tag:blogger.com,1999:blog-70134728703368123612024-03-13T15:43:31.532-04:00Leading The Way ... Home !A (mostly) real estate blog from Lee&Gord Martin. We hope it will be informative and fun, talking about current events and issues, how the business works, and more.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.comBlogger83125tag:blogger.com,1999:blog-7013472870336812361.post-32957379734502053672015-06-05T15:01:00.000-04:002015-06-05T15:01:58.972-04:00Kids with huge mortgages:be happy. Debt-free parents: worry[This blog. I'm sure I read that a post a year was all it took to get a huge readership. Turns out it was once a day. I'm going to try one more time to get closer to once-a-"something closer to a day than a year". What better way to restart than an attempt to scare the bejeebies out of some of you? ...]<br />
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This article recently appeared in the Globe <a href="http://www.theglobeandmail.com/report-on-business/rob-commentary/is-it-the-right-time-to-sell-your-house-look-at-the-historical-data/article24622541/" target="_blank">"Is it the right time to sell..."</a><br />
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For the better part of a decade, Lee and I have been unhelpfully telling people that all we know is that we <i>don't</i> know, and that a real estate market correction, while inevitable, is a crapshoot in terms of the all-important "when?" and "how big?". <br />
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If you haven't heard the rant at all or recently, it goes like this: On any given day I can find a well-researched article in the Report On Business by a very smart respected expert that clearly proves the market is going to crash ... now. And about 3 pages before or after is an equally well researched article by a very smart respected expert proving that everything is fine ... relax. <br />
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Six or seven years ago I would have advised caution; I was not totally stupid or totally disrespected and I did have some middling expertise, and I was totally wrong.<br />
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Our current thinking is that whatever happens, whenever it happens, will be fairly gentle -- maybe a flattening rather than an actual fall. But I could be wrong again ... the most worrisome point being that a lot of those smart experts now agree with that theory.<br />
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So why is this latest article worthy of note? It suggests the same story: real estate goes up and down over time, but over time the overall direction is up. It suggests there has to be a correction and maybe soon, but if you hang on you'll be fine.<br />
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But the author touches on an interpretation that I haven't seen talked about much, and which somewhat counters a fear that <i>is </i>being talked about all the time.<br />
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Younger folk are taking on massive amounts of debt to get into what may be a too-hot market. Danger Danger Danger! Well, so long as they can handle an increase in interest rates without losing the house they will be fine in a few years, maybe a decade. Hang tough and let that price curve get back to its historic upward run.<br />
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Meanwhile their baby-boomer parents think life is golden. They bought a house back in the day for what is now their credit card limit. Now it's worth one or two zillion dollars. Once the last kid leaves for the last time and retirement is imminent, they can cash in on the 4 bedroom detached, buy the nice two bedroom condo and live the good life on the equity that is now a huge gob of cash in their investment accounts.<br />
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Financial planning types occasionally scare the crap out of their clients by noting the massive difference that a bust/boom in the first few years of retirement can make to the whole rest of your life. A 10 or 15% drop in the value of your finances in the first year or two can be hard or impossible to replace if you aren't careful.<br />
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The point: If the equity of your house is important to your retirement years, you might want to lock that in rather than just waiting until your hips hurt and you don't like the stairs anymore.<br />
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Think about it as a regular investment. If you invested half your savings in a stock (Apple or Blackberry, take your pick based on your optimistic/pessimistic tendencies) and it doubled in a few years and you were getting close to retirement, would you hang on to it or take some profits and diversify a bit?<br />
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If that home equity is just gravy to pay for an extra cruise each year, then continue as you were and move whenever you are ready. But if it is key to your envisioned lifestyle, manage it as the important financial asset that it is.<br />
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UPDATE: And CBC hopped onto this issue, but with a bit of an emphasis on Halifax and some other markets that may have already peaked and a few senior owners having an "uh-oh" moment.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-54421313634382924212014-02-28T11:40:00.000-05:002014-02-28T11:40:37.940-05:00Scuzzy Real Estate Agents?Used to be that Realtors® alternated with used car salespeople for the low rung on the trusted-profession ladder. But I have felt for several years that our industry has become much better. Far from perfect. But a lot better. This morning it occurred to me, as I was "enjoying" the latest story of professional sliminess on the news, that among the more recent stories of misbehaviour I hadn't heard real estate mentioned for quite some time.<br />
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We have a Bitcoin (whatever that is) broker going bankrupt because they misplaced $465 million. A Scotiabank "financial advisor" promised a conservative investor (who was actually an undercover reporter) a 30-40% annual return. Googling "lawer jokes" gets 26,500,000 results. And I have it on good authority that when medical professionals get together for coffee or beer the top discussion is how, in a busy and crowded operating room, Dr. Doodnaught managed to perform his repulsive acts of sexual assault.<br />
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So be careful out there. Not just in real estate, do your homework until you have real confidence that the professionals you hire are capable ... AND TRUSTWORTHY.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-54155301387597627082013-12-03T20:09:00.001-05:002013-12-03T20:09:14.190-05:00If it's too good to be true …Here is a CBC article with an illustrative article about a real estate fraud. Note that variations are more common than one might think. Renters, buyers, sellers should all take care. Everybody wants a great deal, but you also don't want to find out you just fell for a softened version of the Nigerian Prince.<br />
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<a href="http://www.cbc.ca/m/touch/canada/ottawa/story/1.2445689" target="_blank">"Fake real estate ads prey on buyer desire for home deal"</a><br />
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A less expensive version occurred recently on our turf. A listing of ours, word for word, showed up on a site flogging homes in foreclosure that you could buy for half of market value. The actual home was on MLS and debt-free. The tease is to get people to subscribe in order to get the addresses.<br />
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Know who you are dealing with. And if it's too good to be true ...Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-76223823564578503942013-06-04T19:52:00.001-04:002013-06-04T19:52:50.819-04:00Not All Junk is necessarily JunkWhy do you get all that crap in your mailbox from agents?<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs7yM6PmydeZC5KMH6OWfF3vMyaczEOMAxP0H6sWJdbr_c82jtVd769iTeifjwwdHpiptFIzLlPRitNU6IWvkLTjQS_2O7cSOqmu0RejidLrYSB7SNR6Ox-a-9N_OerkG3ztN_UbSvjnuP/s1600/junk-mail-island.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjs7yM6PmydeZC5KMH6OWfF3vMyaczEOMAxP0H6sWJdbr_c82jtVd769iTeifjwwdHpiptFIzLlPRitNU6IWvkLTjQS_2O7cSOqmu0RejidLrYSB7SNR6Ox-a-9N_OerkG3ztN_UbSvjnuP/s320/junk-mail-island.gif" width="304" /></a></div>
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Because, for a rep to be in your mind for that day when you actually need real estate service, they have to do things that help you think of them at that critical time. Some of the big teams handle that by putting something in your mailbox virtually every week. It may annoy you at the time, but they do it because it works. Luckily, most of us can't afford to do that even if we wanted to.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrcZ3aI9CzYCmwaxIYMQIki83aMrflDjWV0cnCdDMUpbuBqBqPDo3O52CyAlaS88M4acNJxoqQV8xikxwCYzDAL-Et4oloXpOYr3xnGAQRHJWl62mxvVPxbNwehnitS17-uuMcU7U3c2Eh/s1600/No-junk-mail.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjrcZ3aI9CzYCmwaxIYMQIki83aMrflDjWV0cnCdDMUpbuBqBqPDo3O52CyAlaS88M4acNJxoqQV8xikxwCYzDAL-Et4oloXpOYr3xnGAQRHJWl62mxvVPxbNwehnitS17-uuMcU7U3c2Eh/s320/No-junk-mail.jpg" width="320" /></a>When Lee and I hand-deliver material (calendars in our neighbourhood, for example) I always pause at the signs on doors and mailboxes that read "No Junk Mail". We would always respect people's wishes, but I would also never put something in your mailbox that I thought was junk. <br />
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Yes, our material often contains a percentage of self-promotion. I could argue that our shameless bumpff is useful information on area services and therefore not "junk". But I won't, because that probably <i>would </i>be an argument and, for some, is exactly what they mean by "junk mail".<br />
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But we always have something else that we truly believe is good information. There are the "Just Listed" cards. We don't broadcast these far and wide, but try to focus them in the immediate area of the listing. The idea is that people who like their neighbourhood are often keeping an eye out for friends or family who are interested in moving to the area. At a minimum, almost everyone is interested in what is happening in their 'hood.<br />
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Our other mailings have been known to be newsletters, or coupons for a local cafe ... something of value. Our recent approach has been to put a high-quality photograph of a local scene on the entire front of a postcard. Typically we have bought the rights from local professional photographers. People put them on their fridge, they frame them, they call and ask for more.<br />
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Here's the latest one:<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhWt-rmBG_8UvHRnTX-VDJjqsc4qK-hfDR9BSLgElHXAseoDRlOeB6Oz0yr-WtyD05mQeSl2RvOF6nrVGem56PKRRicvGrXXc2Sp5XqGlVBVjWEkhlCIVjAb0im93rQ2Tww69kv2dEnH8N/s1600/IMG_8602+(Medium).JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjhWt-rmBG_8UvHRnTX-VDJjqsc4qK-hfDR9BSLgElHXAseoDRlOeB6Oz0yr-WtyD05mQeSl2RvOF6nrVGem56PKRRicvGrXXc2Sp5XqGlVBVjWEkhlCIVjAb0im93rQ2Tww69kv2dEnH8N/s320/IMG_8602+(Medium).JPG" width="320" /></a></div>
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You can see the rest here: <a href="http://www.leadingthewayhome.com/postcards.htm" target="_blank">www.leadingthewayhome.com/postcards.htm</a><br />
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Notice I haven't mentioned the standard card full of "Solds". We don't do that and I've never fully understood it. I guess it shows that an agent has some experience and is intended to show that they are busy and successful. But you can say that in a sentence.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5rhWEaQiikr0t0Fwq-6z99uDO_P-DmbEubwPYp5gPYlbdl_o6piwLZUxeTsXcQCRkpyfuv1C0ZThM6Ww3vXWZ6KE6Nobkrxs7MtvKbxtIf1e-qWN6xoZber3vycTJXc8Rg6kPH6j1ztnj/s1600/junk+mail+eg+redact+smaller.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="247" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5rhWEaQiikr0t0Fwq-6z99uDO_P-DmbEubwPYp5gPYlbdl_o6piwLZUxeTsXcQCRkpyfuv1C0ZThM6Ww3vXWZ6KE6Nobkrxs7MtvKbxtIf1e-qWN6xoZber3vycTJXc8Rg6kPH6j1ztnj/s320/junk+mail+eg+redact+smaller.jpg" width="320" /></a>We just got one in our own mailbox that piqued my interest and inspired this post. It caught my attention as a tri-fold brochure rather than the usual postcard. I can't get too snooty since the front cover was a lovely and interesting new listing (albeit a long way from my area, with no detail other than price and general neighbourhood). But was also different because I didn't recognize the agent or the brokerage and yet it was loaded with 18 "solds". Even after discounting the oddities that hailed an hour and a half drive from my community there were quite a few local addresses. <br />
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Since I was online anyway, I checked a couple of the addresses on MLS. I sniffed on finding the first one was over 2 years old. Well, he hadn't said "Just" sold. But the second one dated from 2003! <br />
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Anyway, there you are. A little story, why you get all that stuff, and why I believe that not all junk mail is junk. Some of it is useful or valuable or entertaining ... at least "Junque"!<br />
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Remember the wisdom of George Carlin, who wondered why his s**t was stuff, but other people's stuff was s**t.<br />
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<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-77473794472147391512013-05-22T18:54:00.000-04:002013-05-22T18:54:34.604-04:00Zoocasa ... doesn't that mean Animal House?OK that was nasty. Sorry, I just couldn't resist the wordplay.<br />
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<b><u>Zoocasa </u></b>just announced a rebate program for people who get an agent via their service. Herewith my take on the deal, given the currently available information. <br />
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Sorry for the lack of graphics ... I wanted to get this one out quickly.<br />
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My usual plea: yes, I'm an agent and occasionally a bit of a cynic; but I try to be objective and open-minded and I try to keep up with changes that have, do, or will influence our industry.<br />
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This Zoocasa deal strikes me as <b><u>less than ready for prime time</u></b>. These guys, in my opinion, actually have a bit of a track record for getting ahead of themselves. When they first started up, we actually signed on. The deal was that we would get exclusive advertising space when you searched a certain geographic area. Their job was to get all or most brokers to sign on to share their listings so that Zoocasa would become the go-to site for listing searches, with all kinds of extra features. Didn't really happen.<br />
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So now <b><u>they are becoming a licensed brokerage</u></b> so they can possibly get at more of the listings. That may work. If all brokers and reps agree to share all their listings with this type of data scraper. There is a trend this way, but it's not there yet.<br />
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And finally, the new exciting rebate program which promises, among other things, 15% rebate on your commission fees and a slate of "hand-picked" top tier agents that you can screen for local expertise language and more.<br />
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Oy.<br />
