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January 2024 Newsletter
The latest Ottawa real estate stats are listed for you below, along with an article entitled : 5 New Homeowner Mistakes You Can Easily Avoid (And How to Avoid Them)
Purchasing a home is an emotionally charged experience that can cloud the judgment of even the savviest of buyers so this month, there are some tips on how to avoid buyer’s remorse.
Finally, with interest rates much higher than we’ve been used to, there are a few debt management strategies to help you and your loved ones shake off the shackles of debt.
Thanks for checking out this month’s newsletter. Please reach out if you ever have any questions about real estate, even if it’s just to find out what the house down the street sold for – it’d be great to hear from you!
Regards,
Ian Campbell
Ottawa’s real estate market thawed in January but sales were still slow.
The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 629 units in January 2024. This was an increase of 16.5% from January 2023.
“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President Curtis Fillier.
“While REALTORS® are telling us there’s lots of showing activity, probably thanks in part to the forgiving winter thus far, it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously.”
“During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place.”
In January, the overall MLS® HPI composite benchmark price was $621,600, a gain of 3.2% from January 2023. The benchmark price for single-family homes was $703,500, up 3.7% on a year-over-year basis in January.
By comparison, the benchmark price for a townhouse/row unit was $462,200, down 2.1% compared to a year earlier. The benchmark apartment price was $418,500, up 3.7% from year-ago levels.
The average price of homes sold in January 2024 was $631,722, increasing 1.8% from January 2023.
The number of new listings saw an increase of 7.3% from January 2023. There were 1,271 new residential listings in January 2024.
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Please don’t hesitate to reach out for detailed stats that are specific to your neighborhood, or even if you’re just curious about what the house down the street sold for – it’d be great to hear from you! Reach me here : Ian Campbell
5 New Homeowner Mistakes You Can Easily Avoid (And How to Avoid Them)
Keep these tips and tricks in mind as you learn the ropes of being a homeowner.
Become a first-time homeowner is one of the most exciting and stressful times of your life, even after the closing papers have been signed and key is in hand. Suddenly, you’re faced with a whole new set of challenges: how to manage a home that’s yours, not your landlord’s. There are a lot of opportunities to learn—and as you learn, mistakes will be made.
Luckily, many new homeowner mistakes can be easily avoided with a little preparation. Don’t let the following potential mistakes damper your excitement. Instead, plan ahead and keep these tips and tricks in mind as you learn the ropes of being a homeowner.
Ignoring Routine Maintenance
You likely just did a walk-through with a licensed inspector during the homebuying process, so you’re aware of what issues need attention and which can wait. That’s not where home maintenance stops. Home maintenance includes tasks you may have never thought of before, like cleaning the gutters, power-washing the house, prepping your pipes for winter and much more.
The best way to avoid missing these critical tasks, which could lead to costly damage, is to set up a quarterly or monthly maintenance schedule for all of the areas of your home. This should include indoor and outdoor maintenance as well as details like plumbing and electrical. Use this checklist from Better Homes and Gardens as a starting point to creating one that’s specific to your home’s unique needs.
Not Budgeting for Additional Expenses
Moving can be expensive but any veteran homeowner will tell you that there’s always more to budget for—and these issues seem to pop-up out of nowhere, like a broken washer right after you need to patch a leak in the roof. Plan for the unexpected by putting away extra money for emergency house needs.
Experts at HGTV suggest putting away 1 to 3 percent of your home’s purchase price each year to develop an emergency fund. They give the example, “For example, if your home cost $300,000, set aside at least $3,000 each year. Make one large deposit or spread the amount out in monthly deposits.”
Getting Locked Out
Being a new homeowner can make you more susceptible to being locked out: you have the new keys, you run out to get something and realize that the new key isn’t on your old keyring. You walk outside with the trash, forgetting that the new door locks behind you.
This mistake can lead to another one: choosing a locksmith that’s not reputable. In your hurry to get back into the house, it’s easy to forget to do your research and listen for clues that something’s not right.
That’s why experts from Lokology Locksmith share an important tip, “Ask the locksmith for an estimate prior to their arrival. If the locksmith cannot give you a quote or a price range over the phone—that should be a red flag.” This is a simple way to test whether a company is reputable to reinforce the quick research you did.
Making Major Renovations Right Away
It’s exciting to think about how you’ll make your new home feel more like yours with renovation projects. While small changes are to be expected, major renovations should wait. Give yourself time to live in the home, see how it feels, and determine what larger renovations will look like as needs arise.
