Buying • 18 September 2024

When to Consider Buying a “Diamond in the Rough”

by Susan Moffat

Let’s face it. When you visit a home during a scheduled viewing or open house, you’re usually seeing it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.

That’s just good old-fashioned marketing.

However, not every house you see will actually look this way. For any number of reasons, a house on the market may be less than tidy, poorly decorated, and even in need of minor repairs. You may open the front door in anticipation, only to be immediately turned off by stains on the carpets, faded paint on the walls, cluttered hallways, and more.

First impressions form quickly. It’s easy to make quick judgments and move on. But, you may be passing on what could be a dream home. Don’t make that mistake. Make your purchase decision based on a carefully considered second impression, not just your first. When viewing a house, imagine how it will look with a fresh coat of paint, some redecorating, the minor repairs completed, and your furniture adorning the rooms. You might just find that a home that doesn’t show well is really a diamond in the rough.

(One caveat: Be careful of houses that don’t look like they’ve been well maintained. There could be issues lurking that may require expensive repairs or renovations. Always make a professional home inspection a condition of your offer.)

There are advantages to buying a home that doesn’t show well. They attract less interest and, therefore, less competition from other potential buyers.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Market Updates • 13 September 2024

August 2024 Real Estate Market Update

by Susan Moffat

REALTORS® Association of Grey Bruce Owen Sound MLS® home sales continue to show signs of picking up in August.

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 236 units in August 2024. This was an increase of 7.8% from August 2023.

Home sales were 14.9% below the five-year average and 23.6% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 1,721 units over the first eight months of the year. This was a small reduction of 3.3% from the same period in 2023.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $582,200 in August 2024, essentially unchanged, down just 0.2% compared to August 2023.

The benchmark price for single-family homes was $591,200, a slight reduction of 0.3% on a year-over-year basis in August. By comparison, the benchmark price for townhouse/row units was $473,200, edging down 0.8% compared to a year earlier, while the benchmark apartment price was $384,500, a gain of 4.9% from year-ago levels.

The average price of homes sold in August 2024 was $645,294, increasing by 4.9% from August 2023. The more comprehensive year-to-date average price was $645,371, a modest gain of 2.1% from the first eight months of 2023. The dollar value of all home sales in August 2024 was $152.3 million, up by 13% from the same month in 2023.

The number of new listings saw an increase of 5.6% from August 2023. There were 471 new residential listings in August 2024. This was the largest number of new listings added in the month of August in more than five years.

New listings were 13.2% above the five-year average and 14.5% above the 10-year average for the month of August.

Active residential listings numbered 1,398 units on the market at the end of August, a sizable gain of 12.3% from the end of August 2023. Active listings haven’t been this high in the month of August in more than five years. Active listings were 39.8% above the five-year average and 11.4% above the 10-year average for the month of August.

Months of inventory numbered 5.9 at the end of August 2024, up from the 5.7 months recorded at the end of August 2023 and above the long-run average of 4.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

1) Sales / new listings * 100; compared to levels from previous periods. (2) Active listings at month end / monthly sales; compared to levels from previous periods. (3) Sale price / list price * 100; average for all homes sold in the current month.

Board & Association Information

The REALTORS® Association of Grey Bruce Owen Sound represents approximately 450 REALTORS® registered with its member offices. The geographical area served by the Association is in southwestern Ontario, bordered by Lake Huron and Georgian Bay including Bruce and Grey Counties, and part of Wellington County.

Wondering how these numbers might impact your real estate plans? Whether you’re buying, selling, or just curious about market trends, I’ve got you covered! Let’s navigate the market together! Contact me for a complimentary, no-obligation property valuation!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage

519.377.5154

susan.moffat@c21.ca

Buying • Selling • 11 September 2024

Choosing the Right Real Estate Lawyer

by Susan Moffat

When buying or selling a property, having a skilled real estate lawyer by your side is crucial. The right professional can help navigate complex legal issues, protect your interests, and ensure a smooth transaction. Here’s how to choose the best real estate lawyer for your needs:

Start Your Search Early

Begin looking for a lawyer as soon as you decide to buy or sell property. This gives you ample time to research and find the right fit without feeling rushed. If you’ve worked with a real estate lawyer before and had a positive experience, consider rehiring them.

Seek Recommendations

Ask friends, family, or colleagues who have recently bought or sold property for lawyer recommendations. As a REALTOR®, I regularly work with real estate lawyers on transactions and can recommend a trusted local lawyer who specializes in real estate law.