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<b><u>Hand-picked</u></b>. I'm not sure how these initial bodies were selected, but I'll bet the farm that once this thing is fully launched, the first and primary criteria will be the agent's willingness to pay the Zoocasa fees for being listed in their roster. The stated standards around experience, feedback, performance, etc will quickly default to something like "I don't see anything really awful here". Prove me wrong, Zoocasa, but as an experienced rep I have seen many many organizations whose business is "providing leads".<br />
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One news article suggested they were starting with 200 agents with more to come. I don't doubt there are more to come, but<b><u> the site currently lists about 40 agents in total.</u></b><br />
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Their system for helping you choose <b><u>screens </u></b>for geography, language and type of home. Other than a few new-construction specialists and maybe a few downtown condo specialists the "type" screen is meaningless.<br />
Other sites, such as royallepage.ca will allow you to sort and screen agents on these and more criteria.<br />
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I tried entering a few streets in the Beach in Toronto (just east of downtown). Of the 7 recommended agents that popped up <b><u>for my Beach street, 3 didn't appear to be based even in the actual City of Toronto</u></b> (2 were in Brampton!), one included the Beach in her areas of expertise -- along with Aurora and Newmarket, and only one of these top-tier agents had I actually heard of.<br />
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Personally, I think you would be way better off getting <b><u>a few names from trusted local sources and interviewing for the agent that will work best with and for you</u></b>.<br />
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<b><u>Now, about the rebate</u></b>. Again personally, I think you should select the right agent and pay them market value to do a great job for you. But if you want to negotiate a 7.5% discount, have at it. Honestly, your odds are pretty good that you can get at least your second choice for that.<br />
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I know, <b><u>the articles and Zoocasa say 15%</u></b>. But that is 15% of the listing broker's end, which is typically only half of the total commission. (The other half goes to the Broker who brings in the offer and represents the buyer). <b><u>Even the 7.5% is a little exaggerated</u></b> since it isn't all cash. A chunk is coupons/giftcard things.<br />
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So on a $575,000 listing, if you go through Zoocasa's limited set of agent's you can reduce a typical commission from $28,750 (yes, I know it's a lot of money, but that's a story for another day), to $26,594 in cash and giftcards. I know that's real money, but it doesn't seem like that huge a saving unless you can be sure it is also getting you the best advice, service, marketing, negotiation, follow-up, etc.<br />
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Since these agents don't work for Zoocasa (they are agents for the Brokers you've actually heard of), you might wisely wonder how they come up with the money to give back to you. According to one article, they take it out of the 1/3 of the listing commission that they charge the agent for handing over your name! That is presumably in addition to fees for signing on to the service.<br />
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Yup. We start with a normal 5% listing agreement wherein you pay the Broker $14,375 for his efforts (remember, the other half goes to the buyer's brokerage), that agent forks over nearly $5,000 of that to Zoocasa, who then give you about $1876 and some cards.<br />
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My questions: Why did you need Zoocasa to find an agent, and why did the agent need to give away a third of their commission to find you?<br />
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There is nothing evil here, just another company trying a variation on the business model of getting paid for referrals. But <b><u>like almost anything of this nature, there are questions, issues, tradeoffs, and more. Read past the "rebate" headline and make sure you go the route that will get you the best person, service and price.</u></b>Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-65223872241862173762013-05-19T16:18:00.001-04:002013-05-19T16:18:24.945-04:00Assignment: Rent vs Buy? Agree AND Disagree<br />
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I may have to go back to school. I would love to take on Frank Tristiani's student assignment.</div>
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Rob Carrick, the Globe and Mail's personal finance columnist, has been on a bit of a run these days with several columns trying to get people to think more favourably about renting vs. buying. His latest article<a href="http://tinyurl.com/ax5z3ed" style="font-weight: bold;" target="_blank"> (<span style="font-family: Verdana, Geneva, Arial, Helvetica, sans-serif; font-size: 13px;">read it here) </span></a>discusses a McMaster prof who runs his students through a comparison assignment every year. Frank Tristiani, the prof, says<span style="font-family: inherit;"> <span style="background-color: black;">"<span style="line-height: 18px;">Over six years, no one has been able to substantiate buying as creating more wealth over the long term”</span></span></span><span style="background-color: black;">.</span></div>
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<span style="font-family: inherit;"><span style="background-color: black; line-height: 18px;">His sample analysis involves buying vs. renting in Hamilton and leads to a renter being a half million bucks better off in 25 years.</span></span></div>
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That <i>is </i>a challenge. First of all, some disclosure. If you are reading this, you know I'm an agent. So you are probably expecting some half-baked biased rant about buying always being better, especially right now ... call me and I'll help. On the other hand, if you've read a couple of these, you know that isn't how we work. More significantly, we rent! <span style="line-height: 18px;">Wait. A Realtor who rents.</span><span style="line-height: 18px;"> According to a couple of our competing agents when we made this move -- we must be retiring, in financial trouble, and/or have lost confidence in the market. None of those are true. The truth is the subject of a whole other discussion about life planning, some of which is covered elsewhere in this<a href="http://gordmartin.blogspot.ca/p/were-moving-we-are-moving-ourselves.html" target="_blank"> blog (starts right about here)</a></span><br />
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<span style="font-family: inherit;">Back to the column. <span style="background-color: black;"> Rob's article and Tristiani's assignment are great.</span> Tristiani is a finance guy who wants his students to apply some finance logic to what is a major financial decision. Good idea. And Rob himself points out a few of the arguable assumptions in the analysis -- like long term mortgage rates and investment returns.</span><br />
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<span style="background-color: black;">But ...</span><br />
I think there are <span style="background-color: black;">a few huge "arguable assumptions" in Trisiani's sample analysis that Carrick did not mention or didn't give enough space</span>. If you are using the above link to read the article, be sure to click on the "infographic" mentioned on the left side. This table was in the original article and you probably need it to follow along. I've also included it at the bottom of this post.<br />
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" style="cursor: move;" /></a>
<li>Carrick notes that the analysis applies to "renters with<span style="background-color: black;"> steely savings discipline</span>". I'll say. A bunch of the gain requires the renter to assiduously invest the difference in costs each month. I'd probably bet you the present value of that half million that you couldn't find me 3 people in Hamilton who could, would or have done that. Tristiani notes that owners aren't good savers either -- OK, so's your mother, but it doesn't really answer the issue. The way I read it, this alone would account for all or most of the wealth difference over 25 years.</li>
<li>Here's a little one. I have no idea what research went into coming up with $1500/month (apparently with all utilities included) as the comparable to a $400,000 house. Based on my Toronto experience, it seems low.</li>
<li>A much bigger sleeper assumption on the rent is that rent will only go up at 1.5% per year over 25 years, despite the other assumption that inflation is 3% per year. Since he also assumes that you make zero real capital gain on owning (house prices are also assumed to only rise with inflation) ... Never mind the rent vs. buy debate, whatever you do if you believe this: Don't buy an investment property.<a href="https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcRH5vNL1V4HKPwGUl3VvQWCZ6KdHFI5_gG9T4eRHyfhefUzGime" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" src="https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcRH5vNL1V4HKPwGUl3VvQWCZ6KdHFI5_gG9T4eRHyfhefUzGime" /></a> <span style="background-color: black;"> I'm not convinced that landlords are going to eat half of their inflationary costs over 25 years just because they are nice people. </span></li>
<li>Here's another huge one. A quiet little assumption in there is that maintenance on a home comes to 4% of the value of the home per year. Holy crap. <span style="background-color: yellow;"><img 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" /> </span><span style="background-color: black;">Either you bought a falling-down dump or you just like to tear your house apart and rebuild it every year or two</span>. He does include utilities and taxes in "maintenance", but I ran the numbers for our old house for the last 8 years and couldn't get it to 2%. A quick google surf came up with estimates of 1% (before the utilities). The Feds have a worksheet for you to do your own calculation (<a href="http://www.fcac-acfc.gc.ca/eng/resources/publications/mortgageloan/tshbudget-eng.asp" target="_blank">you can play with it here</a>) . This alone also would account for the wealth difference after 25 years</li>
</ul>
There could be more but I think that's enough to convince me (and maybe you) that the decision is not nearly this big and probably not even in this direction.<br />
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<div>
Both Carrick and Tristiani note that there are lifestyle and personal preference/value issues that are not covered by the analysis. And I absolutely agree that you should do the numbers before you make the decision.<br />
<br />
So don't just read the headline, skim the article and glance at the table. FIGURE IT OUT. Then decide, with the financial analysis as one of several major variables. <br />
<br />
A final example, more an analogy, from my everyday job. Imagine yourself looking at two good houses. One is going to be a maintenance headache, at least for a while, but it has an absolutely gorgeous [fill in your blank]. We don't encourage people to buy the low-maintenance option and we certainly don't promote the one with the gorgeous whatchamacallit. We do try to help you <span style="background-color: black;">figure out how much you are paying for pretty or cool or functional or whatever-it-is. Then decide.</span><br />
<br />
[And finally... One reason that I keep falling off the wagon (the wagon which is this blog) is that I'm pretty sure the number of people who read it rounds to nada. At least the ones who say so, or follow, or "like". When I force friends and family to read them, they usually say nice things. I think they migh not be lying, since there usually follows a decent and related discussion. So, if this was even vaguely worthwhile, say so, tell someone, share, like, follow, something. Thanks]<br />
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And <i>really </i>finally, as promised, here is the sample analysis that I just kind of dissed:<br />
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<a href="http://1.bp.blogspot.com/-uTeE9lUc4YU/UZkoFwOAMII/AAAAAAAAHD8/p8ZIs2udLl8/w266-h551-no/carrick+rent+vs+own+graphic.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="http://1.bp.blogspot.com/-uTeE9lUc4YU/UZkoFwOAMII/AAAAAAAAHD8/p8ZIs2udLl8/w266-h551-no/carrick+rent+vs+own+graphic.jpg" width="305" /></a></div>
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Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com1tag:blogger.com,1999:blog-7013472870336812361.post-59529419055609850432013-03-23T13:04:00.001-04:002013-03-23T15:51:48.958-04:00Great House ... Great New PriceApologies to those who come here for real estate info without the accompanying flogging of specific homes. I am about to flog a specific home.<br />
<br />
We are just pulling out all the stops to get this property sold. The bottom line issue is that this is a GREAT house that we can't seem to get anyone to come and look at.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijEKBKF7p6-ocNm3S_iRYbuz0V0iuyNk1AS9cVzRFsGVAEIh8MMVLlgTrnW_PizcT8CfqHYoAUQiq_c6NKIrjRDS_c0g8L_QvthKWWuCnquvY6hJTl0tQnCzEacjStACIaeDp0S4x67cY7/s1600/2013-03-20+18.27.28+(Large).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijEKBKF7p6-ocNm3S_iRYbuz0V0iuyNk1AS9cVzRFsGVAEIh8MMVLlgTrnW_PizcT8CfqHYoAUQiq_c6NKIrjRDS_c0g8L_QvthKWWuCnquvY6hJTl0tQnCzEacjStACIaeDp0S4x67cY7/s400/2013-03-20+18.27.28+(Large).jpg" width="400" /></a></div>
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<br />
One possible reason is that we (innocently) had the price too high. Fixed that.<br />
<br />
So here's the story.<br />
[Or just ignore the pitch and head for the website with its virtual tour, feature sheet etc: <a href="http://www.leadingthewayhome.com/brooklawn">www.LeadingTheWayHome.com/brooklawn</a> ]<br />
<br />
The owners moved to this house when their active boys made the previous house a little small. Not only did they raise a couple of fine young men in this house, they renovated, improved, updated and maintained the thing to the ultimate degree with top-of-the-line everything.<br />
<br />
It's a 3 bedroom home with a lovely upper level family room, a fully finished basement. The features are endless, but I must point out the stunning chef's kitchen and the excellent landscaping that will re-appear with Springtime.<br />
<br />
The location is south of Kingston Road at St.Clair. The Bluffs and other parkland are steps away. A bus comes to the corner. A few minutes puts you on the highway to anywhere. Good schools are a walk away.<br />
<br />
We underestimated two (or three) things.<br />
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<a name='more'></a><br />
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First, over 2/3 of the usual buyers in this area and price range are looking for 4 bedrooms. With the modest addition of a bathroom in the basement (lots of room in the laundry area) the finished lower level can be a "suite" with its own walkout -- that is one heck of a fourth bedroom! And you still have a large formal living room and a family room wired for everything you think of in a rec room.<br />
<br />
Second, the house is of the 1990's garage-out-front vintage. Though practical, not everyone loves this look. The owners have made it work (in our opinion) with landscaping, etc. More importantly, we think people ASSUME that the insides of all homes of this style are similar. NOT TRUE!<br />
