A lot of people question whether or not they should be selling their home during this holiday season, and the short answer is YES!  No inventory means some of the most aggressive bidding wars we have seen in 2021, which has already been a year of the most aggressive bidding wars on record! Here are some additional reasons:

Additional staging opportunities.

Staging has a huge impact on appeal of your home to buyer – and the holidays represent a time of year where we can perhaps go even a little more aggressive in our décor than usual.  For instance – have a fireplace in your home?  Dress it up – add a beautiful garland, some stylish stockings.  Help the buyer to picture themselves waking up in the home on Christmas morning with their own children by showing just how they could use the space.  Have high ceilings?  Get that 12’ Christmas tree to show those “soaring” ceilings.  Just a side note about the tree, don’t get one that is too bushy, as you don’t want to make your space feel smaller.  Curb appeal is also important – put a beautiful wreath on your door and some white Christmas lights.  Think stylish, HGTV, neutral decorating – like pine cones, white and sparkly décor, but minimal colours. But for now, none of the big inflatable Christmas decorations.  Curb appeal is so important – and oftentimes all those bright and loud colours come off as just a bit tacky.

In addition to appealing to a buyer’s sense of sight, there are also other senses we can appeal to as well.  Perhaps some Apple Cider going on the stove to make the place smell of apples and cinnamon.  Perhaps a plate of sugar cookies that were freshly baked (also a great scent) that they can help themselves too.  Or what about some light holiday music playing in the background, to create a welcoming ambiance?

Now there is a fine line between just how far you might want to take some of these design ideas, so always consult with your Realtor about what your ideal buyer would be, and how best to prepare your home to appeal to them.

Less competition

I have found year-after-year that listings that may have been sitting in December all of a sudden sell through in the three weeks following Christmas. 

Why? Because inventory is SO limited at this time of year.  A lot of people seem to take their home off the market during December – mostly because they don’t think that there will be buyers out there looking, or because they don’t want to deal with the inconvenience of having some showings during their holiday gatherings - but that doesn’t mean that buyers stop looking!

The most serious buyers!

The buyer’s out there are likely the most serious – who wants to interrupt their holidays with house hunting, unless it is absolutely necessary?

There are buyers out there who have leases ending, or who have sold their home and NEED to find a new home, like yesterday.  Or after a year like we’ve had, with limited inventory, they’ve been bidding on homes for months and just keep getting outbid. 

Nobody wants to move twice – especially in the winter.  So it isn’t uncommon for these buyers to be willing to pay a premium just to have a place that they can move into.

Just some final notes:

While selling during the holidays has many advantages, one of the greatest disadvantages would definitely be handling showings over what is often a full holiday schedule. 

We recommend talking to your Realtor in advance and setting up a showing schedule.  Do you have particular dates that you just cannot accommodate showings?  That’s totally fine, black them out!  It would be unusual for people to try and show the home on December 24^th or 25^th, but not unheard of.  So black out the dates that simply won’t work for you and your family.  Having this prepared in advance allows people to book around your schedule while not interrupting your plans.  While it is important to keep the home as accessible as possible, it does not have to be to the detriment of your enjoyment of the holidays.

I hope you and your family have a wonderful holiday season filled with love, laughter, family, and friends.  And from my family to yours, Merry Christmas!

#AgentJen

Jennifer Queen

Phone: (204) 797-7945
Email: Jennifer@JenniferQueen.com

I get asked this question a lot right now, from friends, family and plenty of potential clients,

What is the market like right now?

Heading into the Christmas season and the new year is typically a bit of a slower spot in the Winnipeg real estate market, however in 2020 it wasn’t and now again in 2021 it is not looking that way.

The market situation we have here is that the mortgage rates are still fairly low compared to recent years which is allowing purchasers to leverage more money towards a purchase. The other big factor in the market is that there are limited options for houses, as the inventory on the market is coming and going so quickly it requires quick decisions and often an increased purchase price significantly higher than the list price to secure the property.