Look for Specialized Experience

It’s critical to hire a lawyer who specializes in real estate law and frequently handles property transactions. The right lawyer will be familiar with local laws and regulations, potentially helping you avoid costly mistakes.

Check Credentials and Reviews

Research potential lawyers online. Look for:

Years of experience in real estate law
Professional credentials and affiliations
Client reviews and testimonials
Any disciplinary actions or complaints

Many law societies and real estate boards like the Law Society of Ontario can provide information on a lawyer’s standing and reputation.

Schedule Consultations

Most real estate lawyers offer free initial consultations. Take advantage of this to meet with a few candidates. During these meetings, ask about:

Their experience with cases similar to yours
Their approach to handling real estate transactions
Their availability and communication style
Fee structure and estimated costs

Consider Compatibility

Choose a lawyer you feel comfortable working with. You’ll be sharing personal and financial information, so it’s important to feel at ease with your lawyer. Look for someone who explains things clearly and patiently answers your questions.

Understand the Fee Structure

Ask for a detailed breakdown of fees and costs. Some lawyers charge a flat fee for real estate transactions, while others bill by the hour. Make sure you understand what services are included and if there are any potential additional costs.

Verify Local Expertise

Real estate laws can vary significantly between jurisdictions. Ensure your lawyer is well-versed in the specific regulations of your area. A local lawyer will also have valuable knowledge about regional market trends and potential issues.

Check Availability

Real estate transactions often have tight deadlines. Confirm that your chosen lawyer has the capacity to handle your case in a timely manner. Ask about their typical response time and how they prefer to communicate with clients.

Trust Your Instincts

After considering all these factors, trust your judgment. If something doesn’t feel right about a particular lawyer, it’s okay to keep looking. The goal is to find a lawyer who not only has the right expertise but also makes you feel confident and supported throughout the process.

Final Thoughts: Navigating Your Real Estate Transaction with Confidence

Remember, your real estate lawyer plays a crucial role in protecting your interests during one of the most significant financial transactions of your life. By taking the time to choose the right lawyer, you can ensure a smoother, less stressful property buying or selling experience.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Buying • Market Updates • Selling • 4 September 2024

Rate Announcement: How the Bank of Canada’s Decision Affects You

by Susan Moffat

The Bank of Canada has announced its third consecutive interest rate cut, lowering the overnight rate target to 4.25%. This decision comes as inflation continues to moderate and economic growth shows signs of softening.

Economic Context

The Canadian economy grew by 2.1% in the second quarter, slightly stronger than anticipated. However, recent indicators suggest economic activity has slowed in June and July. The labour market is also cooling, with minimal employment changes in recent months.

Inflation has continued its downward trend, reaching 2.5% in July. While this is a positive development, the Bank of Canada remains vigilant about inflationary pressures, particularly in shelter costs and some services.

Impact on the Housing Market

This rate cut could have several implications for the real estate market:

Mortgage Rates: With the policy rate reduction, we may see a corresponding decrease in mortgage rates. This could make homeownership more affordable for some buyers.
Buyer Confidence: Lower interest rates may boost buyer confidence and potentially increase demand in the housing market.
Existing Homeowners: Those with variable-rate mortgages may see a reduction in their monthly payments.

Looking Ahead

The Bank of Canada has indicated that future monetary policy decisions will be guided by incoming economic data. While further rate cuts are possible if inflation continues to ease, the central bank remains committed to its 2% inflation target.

For potential homebuyers and sellers, this rate cut presents both opportunities and considerations. It’s crucial to stay informed about market conditions and consult with real estate professionals to make well-informed decisions in this evolving economic landscape.

Remember, while interest rates play a significant role in the housing market, they are just one factor among many. Local market conditions, personal financial situations, and long-term goals should all be considered when making real estate decisions.

As your trusted Grey Bruce REALTOR®, I’m here to help you navigate these changes and find the best opportunities in our local market. Don’t hesitate to reach out if you have any questions or would like to discuss how this rate cut might affect your real estate plans.

Read the Press Release.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Homeownership • 4 September 2024

Defending Your Data: Keeping Your Wi-Fi Secure

by Susan Moffat

As smart technology becomes more prevalent, so too does our use of Wi-Fi, increasing our vulnerability to cyberattacks. So how do you keep your Wi-Fi secure?