For example, you may find the location of your fridge makes it hard to move around the kitchen seamlessly. This might be a focus of your kitchen renovation that would have otherwise not been considered.
Making Major Life Changes at the Same Time
As you can see, becoming a first-time homeowner is a lot of work. Adding to that by having a baby or getting married at the same time only increases the likelihood that you’ll make mistakes or become overly stressed. If possible, leave yourself time to get to know what it’s like to be a homeowner and avoid making costly mistakes that come with being stressed, and in-turn, overlooking simple details.
Avoid New Homeowner Mistakes
There are some mistakes you can’t avoid—but many others that you can. As you get familiar with your role as a homeowner, keep these simple mistakes in mind. If you plan ahead as best you can, you’ll be able to enjoy all the excitement of owning your first home with less stress and frustration.
A Complete Glossary of Home Selling Terms
To help prepare you for the home selling process, we’ve created a complete glossary of real estate terms.
What’s the CMA of your home and does the buyer have a plan for paying the closing costs? Does that sound like a lot of mumbo-jumbo? If it does, then it’s time that you get up to date on the latest real estate lingo.
When selling a home, it’s impossible to avoid real estate terminology. Everyone uses it from your real estate agent to your bank loan manager and the home seller. If you don’t know what they’re saying, you could put yourself at risk of a bad deal or an unfortunate misunderstanding that can cause endless trouble for closing the deal.
To help prepare you for the home selling process, we’ve created a complete glossary of real estate terms.
Appraisal — This is an estimate of the property’s worth/value. To determine the value of your home, you’ll need a real estate appraisal with expertise in your geographic area. Continue reading
Why You Really Need a Home Inspection
Buying a house is probably the single largest investment you’ll ever make – learn how getting a home inspection can help you get the most value for your home.
Buying a house is probably the single largest investment you’ll ever make, and you want to ensure you get the best value for your hard-earned dollar. That’s why more and more home buyers today are turning to professional Home Inspection experts. A professional Home Inspector takes a close look beneath a house’s surface, and then prepares a detailed written report for the prospective buyer on such things as the condition of the foundation, electrical service, roof, insulation, and other critical structural factors. Your Coldwell Banker sales professional can help you connect with an experienced trusted Home Inspection service in your community.
Although costs will vary, you can probably expect to spend two to three hundred dollars for an inspection of a single family home. And who pays for it? Well, since the benefit is almost entirely that of the home buyer, it’s usually the buyer who pays the cost of the home inspection …particularly in a “hot” real estate market, where the home sellers have more leverage. All things considered, it’s a small price to pay for the peace of mind it provides, and the negotiating power it can give you — especially if it indicates that there are major repairs required, but you decide to make an offer anyway.
When it comes to making your offer to purchase, your Coldwell Banker professional can provide you with good advice on how to allow for a home inspection as a part of this process. Subject to the homeowner’s permission, you can commission a Home Inspection before or even after submitting your offer to purchase. This is done by having your Coldwell Banker salesperson prepare a conditional offer that’s contingent on a Home Inspection report that’s acceptable to you. This approach gives you some distinct advantages: if the conditional offer is accepted, the property is temporarily held against other offers, yet you still have a legal escape route if the report turns up some major negative surprises, such as a bad roof or a crumbling foundation. On the other hand, if the conditional offer isn’t accepted, then the need to pay for a home inspection may never arise. Your Coldwell Banker professional can counsel you on the best approach to suit your market and your individual situation.
For more information about inspections click here.
How to Choose the Most Important Features in a Home
Determining exactly what to look for is often the most difficult part of the home search. Learn how to focus on the most important features and ignore the rest.
Buying a home can be a long process. Approaching it correctly from the beginning can save a great deal of time and effort later and help improve your chances of finding the right home for you.
Make a List of the Most Important Aspects You Want in a Home
Determining exactly what to look for is often the most difficult part of the home search. Homes come in varying shapes and sizes, with different colors and characteristics. Paying attention to all of these details can become problematic, causing you to lose focus.
The best way to avoid this is to sit down ahead of time and make a list of the most important aspects of the home you want to buy. For example, you likely have a certain number of bedrooms in mind. Maybe you want to be in a certain school district, or perhaps you want a larger kitchen.