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Third, maybe, is the second-floor family room. The current preference is for the main level family room open to the kitchen. We get the advantages: keep an eye on the kids when they are small; maybe a better "social" experience when cooking dinner for company. But think of the other arguments: the openness creates some issues of its own; you now have two living rooms on the same floor and that means you're likely never going to use one of them; the second floor room creates separate areas for separate activities.<br />
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So, this great house has just been reduced to $769,900 ... from $829,900! It's worth more. We need people to come and see for themselves. You. Someone you know. Someone who knows you (post this toyour social network) Somebody is going to buy this home and be happy. Any help you can provide is most appreciated.<br />
<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-62263863061300388562012-08-14T18:41:00.000-04:002012-08-17T16:16:14.602-04:00"Yes, but ..." : Toronto Life edition, part 1 (of several, I suspect)I'm back. Again. Sorry about that. As of the last post we were preparing to move. Work busy-ness, the move and a pair of truly nasty summer colds put the blog on the black blurner for a while.<br />
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But as I was pondering the next post, along came the September 2012 issue of <a href="http://www.torontolife.com/" target="_blank">Toronto Life</a> with the cover story "House Wars". Under the headline ... "Too many buyers. Not enough houses. Extreme tales from the real estate market"<br />
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Weeeeellllll, this ought to be good for a whole string of posts.<br />
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Sure enough, here I go. And I haven't even read the article yet. The "Editor's Letter" lays out the tale of a couple who bought a house in 1972 and just sold it for over $1.4 million (and yeah, a whole bunch over list price). Bandits. Baby boomers cash in. Young'uns can't afford a cardboard box under the Gardiner.<br />
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I'm not saying these folks didn't do well. They did.<br />
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But let's come at it a little differently and maybe suggest they did just that ... "well". Not outrageously, or insanely. Just "well".<br />
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In the example, the buyers picked up a dump in a very untrendy neighbourhood. <br />
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So, their location means they took a risk. Risk-takers deserve a little higher return when their risks work out (because they will get creamed when they don't). Just keep that in mind.<br />
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And they have spent piles of cash restoring, renovating to bring the place up to snuff. Without knowing what they did or when, I have just pretended they paid $50,000 in the first place.<br />
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Their annual rate of return on their investment: 8.5%. That may still sound pretty awesome, but don't forget that this is an average and includes periods where inflation was double-digit (and mortgages were going at 18%). One source I checked (actually I googled it and only checked one source that looked pretty credible) suggested a representative stock market purchase would have returned over 11% for that 40 year run.<br />
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Actually, that's a good idea. Let's take inflation out. If I've done the math right, their "real" return after inflation now comes out to a little over 4%.<br />
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Finally, I note that the editor says the sale discussed will "play a big part in funding their retirement". Probably true ... IF they rent or downsize or move to a lower-priced market (good deals in Welland these days).<br />
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I'm not suggesting the market hasn't been nerve-tingly hot. For quite a few years, many wise folk have been wondering when it will slow, settle, correct, crash, whatever. It hasn't done it yet. It may. It may not. But I'll also bet that when I post this and head back to the actual article I'm going to find stories that are a whole lot less dramatic than their headlines (and our resulting emotions and outbursts) initially suggest.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com1tag:blogger.com,1999:blog-7013472870336812361.post-61403066918236329172012-04-06T12:40:00.000-04:002012-04-06T12:53:17.732-04:00Moving. We are. Are you? About movers...<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"></a><br />
<span style="color: white; font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;">We have heard an amazing array of mover stories over the years. Some good. Many not. Our own advice has always been to get in-house estimates, never assume the estimate is the gospel with respect to what you will actually end up paying, and try very hard to determine what will REALLY happen if (when) there is a problem.</a></span><br />
<br />
<span style="background-color: none;"><span style="color: white;">A caveat: There are ads in the right hand column of this blog. Since this post will have "movers" etc as tags/labels as well as other keywords, I'll bet you a buck that google drops an ad or two for "acme movers" et al in there. We don't know who will be advertised and we have nothing to do with it. Do not assume the ad is in any way a positive or negative endorsement from us. Now, back to our post...</span></span><br />
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<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;">There are any number of legitimate reasons for variation from estimate to actual (you decide you will move the piano after all, or find a bunch of "little stuff" you forgot about, etc). However, there are any number of ways to lowball an estimate in order to get the deal, too. Some classics include simply underestimating weight or the number and type of boxes required (where these are part of an estimate).</span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;"><br /></span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;">A reference is extremely important, but there is rarely a guarantee that you will get the same estimator and crew as the positive-experience referring person. </span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;"><br /></span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;">A referral that may be even more valuable than "they did a great job" is one about how a company handled a damage claim. A good mover will almost always do less damage than you would if you did it yourself (be honest!). The key is how the company handles the problems.</span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;"><br /></span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;">The article below (after the "jump" or "read more" link) came to us from OREA (Ontario Real Estate Association) and we thought it good enough to pass on. The comment about not taking the lowest estimate may seem self-serving. Maybe it it, but it is also very true.</span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;"><br /></span></a><br />
<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: white;">Do you have a great mover? Or a tip? Or a horror story that you can laugh at now (don't want you to relive the ones that still make you curl up in the corner and cry).</span></a><br />
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<a href="http://www.blogger.com/blogger.g?blogID=7013472870336812361" name="mover" style="font-family: Verdana, Geneva, sans-serif; line-height: 18px;"><span style="color: #1b3f94;">Do your homework when choosing a mover</span></a></h3>
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<img alt="Family packing for a move" src="http://www.orea.com/~/media/Images/Members/E-Edge-Images/2012-Images/Family-Packing-web.jpg" style="border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; float: left; margin-right: 10px;" /></div>
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For some consumers, the most daunting aspect of the buying or selling process is the move itself.</div>
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Moving is not only labour-intensive, but it can also unleash a range of emotions at a difficult time. If the catalyst for the move is a family death, divorce or other major lifestyle change, a bad moving experience can rub salt in the wound, aggravating an already challenging situation.</div>
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Many resources are available to determine whether a mover is reputable. The Canadian Association of Movers (CAM), the Better Business Bureau, and any of the major national van lines (such as Allied, Atlas, Mayflower, North American or United) are all good sources. Also check out the <b>Consumer Beware</b> page through the <a href="http://www.consumerbeware.mgs.gov.on.ca/" style="color: #1b3f94;" target="_blank">Ontario Ministry of Consumer Services</a> for movers to avoid.</div>
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One of the best tips is to place more weight on reputation than price, says John Levi, president of CAM. With about 350 members across the country, CAM represents Canada’s largest moving companies, many small to mid-sized movers, national van lines, suppliers and many international movers. It also works with government agencies to represent member issues and with consumers to provide referrals and assist with complaints.</div>
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"Many people don't realize that their prime concern should be a having a good moving experience, not getting the cheapest price,” says Levi, who has been with CAM for 16 years. Be sure your clients understand that the lowest quoted price does not actually guarantee the lowest cost or a good-quality job, he advises.</div>
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Consider the value of your possessions as well as the potential cost of loss, damage, tardiness or claims, he says. All of those factors should be weighed to determine the move’s total price tag, and doing some homework before selecting a mover is well worth the time.</div>
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Because the moving industry is largely unregulated, Levi warns that choosing a reputable mover is vital in avoiding problems. His organization receives about 150 complaints a year about movers. The most common complaints pertain to overcharging, lateness, damage or loss, but issues also arise with inexperienced crews, poor communication, and failed promises.</div>
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To join CAM, a mover must be in business for more than a year, be reputable, and undergo a due diligence and verification process. The association checks out companies through the Better Business Bureau and asks other members to offer a fair opinion on potential members. </div>
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Loss or damage claims can end up being drawn out for years, says Levi. Consumers who take steps to do some preliminary research usually avoid claims, he adds.</div>
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Many problems are preventable. A good mover should be prepared to answer questions and provide clear expectations about the move for the individual or family. Consumers can spare themselves grief simply by asking potential movers questions such as: </div>
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What is your experience with moves like mine? How experienced is your crew? What is the bottom-line price? What is the not-to-exceed price, including all charges and taxes? What happens if loss or damages occur, and how will we be protected?</div>
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The most important step, often overlooked, is getting an in-home estimate. “Consumers can get sweet-talked over the phone by a company that claims it can do the job,” says Levi. “Unfortunately, that’s an invitation to disaster. If movers are willing to give you an estimate by phone, don’t hire them. If they can’t see your place or belongings, they have no idea how the move will go.”</div>
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An experienced mover will visit the consumer at home and examine furnishings and possessions, give a more reliable estimate, and outline difficulties that might occur during the move, he adds.</div>
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Remind your clients that damages sometimes can’t be helped, adds Levi. “There isn’t a mover around who hasn’t scratched, nicked or lost something – it happens,” says Levi. “Moving big objects through small openings means these things sometimes occur, but the crux of the matter is how the mover deals with the issue. A good mover gets the repair done quickly or pays the consumer for loss or damage if the claim is valid.”</div>
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Written estimates are vital, he adds. “Make sure that you get the company’s promises in writing,” warns Levi. “If they won’t put it in writing, don’t move with them. It’s as simple as that.”</div>
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Sharing these insights (and the tips below) with your clients before they pick a mover can make a world of difference to the outcome. It’s an extra step with the best possible reward – a happy ending.</div>
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<b>Urge clients to do research when choosing a mover</b>John Levi, president of the Canadian Association of Movers, says these steps will help consumers to have a<img alt="Packing for a move" src="http://www.orea.com/~/media/Images/Members/E-Edge-Images/2012-Images/Box-of-stuff.jpg" style="border-bottom-style: none; border-color: initial; border-image: initial; border-left-style: none; border-right-style: none; border-top-style: none; border-width: initial; float: right; margin-left: 10px;" /> positive moving experience.</div>
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<b>Pick three – </b>Choose at least three companies and then check them out. Ask questions and check their reputation through available resources (see below) before settling on one.</div>
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<b>Match them to the job - </b>Choose a mover with the resources and crew to suit your situation. A large family move across the country and a one-bedroom condo move across town are completely different. Verify the company’s capabilities with CAM, or you may end up paying more than you thought -- or learning that your mover can’t do the job and has handed it off to someone else.</div>
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<b>Invite them over - </b>Refuse to accept an estimate delivered by phone, fax, text or email from a mover who has not assessed the space in person. An on-site estimate is essential.</div>
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<b>Get it in writing -</b> Get every promise made in the moving estimate in writing, along with dates of the move and specifics on what will and won’t be moved, and who will be doing the packing. If you promise to de-clutter and pack, you must follow through or else extra charges may be added.</div>
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<b>Book well in advance – </b>After you’ve chosen a reputable company, ensure that the mover has lots of time to meet your expectations.</div>
