Howie's Favorite Realtors!

Chelsea and I had the pleasure of meeting Howie Mandel backstage at the Empire Theatre during his recent performance in front of a packed house. As usual, Howie didn't fail to entertain! Great fun and plenty of side-splitting laughs were had by all!

Fall Update

On the surface, it would appear that the real estate market has had a few good months compared to the same period last year. However, given the weaker third quarter in 2010 these numbers may be a little deceiving. For more information check out this article or give me a call at 613-394-4837.

New Play Equipment for Forest Ridge!

Thanks to Mayor John Williams for coming out to be presented with a large 'Thank You' card from the kids in the subdivision for his assistance in acquiring new playground equipment for their neighbourhood. Branden Duguay and his committee, along with Chelsea Weir, will work on getting more equipment again next year. Kudos to all!

Buy into the Fall

In an area such as Quinte, one might believe that the majority of home sales would occur during the spring or summer. This would be particularly true in the vicinity of CFB Trenton where a good part of the House Hunting Trip (HHT) season happens in the spring . However, you may be surprised to learn that in the Quinte & District Real Board (QDREB) … the Board that encompasses Trenton … the fall is also a very active time for home sales. In fact, October was the fourth busiest month for home sales in all of 2010.

Given some of the factors noted below, this fall may also be very active and thus be a great time to invest in your family’s future or to improve your quality of life.

As you may be aware, over the past couple of years the military posting season seems to have taken place over a longer period than in years gone by. This has resulted in some homes staying on the market longer than usual. In other words, there are still some homes available for sale that may have originally been listed for sale at above their appraised values but are consequently now priced below that number.

Buying or selling in the fall market is typically less stressful given that moving companies, lawyers, home inspectors, etc are less busy and can be more accommodating to your needs. Of course, not being on a four day ‘run and gun’ HHT may also relieve some pressure as well, particularly if you are now more familiar with the Quinte area.

If you have children you now know where they’re going to school and therefore know the best catchment area in which to purchase your home … that is, if you don’t plan to change their schools.

Some home sellers have already moved and left their homes empty, making the normal issue of ‘possession date’ a non-issue. If this is the case, you can probably get the home on the date you want with little or no argument.

Mortgage interest rates are still at an all time low and given the ‘global market volatility’, the forecast rise in interest rates is now on hold … at least until the end of the year. In fact, mortgage experts are now predicting fixed rates will go down instead of up and that variable rates will remain the same. Perhaps some of the money you may have lost in your RRSP portfolio can be re-couped with the purchase of your primary residence or an investment property.

Those of us with an uncertain annual salary or with uncertain job security may be more inclined to stay on the sidelines during these tumultuous economic times. However, those with a secure job and a regular salary may be able to take advantage of these times, and this fall season, to buy into the Quinte housing market.

Home Ownership in Canada Still a Safe Bet!

Want to know more? Check out this moneyville article and be sure to give me a call if you have any questions or if you would like to discuss home ownership in the Quinte area!

QUINTE REAL ESTATE

In July, there were 118 residential sales between $150K and $249K in the Quinte & District Real Estate Board. This represented 52.68% of all residential sales for the month.

Quinte ... a great place to live ... and reasonably priced homes as well!

Your Spring Market Update!

As you may have heard, the Quinte & District Real Estate Board (QDREB) reported that there were 25% fewer properties sold in April 2011 vs April 2010. Granted, some of this decline in sales may be attributed to the poor weather so far this spring. In addition, we recognize that last year’s sales were brought forward as buyers wanted to purchase in advance of the introduction of the HST which took place on 1 July 2010.

The May 17th issue of the Toronto Star also reported a 14% reduction in home sales nationally for the month of April 2011 versus the same period last year. In addition to the points outlined above, it was also noted that changes in the amortization rules may have cooled the market. That is, the reduction of the maximum amortization period from 40 years to 30 years effectively took some buyers out of the market and it reduced the amount some buyers can spend on a home.

For those of you who are hoping for a military buyer for your home, please be aware that many military personnel have already been to the area and purchased their homes. While there will undoubtedly be more to come, I would suggest that the 'door to door' move policy has effectively dragged our normal spring market into a spring and summer market. In other words, homes may not sell until June or July when, in the past, they may have sold in April or May.

