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

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

#AgentAmy’s thoughts over the last couple of months…

I read a news article in the Free Press recently about the amount of Manitoba’s taking steps to get their real estate license, my first thoughts were, "I hope they know what they are getting into." Here is a little bit of the Free Press article….

"In the 12 months ending in March 2020, 353 people enrolled to take the first module required in training to be a sales agent. Over the next 12 months, even with an initial dip due to COVID-19, it jumped to 817. In all of 2017, 2018, and 2019 combined, 1,066 people enrolled in module 1; since last May there has been 938 sign up.

The first quarter of 2021 saw 111 people get certified as new agents. Over the first quarter in the previous four years, an average of 48 realtors got started. Throughout the last three quarters, 225 new agents have printed business cards — more than any three consecutive quarters combined over the past five years."

I started in the real estate business about 9 years ago. I had lots of experience in sales but nothing that compared to the real estate industry. I worked for Jen as her unlicensed assistant for about two years and then decided to get licensed and become a Realtor. I have been a Realtor with RE/MAX for 7 years (this seems crazy to me)! I love my job, it is hard, time consuming, physically, and mentally exhausting, rewarding, fun, everchanging, among other things but real estate is not easy. It is talked about a lot in the media. The housing market and how crazy it is and then people just assuming that everyone in the business is making crazy amounts of money because houses are selling so fast and for some much over list price. What you need to understand is that yes, the housing market is crazy BUT it is extremely challenging to work in a market like this. We are working all hours of the day, making sacrifices as well as our families. We put our clients first and hardly take time for ourselves. Our focus is our clients because without them we are nothing in this business.

I have had some time to think (some, not a lot) over the last couple of months and what I really want to say is Thank you – short and sweet haha! I want to say thank you to my husband Chris, who works Monday – Friday 9-5 but he does not stop there. There have been countless nights where I am not home for dinner and/or bedtime and he makes sure our son is well fed, happy, loved, read-to and asleep, as well as working tirelessly on our basement renovation. I give him the gears a lot but he is my rock and I couldn’t have made it where I am today without him. We have been through a lot in the last 16 years, its hard to imagine what the universe will throw at us next.

I want to thank my son Gavin, for being the best little boy we could have ever imagine. You are independent, determined, strong willed, smart, caring, loving, adorable, I could go on forever, but you get the idea. I love you with everything I am, and it breaks my heart every time I have to leave the house and you say “Mama, you have to go to a work appointment?” To which I say “Yes, I do” and you proceed to cry. He does not cry so much anymore, which makes me sad because now my leaving is normal to him. I cherish him every chance I get. I also want to thank my parents, who are always there to support me, and I will always be grateful for that. You taught me that hard work will get you far and to always be proud of myself. This past year and a half has been challenging in so may way but not being able to see my parents and sister and her family has been one of the hardest things (they live in BC). The end is in sight, and I can not wait to see you all soon.

I also want to thank Jen Queen, who has always been an inspiration to me. She is one of the smartest, hard working, generous people I know. She has built a booming business in a very short amount of time. I was a little hesitant to join her one-person team 9 years ago, but it was one of the best decisions I have ever made, so thank you for believing in me. She has also built a solid team, that supports one another, which I believe is a key to success.

#AgentAmy

Amy McDermid

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

Things always happen at the worst time, am I right? You’re one month out from listing your home and your furnace breaks down, GREAT! What do you do? Calling around to some local companies you learn that you don’t need to fork up the $4500.00 all at once to replace the furnace, you can RENT the furnace and pay a monthly fee. Well isn’t that ideal, you are planning on selling anyway, so you should only have a few months of this fee to pay and the rest is the new owners’ problem. Even better, the buyers will be ecstatic to learn that they have a brand-new furnace that they don’t need to worry about for the next few years! Win, win. Or so many sellers think.