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<b>Schedule with care – </b>Avoid booking a move the same day as a property closing or a popular moving date. Closing dates have their own problems. There may be a deadline to vacate on one side of the move, while keys or titles are not ready on the other. Such delays can mean movers sit and wait at a site, creating extra costs and stress. Avoid the first and last days of the summer months like the plague. These are a mover’s busiest times, and steering clear of those dates will boost your chances of getting an experienced crew.</div>
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<b>Be realistic – </b>Damage and loss can happen, although good movers will do their best to prevent or minimize them. Ask questions about company policies on loss and damage and discuss concerns about particular items with them.</div>
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<b>For more information - </b>Before hiring or recommending a mover, you can contact the following organizations:</div>
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<li><b>Consumer Beware </b>page, <a href="http://www.consumerbeware.mgs.gov.on.ca/" style="color: #1b3f94;" target="_blank">Ontario Ministry of Consumer Services</a>website</li>
<li><a href="http://www.bbb.org/canada/" style="color: #1b3f94;" target="_blank"><b>Better Business Bureau</b></a></li>
<li><a href="http://www.mover.net/" style="color: #1b3f94;" target="_blank"><b>Canadian Association of Movers</b></a> - <span class="skype_pnh_container" dir="ltr" style="background-attachment: scroll !important; background-color: transparent !important; background-image: none !important; background-position: 0px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; color: #49535a; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; font-family: Tahoma, Arial, Helvetica, sans-serif; font-size: 11px !important; font-weight: bold !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 0px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; text-align: left !important; top: auto !important; vertical-align: baseline !important; white-space: nowrap !important; width: auto !important; word-spacing: normal !important; z-index: 0 !important;" tabindex="-1"> <span class="skype_pnh_highlighting_inactive_common" dir="ltr" skypeaction="skype_dropdown" style="background-attachment: scroll !important; background-color: transparent !important; background-image: none !important; background-position: 0px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 0px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; top: auto !important; vertical-align: baseline !important; width: auto !important; word-spacing: normal !important; z-index: 0 !important;" title="Click to make a low cost call with Skype"><span class="skype_pnh_left_span" skypeaction="skype_dropdown" style="background-attachment: scroll !important; background-color: transparent !important; background-image: url(chrome-extension://lifbcibllhkdhoafpjfnlhfpfgnpldfl/numbers_common_inactive_icon_set.gif) !important; background-position: 0px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 0px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; top: auto !important; vertical-align: baseline !important; width: 6px !important; word-spacing: normal !important; z-index: 0 !important;" title="Skype actions"> </span><span class="skype_pnh_dropart_span" skypeaction="skype_dropdown" style="background-attachment: scroll !important; background-color: transparent !important; background-image: url(chrome-extension://lifbcibllhkdhoafpjfnlhfpfgnpldfl/numbers_common_inactive_icon_set.gif) !important; background-position: -11px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; 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word-spacing: normal !important; z-index: 0 !important;" title="Skype actions"><span class="skype_pnh_dropart_flag_span" skypeaction="skype_dropdown" style="background-attachment: scroll !important; background-color: transparent !important; background-image: url(chrome-extension://lifbcibllhkdhoafpjfnlhfpfgnpldfl/flags.gif) !important; background-position: 1px 1px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 0px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; top: auto !important; vertical-align: baseline !important; width: 18px !important; word-spacing: normal !important; z-index: 0 !important;"> </span> </span><span class="skype_pnh_textarea_span" style="background-attachment: scroll !important; background-color: transparent !important; background-image: url(chrome-extension://lifbcibllhkdhoafpjfnlhfpfgnpldfl/numbers_common_inactive_icon_set.gif) !important; background-position: -125px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 0px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; top: auto !important; vertical-align: baseline !important; width: auto !important; word-spacing: normal !important; z-index: 0 !important;"><span class="skype_pnh_text_span" style="background-attachment: scroll !important; background-color: transparent !important; background-image: url(chrome-extension://lifbcibllhkdhoafpjfnlhfpfgnpldfl/numbers_common_inactive_icon_set.gif) !important; background-position: -125px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 5px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; top: auto !important; vertical-align: baseline !important; width: auto !important; word-spacing: normal !important; z-index: 0 !important;">1-866-860-0065</span></span><span class="skype_pnh_right_span" style="background-attachment: scroll !important; background-color: transparent !important; background-image: url(chrome-extension://lifbcibllhkdhoafpjfnlhfpfgnpldfl/numbers_common_inactive_icon_set.gif) !important; background-position: -62px 0px !important; background-repeat: no-repeat no-repeat !important; border-bottom-color: rgb(0, 0, 0) !important; border-bottom-style: none !important; border-bottom-width: 0px !important; border-collapse: separate !important; border-color: initial !important; border-image: initial !important; border-left-color: rgb(0, 0, 0) !important; border-left-style: none !important; border-left-width: 0px !important; border-right-color: rgb(0, 0, 0) !important; border-right-style: none !important; border-right-width: 0px !important; border-top-color: rgb(0, 0, 0) !important; border-top-style: none !important; border-top-width: 0px !important; bottom: auto !important; clear: none !important; clip: auto !important; cursor: pointer !important; direction: ltr !important; display: inline !important; float: none !important; height: 14px !important; left: auto !important; letter-spacing: 0px !important; line-height: 14px !important; list-style-image: none !important; list-style-position: outside !important; list-style-type: disc !important; margin-bottom: 0px !important; margin-left: 0px !important; margin-right: 0px !important; margin-top: 0px !important; overflow-x: hidden !important; overflow-y: hidden !important; padding-bottom: 0px !important; padding-left: 0px !important; padding-right: 0px !important; padding-top: 0px !important; page-break-after: auto !important; page-break-before: auto !important; page-break-inside: auto !important; position: static !important; right: auto !important; table-layout: auto !important; top: auto !important; vertical-align: baseline !important; width: 15px !important; word-spacing: normal !important; z-index: 0 !important;"> </span></span> </span></li>
</ul>Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-90791367860669107922012-03-21T12:38:00.000-04:002012-03-25T23:13:49.228-04:00We're Moving! (part 13) SOLD!So, here we are. It's Wednesday evening and we have three offers. Enough competition that we should see proper market value, but not one of the feeding frenzies you read about in the papers. With three, especially since one is being delivered and not presented, we can do it at the house where everyone is likely more comfortable. One or two more and I probably would have moved it to a meeting room at our office.<br />
<br />
As it turns out, a health issue means only one offer is actually being "presented". This is unusual, even though more and more offers are just faxed or otherwise delivered. There are special circumstances -- for example, an estate sale with the lawyer as executor -- where just sending in the offers makes sense. There are also lots of not-so-good reasons for this happening, ranging from lazy to devious. But most agents in most cases prefer to come to the presentation with their offer. They can give some insight into their clients, answer questions and get a better sense of the sellers' situation and preferences.<br />
<br />
We encourage our sellers to make the "rules" simple and clear and in writing. By stating up front that we will take the best acceptable offer if it is at least $5,000 (equivalent) better than the next offer, we make it clear that we are not going to "game" anyone. Our reputation -- and putting it in writing -- means that agents can more often bring their buyers' best offer right away.<br />
<br />
The result should be the best chance for the buyer, the best price for the seller and less stress and running around (and theatrics) for all concerned.<br />
<br />
In this case, our sellers -- us -- were easy sells for this approach.<br />
<br />
So, if you haven't been through it, here's how this goes.<br />
<br />
Assuming everybody shows up on time, the first agent comes in ... introductions ... can I get you some water, etc. ... blah, blah ... and hands the offer to the listing agent.<br />
<br />
When that listing agent is one of us, we have already explained the process to our clients. Said process begins by reading through the offer silently, making notes if one wishes. Most importantly, do not either start whooping and dancing ... or make gagging sounds and insult the parentage of the bidders.<br />
<br />
With the first offer, we will go through it pretty thoroughly -- even the standard clauses that will be in every offer.<br />
<br />
We then find a little out about the potential buyers, clarify any issues, say thanks and send the agent away -- maybe to their car, maybe to the basement, not usually to eternal damnation.<br />
<br />
[By the way, sitting in your car on a Sunday evening in mid-winter, waiting for the phone call saying you just "lost" may be the most common setting for agents questioning their career choices.]<br />
<br />
With the buyers' agent gone, we can discuss the merits and issues of the offer.<br />
<br />
Rinse and repeat. It gets faster with subsequent offers as the standard stuff need not be reviewed and explained in the same detail.<br />
<br />
Then it's done. All the agents are stashed away and it's time for a decision. This can be obvious, or obvious with a question (can you move your closing date a week later?). Or it can be so close that the written rules mean you have to ask those poor agents to go back and see if their clients wish to improve -- everybody's evening gets a lot longer.<br />
<br />
Or it can just be tough. The classic would be one high offer that has a loose condition (say, home inspection) and a firm offer for less money. How much is "firm" worth? (The answer: "a lot").<br />
<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL_ysszeTa5c7eUjsp-e3eIiLvnmAV6t2xWy4-dhALX4U3pmZumWBlYILK-3iN2olcm90_ck5mcFoTQuOeAlovwbXrRJnrcigrdSGAOrA6Phh7TZBD8B1yEQgQ5f0hR_kQuhyphenhyphentmXItYOoO/s1600/sold+angle.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL_ysszeTa5c7eUjsp-e3eIiLvnmAV6t2xWy4-dhALX4U3pmZumWBlYILK-3iN2olcm90_ck5mcFoTQuOeAlovwbXrRJnrcigrdSGAOrA6Phh7TZBD8B1yEQgQ5f0hR_kQuhyphenhyphentmXItYOoO/s320/sold+angle.JPG" width="320" /></a></div>
In our case, it was pretty straight forward. All three offers were firm and in the range we expected. One was higher. A lovely couple (we met at the open house and a later showing) will be taking over our home and garden on June 14.<br />
<br />
An amazing number of little details, signatures, initials and phone calls later, we had that odd feeling that comes with selling your home of 21 years, albeit successfully. We, and the buyers' agent also had that exhilaration of a successful deal.<br />
<br />
Two other agents had that unpleasant, but not uncommon these days, of not getting the deal and not getting the home that their clients wanted enough to bid on.<br />
<br />
Saddest, are the two families who probably spent a lot of time stressing over what to offer for a house they must have liked and wanted and didn't get it. In this market, those couples may "lose" several times before they get their home. It is tougher than almost anyone can understand until they go through it. A good trusted, empathetic supportive, agent is very important here.<br />
<br />
One more phone call to Florida: "Honey, I sold the house", a celebratory dram, and off to bed.<br />
<br />
As I begin to drift off, my eyes pop open as I think: "Wait a minute. Where the heck are we going to live?"Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-7194099675253774882012-03-19T09:55:00.000-04:002012-03-25T23:53:55.633-04:00We're Moving! (part 12) We're listed...Less work, More stressThis post should close the gap between blog-writing and actual event by quite a bit.<br />
<br />
Once the house is listed, the work level can actually drop quite a bit. After all, the house is so freaking staged you CAN'T do anything in it even if you were allowed to. To the extent that you are getting good showing, you can't even be IN the house.<br />
<br />
This may not apply if you have 3 rugrats, a dog, two cats and a slob for a spouse. In our case it's a bit hairy because my office is/was at home. So yes, that was probably me and not some terrorist hacker sitting in a van with a laptop with some weird antenna thing attached to it.<br />
<br />
Also, even if the physical work slows down, your mind gets pretty busy... Why isn't the phone ringing? ... What if we priced wrong? ... Please don't let it snow ... Why did the dishwasher just make that noise ... What if nobody comes? ... Why are we doing this? ... What if we can't find a place to live?<br />
<br />
By the way, we are holding off offers until Wed. evening. No doubt, holding off offers is designed to allow for a bidding war. But in a hot market where things sell quickly, it also allows buyers to find out about the property, see it, and make a decision and plans before somebody jumps in and nabs it.<br />
<br />
Friday<br />
Alex from videolistings.ca shows up right on time as Gord is returning from delivering the paperwork to the office and does his usual efficient job. We will find out tonight that it was also his usual gorgeous job. He beautifully incorporated our seasonal garden pics and some local scenery into the house video. (I mentioned it before, but the old place really looks good: www.videolistings.ca/video/35anndale)<br />
<br />
As he walks out the door, the agents start appearing for the Agent Open House. While everything else we do helps, the major marketing tool is the tens of thousands of agents of the Toronto Real Estate Board who see the listing. If you can make it convenient for them to physically see the house, better still. And that is the Agent Open House.<br />
<br />
The feedback is good, though we pick up a niggly little theme: "Great house, you'll do well, a little small for my people". We believed we had factored this in. The house is about three times the size that a good friend grew up in with his 5 siblings. But that was then. Young families looking for their second home in a perfect location are thinking dream home even if they are a little short of dream budget. We'll get back to this little issue later.<br />
<br />
We have showings Friday afternoon and evening. Good start.<br />
<br />
Saturday and Sunday<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1ZaeVsKUV1CaUppjw7yNZlAWSi0lEJQ5vVV2LsKEgUN67L9CIk0G-N2txaYgXykCNMz2WstV_VeY0EtocLjxg-kj7Aca29q0NiYezHwqmPddqk0e5pEzSCc2l-cu_mKqldrUmwhjF_W2d/s1600/open_house.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="213" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg1ZaeVsKUV1CaUppjw7yNZlAWSi0lEJQ5vVV2LsKEgUN67L9CIk0G-N2txaYgXykCNMz2WstV_VeY0EtocLjxg-kj7Aca29q0NiYezHwqmPddqk0e5pEzSCc2l-cu_mKqldrUmwhjF_W2d/s320/open_house.jpg" width="320" /></a></div>