Use strong passwords (i.e., at least eight characters using upper and lowercase, numbers, and symbols, and don’t re-use passwords – use a password management software to keep track), change them regularly, and enable two-factor authentication where possible.
Use a VPN, which encrypts your connection.
Enable auto updates on your devices, and ensure your modem and router are updated, replacing them at least every 5 years.
Change default modem and router passwords so no unauthorized user within signal range can access your network.
Disable remote router access, which can leave the door open to hackers.
Change your network name. Avoid using the default provider name or a name with personal information, which provides vulnerability clues.
Enable a Wi-Fi guest network to segregate devices (e.g., put your computer devices on the main network and your smart devices on a guest network), limiting the scope of potential breaches.
Enable Wi-Fi Protected Access 3 (WPA3) if available on your device, for increased data protection.

A simple online search can guide you through making the above changes if you are unsure.

Cybercrime is only expected to skyrocket in the coming years, so doing everything you can to protect your personal information will help you not become a victim.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Buying • Selling • 28 August 2024

Your Moving Dilemma: To Hire Movers or Handle It Yourself?

by Susan Moffat

Moving to a new home is an exciting yet challenging experience. One of the most significant decisions to make is whether to hire professional movers or to handle the move yourself. This post will explore the benefits and drawbacks of hiring movers, along with tips for a seamless moving experience.

Pros of Hiring Professional Movers

Convenience: Professional movers manage the heavy lifting, packing, and transportation, which can save you time and effort, especially if you have a busy schedule or limited physical ability.
Expertise: Movers are trained to handle various items, including fragile and bulky possessions, minimizing the risk of damage during transit.
Efficiency: With the right equipment and a team, professional movers can complete the job much faster than a DIY move.
Reduced Stress: Hiring professionals can alleviate much of the stress associated with moving, allowing you to focus on settling into your new home.

Cons of Hiring Professional Movers

Cost: Hiring movers can be expensive, with costs varying based on distance, volume of items, and additional services like packing.
Less Control: You may have less control over how your belongings are handled, which can be a concern for those with valuable or sentimental items.

Pros of Moving Yourself

Cost Savings: Moving yourself can be significantly cheaper, as you save on labor costs and can choose a more affordable rental truck.
Control: You have complete control over the packing and moving process, which is especially important for valuable items.
Flexibility: A DIY move allows you to pack and move at your own pace, providing greater flexibility in your schedule.

Cons of Moving Yourself

Physical Labor: Moving is physically demanding and can lead to injuries if not done carefully.
Time-Consuming: A DIY move often takes much longer than hiring professionals, which can be challenging if you’re on a tight schedule.
Risk of Damage: Without professional experience, there’s a higher risk of damaging belongings or property during the move.

Tips for Hiring Movers

Get Recommendations: Ask friends and family for referrals or read online reviews to find reputable moving companies.
Request Estimates: Create a detailed list of items to be moved to help companies provide accurate estimates. Be sure to inquire about any hidden fees.
Check Credentials: Ensure the moving company is a member of relevant associations, such as the Canadian Association of Movers, and check their standing with the Better Business Bureau.
Discuss Your Needs: Inform movers about any unique challenges at your current or new home, such as narrow doorways or stairs, which may affect the moving process.
Review the Contract: Carefully read the contract to understand the services provided and any potential liabilities.

Final Thoughts on Making the Right Move

Deciding whether to hire movers or move yourself is a personal choice that hinges on your specific circumstances, including budget, time constraints, and the complexity of your move. By weighing the pros and cons and following the tips provided, you can make an informed decision that ensures a smooth transition to your new home.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Homeownership • 21 August 2024

Eco-Friendly Flooring: Sustainable Choices for Modern Homes

by Susan Moffat

Choosing new or replacement eco-friendly flooring is one of the emerging trends among house and condo owners. Eco-friendly flooring is made from, or with, more sustainable resources, such as materials that don’t deplete or permanently damage the environment (such as toxic laminates), or reusable or recyclable materials. Here are some examples:

Renewable and Sustainable

Bamboo, cork, hardwood, natural stone, linoleum, and wool carpet are just a few of the options out there. Before you buy natural flooring products, ask if the harvesting methods are verified through an accredited authority.

Repurposed and Reclaimed

Flooring made from old building structures (e.g., posts, beams, walls, and planks) is a viable alternative to grown and harvested resources. Likewise, recycled glass, plastic, and rubber provide ample raw materials for creative flooring effects. Using them also reduces landfill waste. These products can be found through decorative flooring dealers.