Lately, I feel like I have been running into this situation more and more often. I am not sure if the equipment rental companies are just getting better at persuading unassuming clients to be part of their scheme or if we just need to do a better job of educating people about what this means for them when selling their home.  Unfortunately, usually by the time we come into picture, the damage has already been done. So, what do we do now?

Let’s start off with what these rental companies aren’t telling you.  Simply, you (or the next owner) will end up paying more than DOUBLE what the furnace would have originally cost once the rental contract is over. Ok yes, once again if you are selling who cares, so let me keep going. The average life span of a new high-efficient furnace is roughly 25 years… and these contracts only last usually 8-10 years. Now remember, this is a rental, so when the contract is up you no longer have a furnace. Therefore, you just paid double to use the same furnace for less than half of its lifespan. So to put it into perspective, if you buy the furnace it will cost you $4500.00 up front and you will have it for at least 20 years; if you rent it you will end up paying close to $10,000.00 all in and only have it for 8-10 years. The math is simple, and the buyers will see that too.

So here it is, for some buyers the extra cost for a rental is a huge expense on top of all the other costs of owning a house, especially for something that most homes already include. Add on to that, the fact that they are technically purchasing a house without a furnace (as it is an extra cost to have one). When comparing to other homes that don’t have this added cost, your home will start to appear less ideal. Unfortunately, what this means for you is that we will either need to adjust the price you are asking for the home to take into account these costs, OR you will have to buy out the contract, and trust me that doesn’t come cheap. Most buyers’ agents’, will advise their clients to not take on the rental and to ask for the contract to be bought out prior to possession. So that initial $4500 you tried to save by renting, BAM it just doubled.

Now of course I am over generalizing, all rental contracts are a little different and the price to buyout may change slightly, but they are all much more than the original cost to buy. Now here is the real problem, some people unfortunately think this is their only option.  A lot of households don’t have the savings set aside for an emergency for these types of situations. BUT there are other programs that can help. Manitoba Hydro has many programs that can help homeowners with these upfront costs and upgrades while charging you very little interest. For more information on theses programs please visit:  

https://www.hydro.mb.ca/your_home/residential_loan/

I have focused mainly on furnaces in today’s blog since they carry the largest price tags, but in real estate we see all kinds of rental contracts. Some other common rentals we see are hot water tanks and air condition units. I have even experienced all three at one listing! That’s one big extra expense for a potential buyer!

The point I am trying to drill into you today is that whichever type of rental you are considering, please take a second to think and do the math.  It may just save you a lot of money in the end, and always remember we are here to help!

#AgentAshton

Ashton Augert

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

Spring is here in Manitoba! The weather is nice and warm and we are looking forward to getting out in our yards and neighborhoods for as many activities as possible after our winter hibernation.  Some things to consider when the weather turns from winter to spring, especially in Manitoba, are maintenance items around your home.

I know, I know we finally get some nice weather and here I am telling you that you should get the work gloves out and start laborious jobs on your home. But the truth is now is the perfect time to figure out what sort of maintenance jobs your home may need moving into spring and summer rains.

Right now the ground is still mostly frozen and even though it looks nice and soft at the top deeper down there is still plenty of frost.  This can make for a problematic scenario for some people.  Luckily this past winter came with minimal snow and a pretty gradual snow melt.  However if we have a large rain many people could see issues with water affecting their homes.

The place to start the ground! Take a walk around your home, seems easy enough but how close do you really look at every side of your home?  There will be plenty of things that look different around your home now that the snow has come and gone.

On the ground level walk around the foundation and check for areas of damaged siding or low spots in the ground around the foundation.  Every home should have a positive grade.  Meaning the ground should be highest right up against the home, then it should slope away to provide water with a runoff solution that moves away from your home.  Also you should assess the type of material that is surrounding your home.  Rock and stone is one of the worst options for positive grading.  The stones and rock have tons of pores and spaces between them that allow water to easily filter through and go into the ground and foundation. The best materials to use are ones that have limited space between the particles or those that hold water, topsoils and clays are the best and are readily available in Manitoba. It may require some elbow grease to get the grading correct but it is essential to keeping your home dry, even a new foundation with enough water stress could allow seeping.