Public Open Houses both days. Not a zoo, but busy and steady. More than the usual number of clients WITH their agents -- as opposed to agents SENDING clients. That should be positive.<br />
<br />
<br />
<a name='more'></a>That "too small" thing is still popping up a bit. Plus we are so "done" that buyers are hesitant to consider a simple addition on the back. Though it is pretty straight forward, there is something about buying our reno, then dismantling some of it for the expansion.<br />
<br />
This is a bit odd to us, since the same families get quite giddy about doing a gut reno and expansion of a bungalow somewhere.<br />
<br />
Why odd -- after all, they can design/build their dream home? <br />
<br />
True, but the math is a little funky. Two bungies in our area just sold for around $650,000. Throw in a near-year demolition and build and those buyers are going to be in for $1.2million++ with a small lot not on the park (like we are). Whereas our place would be a 3 month +/- $200k's reno that ends up with a bigger lot on the park. We don't get it, but again, it is what it is. The rational market is not always rational, but it's a mug's game to fight it.<br />
<br />
More showings.<br />
<br />
Gord starts the followups on showings.<br />
<br />
Monday<br />
More showings, some followup questions, second showings, and ..................<br />
AN OFFER REGISTERED!<br />
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Tuesday<br />
Good news: two repeat showings and both agents expect to have an offer.<br />
Bad news: showings generally slowing down faster than hoped and expected.<br />
<br />
Wednesday<br />
Second offer ... aaaaaaaaaannnnnnndddddd .... the third!<br />
<br />
Three to four is almost a magic number. You may not make out like a bandit, but you are almost certainly going to get fair market value; and, with a little luck, proper pricing and good marketing maybe a little more.<br />
<br />
Next up: Offer presentation process and what we got.<br />
<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-88582519545500884762012-03-16T12:04:00.000-04:002012-03-16T12:04:07.178-04:00We're Moving! (part 11) Gentlemen...Start Your Engines<a href="http://gordmartin.blogspot.com/2012/03/were-moving-part-9-timing-is-everything.html" target="_blank">Part 9</a> left us with less than 24 hours to get everything finished and ready and the listing up on the TREB site. And Lee packing for a week in Florida.<br />
<br />
We always tell clients how we need a few days lead time, once the house is 99% ready in order to get all the marketing materials designed, written, printed etc. The clients always understand and then reality happens and we are taking pictures while they paint and Lee is up at midnight writing a listing while Gord stays up until after 1am working on the feature sheet, etc.<br />
<br />
And now we've done it to ourselves.<br />
<br />
But we get it done.<br />
<br />
Listing hits the computer Thursday afternoon, with decent photos by Gord.<br />
<br />
This means it should be uploaded to realtor.ca by Friday, Saturday latest.<br />
<br />
Sign ordered.<br />
<br />
Just Listed postcards get designed and uploaded to the printer Thursday afternoon.<br />
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The feature sheet, window sheet, open house datasheets, etc get done in the wee hours Thursday night.<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiN3_rUH_7Yq965YXz-hIs2aakTJcuRfajdIBEB-4VtcghsYwaJyNoI3d6zPnUF8C2ejF9RJcnpMw7AL1TAvH_a8e5nK34OPOELr-8bb-LBSu4PfRI01pRzm5PITsBLS_YbktqhtMEz_Oqd/s1600/sign.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="320" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiN3_rUH_7Yq965YXz-hIs2aakTJcuRfajdIBEB-4VtcghsYwaJyNoI3d6zPnUF8C2ejF9RJcnpMw7AL1TAvH_a8e5nK34OPOELr-8bb-LBSu4PfRI01pRzm5PITsBLS_YbktqhtMEz_Oqd/s320/sign.jpg" width="235" /></a>VideoTour and agent open house are scheduled for Friday morning. (www.videolistings.ca/video/35anndale)<br />
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Public Open Houses scheduled/uploaded to various sites for Saturday and Sunday.<br />
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Custom website designed and published Friday. (not our best, but better than most IMHO ... www.LeadingTheWayHome.com/anndale)<br />
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Sign rider prepared, printed laminated (rider has a QR code and the website address)<br />
<br />
Janine brings in her accents to complete the staging ... last load to the locker ...<br />
<br />
etc.<br />
<br />
Make that 3am. ... Bed is already made, so I sleep on the couch.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-59868051846965071822012-03-15T09:36:00.000-04:002012-03-25T23:49:54.424-04:00We're Moving! (part 10) You Want How Much for That Dump?Given that we are going to list this thing in the next day or so and people generally like to know how much they should write the cheque for, perhaps we should settle on a price.<br />
<br />
Given, further, that it's our own house and some bias could sneak in, we hauled in three of our trusted local colleagues for a group think and sanity check on our best efforts at market evaluation.<br />
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Their estimates landed pretty much on top of ours. Market value homed in on a range from something over $850,000 to a about $885. One had us over $900k for a while and one had us initially quite a bit lower, but came to the pack after a short discussion.<br />
<br />
Two things. First, note that even five really good experienced agents, in a non-competitive environment, giving their best shots produced a range of almost $40,000. There is complexity, art and gut involved in the process as well as the system and science.<br />
<br />
Second, market value is what you should expect to get once the dust has settled. List price is a tactical decision to help you get there.<br />
<br />
Right now, we remain in a hot sellers' market. Some of what follows would be dramatically different if that were not the case.<br />
<br />
A critical rule is "Don't price too high or you will be punished".<br />
For whatever deep psychological reasons, buyers are resistant to offer lower prices on over-priced listings. They just go elsewhere. When they go elsewhere, the listing doesn't sell; when the listing doesn't sell, it gets stale; stale listings get forgotten...quickly. You don't want to be quickly forgotten. Don't overprice.<br />
<br />
When this happens you move quickly from dreaming of insane bidding wars to price reductions and praying for an offer.<br />
So that seemingly clever approach: "Let's try it at $xxx and if it doesn't go we can always reduce it later."?<br />
Nice thought. Doesn't work. Don't do it. You typically end up with less money and more time taking 45 minutes to make the bed and trying to find where you hid your toothbrush and toaster before the last showing.<br />
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<a name='more'></a>As a casual read of the morning paper may reveal, over-pricing is not a huge issue these days. Hardly an issue goes by without an item on what I call the "stupid deal of the day". The media can't seem to resist the "14 offers, $215,000 over list" story. <br />
<br />
Some sellers and some of our colleagues play the game by listing seriously under-priced houses and gleefully popping "sold over asking" toppers on their signs.<br />
<br />
A few of the issues and results of this process ... other than filling up the newspaper real estate sections:<br />
. Sellers probably do not realize the risks they are taking. A weather shift, a major world distraction, a temporary or permanent market shift, or just bad luck and coincidence could lead to one, no, or low offers. Now what? Kill the listing and relist at a higher price? You look sill, the whole market/industry knows what you did and, even though the agents are probably doing it themselves with their own listings, you get punished.<br />
. Buyers, once there are more than 2-3 offers, have no clue what it will take to get the house. They are at risk of losing their minds and paying too much. This is especially true if they have lost a few times at this game -- it's unbelievably stressful on buyers.<br />
. Buyers have seen a house priced in their range. Even though they find out its <i>value </i>was six figures higher, that lovely home finds a permanent sunny spot in their minds and everything they can really afford gets compared to it ... unfavourably.<br />
. Agents have to deal with the above. They have to pick up the buyers, dust them off and help them refocus.<br />
. Agents also have to do more work to help buyers determine market value. And they can go squirrelly trying to help a seller price the next home in the area that is going up for sale. Did someone lose their mind, or go over current market value to get it over with, or is that the true value in this market? We don't expect any sympathy for the extra work, but I'm afraid that the accuracy of the results weakens.<br />
<br />
In other words: "Bah". It's gotten so silly that houses in one neighbourhood have been found listing -- after renovation -- for less than they sold for 2 years ago! If a house sells for $100,000 over list, either someone lost it or, much more likely, the house was listed for 90-100 under market value.<br />
<br />
We decided to price at $829,900. That's about $20k under the low end of our value estimates. It should generate interest and allow for a little error on the low end of our estimate. We will be surprised (disappointed) if we don't see $850k; we will be ecstatic bordering on feleling guilty or stupid if we see $900k; we expect $860-880k, firm, with something over 3 offers.<br />
<span style="text-align: center;"><br /></span><br />
<span style="text-align: center;">Place your bets.</span><br />
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<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-52460321545268327312012-03-14T19:07:00.002-04:002012-03-25T23:53:20.012-04:00We're Moving! (part 5A) Oh yeah, the Home Inspectionoops, forgot to have a little chat about the Home Inspection.<br />
<br />
In this market, many sellers -- e.g. us -- would like to see and early "firm" offer.<br />
<br />
Firm means without conditions.<br />
<br />
A typical offer in a "normal" market will have one or both of these conditions: Financing and Inspection.<br />
Both are what we call "loopholes you can drive a truck through".<br />
<br />
We'll leave financing for now, but the issues aree very similar.<br />
<br />
The standard wording of the Inspection clause gives the buyer a few days to arrange and conduct a home inspection with a licensed inspector and to receive a report to their satisfaction. The intent of the condition is to identify significant maintenance and structural issues that the buyers were not aware of.<br />
<br />
Unfortunately, if the "structural issue" is waking up in the middle of the night screaming "OMG ... What have we done?!?!?!", the clause can generally be used to get out of the deal.<br />
<a name='more'></a><br />
<br />
In real estate school we are taught various "better" ways to write these clauses. However, if you start signing back offers with such wording changes to the "normal" clause, the hair stands up on the neck of the other agent and/or their client as they wonder what you are trying to hide.<br />
<br />
So, a Seller with multiple bids is probably silly to be tied up for several days over a clause that is a giant get-out free card. And of course, a buyer -- unless planning a gut-reno -- is silly to buy without an inspection.<br />
<br />
Two possible solutions: Permit/encourage potential buyers to drop a few hundred bucks doing their inspection before they submit an offer (in competition, where the odds are they will lose the deal as well as the inspection cost); or, provide a pre-inspection that any potential buyer is welcome to review.<br />
<br />
The only minor problems with the second are: Seller pays; and some Buyers will not trust an Inspection paid for and provided for the Seller.<br />
<br />
On the first point (Seller pays), our advice is "Suck it up ... it's going to help sell your house"<br />
On the second, the best approach is to use a widely known and respected company.<br />
<br />
To us, this used to mean Carson and Dunlop. They are a little more expensive and, due to their size, it's hard to know which inspector you are going to get on a given day. This is more important than you might imagine: you don't want sloppy, and you don't want a "fear-monger" who turns normal issues into deal-breakers.<br />
But C&D are the guys everyone has heard of. With cause. They literally "wrote the book" that many independent inspectors use, and they have trained a huge proportion of the independents.<br />
<br />
Since this isn't the place, and we'd like to stay out of court, we won't go into detail about why we used Ken Haller for our pre-inspection. Suffice to say, Ken is known and good and he lived up to his reputation: the true issues were identified, clearly stated, but not overblown. And he has the key qualification for an inspector: not afraid to go on the roof, and skinny enough to get into the attic!<br />
<br />
Last point on inspections for now: Do it early.<br />
You are very likely to get some surprises. Doing the inspection several weeks ahead of listing gives you time to deal with some repairs. You can then add your own notes to the report, even copies of repair invoices, etc. You aren't drawing attention to problems; you are drawing attention to your efforts to present a quality home.<br />
<br />
OK, this is really the last point. For fun, start a timer at the beginning of an inspection and let us know how long it takes before he/she tells you to improve some grading! Sometimes it's under a minute!Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com2tag:blogger.com,1999:blog-7013472870336812361.post-42068436469109466002012-03-14T10:12:00.002-04:002012-03-14T10:12:43.870-04:00We're Moving! (part 9) Timing is EverythingWe are professionals.<br />
We understand the market cycles.<br />
Clarification: We know enough and are experienced enough to know what we don't know. Which means we know that we don't know what is going to happen to the market in the next few years. We think it's just going to stabilize, maybe soften a bit, maybe not. But the guys who think it's going to keep chugging may be right. More worrisome, the guys who see a significant correction may be right too.<br />
<br />
How Spring markets and Fall markets and the things in between work, that we know.<br />
Location, location, location ... and timing.<br />
Any house can be sold in any market. But if you want the best price in the shortest time ... that is a different story. <br />
<br />
The market in December is near-dead. Why? Because we are at our condo in Florida. Wait. Lee is telling me that we are in Florida <i>because </i>the market is dead in December. Learn something every day.<br />
<br />
July and August aren't so good either. Why? Because the weather is good for golf and the cottage. Wait. Lee is yelling at me again.<br />
<br />
The so-called "Spring Market" doesn't exactly start in what a Canadian would consider Spring. The actual closing dates of spring-market sales are Springier than the days the deals are agreed to. In the recent hot market, Spring starts in January, and picks up speed in February and March. Somewhere in June, the world decides it's summer and things slow down ... a bit ... usually.<br />
<br />
As mentioned in<a href="http://gordmartin.blogspot.com/2012/03/were-moving-part-1.html" target="_blank"> (part 1)</a>, the Buyers show up first because the Sellers who decide at Christmas to sell, need some time to get ready (see parts 1 through 8!). We know/knew all this but we still decided over Christmas and needed time to get ready.<br />
<br />