In the past few months (not unlike the past year and a half) many of my clients are competing with 5-20 offers on each home that they decide to write offers on.  While I understand this is not the same for every property on the market it does represent a large proportion of the options available to many clients. If it is a single family detached home that presents well and appears to have little to no required work necessary then you will generally see offers flooding the property on the offers date. This is also the first year in my career that I have been involved with multiple offer situations for purchasers and vendor clients when working with Condominium sales!

So, what do I say? Honestly, I tell people that it is CRAZY! The prices we are seeing some houses sell for literally blow my mind.  As a professional Realtor my job is to analyze the market and identify what properties should be worth in the given market, but many times there just isn’t a number that you can place on how badly someone wants a home. I have personally had clients offer on up to 10 houses, losing them all in multiple offer situations. Doing everything in their power to make offers more attractive: over list prices, no conditions, vendors ideal possession dates, and still being outbid by tens of thousands of dollars. It usually comes to a point in the process where they just say we will pay just about anything to get this house! And that is one of the reasons we are seeing such large price increases in our market.

When you are up against 10-20 offers there are not a lot of options to make your offer stand out.  It usually comes down to purchase price, as the other top offers in consideration will more than likely be written without purchase protection conditions and anything else the vendors want.

What I am saying is that the vendors do hold a lot of the cards right now, making it a strong seller’s market.  BUT with all of these bidding wars and increased prices happening I will say that I find many buyers to be more in tune with the process and more educated.  There are still clients who are new to the home purchasing game and those ones are generally a much longer learning experience than they used to be, but there are a lot of people who have been paying attention to the market over the last year and understand what is required to secure a property right now.

Some things that are not selling quite as well right now are:

1. Flips. If people can see that you purchased a property a year ago (I think the shortest turn around I have seen for a flip is 3 WEEKS!) did some work to it, didn’t pull any permits and the work done looks sloppy then they are not inclined to offer quickly. Alternatively, if there are permits in place, and the work is done well then people will pay a pretty penny for them.
2. Homes with serious structural issues.  A fact in Winnipeg is that there are a lot of homes that require some form of structural repair.  They can be big or small, but due to our substrate there are a lot of homes that have some need for a structural or foundation repair.  This dry year only proved how many actually do need some work.
3. Overpriced homes. As I said above people are much more attuned to the market, and if a property is trying to stretch a list price in the current market they are not moving as quickly, the issue here is that a lot of vendors are going with extremely low list prices instead, which also adds to the amount of offers coming to a home as there are many people who can not actually afford the home if it was listed more accurately to begin with.

So, would I recommend buying a house right now? I guess it’s a bit of a complicated question, if you are the type of person who is a major saver and likes to get a deal then 100% NO, this is not the market for you. If you are in need of something different for your family or life situation and you need to purchase a home then again, it’s not exactly a great time, but Winnipeg’s market has never really had a BEST time to buy a house.  We are typically pretty stable and slightly increasing year over year. Here are some tips to help with the purchasing process right now:

1. My best advice would be to get a good feel for the market early if you are going to be purchasing.  Watch what homes are listing for and what they are selling for you likely need to be in contact with a realtor to get the inside scoop on the selling prices.  But knowing them will let you see the difference between what things APPEAR to be selling for and what they are ACTUALLY selling for.
2. Have a solid deposit saved up.  While your deposit goes towards the down payment for your home purchase, having a larger deposit to give with your offer gives the impression that you have strong finances and may shoot your offer to the top of the pile.
3. Speak with your lender! Let them know the situation, while a pre-approval is good giving an in-depth assessment of the home you want to purchase and asking for a quick 1-2 day turn around may give you an edge if it is necessary to have a financing condition on your offer.
4. If you need a home inspection to feel comfortable then pay the money up front to do a pre-inspection on the home prior to writing an offer.  It will allow you to get all of the information that you would get from a typical home inspection but you would be paying it out of pocket whether you get the home or not.  It will allow you to make a more informed decision on how much you would be comfortable paying for the home and will likely alleviate any surprises on possession day. Also, an offer with a home inspection condition right now is like a kiss of death, the vendors will likely move to another offer if they see that you have a home inspection in your offer.
5. Write a letter. If it is the home you feel to be the perfect home then write a letter to the vendors, it doesn’t always work as there is very rarely a vendor who will choose a nice letter over $10-20K more dollars, but if your offer is one of the top offers it could push it over the edge as the winner.