Check window wells, if your home has them.  Clean them out and make sure that they are not filled with leaves and other debris that can stop water from trickling through the stone and into your weeping tile as they should. 

Check your downspouts.  Has there been any damage from ice/snow over the winter? How far do they extend past your foundation? Ideally you want your downspouts to discharge a minimum of 6-8 feet from your foundation walls, if you can do further then great!

Check for any damage to doors and windows including weather strip seals and the corners to ensure that your house is not allowing a draft through.  This is especially important in older homes that may go through some natural shifting as the seasons change.

If you have a ladder and are comfortable going on the roof then check the shingles to see if there is any damage from wind, snow or ice since the fall.  Make sure the eavestroughs are not pulling away from the house anywhere from snow/ice weight.  Check the areas around chimneys and flashings to make sure that they are still watertight, as these areas typically are failure points for letting water into your home.

Inside the home, one of the best things to do it to check and see if your sump pump is working.  You may need to check the exterior pipe and make sure that it is not frozen, as we are still getting below zero temperatures in the night.  If the pipe freezes and your sump pump still tries to pump water through it you can burn out your pump motor and you could also have an issue with pressure breaks in the pipe.  Ensure that you put your sump pump hose out on the exterior and extend it as far from your foundation wall as possible. Also make sure the pump is plugged in and that the breaker is on in the electrical panel.

If you do have an older home and you do get water in the basement this is also a great time of year to assess the situation and determine the best plan of action to manage or fix the problem.

9 times out of 10 the solution starts with keeping water away from your foundation. And remember an ounce of prevention is worth a pound of cure!

#AgentLogan

Logan Queen

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

Advice on how to get an accepted offer in a CRAZY seller’s market.

If you have been following the real estate market in Winnipeg you know it is a seller’s market. There is a lack of inventory and an oversupply of buyers, likely a response to extremely low interest rates. If you have recently sold your home or plan to do so soon, congratulations things are looking great for you. On the opposite side of the spectrum, if you are a buyer trying to get into the market, I have some tips on what you can do to maximum your chances of getting an accepted offer without sacrificing everything!

Working with an agent you trust

This is always #1 in my books. I feel like finding the right agent is almost the same as find your soulmate – I did say almost! Working with an agent you trust and believe in will make the already stressful process of buying that much less stressful. Your agent will be able to give you up to date information about the market and/or specific listings, they will manage their time and yours efficiently, walk you through the process of buying (if you are new to real estate), give you tons of information about homes you are interested in. An agent has the knowledge and experience to tell you the positives and negative aspects of the house, things that might need maintenance soon, what comparable homes in the neighbourhood have sold for, etc. In this crazy market it really is in your best interest to find the right agent for you! So... take the time to link up with an agent, do some research, ask questions, and finally get to shopping!

Pre-approval is Key

Getting pre-approved from a reputable bank or mortgage broker is one of the smartest things you can do to increase your chances of getting an accepted offer on a home you love. If you were to make an offer on a property and you are not pre-approved for, the homeowner may assume you were not a serious buyer and might overlook your offer entirely. If you want to be competitive in a seller’s market a pre-approval is a must. Once you have received your pre-approval, your mortgage broker should provide a letter indicating the details of your pre-approval which can be included with the offer to show proof that you have done your due diligence. As Realtor, we advise getting a pre-approval before your start your search. So... if you are looking to buy a house soon and do not have a pre-approval GET ONE!

Write Your Best Offer First.