Some experts recommend making a secondary list of desirable characteristics that you can do without, but would prefer to have, if possible. This list can be longer and used to narrow down choices or decide between homes if more than one is appealing.
Know How to Identify Cost-Efficient Fixer-Upper Homes
When evaluating potential homes to buy, experts note that you shouldn’t put too much emphasis on easily altered cosmetic details like the color of the walls. Repainting may not be convenient, but it is one of the cheapest and easiest changes to make to a home.
Attention might be better focused on aspects that cannot be altered without extensive and expensive work, such as the floor plan. It may also be difficult to ignore the furniture and belongings of the home’s current occupants, but you should remember those items will not be there if and when you move in and make it your own.
Is It Time to Rightsize Your Home?
Whether you’re an empty nester with unused rooms or need more space to raise your growing family, finding a home that fits your current lifestyle may be the best option.
Does your home still fit your needs or is it time to think about the benefits of buying a new one as you enter the next phase of your life? Whether you’re an empty nester with rooms that are no longer used or need more space to raise your growing family, rightsizing – finding a home that’s the ideal size for your current lifestyle – may be the best option.
Assess Your Living Space. Before deciding whether to right-size, take stock of your everyday life and ask yourself a few questions, including:
- Are some areas of the house, like formal living and dining rooms, rarely used?
- Is a dedicated office a must?
- Do you want a hobby area or kids’ playroom?
- Is your kitchen too big or too small?
- Is the garage the right size?
- Do you prefer a large yard or a cozier outdoor living space?
Look to the Future. If you decide it’s time to make a move, consider your current lifestyle as well as potential changes in circumstances that could occur in the next few years to determine what size home is best. Maybe you’re planning to have more children, retire in a few years or anticipate an aging parent moving in with you. While you might not need extra space right away, you could in the near future.
Great Layout vs. Square Footage. Getting hung up on a property’s square footage could mean missing out on your dream home, especially in today’s highly competitive market. If a house or condo has the number of bedrooms, baths, kitchen and amenities you want, but its square footage is somewhat less than you envisioned, it still may be worth considering if it has a well-designed layout that uses space efficiently.
Review Your Finances.
Whether you’re looking to downsize or up-size, how much you can afford extends beyond monthly mortgage, tax and insurance payments. Relocating from a sizable residence to a condo or townhome – perhaps in a maintenance-free community with amenities – could mean significantly higher HOA fees and require you to buy new furniture that fits smaller spaces, while a bigger house will have higher utility costs and need additional furnishings to fill extra rooms.
Regardless of your reason for wanting to move, Ian Campbell has the tools and resources to help you sell your current home and find a new one that’s right for you.
Two-Month Moving Checklist
Follow this two-month checklist to keep your move on track.
The pandemic stay-at-home protocols forced us to reevaluate our homes and where we live. Questions about our home size, needing a home office long term and thoughts of relocation to more affordable cities or closer to family were on the minds of many during the last year. Whether due to a life change or a change brought about by the pandemic, millions of people are moving and creating the “Great Reshuffling.”
This record rise in Americans moving, coupled with the typical busy moving season in the summer and a shortage of workers, has created the perfect storm. Moving companies are incredibly busy and are working hard to hire the qualified help they need. Moving is challenging enough without scrambling to find a reputable moving company.
So what does this mean for those planning to move this summer? Plan ahead! Make your moving reservations as early as possible to beat the surge and put your organizational skills in overdrive.
If possible, give yourself eight weeks to handle the moving to-dos in an orderly, low-stress manner. Use the steps below in this two-month moving calendar to keep you calm and prepared. Simply follow these steps and check them off one-by-one:
EIGHT WEEKS TO GO:
- Start the process of selecting a mover
- Check a mover’s record with the Better Business Bureau in your state and social review sites. A great reputation is the best way to choose a mover
- Book your mover
- Start to inventory and divide up your belongings: Decide who gets what, which items to donate, recycle, to take and which items (if any) need to go into short-term or long-term storage
FOUR WEEKS TO GO:
- Mail change of address cards or change your information online at the following:
-
- Post office
- Local Department of Motor Vehicles for License & Registration
- Social security
- Insurance companies
- Credit card companies
-
- Credit bureau and/or other creditors
- Employer (to forward W2s)
- Broker
- Mail order accounts
- Magazines
-
- Friends and relatives
- Gather personal records (medical, dental, etc.)