Final Thoughts: Investing in Eco-Friendly Flooring

When purchasing any flooring, be it natural or synthetic, it is important to know how the product is manufactured, and that it can easily be recycled when it is beyond its usefulness, as opposed to ending up in a landfill. Choosing eco-friendly flooring is not just a design choice; it’s a commitment to sustainability and a healthier future.

For those looking to enhance their home with eco-friendly flooring, check out www.greybrucetrades.ca to find local tradespeople who can assist with your projects.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Buying • 14 August 2024

Mortgages 101: A Beginner’s Guide for Homebuyers

by Susan Moffat

As a REALTOR®, I often encounter clients who are new to the home-buying process and have many questions about mortgages. Understanding what a mortgage is and how it works is crucial for anyone looking to purchase a property. Here, I’ll break down the basics of mortgages to help you navigate this essential aspect of real estate.

What is a Mortgage?

A mortgage is a loan used to purchase or refinance a home or other real estate. Essentially, it is a financial agreement between a borrower and a lender, where the lender provides the funds needed to buy a property, and the borrower agrees to repay the loan over a specified period, typically with interest.

Key Components of a Mortgage

Principal and Interest

The principal is the amount of money you borrow, while the interest is the cost of borrowing that money. Over the life of the mortgage, you will make regular payments that cover both principal and interest. The interest rate can be either fixed or variable, affecting how much you pay over time.

Mortgage Term

The mortgage term is the length of time your mortgage contract is in effect. Terms can range from a few months to several years, with five years being a common term in Canada. At the end of the term, you will need to renew your mortgage if you haven’t paid off the balance.

Amortization Period

The amortization period is the total length of time it will take to pay off your mortgage in full. This period is often longer than the mortgage term and can span up to 25 or 30 years. The longer the amortization period, the lower your monthly payments, but the more you will pay in interest over the life of the mortgage.

Down Payment

A down payment is the initial amount you pay towards the purchase of your home. In Canada, the minimum down payment required varies based on the purchase price of the home. Generally, the higher the purchase price, the larger the percentage required for a down payment.

Types of Mortgages

Open vs. Closed Mortgages

An open mortgage allows you to pay off the loan at any time without penalties, offering flexibility if you plan to sell your home or pay off the mortgage early. However, open mortgages generally come with higher interest rates. Closed mortgages, on the other hand, have lower interest rates but restrict how much you can pay off during the term without incurring penalties.

Fixed vs. Variable Interest Rates

A fixed-rate mortgage has an interest rate that remains constant throughout the term, providing stability in your monthly payments. A variable-rate mortgage has an interest rate that can fluctuate based on market conditions, which can lead to lower initial rates but more uncertainty in payment amounts over time.

The Role of Mortgage Brokers

Mortgage brokers can be invaluable in helping you secure the best mortgage terms and rates. Unlike banks, which offer their own products, mortgage brokers have access to multiple lenders and can shop around to find the best deal for you. They are particularly useful for individuals with unique financial situations, such as freelancers or those with past credit issues.

If you’re interested in working with a mortgage broker, I’d be happy to refer you to some excellent professionals in our area. These trusted partners have a track record of providing outstanding service and securing great rates for my clients. Don’t hesitate to ask me for a referral – I’m here to help make your home-buying journey as smooth as possible!

Your Next Steps in the Home-Buying Journey

Understanding what a mortgage is and how it works is fundamental for any prospective homebuyer. From the principal and interest to the types of mortgages available, each component plays a crucial role in your home-buying journey. Whether you choose to work with a mortgage broker or go directly to a lender, being informed will help you make the best decisions for your financial future. If you have any questions or need further assistance, feel free to reach out to me, your trusted Grey Bruce REALTOR®.

Looking to buy, sell, or invest? As your REALTOR®, I’ll guide you every step of the way. Contact me today and let’s turn your real estate dreams into reality!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca

Market Updates • 9 August 2024

July 2024 Real Estate Market Update

by Susan Moffat

REALTORS® Association of Grey Bruce Owen Sound MLS® home sales continue to build momentum in July.

The number of homes sold through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound totaled 262 units in July 2024. This was up by 9.2% from July 2023.

Home sales were 7.4% below the five-year average and 13.8% below the 10-year average for the month of July. On a year-to-date basis, home sales totaled 1,484 units over the first seven months of the year. This was a decrease of 4.9% from the same period in 2023.