In a seller’s market a buyer should be doing any and everything they can to increase their chances of getting an accepted offer. In some cases, as a buyer, you might be competing against 40+ other offers so writing your best offer is extremely important because usually you do not get a second chance to alter the offer once the selling agent has started presenting. A couple of things you should consider before you write an offer.  Is a home inspection a must? Most agent would strongly encourage their clients to complete a pre-inspection. It is extremely valuable to be well informed of the condition of the house you are interested in. I would never tell someone to not do a home inspection. I learn something at every home inspection I attend, and think they are fantastic. In a seller’s market it is more challenging to get an accepted offer if you include a post-purchase inspection as a condition. So that is where the PRE inspection comes in. This is when a home inspector will inspect the home you are trying to purchase before you submit the offer. Yes, that means spending the money on a home inspection before the offer is accepted but again it is all about writing the best offer you can. Pre-inspections may cost between $200 to $300 up front, but for the piece of mind, and for the sake of a strong offer, I would say it is worth it. The second point is an easy one – do not ask for the extras. If the house, you are wanting has a freezer and an extra fridge and it is not included in the listing – don’t ask for it. The third point is if you can write a cash offer DO IT. An unconditional offer is very appealing to a seller and greatly increases your chances of getting an accepted offer.  However, this is something we would need to discuss further prior to writing as many of us can not afford to do pay all cash for a house. 

Deposit Amount

A deposit is to be included along with the offer. It forms part of the purchase price. The amount suggested will vary based on the property and situation in which you are offering. However, the amount you provide shows how serious you are as a buyer because this money ultimately protects the seller if the buyer decides to walk away from the deal after conditions have been satisfied. So…the larger the sum provided as a down payment the more enticing your offer will be to the seller.

Buying a house in this seller’s market is tough, but I encourage you to hang in there. Try some or all of these tips to help you stand out from the competition and put you that much closer to an accepted offer! Happy House Hunting!

#AgentAmy

Amy McDermid

Phone: (204) 470-5356
Email: Amy@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

July has been and interesting month for Jen and Me.  We came off one of the busiest months of our careers both for the Winnipeg market as a whole as for our team.  Jen and I together did 28 deals in June, which definitely kept us on our toes.  We also capped off the month with a new addition to our family.  Our son, Asher Logan Queen, was born at 12:26 am on June 30^th, which put the icing on the cake for an amazing month for our business and our family.

We have been adjusting to life in this Covid-19 era just like many of you have. We have adjusted a lot of our business to be from home, or to limit our exposure to others as much as possible.  Which is not easy when your careers literally mean meeting new people all the time and leaving the house to view properties.  We have been granted some tools to help us though.  We have been granted the ability to digitally sign documents for the first time in Manitoba.  They say that it is only temporary but they are going to have to pry it from my cold, dead fingers! It is so much more convenient for agents and clients alike!

Other changes you may have noticed if you are actively looking for a home or watching the market is that Winnipeg has been a strong Seller’s Market.  There are a significant number of homes selling for over list price, similar to what the market was seeing back in 2008!  Personally, I have had a bunch of clients have to compete in multiple offer situations and in my honest opinion it is not a lot of fun.  I truly think the only people who enjoy it are the vendors.  Even as the realtor representing a multiple offer sale you have to deal with a lot of scrutiny and a lot of uncomfortable phone calls, messages and conversations with other realtors who are attempting to get the home for their clients. 

That being said there are some tips for people who are trying to buy and are having a hard time dealing with competing offers. Here are some of mine:

1. Get a Buyer’s Agent to represent you.  The best way to go into an offer situation is to be prepared.  Having an agent represent you who knows the market and can give you the best advice for pricing on a home is a great place to start.
2. Make a plan.  I know that sounds silly, but a multiple offer situation with 2 offers is different than one with 10.  Speak with your agent about the possibilities of the offer and what could potentially happen on offer date.
3. Make your offer as attractive as possible.  What does that mean? To be honest the best way to make your offer attractive to a buyer is to leave out as much uncertainty as possible, which usually means less conditions.  Some people are comfortable writing offers without conditions and some are not.  You have to assess the risk involved with writing offers without conditions and what could happen if something went sideways. If you need to have conditions for the purchase, then finding other creative ways to make your conditions look less uncertain helps.  Feel free to contact me if you want some ideas!
4. Be patient.  I know that some people are on deadlines and don’t want to wait, but truthfully, I don’t believe this can last forever.  The market will shift again and there will be changes that allow buyers to have a more reasonable opportunity to purchase a home.