One more thing about the Spring Market ... Spring Break is pretty dead. But we still have a few weeks until ... What? Spring Break starts in 10 days !!!!!!! Oh sh**. Gotta go. We have to get this listed tomorrow, materials, agent open house, public open houses, signs, website, oh sh**, oh sh** ... sorry, gotta go ... LEEEEEEEEEEEEEEE !<br />
<br />
[Lee doesn't answer. She can't hear me. She's upstairs packing because she leaves for a week in Florida ... tonight! Oh dear, oh dear, oh dear]<br />
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<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-76133962301118412382012-03-13T13:47:00.000-04:002012-03-13T13:47:09.003-04:00Globe Article may be "insider-out"This morning's Globe (March 13, 2012) included a featured article on choosing a Realtor (<span style="background-color: #ededed; color: #32363f; font-family: Arial, Helvetica, sans-serif; font-size: 12px;"> </span><a href="http://ow.ly/9D8Xk" rel="nofollow" style="-webkit-user-select: text !important; background-color: #ededed; color: #376299; cursor: pointer; font-family: Arial, Helvetica, sans-serif; font-size: 12px; outline-color: initial; outline-style: none; outline-width: initial; text-decoration: none;" target="_blank">http://ow.ly/9D8Xk</a>). They pushed it pretty hard: the top banner on the front page ("Pick the Right Real Estate Agent ... an inside look at the first - and most crucial - step in selling your home"); then an illustration and teaser taking up almost half of the front page of the Globe Life section ("Looking Beyond the Sign ... Don't get snowed by your agent...inside the industry ... what you need to know to make sure you get the best price..."); and finally the article itself. This is going to attract some attention.<br />
<br />
There are good points throughout the article but I feel that overall it is more "outsider" than "insider" and misrepresents a number of aspects of the overall process and the motivations of various players. I'm not just sticking up for the industry here -- I'm afraid there are lots of reasons to be very careful when selecting a real estate agent.<br />
<br />
But I would like to add some alternative, maybe deeper, perspective to a few of Fabrice Taylor's points.<br />
<br />
<i><b><span style="font-size: large;">[But first ... if you can't bear to read this whole ramble, at least scroll down or search for the "NO NO NO NO!" heading. There is one suggestion in the Globe article that I strongly advise against.]</span></b></i><br />
<br />
<b><span style="font-size: large;">"Don't Hire A Friend"</span></b> she says. Often good advice, but perhaps a better idea is "Don't Hire an Agent Just Because They are a Friend". Also, as the article suggests, it isn't even a friend: it's a friend's daughter who just got her license, or a cousin, or ... Fabrice mentioned someone hiring a childhood friend who "pressed him for the listing". Awkward. But "pressing" implies quite a bit more than just offering your service and explaining what you can provide. There are lots of "pressers" out there. I wouldn't hire them, personally; I would be looking for a trusted consultant more than an aggressive salesman. But different strokes ...<br />
<br />
We have had friends go elsewhere because they are uncomfortable or worried about "doing business with friends". It's disappointing, but we understand. We have also done a lot of business with friends that was very successful. Our relationship meant they knew they were getting an agent they could trust and who cared about them and the business.<br />
<br />
Ms. Taylor's "takeaway tip" is right on: "Make your agent earn your business, whether you know him or not."<br />
<br />
<b><span style="font-size: large;">"A Quick Sale Benefits the Agent"</span></b>. True in the short term. And there is no doubt that quite a few agents have a pretty short term focus. To oversimplify, there are two basic kinds of agents:: those focused on the deal, and those focused on the client.<br />
<a name='more'></a><br />
<br />
A guy selling goods out of his trunk is deal/short-term focused ... sell, sell, sell, move on. A business owner selling the same sort of goods in a community-based store -- successfully -- is more likely client/long-term focused. Satisfied, loyal clients come back and send their friends. We are client-focused; our success is measured by client satisfaction; the commissions (and referrals) come as a result of doing a good job for the client. If they don't, we're in the wrong business. Not everyone has this approach. But not everyone has the "quick sale" approach either.<br />
<br />
Ms. Taylor illustrates her point with a tale of her own home sale with multiple competing offers. Apparently after sending offers back and allowing agents to keep coming in with altered bids, her agent "accepted" an offer without sending them back for one last go-round. She insisted on that last effort and it worked. She believes the agent wanted to accept an offer because the extra round would make him little money, it was Saturday night, and the home couch was beckoning.<br />
<br />
This little story hides a nest of issues. I can pick out several reasons to criticise the agent, but I seriously doubt the implied motivation. If the representative has spent days or weeks aiding the client and marketing the home and managing the offer review process, why would they not spend the last few minutes if it got the client a bunch more money plus a little for themselves?<br />
<br />
The bigger question is how they got themselves into the extended back and forth in the first place. You achieve multiple offers with good marketing, including the tactic of pricing somewhere below market value. (Pricing hugely below is another issue that drives me nuts, but is a talk for another day). Generally, getting multiple offers ensures that you will see (at least) fair market value and are likely to sell your home without many conditions and without an extended stressful negotiation.<br />
<br />
We encourage sellers to agree and put in writing that they will accept the best acceptable offer unless there is less than a specified (small) dollar-equivalent difference between two or more of the best offers. This makes the process clear to all parties and encourages the best offer with the initial offer.<br />
<br />
An uncertain process, and repeatedly "sending back" offers for improvement makes people suspicious that they are being used, makes them angry, makes them go away (as one did in Ms Taylor's case), makes the process drag out stressfully. It may work, it may appear to work, it may not.<br />
<br />
Our process is not intended to get us home early. It is intended to get our clients the best deal.<br />
<br />
"Myth: You Get What You Pay For" The first part of this section of the article jumps on the "commissions are too high" and tries to decide whether the "right" commission should be 1% or 3% rather than the 5% which she correctly assumes is pretty normal (in Toronto). The theory is that there are full-service discounters providing equivalent service; that price increases mean agents are making tons more money; and that technology has made the job much easier. For the most part that theory is wrong, wrong and wrong.<br />
<br />
An agent providing quality full service at a large discount is either seriously under-valuing their skills or working for a brokerage that will shortly be out of business. In either case, they are soon going to be working in another industry or for another brokerage. If we are only earning, say 2% on a listing, and handing half of that to the agent who brings the buyer, then we are either in the wrong business or we need to change our focus (see deal-focus vs. client-focus above ... and, by the way, the deal-focused gang aren't doing 2% listings).<br />
<br />
The top agents are making more money, true. Some areas use a graduated commission where a higher rate is paid on the first few hundred-thousand in price. But also note that not that many years ago the full commission was "normally" 6% and more. Don't forget that your listing broker sees half or less of the total commission.<br />
<br />
So an "old" agent who used to earn 3% for their "end" now gets 2.5%. If they get to sell you something as well, or give you a repeat/loyalty discount, they may be taking only 2%. I'm not suggesting a tag day, but that is one-third of their income from the old days and/or a 25% discount for your loyalty. 25% "coupons" are generally considered pretty good deals. Also note that in a "hot" market there is a lot more competition which means less business and/or more marketing to distinguish oneself from the crowd -- I know you don't care about that agent problem, but it remains a fact.<br />
<br />
Technology has made the job easier? Hey, it's nice not to need a bag of quarters to return/make calls and to have all the listings on the computer. And there is lots of tech that we are using to do the best possible job. But instead of writing a listing, photocopying it for the house, maybe placing a small ad in the paper and waiting, we are now much more on-call and instantly-responsive while dealing with photoshoots, video tours, high-tech print material design and production, websites, internet inquiries and lead generation, facebook, twitter, craigslist, kijiji, and on and on. The pace of technology has beaten some agents and made the job bigger for most of us. Again, go back some years and quite a few agents were, stereotypically but literally, part-time realtor-housewives. You pretty much can't do it that way anymore.<br />
<br />
<b><span style="font-size: large;">NO NO NO NO! </span></b>The takeaway point here included a suggestion to write in a doubling or tripling of the agent commission if they exceed the list price by 10%. DON'T DO IT. If you think that will motivate your agent to work harder for you, you are wrong and/or have the wrong agent. That might (I still doubt) work if you could somehow guarantee that the list price is the true market value. Two things: first, listing right at market value is probably not your best strategy in this market. Second, who do you think has the best skillset and knowledge to accurately determine market value -- you, or a good agent? Your bonus is just an incentive to undervalue the house. (Did you "jump" to this point? See -- good advice! So now go back to the top and read the whole darned too-long post)<br />
<br />
<span style="font-size: large; font-weight: bold;">"How the Realty Industry Operates"</span> This last piece of the article has some of the best advice and some of the most incorrect information and perspective. Some of the good bits include:<br />
. An agent with "too much" business may not be able to provide you with the best personal service and results.<br />
." The cheapest agent is not necessarily the best..."<br />
<br />
<br />
The rest of that last tip is "...and neither is the most expensive one". That may be true if an agent is suggesting 7% for some unique marketing plan or service. I haven't seen that fee or that service in Toronto -- ever -- but I guess it's worth a warning.<br />
<br />
<br />
But the related suggestion is that you should find an agent with a broker who isn't a big-name firm with big fees. The bigger brokerages, however, are able to offer more services, better enforce standards, and can actually spread their costs more efficiently by operating larger offices. <br />
<br />
<br />
Yes, they take a cut in order to operate the office and provide those services. But the brokerage business is not a high-margin business. Small, independant brokerages without a unique niche are disappearing because the owners can't make a decent living. There is a wide array of "compensation packages" for agents. Monthly desk fees plus deal fees, percentage of deals, etc. You want a good, experienced, trusted agent who is with a "big-enough" established broker with a good reputation. Within that group, the agent may get his/her compensation any number of ways, but the commissions charged to you are likely to be very similar.<br />
<br />
<br />
So there. The article made some good points and gives a lot to consider. I hope my post does the same thing and helps you to come up with a balanced and effective plan for choosing an agent.<br />
<br />
<br />
We would love to hear your comments and opinions.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com4tag:blogger.com,1999:blog-7013472870336812361.post-54500866851162964312012-03-12T11:55:00.003-04:002012-03-12T11:55:57.303-04:00We're Moving! (part 8) That's real purty.What a beautiful house we have. We're pretty much ready to go.<br />
Which again brings up the question: Why would we go?<br />
<br />
Because (<a href="http://gordmartin.blogspot.com/2012/03/were-moving-part-2.html" target="_blank">part 2</a>) of this series is still true. But the place looks great. Some of the stuff is just us falling for the staging (<a href="http://gordmartin.blogspot.com/2012/03/were-moving-part-7-staging-spawn-of.html" target="_blank">see part 7</a>), but a lot of it is getting all those things done that we planned to do ... for years.<br />
<br />
We have shared the joke with many clients in the past: "It looks so nice we don't want to sell anymore." Perhaps surprisingly, it has only actually happened once. Unfortunately it was a case where we (Lee especially) were intimately involved in advising, supporting, calming and even doing -- Lee was off to Winners a couple of time to buy, for example, the perfect towel rack she had been trying to describe. A planned listing date had passed because the work wasn't quite done and the sellers were somewhat fried. And then ... "We've changed our minds ... we love the place now that we've done all this and we can't bear to leave it until we enjoy it a while longer".<br />
<br />
But we, despite our emotional state at this point, are ready.<br />
<br />
So, for posterity, bragging and marketing it's time to capture our beautiful home .<br />
<br />
Video tours and photos.<br />
[A little history, a rant or two and all credit to Alex.]<br />
<br />
Not so many years ago, there was a single photo attached to a given listing. Even after MLS listings could be loaded electronically, the photo had to be sent to TREB, who took a day or so to add it to the listing. So, the first day or so, the top left corner of the listing said "Photo Not Available". One option to speed the process a touch was to use the TREB file photo of the property. Unfortunately, sometimes the staff photo guy didn't seem to have stopped the car, let alone get out of it, to snap the shot.<br />
You may have guessed that the Google StreetView vehicles and their technology did not arrive for quite a while.<br />
<br />
A technology that did arrive was digital video and the video tour. Treating potential buyers to a movie of the whole home on their computer was pretty snazzy and useful. But time consuming and expensive -- the first vid tour companies showed up at the house with a high tech van and a crew!<br />
<br />
Next came "efficiency". A fisheye lens, tripod and motor allowed a single tech to stick the tripod in the middle of each room, start the motor, try to stay out of the frame, and stitch all the room pans together the next day.<br />
<br />
Unfortunately, this technology made all the rooms look like bowls with bowed walls and seconds-long pans of blank wall before you got to the good stuff.<br />
<br />
About the same time TREB caught up a bit and started allowing 9 photos to be attached to a listing. By now, we could directly upload the photos at the same time as the listing itself.<br />
<br />
So we stopped using video tours. They not only distorted, but they disappointed buyers by making the places look bigger than reality. We prefer to under-promise by a hair, and over-deliver by a lot.<br />
<br />