With all of these factors in mind, please be aware that competitively/realistically price homes always sell first. The average sale time of a typical in-town home should be 30-60 days and it will usually sell within 95-99% of its final list price (not necessarily the original list price). Please keep in mind that appraisals are still only one person's opinion and represent a snap shot in time. For example, a home that was appraised at a certain value one month ago may be worth less a month later as more comparable sales occur. Moreover, if a home has been on the market 20-30 days without a price reduction it will look stale to a potential buyer.

While the information in the previous paragraph is not new information, it is even more important to remember it given the sales data reported by the QDREB and Toronto Star noted above. In other words, times are becoming more challenging for sellers. Those homes that are priced properly and reduced in price regularly will be the most likely to sell. In fact, if the number of sales continues to drop in the month of May, prices will likely fall as well.

If you are selling and staying local, you will reap the benefit of any price drops when you buy in the same market place. If you are selling and moving out of the area, you will have a better selection of homes the sooner you sell here.

If you would like to read the full reports from the QDREB or Toronto Star article please check out our Facebook Page at Team David Weir. If you would like further information or clarification please contact me anytime via our private line at 613.885.9347 or david@davidweir.com

Driver & Vehicle Online Services

No need to stand in line at the Vehicle License Bureau this year. You can now get service online quickly and securely. Some of the online services include:
• renewing your licence plate validation sticker
• obtaining an electronic driver or vehicle abstract
• ordering a personalized licence plate
• ordering a Used Vehicle Information Package

Check out the official website for more!

Moving to Trenton?

Check out these great vignettes showing life in the Trenton and Quinte regions. Lots to see, do, and love about this fantastic community! Give me a call if you need any information about real estate in this area ... waterfront, executive homes, retirement developments! You need it, we have it all!

Support Our Military Families!

David Weir BA, CD of Royal LePage ProAlliance Realty and Doug Comeau of Timberwolf Gallery present Susan Sweetman, Executive Director of the MFRC and Wendy Synott of the MFRC with a donation of a framed limited edition print. David and Doug have been supporters of the MFRC Invisible Ribbon Gala since its inception. If you would like to donate an item for auction at the Military Family Resource Centre’s annual fund raiser or to buy a ticket to attend the Invisible Ribbon Gala on Saturday May 7th, please contact Wendy at 613.392.2811 local 3557.

Rising Electricity Costs in Ontario!

Considering a home with electric heat? How about programming your appliances to run during the 'off-peak' time of use period? Check out this article about Ontario's drastic increase in electricity costs over the next five years.

FREE Home Staging Seminar!

Home Staging Seminar Tuesday night (March 1st) at the CFB Trenton MFRC behind Timmies. All welcome for the 7:00 PM start. A professional Stager will be there ... you don't want me to suggest paint colours and how to arrange your furniture :>)

JTF Move Still a Go!

According to a recent article in The Intelligencer, the JTF move to Trenton is still in the works ... although not as early as 2011 as originally anticipated. One more land deal to finalize and, hopefully, one step closer to making it a reality for 2012. Read the entire report here.

RENOVATED OFFICE OFFICIALLY OPEN!

Suzanne Andrews, Quinte West Chamber of Commerce, David Weir BA, CD Top Sales Rep for Royal LePage ProAlliance Realty, Mark Rashotte, owner of Royal LePage ProAlliance Realty, and Mayor John Williams are seen cutting the ribbon in celebration of the newly renovated second floor office space at 253 Dundas Street East in Quinte West.

The $125K renovation represents the first phase of the 25 year old building's revitalization. An additional $500K will be spent in the local economy when the second and third phases are completed over the next two years.

Rashotte, who is also owner of The Empire Theatre in Belleville, will also house one of his Dominion Lending Mortgage franchises in the Trenton office. This will allow for one-stop shopping as far as real estate and mortgage business is concerned. Royal LePage ProAlliance is the closest real estate office to CFB Trenton and captured more than 50% of the local real estate market in 2010.

Coming to Trenton? Reserve Early!

Going to be in Trenton the weekend of 7 - 8 May 2011? Book a room now because fishing takes over the area! http://www.kiwaniswalleyeworld.com/v2/

My Crystal Ball is Telling Me ....

In our profession, we are constantly asked "how's the real estate market doing"? At this time of the year, we are more likely to be asked for a prediction as to what's "going to happen this year".