Again, I will re-iterate that the market right now is CRAZY but if you want to talk more about your options for buying or selling, I would be happy to take your call, text or email and have a candid chat about what could work best for you.

#AgentLogan

Logan Queen

Tel: (204) 226-1261
Email: Logan@JenniferQueen.com

Over the last year I have helped several families move into this amazing Province and it really got me thinking about why I love this city. Initially, I moved to Winnipeg from North Western Ontario (NOW) to attend the University of Manitoba and play hockey. I was never keen on the idea of living in Winnipeg mostly because it was too close to home and at the age of 18 you feel like you need your own space to grow. However, the city grew on me very quickly and honestly, I can’t imagine living anywhere else, even when it is -40! There are so many things to love about Winnipeg but here are a couple of my favourites!

The Food Cultural: I love food. I love cooking. So, the fact that Winnipeg is known for its food culture makes me very happy! Everywhere you go in this city there is a restaurant waiting for you. There is such a variety from Asian, tapas, traditional Indigenous, French, Italian, American, Indian, honestly you name it, you can find it in Winnipeg. I wish I had more time to explore more restaurants. Often times we get stuck in what is easy and comfortable, but I try and make a goal of trying a new restaurant every month in hopes of keeping it interesting! My most recent favourite is Harth Mozza and Wine Bar.

If you’re wanting to be more hands-on and experiment in your own kitchen, try taking some cooking classes. There are a number of different organizations that offer speciality classes. Something I have always wanted to do but never done. Maybe I’ll make it part of my 2022 goals! If you have any suggestions, please send them my way.

Real Estate: Yes, I realize I might be a little biased on this one, and I’m sure you have heard it before, Winnipeg is one of the most affordable cities in all of Canada. Yes, we aren’t a major hub like Vancouver, Calgary or Toronto, but if you are looking to put down some roots, start a family, start investing or expand your investing portfolio - Winnipeg is an exciting and affordable city to do that in. The average price for a single family detached home in Winnipeg is coming in just under $400,000. While other cities like Calgary or Halifax have much higher average prices for homes of closer to $500,000, and don’t even get me started on Vancouver and Toronto where you would need a much large commitment of $1M plus just to break into the market. Winnipeg has always seemed like a smart and safe investment to me!

The Nature Trails and Parks : As you know by now I grew up in NWO. I spent a lot of time outdoors, camping, fishing, sports, etc. Nature and getting outdoors is something that is very important to me and my family. Winnipeg (and surrounding area) has spectacular parks and trails. Parks like Assiniboine, St Vital Park, La Barriere are popular destinations for my family as well as many fellow Winnipegers! They always have so much going on. You can choose to get caught up in the excitement of the crowds or relax and enjoy the serenity. I also have a couple parks closer to home that I take my dog, Provie, and my son, Gavin, to on a weekly basis. There are so many parks with lovely walking trails, I feel guilty for not exploring them more but honestly there are so many it is sometimes hard to choose!

Fort Whyte Alive is something I haven’t explored enough but it needs to be highlighted. It is 660 acres of green space in the middle of the city. They provide programming, natural settings, and facilities for environmental education, outdoor recreation, and social enterprise. In so doing, FortWhyte promotes awareness and understanding of the natural world and actions leading to sustainable living. They have endless things to do: tours, biking, water sports, snowshoeing, ski trails, skating, fit pits. Honesty, there is no way I could fully explain what Fort Whyte Alive is, you need to explore it for yourself.

