is today – a place where people still DO know each other. Fall River, Waverley, Wellington, or Fletchers Lake – the locals are proud to welcome newcomers to their hometown, and newcomers quickly become locals.

At the same time, there are families here who, though I have known them all my life, might still consider me a newcomer.  Names like Carr, Burgess, and Brimicombe, go back to the earliest settlements of the land.   There is a lot of pride in those families, which is evident in the participation and interest they take in their community.  What is not to love – framed by rivers and lakes at every turn, it is no wonder that people want to be here.

At present, the market in all of HRM is very active.  Nova Scotia Association of Realtors advises that Sales are up across the board over the past six months.  Average sale prices in our area have increased from $309,747 to $319,555 over the past 12 month period.  The average sale price in April was $353,359.  If you are thinking of selling, now is a great time.
Families are willing to pay “just that much more” to enjoy the Fall River area and its conveniences.  We have a fantastic School System.  Shopping is expanding.  We are less than 15 minutes to Halifax, Dartmouth, the Airport, and all points exiting the province.  Take a look at the Nova Scotia map and you will see – we are just about half way there…. to anywhere!  The Fall River area is THE place to be!!  I am so glad to be here with you!!

PS.  Advice to Buyers – If you are contemplating buying a home in the near future, talk to a mortgage specialist right away and ask to be pre-approved for a mortgage and also locked in at the current rate.  This way, as summer approaches, you will benefit with today’s rate, should the rates increase.  Another thought is that you talk to your mortgage specialist about the pitfalls of maxing out your mortgage at today’s rate.  You may need to be prepared to refinance at a higher rate of interest when your term comes due for renewal.
Also, if any one has any real estate questions or topics you would like to see addressed, please stop by the office.  If you prefer, you can send your thoughts to reporter@district2news.com.  Your comments will then be forwarded anonymously to me for addressing in future Real Estate Matters© Columns. I hope you are having a fantastic day!!

LYNNE COOPER has been a REALTOR® since 2002. Lynne works for A&HGMAC in Fall River, Nova Scotia.

Take notice of the entrance itself – check the front door for obvious nicks and scratches.  A coat of paint can work wonders.  Make sure door handles throughout the house are all tight.  If any handles are missing on your cabinetry’s replace them, ensuring they all match.   Make certain all light switch and electrical outlet covers are clean, in good condition and that none are missing.   When you go up the interior or exterior stairs, check the treads and railings and tighten or replace any loose boards.

If you find a leaky tap or if a toilet runs on, they are both usually easily fixed, but if they are beyond your scope, then call a plumber.  One hint of leaky plumbing can send Buyers running. Have the furnace and hot water heaters, as well as any other major equipment inspected and serviced if required.  Retain the receipts and display them to potential Buyers.  If the rooms in your house are a multitude of colours, you may want to repaint the walls a more neutral shade.

Once you have addressed the “meat n’ potatoes” of your home, it is time to pack away some of your clutter.  When potential buyers look at your home, they want to imagine their belongings in your space.  Put away most of you knick-knacks keeping only a few for accent.   If you have an excess of furniture, see if you can store any unnecessary items off property, perhaps at a friend’s home or in a storage facility.

Clean out all of the closets and store any out of season or unnecessary clothing items in tote-bins.   In the kitchen, if you have a clutter of pots, pans and utensils – sort through them.  Keep out what you use on a regular basis, but pack away as much excess as possible.  Think of this as a pre-pack in preparation for your move.  Maybe even consider buying a cheap set of matching dishware to display in the cabinet if you are living with an assortment of chinaware patterns. The linen closet also deserves your attention.  Display your best and pack the rest.

Most of the things I have mentioned are little things and can be easily and cheaply addressed. The more costly areas that you may not be able or willing to address – such as a new roof – should be factored into your asking price.  The key is for the potential buyers to feel there is a lot of space for their possessions.   You want Buyers to feel organized rather than overwhelmed when they view your home.  When people see how well maintained your home is they will view you as a quality home owner who knows how to look after things.

On the day of showing your home, make sure all the lights in the home are turned on so the Buyers can see how bright, clean, uncluttered and  maintenance free their new home can be.  Attention to details, can potentially add thousands to the final sale price.

LYNNE COOPER has been a REALTOR® since 2003. Lynne works for FIRST IMPRESSIONS REAL ESTATE INC., 1496 Bedford Highway, Suite 102, Bedford, NS  B4A 1B4

A home in the city, if well priced and in a high traffic area, may not require as much media advertising as a more rural property might need. The MLS® System and lawn signage, as well as agent interaction, may be sufficient to market such a property. A more rural property will need formal promotion for people to know it is there.

If a property has special qualities that call for extra promotion, or if the property has a target market that will require unique advertising, this can also affect the commission percentage. It is the listing agent’s responsibility to cover any advertising expenses on a property. If a property is incorrectly priced, in a remote area, or has other deciding factors that would make it a challenge to sell, that can translate into months of advertising expenses.