- Arrange to transfer children’s school records
- Gather all pet’s vet records and make sure all pets are microchipped and chip corresponds to a cell number that goes with you on your move. Order new tags and licenses with new address and your cell phone number
- Check homeowner’s insurance policies to see if moving is covered. Be sure your new home is protected by transferring fire, theft and other personal-property insurance
- START TO PACK
THREE WEEKS TO GO:
- Make arrangements to discontinue current utilities and schedule the start-up of new utilities:
-
- Landline telephone service
- Cable TV
- Internet
- Electricity (check for refund)
- Gas (check for refund)
-
- Fuel oil
- House cleaners
- Babysitters
- Dog walkers
- Gardeners
-
- Pool Service
- Diaper service
- Water
- Water softener
- Parking
-
- Other: ________________________
-
- Have appliances serviced for shipment
TWO WEEKS TO GO:
- Arrange to transfer local bank accounts
- Ask doctors, dentists and veterinarians for medical records
- Cancel newspaper delivery
- Refill all prescriptions. Get prescriptions transferred to a new pharmacy closer to the new home
- Make arrangements to move children and pets. Do you need a babysitter for a day or two? A pet sitter?
- Confirm that the mover will move houseplants; if not, make arrangements. Houseplants, usually, cannot be moved by a mover, especially on long distance or out of state moves
- Start to disassemble any shelving, closet systems, etc. that you plan to take or arrange with the mover that they will be doing this on the day of the move
- If you need one, hire a cleaning crew to come clean your empty place to get your deposit back. Will your new place need a cleaning crew before you move in too?
ONE WEEK TO GO:
- Pack in separate boxes the items necessary for first days in the new home: Label “LOAD LAST.” And label where to put each of those boxes in your new home:
-
- Medicine (always keep prescriptions on you)
- Comfortable clothes
- Linens and towels
- Toothbrushes and toiletries
-
- Paper goods
- Disposable plates and silverware
- Foil and wax paper
- Plastic containers
- Microwave
-
- Vacuum cleaner
- Garbage bags
- Tool kit
- Step ladder
- Extension cords
-
- Light bulbs
- Cleaning items (mop and pail, broom and dust pan, etc.)
-
- Each member of the family should also pack a suitcase with what they need for a few days while you’re getting settled into your new place. Don’t forget cell phone chargers, medications and favorite teddy bears
- If the movers are packing all or part of your belongings, call to schedule and confirm the details. Make sure your mover knows how much packing you expect to do yourself and how much you expect them to do
- Plan to use up most food items before the move. If you have any leftover food on moving day, donate it to local Food Bank.
- Register to vote
TWO DAYS TO GO:
- Defrost and dry refrigerators/freezers to be moved
- Gather valuables and important documents from jewelry cases, safe deposit box, etc. to take with you in the car. Do not pack these items with your other belongings
MOVING DAY! YOU MADE IT!
Congratulations, you conquered “The Great Reshuffling!” Not only did you move during a very unique time, you stayed organized and, hopefully, the entire process was much more stress-free. As the winner of this moving marathon, you now get to slowly unpack and peacefully settle into your new and improved lifestyle.
Insider Tips to Buying a Home in Today’s Market
Tips for Buyers
It’s always hard to predict the future, especially with the housing market. But one thing is for sure – real estate remains a sound investment. If you’re looking for your dream home, here are some tips to help set you up for success and guide you through this buying season.
Assess Your Financial Health
Before you fall in love with your dream home, make sure you’re prepared to purchase it. Take a look at your bank accounts along with your monthly spending, so you have a clear and realistic picture of your finances. This will also help you figure out how much you can afford to put toward a down payment. It’s also a good time to check your credit score. Most importantly, you’ll want to meet with a loan officer to get pre-approved, so sellers take you seriously and you’re in a better position to make a strong offer.
Tip: A pre-approval gives you more negotiating power because it tells the seller and real estate agent that your funding is in place and ready to go.
Stay Flexible
Whether it’s time or money, be prepared to give a little more. Say for instance, there’s competition on a house and you’ve been outbid, but you have the flexibility to give the seller the extra time they need to close and move out. That can make a huge difference and could even put you ahead of the competition. Showing the seller that you’re willing to go the extra mile to purchase their home could earn your offer a second glance, especially if it helps make their life easier.
Tip: Try to refrain from asking for favors. This is not the time to ask the seller to give you the refrigerator or washer and dryer, part with playset or paint the front door.