Culturally Diverse: Winnipeg is one of the most diverse cities in all of Canada. We have a lot of larger industries that attract people with all kinds of backgrounds; manufacturing, aerospace, agribusiness, creative industries, energy and environment, financial industries, information, communications and technology, life sciences, tourism, transportation, distribution and the list goes on. Did you know that there are at least 100 different languages spoken here?  Incredible! Folklorama is a terrific two-week annual festival that explores the multicultural diversity of Manitoba. It allows all of the cultures within our province to showcase their uniqueness during the festival in August. I usually get to 1 or 2 of the pavilions each year and I have never been disappointed!

Manitoba Museum: The Manitoba Museum is the province’s largest, not-for-profit centre for heritage and science learning. They pride themselves on the interpretation of Manitoba’s rich and diverse history and do a wonderful job at it. There are also Planetarium shows, and Science Gallery exhibits, which I haven’t visited yet but need to in the near future. The Museum’s collections are based off the heritage of Manitoba and other regions of the world. There are nine interpretive galleries to explore each with their unique qualities and attractions. The Museum is known for its three-dimensional walk-through galleries. One of which is a full-size 17th-century sailing vessel, and the Urban Gallery, which takes you back in time to Winnipeg during the 1920s. Full disclosure, I hadn’t been to the Manitoba Museum in about 10-15 years but I went a couple weeks ago with my 3-year-old son and it was amazing! I thought my son would only be interested in the “big ship” but he was interested in everything. They have done an amazing job renovating and upgrading the facility. We could have spent the entire day in there – the ship alone is pretty spectacular!

The Forks: This one is a classic and I think most people have heard of this meeting place but I need to mention it. The Forks is such a special place. It is located at the junction of the Red and Assiniboine Rivers. The area as been transformed over the last 30 years, from Indigenous trading grounds to abandoned railyard and now The Forks. Their goal:

“The Forks shall be developed as a meeting place a special and distinct, all-season gathering and recreational place at the junction of the Red and Assiniboine Rivers, through a mixed-use approach including recreational, historical and cultural, institutional and supportive commercial uses.”

Everyone should experience The Fork at one time or another in the life, and may I add in every season! The grounds have so much to offer in the spring, summer, fall and my favourite - the winter!

So please join me, in exploring Winnipeg and if you have any other recommendations, please be sure to share in the comments section below!

#AgentAmy

Amy McDermid

Phone: (204) 470-5356
Email: Amy@JenniferQueen.com

As most of you know the 2020-2021 market has been something of a rollercoaster, especially for buyers. With almost every home selling with multiple offers and over asking, the financing condition has become a large topic of conversation between my clients and I. My sellers ask why it is necessary if the buyers are stating they are already pre-approved and qualified and my buyers are getting frustrated when losing to a lower offer because the other offer did not have a financing condition written in. Today, I am going to talk about the importance of the financing condition if you are taking out a mortgage on a home and why I still strongly encourage it, even in this market.

First off, lets start by talking about what the financing condition is. The financing condition is there to protect the buyer in the occasion that the lender (bank, credit union etc.) or the mortgage insurer (we will go in more detail about this later) does not approve the buyer for the amount necessary for them to purchase the property. Without this condition, if the lender does not approve the mortgage, the buyer still technically bought the property under contract and is at risk of losing their deposit and even more, the potential of being sued by the seller for breaking contract. Usually deposits range from $10,000.00 to $20,000.00 here in Manitoba but in a market like we are in, some buyers will increase that amount to make their offer stronger, thus resulting in a big hit to the pocket book if financing doesn`t end up working out.

Now most buyers are probably thinking, “Well that all sounds a little scary, but I`m pre-approved so why wouldn`t the lender approve me?” There are many reasons why even after getting your pre-approval that financing can still fall through and it is very important that you understand all of these risks before writing an offer without the financing condition in it. 