Another important part of the equation is the how the commission is applied. As a listing agent, it is the REALTOR®’s responsibility to get news about your property to as many people in the real estate industry as possible. The more interest that is generated about your property, the quicker the sale. When a property is listed by one company on the MLS® System, the brokerage will offer a percentage of the selling commission to the Buyer’s Brokerage. Although some agents list properties at reduced commissions, if the commission split is too low some of those properties may risk not receiving adequate attention from other agents.

Then there are the services a REALTOR® provides. Knowledge of recent sales in the area, advice on how to prepare your home for sale, staging tips, expert negotiating skills when an offer is received, and contact with qualified professionals related to the home sale process. To learn more about what a REALTOR® can do for you visit www.howrealtorshelp.ca.

As you can see, a lot of information comes into play when deciding on a commission rate. The lowest commission may not always be your best option. What you really need to consider when listing a property for sale is – what exactly do you want for your money. If you are looking for maximum advertising and exposure to allow for a quick sale at top price, by hiring a knowledgeable REALTOR®, at the right commission rate to get the job done, your opportunity to realize your goals is greatly increased.

Please direct any specific questions or comments, including any topics you would like to see covered herein, to reporter@district2news.com. You will be sure to receive sage advice and accurate information.
  LYNNE COOPER has been a REALTOR® since 2003.
Lynne works for FIRST IMPRESSIONS REAL ESTATE INC.,
1496 Bedford Highway, Suite 102, Bedford, NS  B4A 1B4

Having a home inspected by a certified Home Inspector will help to alleviate much of the worry of the unknown and hidden costs that can take you by surprise during ownership. A Home Inspection is recommended for all purchases involving structures whether it is a re-sale property, or a deficiency inspection on new construction. To help protect your investment, it is always a good idea to engage the services of a trained professional to assist you.

As a REALTOR®, it is one of my fiduciary obligations to advise my clients to obtain expert advice on matters of importance including home inspections.

I recently spoke with *Nick Thomas, Certified Home Inspector, (CHI) with A Buyers Choice Home Inspections Ltd. to gain his perspective on the home inspection role as it pertains to the home sale process and to review what you should be looking for in a home inspector. Nick was happy to provide me with his professional perspective on home inspections and shared some of his valuable information and insight.

Some questions you should ask when interviewing for a Home Inspector are – What is the Inspectors background, education and training? Does the Inspector have Errors and Omissions and Liability insurance? How long has he or she been in the business? Can they provide referrals for work that needs to be completed? Will the Home Inspector provide you with a detailed, written report following the inspection? Is he or she certified?

Home Inspection is a relatively new process therefore there is very little in the way of government licensing and regulations that exist in other fields such as plumbing and electrical. Therefore a certification and association is very important. There are different associations around; however, two of the main ones are the National Association of Certified Home Inspectors and Canadian Association of Home and Property Inspectors. Regardless of whom the Home Inspector is certified through, it is recommended that you visit the website information for the company and conduct some research on the company’s credentials.

Most home inspections will take between 1.5 – 2.5 hours. Home Inspectors often like to start their inspection a half hour prior to the client’s arrival, this way he can have the lot, exterior surface of the home, and the roof inspected to avoid taking up any more of your time than necessary. A reputable Home Inspector will encourage clients not only to be present when examining the interior of the home, but also to be active in the inspection. Ask questions. This will limit any confusion with the report between the client and inspector.

A quality Home Inspector will complete a thorough examination of the home, inside and out, paying special attention to the properties drainage, as well as looking for any structural, water damage and erosion related issues at the exterior of the home. Additionally, he or she will examine the internal workings of the home looking at the electrical, insulation, ventilation, safety features, plumbing and heating systems, and many other aspects of the home. The Inspector will then provide you with a written report commenting on the inspection. The report should identify any areas of the home that require immediate attention, areas and situations to watch for in the future, as well as recommendations and tips to help you maintain the home.

Home Inspectors are not only hired by Buyers. A Pre-Sale Inspection is an excellent idea. A Pre-Sale Inspection can facilitate a faster sale for more money. This also allows the seller to address any issues they are not aware of prior to buyers seeing these issues and leaving with a bad first impression. It gives the seller a chance to get competitive quotes from contractors to rectify problems, and protects the seller from over inflated buyer estimates.

It is important to remember that no house is perfect. There will always be some areas of a structure that could benefit from some form of maintenance or upgrade. Once the Home Inspector provides you with your report, he or she should then help you understand if there are any red flag areas requiring immediate attention. Armed with a more complete knowledge of the home, you will then be able to make informed decisions as to the property’s value.

Value of service is a personal choice and can vary with each individual, therefore, a REALTOR® should always recommend three experts for a client to choose from should they require a professional opinion on a specific housing matter.

*If you have any questions or comments specific to the home inspection process, you can direct them to Nick Thomas, (CHI) at nick.thomas@abuyerschoice.com

**LYNNE COOPER has been a REALTOR® since 2002 .
Lynne has called the Fall River Area home since 1967 and works for A&H GMAC in the Sobeys Plaza, Fall River, Nova Scotia.