You Found the One
You found a home that meets all or most of your wish list, it’s within your price range and you’ve stalked the neighborhood to make sure it’s right for you. Now’s the time to make an offer. Keep in mind that your opening offer should be based on two things: what you can afford and what you really believe the property is worth. Sure, there’s always a possibility that there will be other offers, regardless of the time of year and the market, but try not to let that influence you to pay more than you should.
Tip: Offer more earnest money. While it’s not always required, it could help you stand out in this competitive housing market. Sellers like buyers that make these good faith deposits because they want assurance that the sale won’t fall through.
Buying a new home is an exciting time and can also be a stressful time, but if you’re prepared and keep these tips in mind, you should find it a much smoother process. And finally getting the keys to your new home makes it all worth it!
If you have any questions regarding the Purchase of a home or any other Real Estate replated questions do not hesitate to reach out Contact Ian Campbell
Family Day
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5 New Homeowner Mistakes You Can Easily Avoid (And How to Avoid Them)
Keep these tips and tricks in mind as you learn the ropes of being a homeowner.
Become a first-time homeowner is one of the most exciting and stressful times of your life, even after the closing papers have been signed and key is in hand. Suddenly, you’re faced with a whole new set of challenges: how to manage a home that’s yours, not your landlord’s. There are a lot of opportunities to learn—and as you learn, mistakes will be made.
Luckily, many new homeowner mistakes can be easily avoided with a little preparation. Don’t let the following potential mistakes damper your excitement. Instead, plan ahead and keep these tips and tricks in mind as you learn the ropes of being a homeowner.
Ignoring Routine Maintenance
You likely just did a walk-through with a licensed inspector during the homebuying process, so you’re aware of what issues need attention and which can wait. That’s not where home maintenance stops. Home maintenance includes tasks you may have never thought of before, like cleaning the gutters, power-washing the house, prepping your pipes for winter and much more.
The best way to avoid missing these critical tasks, which could lead to costly damage, is to set up a quarterly or monthly maintenance schedule for all of the areas of your home. This should include indoor and outdoor maintenance as well as details like plumbing and electrical. Use this checklist from Better Homes and Gardens as a starting point to creating one that’s specific to your home’s unique needs.
Not Budgeting for Additional Expenses
Moving can be expensive but any veteran homeowner will tell you that there’s always more to budget for—and these issues seem to pop-up out of nowhere, like a broken washer right after you need to patch a leak in the roof. Plan for the unexpected by putting away extra money for emergency house needs.
Experts at HGTV suggest putting away 1 to 3 percent of your home’s purchase price each year to develop an emergency fund. They give the example, “For example, if your home cost $300,000, set aside at least $3,000 each year. Make one large deposit or spread the amount out in monthly deposits.”
Getting Locked Out
Being a new homeowner can make you more susceptible to being locked out: you have the new keys, you run out to get something and realize that the new key isn’t on your old keyring. You walk outside with the trash, forgetting that the new door locks behind you.
This mistake can lead to another one: choosing a locksmith that’s not reputable. In your hurry to get back into the house, it’s easy to forget to do your research and listen for clues that something’s not right.
That’s why experts from Lokology Locksmith share an important tip, “Ask the locksmith for an estimate prior to their arrival. If the locksmith cannot give you a quote or a price range over the phone—that should be a red flag.” This is a simple way to test whether a company is reputable to reinforce the quick research you did.
Making Major Renovations Right Away
It’s exciting to think about how you’ll make your new home feel more like yours with renovation projects. While small changes are to be expected, major renovations should wait. Give yourself time to live in the home, see how it feels, and determine what larger renovations will look like as needs arise.
For example, you may find the location of your fridge makes it hard to move around the kitchen seamlessly. This might be a focus of your kitchen renovation that would have otherwise not been considered.
Making Major Life Changes at the Same Time
As you can see, becoming a first-time homeowner is a lot of work. Adding to that by having a baby or getting married at the same time only increases the likelihood that you’ll make mistakes or become overly stressed. If possible, leave yourself time to get to know what it’s like to be a homeowner and avoid making costly mistakes that come with being stressed, and in-turn, overlooking simple details.
Avoid New Homeowner Mistakes
There are some mistakes you can’t avoid—but many others that you can. As you get familiar with your role as a homeowner, keep these simple mistakes in mind. If you plan ahead as best you can, you’ll be able to enjoy all the excitement of owning your first home with less stress and frustration.