Appraisals: Banks and other lenders rely on the “appraised value” of a home to deem if it is worth the amount you are asking them to lend you. They will often times send in their own appraiser to the property after the offer has been accepted to determine its value as they want to make sure if you default on payments, they will recoup their investment. In a market where buyers are offering 80K over the asking price, there is always a chance that the appraised value and the amount offered do not match and, in that case, it would be the buyer’s responsibility to make up the difference in value IN CASH. Unfortunately if there is no financing condition and the buyer does not have the cash to make up that difference the buyer will not be able to come up with the cash necessary to close resulting in a loss of their deposit and once again the chance of being sued by the seller for breaking contract.

Changes in financial buying power: Buying a home can be long process for some and life still continues to go on while you are in that process. Unexpected bills, job loss and large purchases are just some of the reasons why your buying power may have changed between being pre-approved and getting an accepted offer. Just because the bank told you 6 months ago that you were pre-approved for a certain amount does not mean that after purchasing a brand-new vehicle that they will still lend you that same amount of money. I always recommend getting a new pre-approval every 3 months to ensure you are still qualified for the necessary amount to purchase the property we are offering on.

Interest Rates: Most lenders will lock you in at a certain interest rate for 90 days once you go through the process of being pre-approved but like I had just mentioned, sometimes the process can take longer. If interest rates have changed between when you were first pre-approved and when you receive an accepted offer you may no longer be qualified for the amount necessary to purchase the property you offered on, ESPECIALLY if you are writing at the top of your budget.

New “Stress Test” guidelines: Have you ever heard of a stress test? This is a “test” in where a lender will have to qualify you at a higher interest rate than you are currently being offered so that if interest rates rise in the future you will still be able to afford your monthly payments. During busy markets, like the one we just experienced, the government may impose an increase to the amount they are testing you at to limit the buying power of buyers so that the sale prices of homes can equalize or level out a little to keep the market more consistent.

Mortgage Default Insurers: This is a big one. Mortgage default insurance is required by the Government of Canada when a home buyer is putting less than the 20% down payment typically needed to qualify for a conventional mortgage. If you are putting down less than 20% not only does the lender need to approve your mortgage but the mortgage default insurer does as well. Mortgage default insurance insures the lender NOT the buyer in case of default. There are 3 mortgage default insurers in Canada; CMHC (Canadian Mortgage and Housing Corporation), Sagen (formerly Genworth Canada) and Canada Guaranty. Each one of these insurers have different qualifications on which properties and which buyers they are willing to insure and which they wont and for the most part we are completely blind to what those qualifications are. In my experience, this is where financing falls through the most often and unfortunately the hardest to predict. I have seen them deny financing based on outdated electrical, shared well systems, location, asbestos and a multitude of other factors that we cannot control.  The financing condition really comes into play here.

Due to the market we are experiencing I am unfortunately seeing more and more buyers writing offers without the financing condition even though they are taking out a mortgage. As I have now explained, this can be a huge risk to the buyer but also to the sellers who may need to put their home back on the market if the buyer ends up not being able to close. If you are selling your home and there is an offer without a financing condition make sure your agent is asking the right questions; are the buyers taking out a mortgage or paying cash, if they are taking out a mortgage, do they have a back up plan if they are not approved? How much are they putting down?  Have they been pre-approved? These questions can help you assess the risk involved in accepting that offer.  Also, you will want to make sure they have put down a big enough deposit to cover any costs that may arise from the deal not closing due to the default of the buyer, this is especially important when you’ve received multiple offers as you may be declining offers of more qualified buyers that have financing conditions.

Now buyers, there are ways we can still write a strong offer even with a financing condition. Making sure you have an up to date pre-approval is a must. We can include your pre-approval letter in the offer so that the sellers are able to see you have done the work and are qualified to purchase their home. We can also make the deadline for financing as short as possible by staying in close contact with your mortgage specialist/broker prior to writing an offer. Here in Manitoba we typically see financing deadlines within 2-3 business days of the offer being accepted, although I have had some superstar brokers get it done in less than 24 hours! We can also write in detail (and should) a summary of how much you are planning on putting down vs how much you will be taking out as a mortgage. The more information the seller has the more confident they will be moving forward with your offer.