So what can be said about the current market in Winnipeg? Well I don’t think it has turned out the way anyone thought when COVID struck earlier this year.  Record months, record sales numbers, multiple offer situations and lots of demand for homes were definitely not projections made by many real estate professionals in Winnipeg and throughout Canada.

That being said if you want some help navigating this crazy market we would love to help you.  We are always just a call, text or email away!

#AgentLogan

Logan Queen

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

If you would have told me a year ago that I would be writing a blog on how to keep yourself motivated during times of uncertainty as most of the world would be on lockdown, I would have thought you were crazy.  But, here we are.

This has been a learning curve for all of us and if you are anything like me, a very hard lesson. Being a Realtor, it’s always go, go, go. ESPECIALLY during the spring months here in Winnipeg. Although the market has not come to a standstill, people are being more careful (rightfully so!), which means, I am spending a little more time, well, with me. 

At first, I went stir crazy, my usual routine was no more. My husband was now working from home, open houses canceled, clients taking a step back and reassessing and no social interactions from outside the home. So, what did I do? I panicked. We had just come back from our honeymoon in Bali, I hadn’t worked in 3 weeks and now the world is going on lockdown! I didn’t know where to start. 

It took me at least a week to realize, what I should have seen sooner, we have been given an opportunity to Get. Things. Done.  I finally decided to take advantage of the time we were given to focus my energy on bettering my business, tackling the list of to do’s and plan a FULL house renovation. Now, you may think that is a little on the extreme side, but accomplishing even little things everyday has been how I have made myself feel, for lack of a better word, normal.

If you are feeling any of the same emotions I had felt, you are not alone. With the world in a state of uncertainty, you are entitled to those feelings, but by accomplishing little things everyday hopefully you too can get a little normalcy back in your life. Here are some ideas to help you get started: 

Tackle that pile of odd jobs you have been putting off for years.

You’ve been staring at that patched wall now for what feels like a lifetime, today can be the day.  Head over to Home Depot (BUT remember to book extra time to wait in that infamous line), grab a can of paint and get it done! That pesky eave that has been leaking? Replace it! Every task you check off, give yourself a pat on the back.

Plant a garden.

Finally, the sun is shining. Why not get out there and build yourself a little vegetable garden. Taking care of your new-found hobby will give you something to get excited about every day!

Organize the basement.

We’ve all been there, you just keep piling and piling things into that storage room and think “I’ll get to it next week”. Well, that day has come. Get in there, go through those boxes you haven’t seen in 5 years… who knows, maybe once all of this is over a garage sale may be in order!

Yard Work.

Yes, I said it, spring has sprung and your yard looks less than ideal. Get that rake and go to town! Having an outdoor space that you can enjoy will make being stuck at home all that more enjoyable.

Spring clean.

Who knows what the heck has been living behind your fridge all winter? Make your home feel fresh and clean by doing a thorough deep clean. Next step, open up your windows and bring in some fresh spring air and relax.  

Redecorate.

House feeling dated? I know I’m not the only one with a Pinterest board remodeling every single room in my house… why not give yourself a few DIY projects to pass the time as well as spruce up your home!

Start and exercise routine.

Go for a walk, a bike ride or rollerblade. Whatever it is, start moving. Trust me, I know how tempting that couch can be, adding a little physical fitness to your daily routine will hopefully help boost your mood!

Read a book.

That book your co-worker gave you 6 months ago is calling your name. Get inspired. Learn something new, or just read something that makes you happy.

We will always remember COVID-19 and how it impacted society as we know it. Days can all start to blur together without our usual routines, so let’s try our best to make each one memorable. On the bright side, it looks like things are starting to look up here in Manitoba! Hopefully adding a few of these things to your week will help getting you to that finish line that much easier.

To quote one of the best, “Just keep swimming” – Dory.