But then came Alex Morias of www.videolistings.ca. He was more advanced in the technology, but he regressed appropriately in technique. Armed with a video camera and a still camera, he took pans of the good stuff and key elements, put them together with stock footage, music and captions. And it was beautiful. An excellent representation of the property and a wonderful souvenir for buyers and sellers. Turned around the same day! <br />
<br />
So, with all that available, how is it possible that there are still listings that, for the first two days, <i>still </i>have "Photo Not Available" in the top left corner?! It boggles the mind. You can almost here the internet generation (of buyer and agent) clicking "next" and I think I can also here the memory of that listing clattering down a dusty corridor of the mind, to be never heard from again.<br />
<br />
Here's what Alex did for us:<a href="http://www.videolistings.ca/video/35anndale" target="_blank"> www.videolistings.ca/video/35anndale</a>. Neat, eh?<br />
<br />
Did you read the last blog post? (<a href="http://gordmartin.blogspot.com/2012/03/were-moving-part-7-staging-spawn-of.html" target="_blank">This one</a>). Then you know what to do. Those "like" buttons are right here...<br />
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<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-73718367125520883892012-03-11T11:51:00.001-04:002012-03-11T13:48:02.962-04:00We're Moving! (part 7) Staging ... spawn of the devilBefore we start, a personal note to you.<br />
<span style="background-color: black;"><span style="color: white;">Go to the end of the post and click on all the social media buttons (facebook, twitter, google+) for which you have accounts. If you don't do that right now, you have to read the next paragraph.</span></span><br />
<span style="background-color: black;"><span style="color: white;"><br /></span></span><br />
<span style="background-color: black;"><span style="color: white;">Are you enjoying these? Make a comment and say so. Hate them? Make a comment and say so. Are you on facebook, twitter, google+? There are handy little buttons at the end of each post. Click on them whether you like this or not. Why? Because, as much fun as this is, it's also part of our business. It also fits nicely with one of our basics: When we do something with a marketing objective, we try to do it in a way that adds value. For example, when we send out self-promoting postcards, we put a frameable photograph by a local artist on the front. Same here. This is supposed to be entertaining and informative ... and it's marketing. If you "like" us, make comments, etc., we show up higher in searches, more people see us, read us, and occasionally call us for help with their real estate needs. And I don't feel like I'm writing this thing into a void.</span></span><br />
<span style="background-color: black;"><span style="color: white;">Thanks in anticipation.</span></span><br />
<br />
Now back to our regular programming.<br />
"Staging" is stupid, deceptive and drives me nuts. We used a great stager and I know it helped sell our house. So, that about sums it up.<br />
<br />
A little more detail ...<br />
First, the rant.<br />
Even before staging, there was the pretty kitchen syndrome. Two similar houses. One with new and updated wiring, roof, furnace, plumbing, beautifully maintained; not a lot of kitchen/bath/decor upgrades but whatever had to be done was done and done well. It has a "lived in" look as a result of raising a family and collecting a couple of decades of memories. <br />
<br />
The other house has older systems and a bit of a musty smell in the basement, but the old carpets have been pulled and the floors stripped and urethaned, a few gallons of taupe applied, and a shiny new IKEA kitchen installed. <br />
<br />
Guess which house sells first for more money.<br />
<br />
Picking up on this syndrome, an entire "staging" industry developed. <br />
Early on, we had the perfect house for staging. A young and handy couple with a family spent every last penny doing an outstanding job of reno'ing a house in a good solid middle-of-the-road neighbourhood. Unfortunately, the reno'd a little past the top end of the neighbourhood and all their money went to the reno and the kids. We had toys and tools, but no furniture. The house needed to be furnished and decorated in a manner befitting the budget of a buyer for this high quality renovated property. Enter the stager and a van load of rented furniture, art, bedding, pillows, etc. Perfect.<br />
<br />
But then almost everybody started doing it. Houses didn't just have to be clean and solid. They had to be "decluttered" to the point of "unliveable". And it worked. The house that looked like magazine photo shoots of houses where no-one ever reads a magazine or uses a towel sold. The house that looked like real people lived in it just sat there.<br />
<br />
With time, we thought it might get better. As people saw more and more staging and the media picked up on the trend, we thought clients were learn to see through staging and to see potential.<br />
<span id="goog_955004550"></span>What happened? (go ahead, click)<span id="goog_955004551"></span><a href="http://www.leadingthewayhome.com/Files/buzzer.wav" target="_blank">http://www.leadingthewayhome.com/Files/buzzer.wav</a><br />
Instead it got worse. Now we could show clients 5 houses. 4 might be staged, one not. Previously, the 4 would sell first. Suddenly it was hard to even get your clients to go through the unstaged one. <br />
<br />
It went from a reward for the staged to being a penalty for the unstaged. Buyers were even suspicious of why a seller wasn't staged. It all reminds me of what has happened to hitchhiking. In our youth, there were occasional hitching issues, but it was nonetheless quite common and positive. Now, I won't pick anybody up -- "what kind of person would be hitching?", and I would never hitch -- "what kind of person would pick me up?"<br />
<br />
<a name='more'></a><br />
<br />
It has always been discouraging to see clients pass up a good house that needed little more than new paint. It became epidemic. Without any actual data, I became convinced that part of it was a subconscious feeling that "If we buy this pristine uncluttered house, we will be starting over and we can live like this".<br />
<br />
No, you can't. It's not living ... it's a house that nobody "lives" in. <br />
<br />
The sellers are probably staying with a brother-in-law because they can't cook (smells and they don't know where they hid the small appliances), they can't bathe (don't touch those towels), and they can't relax (for fear of mushing a pillow or being unable to perfectly repositioning the artfully casual placement of the throw on the couch.<br />
<br />
Our advice to buyers, as always: open your eyes and look at THE HOUSE, not the contents.<br />
Our advice to sellers ... sigh ... "Stage it because it works". <br />
<br />
In our case, we're sellers. Enter <b>Janine Anderton of Urban Oasis (www.urbanoasisinteriors.ca)</b>. Lee and I both have good eyes and the experience to know what needs to be done. But Janine is better. And she doesn't "make work" ... re-drywalling the kitchen, replacing cabinet fronts and bringing in stainless steel appliances is renovating, not staging. The best stagers work as much as possible with what you have, shifting it around and filling in the gaps with the right accents from their own supply of "good stuff". Touch ups, painting, etc are part of the kit, if needed and when the seller isn't in a position to handle it themselves in a timely manner.<br />
<br />
Janine made our living room feel larger AND cozier, got rid of or replaced some "clangers" in the decor and moved artwork around to make things coordinate and flow better. This even after we had done a pretty good job of getting 80% of the way there.<br />
<br />
Nonetheless, Gord grumped and slumped, held his head, left the room occasionally, and whined endlessly about "moving stuff for the sake of moving it ... it's fine the way it is ... nobody will see that ... why are we doing that ... we're wasting time on the insignificant ... and so on". Lee and Janine cheerily ignored him and did a great job.<br />
<br />
<br />
<br />
P.S. <b>Update on lockers, decluttering, packing thing</b>: Still room in the locker, but it's filling up. My back hurts. <br />
Box tips:<br />
1. The LCBO doesn't actually cut the tops off of ALL their boxes. Wednesday seems to be a good day to nab a few.<br />
2. Buying boxes is stupid expensive, even with volume discounts at the moving stores, storage companies, etc. Oddly, one of the most reasonable and well stocked places for moving supplies is Staples. The stores are good, but if you get into their packaging stuff online, aimed at businesses you may find better-than-most deals on a large variety of box sizes and other packing stuff.<br />
<br />
<br />Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com3tag:blogger.com,1999:blog-7013472870336812361.post-374319150130704032012-03-10T12:56:00.002-05:002012-03-10T12:59:55.143-05:00We're Moving! (part 6) How long has that been like that?<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
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<tr><td class="tr-caption" style="text-align: center;">Yes, you!</td></tr>
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Well, I guess we'll have to do a little touch up here and there. At least a few baseboards where a former resident tended to sleep on her back while pawing the baseboards. And where the cleaning ladies have bounced and dragged things (stereotype alert: Portuguese cleaning ladies tend to be a little aggressive; on the other hand they do a great job, reliably, for a decent price, and often sing while cleaning). <br />
<br />
In spots, we even get a peek at the goat-puke green semi-gloss the place was covered in when we bought.<br />
<br />
And Lee says: "We have to paint the bedroom". But Gord says: "It's fine". Lee: "I hate yellow". Gord: "But it's fine and it goes with the bedding". Lee says ... well, nothing really, but we're painting the bedroom.<br />
<br />
Oh, jeez look at those nicks on the wall corners ... how are we going to deal with those? Paint the wall. Which is connected to another wall. Which is connected to a stairwell. etc.<br />
<br />
You know those two drawer pulls that came apart and that you can't get anymore so you have to replace all the pulls in both bathrooms? Well, they only make screws that are 1/4 in. too short or 1/4 in. too long for the way the vanities were built.<br />
<br />
I guess we never got around to framing that bathroom mirror, did we? It really would look better framed.<br />
<br />
Lee: "We're painting the bathrooms, too" ... Gord: "Aw c'mon, they're great ... Those are 'treatments' and just the way the guy said that (with a certain trill and hand wave) I think cost us an extra $500" ... Lee: "I hate it. It's dated. I'm* painting the bathroom"<br />
[update: an actual compromise ... with a little support from the painter, we agreed that only one washroom needed de-treatmenting. Which brings us to the asterisk. "I'm painting" means "someone other than me is painting"]<br />
<br />
And so on.<br />
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With Gord's amazing handyman skills, this should only take a couple of days.<br />
[pause for hysterical laughter]<br />
Without even applying the standard rule of thumb for Gord projects (double the estimate and take it to the next order of time ... 2 days = 4 weeks)<br />
<br />
Simultaneously, we still have jobs, Gord is about 2 years behind on paperwork (courtesy of a very easy Quicken update that smoothly obliterated nearly a year of financial data just in time for the approaching tax season), and as our own agents we have a ton of work to do for our own listing.<br />
<br />
Enter John Peirson of Inside Job (jrpeirson@gmail.com ... 647-864-4464), painter handyman and saviour ... good, nice, calm, quick and reasonable.<br />
<br />
The lesson of course is that all that stuff that you never got around to because you were busy and it wasn't that big a deal or you barely noticed -- is the same stuff that you would notice in someone else's house and everyone will notice in yours and wonder if it reflects your careless general approach to home maintenance.<br />
<br />
Next up: a vitriolic staging rant ... sort ofAnonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-21335287371882244112012-03-09T12:11:00.000-05:002012-03-09T12:16:02.762-05:00We're Moving! Part 5 ... Oh, the HorrorWe're starting to look pretty good. We've filled up our garbage and recycling bins a few times, along with those of a neighbour or two. Bags of clothes have gone to good homes from Toronto to Mumbai and Africa. The locker is still navigable but starting to look like it's doing its job.<br />
<br />
The sprucing up is on track (there will be a post on this), I guess I'd best deal with the home office.<br />
<br />
<a href="http://www.leadingthewayhome.com/Files/moving4clip.wav" target="_blank">Ask me how I feel about this?</a><br />
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I'm sorry. Can't talk any more. Must lay down. Breathe. Breathe. Breathe. The thing is a room-size junk drawer. Breathe.Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-38345280874760209812012-03-08T09:19:00.000-05:002012-03-08T09:19:41.504-05:00We're Moving! (part 4) "Lock and Load"The last episode mentioned "The Locker".<br />
The phrase fills me with fear and trepidation. I've lost count of the number of clients who have rented a locker "just for the move". Years later ... still there, still full, still costing you money every month. <br />
<br />
If this is you, go back to part 3 and listen to George Carlin again. No, wait, I'll make it even easier ... here's the link again: <span style="background-color: white;"><span style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;"> </span><a href="http://www.youtube.com/watch?v=MvgN5gCuLac" style="font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px; text-decoration: none;">http://www.youtube.com/watch?v=MvgN5gCuLac</a></span><br />
<br />
The best plan is to get rid of what you're getting rid of well before you list and before you get the temptress of a locker. But you won't. We didn't. Time sneaks up.<br />
<br />
Lockers. Our first obvious rule was to be nearby. You can get better deals at Uncle Bo's Country Storage and Sheep Farm. But it'll cost you the difference in gas alone. And time is money. The exchange rate on "time" rises dramatically as listing day approaches.<br />
<br />
Oddly enough, prices vary significantly among storage companies even within the same area and even after allowing for variables.<br />
<br />
Variables?...it's a freaking closet! We mentioned location. Some are multilevel so you need to know about the loading dock, where the elevator is, what sort equipment you can use, etc. Heated or unheated. Security. Hours of access.<br />
<br />
Another complication is "the deal". They all have a deal, sometimes several. A lot tend to be like the convert-your-credit-card scam. You know .... Huge print: "diddly squat interest rate" ... Little teeny tiny tiny print: "for the first 3 months" ... not printed at all: "then we screw you good". You need to figure out the real cost for a <i>realistic </i>time frame. Despite heeding my warning above and my claim in the last episode, I'll bet you should assume you'll have the thing a few months longer than you think.<br />
<br />
Our winner. Advantage Self Storage's Toronto location on Warden Ave. Tracey was nice (most of the time, unless she thought you weren't paying attention), really knew her stuff, was very competitive and the place is five minutes from the house.<br />
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<tr><td class="tr-caption" style="text-align: center;">only just begun...</td></tr>
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We ended up with a 10x10 foot locker, despite my pitch for a pair of 5x5's. I can justify a longer hold on one small locker for our work files and seasonal things if we end up in a storage-challenged condo. But price and availability convinced me. We can switch later if need be.<br />