After everything I just touched on, unfortunately it might still come down to removing your financing condition to get you the house of your dreams. If that is the case, you now know all of the risks involved in doing so and you can be prepared to make an educated decision on how much risk you are willing to take. I always recommend having a back up plan in the event financing doesn’t go your way but sometimes you need to just take the risk in life!

#AgentAshton

Ashton Augert

Phone: (204) 781-1767
Email: Ashton@JenniferQueen.com

I LOVE goal setting. Every year in November, I begin to plan out goals for both myself and my team for the following year.  This past November was a bit trickier – 2020 was a year that nobody could have anticipated, and it has kind of clouded my ability to think proactively about what to plan for in 2021. After many discussions with the team, we have decided that 2021 will be a year of getting out of our comfort zones.  For the majority of us, this means putting our faces out there more. And by putting our faces out there, I don’t mean the perfect, photoshopped, and pretty side of us.  I mean the raw, vulnerable, imperfect shots that show just who we are at our cores. To that end, here is an imperfect shot of me and our son, Asher, born June 30, 2020.

This year, we plan to put out a lot more video content.  Answer me this, does anyone actually like being on camera?  I sure don’t!  It took me 8 years and about 100 comments that I didn’t look like my original head shot from when I started in the business, to finally agree to take a second round of headshots.  We did a new round of these headshots and family photos in 2019 and now have a goal to do them annually with 2020 being an exception because, well, social distancing of course! Toward the end of 2020 we hired Simon, who has a background in Broadcast and Television.  For people that don’t like having their photo taken, trust me, being on film is a whole new ball game.  He has already had us each film 15 different segments which are going to be airing throughout the year across our various social media platforms.  It is funny how easy it is to talk to someone in person, but the second lights and a camera are pointed at you, you can’t even remember your own name!

This year, we also plan to give back to a community that has done so much for us.  It almost seems unfair, that our businesses were booming in 2020 when so many within the community suffered.  We have all increased our efforts to support small businesses whether it be regularly ordering take-out from our favourite local joints, creating jobs for those that were impacted within their own industries, curating prize baskets and closing baskets from local artisans - but it truthfully still doesn’t seem like enough for us.  In 2021, we plan to highlight many of the small businesses so that they too can have a booming year.  We rise by lifting others, right?  So, if there are any businesses out there that you feel may be suffering and could use a spotlight on our social media, let us know. 

This year we also plan to work more heavily on the education component side of our business.  In some of our discussions we discovered three things:

1. We handle a lot of relocations to and from Winnipeg.
2. There are a lot of unknowns out there for both the selling and buying process
3. Some people find Realtors kind of scary and intimidating.  Like if you give them your number, they will never stop calling you.

To that end, we plan to generate more content that helps to address all of these concerns.  For instance, in the works currently is: a series on what it is like to live in Winnipeg, an educational segment highlight FAQ’s for buyers and sellers alike, and more in-depth interviews with our agents just to demonstrate that we sincerely do have your best interests in mind and won’t spam the heck out of you if you reach out!  Are there any questions you would like addressed by us?  Please reach out.  We plan on generating content that our current and future clients will find useful, and always appreciate the input!

This blog is admittedly scattered, pretty much as scattered as 2020 was, so I do apologize. In trying to sort what my takeaways were from the past year, I did find a few recurring themes. Going into 2021 I hope to take some lessons learned in 2020 with me.  Namely:

-          Money can’t buy what matters the most

-          Slowing down is not a bad thing

-          Time with family should be treasured

-          Hugs are underrated

-          We are all more resilient than we give ourselves credit for

We have set some pretty big goals for 2021.  While the world may look a little uncertain right now, I am cautiously optimistic that we will achieve those goals no matter how bumpy the road may be. So, cheers to the year gone by and to the upcoming year: 2021 … we got this!

Happy New Year, everyone!

#AgentJen

Jennifer Queen

Phone: (204) 797-7945
Email: Jennifer@JenniferQueen.com