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It is extremely valuable to have an independent opinion of value when pricing your home.  Your home is a very personal possession and it is difficult to be objective when trying to arrive at a fair market price to list it for sale.

The best way to find the market list price for your home is to contact a REALTOR® and ask them to give you a free Comparative Market Analysis, aka, a “CMA”.  It really is free and there is no commitment for you to list your home on MLS.  After receiving the free CMA if you would prefer to try to sell your home privately, using just a sign and your circle of influence, no one will stop you and you have received some free professional advice.  What do you have to lose?

You should know that many factors go into deciding the market value of a home.   A REALTOR® will consider these factors which include, the age, style and size of the home, as well as the general location of the home.  Whether it is on a private or public road and whether there are municipal services or a well and septic.  Additional considerations are the home’s proximity to various amenities and transportation options such as bus routes as well as the services available in the area.  A REALTOR® will then research recent sales and listings of similar homes in your area.  Once comparable homes are located, a basic price range can be established.

The next step is to decide where your specific home fits into the picture.   A REALTOR® will take into consideration your home’s special features.  A tiered deck, an air exchanger, and a fully landscaped lot may add value over your competitors’ properties.  The condition of your home as well as any upgrades, renovations and repairs that have been completed are major factors.  The quality of workmanship and how long ago the work was done are key components.  A good REALTOR® will also point out the areas in your home that may require work or may be seen as a negative by a prospective buyer.  Although sometimes, the truth is hard to hear, it is best to know up front if there are any potential issues so that you can work them into your pricing, and be better prepared to deal with them when brought to the fore by an interested buyer.  You run the risk of loosing a buyer when issues are left unaddressed as first impressions are lasting ones and some buyers cannot see past small repairs.

Whether you list a property on MLS using a professional REALTOR®, or you decide to try to sell your home yourself the final decision on your actual list price is ultimately up to you, the seller.  With a comprehensive CMA to guide you, your decision will be an informed one.

If a property is listed for sale at the wrong price the resulting effect could be that the homeowner loses money by selling too low or alternatively, if the listing price is set too high the home may sit on the market for a longer period of time which may result in lower offers as well; especially if the price gets reduced several times.  The bottom line is that proper pricing in the first instance can mean extra money in the home owner’s pocket.
Please direct any specific questions or comments, including any topics you would like to see covered herein, to reporter@district2news.com. You will be sure to receive sage advice and accurate information.
LYNNE COOPER has been a REALTOR® since 2003.
Lynne works for FIRST IMPRESSIONS REAL ESTATE INC.,
1496 Bedford Highway, Suite 102, Bedford, NS  B4A 1B4
*Statistics are from the Nova Scotia Association of Realtors (NSAR) MLS ® Statistic Report

I am a REALTOR® with First Impressions Real Estate Inc. in Bedford,. I have proudly called Fall River my hometown since 1967. Currently living close to the Halifax Airport, my family enjoys Fall River as our community of choice for friendship and amenities, and we have a heartfelt connection with this beautiful ever expanding village.  My goal is to help Buyers and Sellers better understand Real Estate Matters, in preparation to embracing one of life’s greatest decisions.

Sellers will be pleased to learn that, in spite of the recession, housing prices have remained fairly stable in most areas of HRM and in fact, the Fall River area in general has enjoyed a slight increase in the average sale price this year with the average sale price ringing in at $310,258. The average sale price in 2008 was $311,826. As the year progresses, the number of sales in the area have steadily increased in kind. Throughout the industry, most would say the first few months were unseasonably slow, but as summer heated up sales also continued to climb.  Nova Scotia Association of Realtors boasted 18 successful MLS property transactions for the area in August alone, thereby doubling the nine sales recorded for the same month in 2008.

Buyers shouldn’t despair, the average sale price does not mean a $300,000 home is the only option in our fair village. Fall River currently has a wide range of single family homes with prices ranging from the $160,000’s all the way up to the $1,000,000 mark. There are various lot sizes to choose from, some with water frontage or access, homes close to neighbours or others offering complete privacy. With such a variety to choose from and the low mortgage rates currently being offered by most lenders there is something available to suit everyone and it is the perfect time to make a move.

As an experience REALTOR® I will be offering valuable real estate information, hints and tips on a weekly basis. In future columns, you can expect to learn exciting tidbits covering all different aspects of the real estate industry. I will discuss topics including steps involved in a property transaction, how to prepare your home for sale, what to look for as a buyer, and more; as well as updated information on the real estate market in the Fall River area in general.

Please direct any specific questions or comments, including any topics you would like to see covered herein, to reporter@district2news.com. You will be sure to receive sage advice and accurate information.

LYNNE COOPER has been a REALTOR® since 2002.
Lynne has called the Fall River Area home since 1967 and works for A&H GMAC in the Sobeys Plaza, Fall River, Nova Scotia.
*Statistics are from the Nova Scotia Association of Realtors (NSAR) MLS ® Statistic Report