#AgentAshton

Ashton Augert

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

To be perfectly honest I am not sure where to start.  The last few weeks have turned into something straight out of a Science Fiction novel.  Mandatory shut downs, people self-isolating and social distancing. People buying way too much toilet paper, I joke.  Really though I believe this whole Coronavirus pandemic has everyone thinking twice about a lot of things in life. 

I remember watching in January as China had a goal to build a new hospital in 10 days to fight the virus and try to help save lives.  I couldn’t believe that a country could do something that fast.  There is no chance that in Canada, or Winnipeg in particular we would be in a position to do something of that grand scale to battle this crazy illness.  Obviously our governing bodies, both in the province and the country have been watching the spread of this virus and the possibilities that can come from it.  We are lucky that the city we live in has SPACE! Social distancing is something we have the ability to do.  I was in Costco this week, I waited in line like everyone else and got into the store to find roomy aisles, no crowding, no one running carts into each other, it was probably the most pleasant shopping experience I have had in a long time.  People are being smart and while some of that may be an inconvenience it is so necessary.

In our house both Jen and I are Realtors, which as of today was declared an essential service.

This means we will still be working and helping our clients who need to buy or sell a home find what they need.  We completely understand the social distancing and staying home, we have two young children at home, one who’s preschool is closed due to the virus and the other who is usually home with us has a weaker immune system.  So we are not intentionally trying to put ourselves in harm’s way by continuing to work.  We have taken every precaution we know to maintain distance from people, and to keep ourselves and our family safe, as well as our client, and their homes.   

I guess my biggest take away from this so far is how much negativity and doom and gloom there seems to be out there.  Yes we are isolated, yes we are all having to change the way we do things in our daily lives.  However there is a reason for it, and that is to ensure that as many people as possible are able to go back to their normal lives when this is all figured out.  I too can take it for granted when I have two kids screaming at each other because they are bored and want to do something other than be at home, I get it we all would like to have the option to do other things.

However, I choose to look at the good things that have come out of it. Personally I am getting to have a ton of quality time with my family, we are able to eat almost every meal together, prepping and cooking with the kids is a great learning experience and a good test of patience for all of us.  We have been baking, crafting, playing, laughing, crying, but we have been able to do it all together.  We have more time to appreciate our home, yard and neighborhood while we find creative things to do without “going somewhere”.  Finding new games to play with the kids, seeing their enjoyment change day-to-day on what they want to do and how happy they are to just do something out of the norm.  For instance they had an extra long bath in our basement tub (the one with the jets) the other day with toys they don’t usually get to use in the bath and they loved every minute! For kids it really can be just that simple.

The gist of what I’m trying to say is maybe this is that time to do something you have been putting off, to read a book you have always wanted to read, to build that bird feeder you always wanted to build, or maybe you want to be the best Fornite player in the world.

the point is we have been given an opportunity from a very crazy situation that none of our parents, or even their parents have seen the likes of.  Let’s all embrace it as community, city, country and do what we can to beat this thing. If you can do something to help someone in need, do it.  If you need some help don’t be afraid to ask.  These are unprecedented times and everyone’s needs will be different. Let’s be kind to each other and most of all, stay safe everyone. 

#AgentLogan

Logan Queen

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

We have had enough inquiries from fellow Realtors, clients, and partners as to what our Coronavirus Protocol is, so we figured we would post the letter that has gone out to our Sellers below:

As the COVID-19 virus continues to dominate the news, we too are determined to come up with a proactive solution to ensure the safety of our own clients. We are firm believers in everyone doing their part to #flattenthecurve. We are watching and planning non-stop. As a profession that spends time inside the homes of our valued clients, we understand that it is our responsibility to play a constructive role in supporting health initiatives.  In light of the recent cases in Winnipeg, we have reviewed the Novel Coronavirus Bulletin and our own practice. In light of the bulletin, we are now requesting that any agent your home follow the following protocol:

• View the video of your home online in advance of the viewing (one further step to qualify the buyer in advance)
• To not tour the home if any individuals in the party have traveled abroad within the last 14 days
• To not tour the home if an individual feels unwell
• To not touch anything in your home including the restrooms
• If children are present to please hold their hands during the tour
• To practice good hygiene: ensuring hands are frequently washed and in the absence of such to frequently use hand sanitizer with at least a 60% alcohol base

If we are able to get our hands on hand sanitizer and gloves, we do plan to provide them to anyone touring your home. Stay tuned!