From my perspective, it would appear that the first half of 2011 will be similar to the first half of 2010 ... steady sales and very modest price changes ... good things. In other words, the market is stable and predictable. The days of large price increases are behind us and, hopefully, dramatic price decreases are not awaiting us.

New home construction history is a good argument for this analysis. For example, Reed Construction Data Canada reported that housing starts in Canada averaged 222,000 units per year between 2002 and 2008. However we dipped dramatically to 112,000 units in 2009. Since early 2010, the national monthly [housing] start level has averaged slightly below 200,000 units on an annualized basis.

For those selling this year, we would suggest that by March or later your asking price should be 'on the money' as opposed to 'fishing for a higher price'. As you go forward into the spring more and more homes come on the market to compete for the limited amount of buyers. More importantly, the fear of increased mortgage rates (which has already started to happen) will encourage buyers to get into the market place earlier as opposed to later in the year. We love to talk pricing strategy.

For those buying this year, get a mortgage commitment letter from your lender as early as you can. Try to get the interest rate 'promise' for as long a period as possible. Keep in mind that you have to be in your new home before the commitment runs out. The rules for insured mortgages from Canadian lenders has become more restrictive and, as mentioned above, the interest rates are on their way up. No need to help the banks make 'record profits'. We can help you get better rates and terms on a new or renewed mortgage.

Finally, our team is off to a great start in 2011 and we hope to be your 'go to' real estate source this year. Our advice is free and is available in both official languages!

Plan Ahead!

Buyers should be locked in & sellers should be thinking price reduction. Check out the Globe and Mail's recent article on rising mortgage rates. Give me a call to discuss how we can help!

Interest Rates Going Up!

TD Bank just boosted their 5-year mortgage interest rate. Buyers get pre-approved before the rest of the banks follow suit!!

Everyone Wins!

Captain Ken Hannon of CFB Trenton and David Weir of Royal LePage ProAlliance Realty present a $500 cheque to Sue Rollins of the Canadian Cancer Society of Hastings Prince Edward. Ken was the winner of David's fall contest to sponsor a favourite charity. Over the past several years, Ken and his colleagues at the the Air Traffic Control Unit have raised over $60,000 to help fight cancer. Sue Rollins can be reached at 613.962.0686 if you would like to make a donation.

Did You Know?

... that the Canadian Association of Accredited Mortgage Professionals, which represents the mortgage brokerage industry, released a study late last year that showed mortgage debt in Canada surpassed $1 trillion for the first time in 2010. About 22 percent of all new mortgages had amortization rates longer than 25 years, up from 18 percent the year before.

BUYING A HOME WITH A RENTED HOT WATER TANK?

In 2002 Direct Energy signed a consent order with the Federal Competition Bureau that protects customers from long-term contracts and exit fees related to hot water tank rentals.

The consent order expires in 2012 but Direct Energy asked for relief based on the intense competition from door-to-door rivals using the same tactics.

The Competition Bureau agreed to long-term contracts and exit fees with water heaters installed after 16 September 2010, or in new homes built after January 1st, 2011.

Direct Energy refers to a 'buy-out schedule located on our website'. When offering to purchase a home with a rented water heater, ask for a copy of the contract to see if you are liable for an exit fee or long term contract. Find out if there's a termination fee to end the contract early and, if applicable, ask your REALTOR® to adjust your offer so the seller pays this fee.

Send me an email if you'd like to talk more about this. I'm at david@davidweir.com.

Cheers!

FREE Saturday Matinee!

The Client Appreciation Movie has been scheduled! Team Weir is inviting its real estate clients to join us for a family movie at the Empire Theatre on Saturday, 23 February 2011. The movie, popcorn, and a drink are compliments of David!

This year, the feature presentation is 'Megamind', starring the voices of Will Ferrell, Brad Pitt, and Tina Fey. The super-villain 'Megamind' finally conquers his nemesis, the hero Metro Man ... but finds his life pointless without a hero to fight.

We have purchased tickets for the 2:30 PM showing so be sure to reserve your tickets early as seats are limited. Send Robyn an email at robyn@davidweir.com or give her a call at 613-965-3637.

Until then, don't forget ... we're never too busy to help your family and friends with their real estate needs as well. Cheers everyone!