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By the way, if you need a locker -- or some stuff to put in it -- give us a call. As Advantage tenants, we get a realtor discount for clients. We have discount cards.<br />
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Before I go, I'm going to yell at you about one more thing. GET A SYSTEM AND LABEL THE BOXES CAREFULLY.<br />
There are spiffy computer apps out there to help with this, but I found them all problematic or clunky. We just started a list on our iPhones, numbered the boxes, and came up with a system for marking them for access ... some stuff we need easy and regular access to, some we hope to never look at until we empty the thing for good.<br />
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Where the hell did the dog's ashes go?Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0tag:blogger.com,1999:blog-7013472870336812361.post-57613943137556626672012-03-07T10:48:00.000-05:002012-03-10T22:34:04.523-05:00We're Moving! (Part 3) Too...Much...Stuff...A LotIn the immortal words of George Carlin, "Have you noticed that their stuff is sh*t, but your sh*t is stuff?" For the rest of this classic bit, including a nice slam at our infatuation with homes, have a boo hear (language warning: he doesn't use asterisks) <a href="http://www.youtube.com/watch?v=MvgN5gCuLac">http://www.youtube.com/watch?v=MvgN5gCuLac</a><br />
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<span class="fullpost">Both of our parents were packrats. Think entire closets full of knitting wool (Lee's Mom) and 6 full sets of Pyrex measuring cups (my mom). So we've been fighting the gene our whole lives.</span><br />
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<span class="fullpost">But now it's time. Yes there will be a locker for the inevitable staging and for the interim period. A small one may even be needed longer term for records and seasonal stuff. But we are <span style="color: #444444; font-size: x-large;"><b><u><i style="background-color: yellow;">NOT </i></u></b></span>keeping a 10x10 locker for more than a month after we move unless we're living in it.</span><br />
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<span class="fullpost">So as well as the staging-decluttering, there is some true lose-it-never-to-be-seen-again decluttering.</span><br />
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<span class="fullpost">The mantra has to be that <i>stuff is just stuff. Only the memories are important</i>. Need a memory jog? Take a pic and stash it in the computer's "locker", which is much smaller physically and easier to access than box 7, locker H112, second floor, Advantage Storage on Warden Ave.</span><br />
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<span class="fullpost">The mantra is much easier to follow when you can find a good home, use ... or price for the stuff.</span><br />
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<span class="fullpost">A great help here was <span style="color: #444444;"><span style="background-color: yellow;">Kathy Zaremba of Felicity Moving (www.felicitymoving.com</span>)</span>. If the whole process is a little overwhelming, she can help with many aspects. As a result of her work, she also has a great knowledge of places where you can get rid of or sell various kinds of stuff.</span><br />
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<span class="fullpost">My mother's wedding lingerie, however, I believe had her stumped. I mean, nobody wants it. Including me. But it's gorgeous, silk, 64 years old, and my Mom's. And the only solutions seem to be the garbage bin or torn up for rags. The mantra, the mantra, the mantra.</span><br />
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<span class="fullpost">The dinky toy collection has been dramatically reduced. And I let go of the awesome white-handled six shooter with the actual bullets that take round caps ... Santa contacted me directly by letter one year to suggest that it was new and very cool and might be preferable the boring old standard two-gun capshooter I had requested. Interestingly, my father also thought it was very cool.</span><br />
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<span class="fullpost">Also, there is a teddy bear dressed in some of my toddler duds that still seems to be with us (recall my mother kept everything)</span><br />
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<span class="fullpost">For our current clothing, the canadian diabetes folks will come and get it. Value Village is pretty good and there are legit charity bins at their store sites. Beware the bins in most places. Most have minimal or zero charity components -- they are just moneymaking ventures.</span><br />
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<span class="fullpost">Goodwill is OK, but they are bugging me lately. Used to be they would take stuff and employ down-on-their-luck or challenged folks to repair, learn etc. Now, at least at one location that I will never enter again (Eglinton East), a very aggressive lady comes out, looks in the van and says "Can't sell that ... Don't want that ... That's no good, don't want it".</span><br />
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<span class="fullpost">Excuse me dear, if you only want the good stuff you aren't much use to me ... If the van doesn't go home empty, you're wasting my time. The idea is that you decide what you can use and YOU dispose of the rest.</span><br />
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<span class="fullpost">Same issue can pop up if you are getting rid of your skinny clothes, etc. Really good, still in style, barely used duds should be saleable at a consignment store. But many will have an absolute rule that they won't take anything over 2 years old. Back to the garbage bag and the diabetes folks.</span><br />
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<span class="fullpost">I quickly confirmed that I didn't like dealing with stuff, so I went to Arizona golfing with the boys. What could go wrong with that approach?</span>Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com1tag:blogger.com,1999:blog-7013472870336812361.post-80939347048486249912012-03-06T09:19:00.000-05:002012-03-10T22:35:39.009-05:00We're Moving! (Part 2) Explain this to me again.Why are we doing this?<br />
We absolutely love our neighbourhood and house. The garden is outstanding and backs onto a "secret" park. That park has done good things for my chipping game.<br />
But ...<br />
A bunch of good reasons and some that seemed good at the time came together.<br />
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Although I do own a recliner chair, WE ARE NOT RETIRING !!!!!<br />
But it is probably past time for thinking about and planning for retirement. Our parents had a fairly long list of bad moves after the nests were empty. A few of those mistakes involved waiting a few years too long to move, then whining about why they didn't do it years earlier. So in the usual way of parents and kids, we are probably bailing too early.<br />
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Bailing early will give us a few years to figure out what we can live with. It's pretty unlikely we'll discover we are happiest in a basement apartment somewhere that has monthly visits from Aetna. We hope it's unlikely that we will be knocking on our old door in two years trying to buy it back. There is a lot of room in between.<br />
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I have a theory that smart, adaptive people will move way more often in the decades post-55 than in the decades pre-55. It's all about focusing your energy on the stuff you want to do and a little less on the stuff you have to do.<br />
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Downsizing is quite a neat way to convince yourself that you have added to your savings nest egg... so long as you don't get distracted by the silly thought that it is just swapping one asset for another and we have no clue whether our house is smarter or dumber than our financial advisor. Lately the house has looked pretty smart, but the financial advisor has also had his moments. Maybe if we give him some more money to play with he'll stop phoning in the middle of the night to tell us that there's a 57% chance that the sky is falling.<br />
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WE DO NOT THINK THE MARKET IS CRASHING !!!<br />
We long ago realized that we know enough to know that we don't know when, if, or how much the market will correct. Our biggest worry today is that so many "smart" people now are saying the same as what our best guess has been for a few years: growth will likely at least slow and maybe correct gently in a while, for a while. When the analysts start to agree with each other, something else is going to happen ... when they start agreeing with us ... that's really spooky!<br />
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Lee has changed her tune. She used to love gardening. She still loves her garden. There's a difference. I am scared to death that the next phase would require me to help with the gardening. Gotta move.<br />
There are some gimpy body bits that have something to do with this ... could be the mangled neck vertebrae and arthritic bits can only handle mass quantities of <i>either</i> garening or golf. I am thrilled that she has made the obvious and brilliant choice. Though she still has to find time for golf and her nasty singing habit.<br />
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Our dog died. Sounds silly, but Mallaig was one of the things that anchored us to the place. That made us full empty-nesters. And, of course, being dogless opens up several options.<br />
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1...2...3...<br />
How many properties do you really want to maintain? We have a condo in Florida that we occasionally get to visit, and a cottage ... that we occasionally get to visit. Maybe a condo would be a significant property management simplification.<br />
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You know, when I read this over, it's not nearly as compelling an argument as it seemed a couple of months ago .... OMG, What Have We Done !?<br />
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Next up: back to dealing with the stuffAnonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com1tag:blogger.com,1999:blog-7013472870336812361.post-69857993745812738322012-03-05T12:17:00.000-05:002012-03-10T22:37:30.292-05:00We're Moving ! part 1We're moving!<br />
Sitting on the lanai with a G&T in December a whole bunch of things came into alignment. No, we aren't retiring or moving to a commune or a cabin in the woods. But a lot of things added up to: simplify, downsize, etc.<br />
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Now, our Realtors (that's us, remember?) told us that such a decision should be made in ample time to go to market at the perfect time, if possible.<br />
We didn't, of course.<br />
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In this market, for the past several years, the Buyers appear shortly after New Year's dinner. Sellers, meanwhile, need some time to tune up the house. This phenomena explains a fair chunk of the annual January/February lunacy ... lots of buyers, few sellers.<br />
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We already thought we empathized well with our clients around the stresses of a move, no matter how positive the experiences and outcomes. We now REALLY empathize ... the tummy-tightening hit the instant we realized we had actually made a decision. <br />
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We also immediately reinforced a thought we have had before: As stressful and inconvenient as moving is, everyone should move at least every five years just to force a decluttering and junk-clearing. We haven't moved for 21 years. Oh dear.<br />
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I thought a blog of our moving experience might be interesting, both for those thinking of moving themselves and for those who take a perverse joy in the misery of others.<br />
Events seem to have passed by blog-writing, but I did manage to keep notes. So the blog will come out in bit-size pieces. Subscribe to be sure you don't miss an episode ... there may be violence and bad language, but probably no sex!Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com2tag:blogger.com,1999:blog-7013472870336812361.post-63944875793718305382011-05-09T13:16:00.001-04:002011-05-09T13:17:47.915-04:00Old, but good, news...Friday's Globe and Mail had a string of interesting, even useful, real estate articles.<br />
"Well, of course they did", you say, "Friday is the day they publish their real estate section."<br />
Except these better articles were all in the Report on Business section. It was so full of juicy items it took me a few days to get around to writing this up.<br />
With the wee summaries and links below, I quickly maxed out the character limit for Facebook and Twitter ... so you get a blog post. To wit (not to Tweet)...<br />
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"<a href="http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/rule-changes-make-mortgages-a-moving-target/article2012315/">Rule changes make mortgages a moving target</a>". Opens with a statement that all the new rule tweaks make "it harder for many Canadians to get a mortgage". Followed by a bunch of reasons why the new changes and restrictions are a bad idea. Towards the end of the article we get stuff more along our thinking: that the new rules help ensure that "the goal and dream of owning a home is balanced with the ability to repay..." A broker suggests the changes affect decisions for 10-15% of buyers. If he is right, I suggest that the new changes probably influenced 90% of those people to make better decisions. In other words, there are very very few people out there who have really good reasons for a 95% mortgage amortized over 35-40 years.<br />
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"<a href="http://www.theglobeandmail.com/globe-investor/personal-finance/mortgages/how-to-play-the-low-interest-rate-game/article2012316/">How to play the low interest-rate game</a>". Pretty solid advice on how to take advantage of the current low interest rates without losing your mind and taking inappropriate risk. My favourite quote (though I admit there are exceptions) "If you can afford to put down only 5 per cent, you can't afford the house".<br />
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"<a href="http://m.theglobeandmail.com/report-on-business/economy/housing/what-kind-of-house-can-you-get-for-600000-in-canada/article2011901/?service=mobile">The $600,000 question</a>". What do you get for $600k in various parts of the country. If you are just one happy puppy on some acreage in the boonies you can get a lot of house. If you want to step outside and stroll to every imagineable cultural, recreational, and commercial attraction, think smaller.<br />
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"<a href="http://www.theglobeandmail.com/report-on-business/your-business/exit/selling-your-business/real-estate-long-flip-versus-quick-flip/article2011564/">The long, slow flip</a>". Cindy Wennerstrom's business is "flipping" homes but she takes an interesting middle ground between the fast buy-reno-flip and the long term investment property approaches. She argues that her approach has risk and tax advantages.<br />
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If any of those sound interesting beyond my precis, follow the links and enjoy. Comments also most welcome. Please. Somebody. Comment. On something :-)Anonymoushttp://www.blogger.com/profile/05436288128593828962noreply@blogger.com0