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. The overall MLS® HPI composite benchmark price was $586,400 in July 2024, up modestly by 1.6% compared to July 2023.

The benchmark price for single-family homes was $596,000, a minor increase of 1.7% on a year-over-year basis in July. By comparison, the benchmark price for townhouse/row units was $471,700, a slight reduction of 0.2% compared to a year earlier, while the benchmark apartment price was $377,200, edging down 0.5% from year-ago levels.

The average price of homes sold in July 2024 was $638,743, a moderate gain of 6.8% from July 2023.

The more comprehensive year-to-date average price was $645,807, increasing by 1.8% from the first seven months of 2023.

The dollar value of all home sales in July 2024 was $167.4 million, a gain of 16.6% from the same month in 2023.

The number of new listings was up by 22.5% from July 2023. There were 506 new residential listings in July 2024. This was the largest number of new listings added in the month of July in more than five years.

New listings were 14.4% above the five-year average and 11% above the 10-year average for the month of July.

Active residential listings numbered 1,567 units on the market at the end of July, an increase of 29.7% from the end of July 2023. Active listings haven’t been this high in the month of July in more than five years.

Active listings were 48.7% above the five-year average and 18.5% above the 10-year average for the month of July.

Months of inventory numbered 6 at the end of July 2024, up from the 5 months recorded at the end of July 2023 and above the long-run average of 4.7 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

(1) Sales / new listings * 100; compared to levels from previous periods. (2) Active listings at month end / monthly sales; compared to levels from previous periods. (3) Sale price / list price * 100; average for all homes sold in the current month.

Board & Association Information

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage

519.377.5154

susan.moffat@c21.ca

Selling • 7 August 2024

7 Primary Bedroom Staging Ideas

by Susan Moffat

As you most likely know, staging involves setting up the furniture, art and accessories of each room to help make your home look as appealing as possible to potential buyers. It’s similar to what furniture stores do when they create displays of model bedrooms, kitchens, etc. When you’re staging your home, the primary bedroom is particularly important. Here are some simple staging tips worth trying:

Mirrors

Using mirrors strategically in a primary bedroom can create an illusion of more space and enhance the room’s brightness. Position mirrors opposite windows to reflect natural light and make the room feel larger and more inviting. Additionally, consider placing a full-length mirror on a wall or a mirrored piece of furniture to add a touch of elegance and functionality.

Give Your Bed a Refresh

Updating the bedding is a simple yet impactful way to refresh the bedroom. Choose a new comforter or duvet cover in neutral or soothing colours to evoke a sense of calm. Layer the bed with decorative pillows and a throw to create a luxurious, hotel-like appearance. This not only makes the bed the focal point but also adds a touch of sophistication.

Light it Up

Proper lighting is crucial in staging a bedroom. Ensure that the room is well-lit by opening curtains and blinds to let in natural light. If natural light is limited, add lamps or install brighter light bulbs to illuminate the space. During viewings, make sure all lights are turned on to create a warm and welcoming atmosphere.

Declutter

A clutter-free bedroom is essential for creating a serene environment. Remove unnecessary items from the room, especially from the closet and under the bed. Organize the closet by style and colour, and use storage bins to keep items tidy. A well-organized and spacious closet can be a significant selling point for potential buyers.

Depersonalize

To help buyers envision themselves in the space, remove personal items such as family photos, personal collections, and memorabilia. This allows the room to feel more like a blank canvas, making it easier for buyers to imagine their own belongings in the space.

Practice the Art of Minimalism

Adopting a minimalist approach can make the bedroom appear more spacious and less cluttered. Limit the number of accessories on nightstands and dressers to two or three items that complement the room’s theme. Opt for simple, elegant pieces such as a vase, a book, or a candleholder to add a touch of style without overwhelming the space.

Paint

Neutral colours are highly recommended for staging a bedroom. Shades like beige, grey, and soft whites create a calming and serene environment. These colours also appeal to a broader range of buyers and allow them to visualize their own decor in the space. Avoid bold or bright colours, as they can be polarizing and may not appeal to everyone.

Transform Your Primary Bedroom for Success

Ideally, you want to make the primary bedroom look like a calm and welcoming retreat. For even more inspiration and creative staging ideas, be sure to check out Pinterest!

Looking to buy, sell, or invest? Contact me today for a complimentary property valuation!

For more information, contact:

Susan Moffat, REALTOR® with Century 21 In-Studio Realty Inc., Brokerage
519.377.5154
susan.moffat@c21.ca