To encourage social distancing initiatives:

• We will be postponing open houses to limit the amount of groups in your home at any given time
• We will no longer allow overlapping showings.  We will ensure all showings are staggered.

Similar to the recommendations listed above, we are also asking our team members to stay home when sick and exercise an abundance of caution when visiting your property.

Other important notes:  All lawyers, as well as our contacts at the Land Titles offices have indicated they do still intend to process deals and title transfers as usual.  Many plan to enact their own social distancing policies which does mean that many will be working remotely.  Some lawyers have indicated that they may have paperwork couriered or emailed to their clients in advance so that clients simply need to sign and drop off completed paperwork to limit in-person communication.  Some banks have indicated they may need slightly longer for financing approvals as a result of working remotely. Please be prepared to see longer contingency periods on incoming offers.

Thus far, there has not been a significant change in the market.  Homes are still being listed daily and buyers are still actively out looking.  That being said, we have noticed higher volumes of cancellations for both showings and listing consultations.  Only time will tell what the impact on the market will be, if any.  But for now we are feeling cautiously optimistic.

Again, we are watching this situation daily and will likely be making continued changes based on emerging instructions. As more information surrounding COVID-19 is made available by local, provincial and national authorities, we will strive to keep you updated on ways to maintain a safe environment within your home.

Above all else: Be kind to each other. We will get through it!

#AgentJen

Jennifer Queen

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

They’re here! They’re here! All of your photos with Santa, Anna, and Elsa from the Queen Team Client Appreciation event are ready for download courtesy of Brian at Empire Photography!  

Thanks again to all our clients for coming out to Landmark Cinemas, Grant Park to make this a memorable day! It was so wonderful to see all of you, enjoy some treats, watch a couple good movies, and catch up. We were completely overwhelmed by the positive response and it has left us wanting to do this again, perhaps more than once a year!  Thank you as well to everyone that brought a non-perishable food item for Winnipeg Harvest.  Your donations led to a truck full of food for some very grateful families.  Thank you again to you all.  We truly do believe that we have the best clients, and you all proved that yesterday! We love you! We’ll see you all again next year!

#AgentJen

Jennifer Queen

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

The new First Time Home Buyer’s Incentive (FTHBI) came into effect in September 2019. The program is aimed at making it easier for young people/eligible Canadians to buy their first home by lowering the monthly mortgage payments. The federal government agreed to a $1.25 billion CMHC First-Time Homebuyer Incentive over three years. It will provide 5% of the cost of an existing home up to a maximum of $500,000 and 10% of the price of a new home. While it sounds like the federal government is providing an interest-free loan, know that they also secure shared equity in your home as it goes through gains and losses. This means the amount paid back to the government will fluctuate based on how much your home increases or decreases in value.

There are a few notable conditions to watch out for;

• Applicants must have a down payment of at least 5% and no more than 20%. (CMHC insurance must apply)
• Household income must be less than $120,000
• The mortgage cannot be more than four times the homebuyers' household income.

For example, if you buy a $400,000 home with a minimum down payment of 5% ($20,000) you would be eligible to receive $40,000 for a newly constructed home through CMHC. As a result, instead of taking out a $380,000 mortgage, you will borrow $340,000. On a mortgage at 3.5% the monthly savings over the 25-year amortization period is more than $200.

• Applicants must not have owned a house in the last four years – exceptions will be made for those in a "breakdown of marriage or common-law partnership."
• The loan must also be paid back under two circumstances:
  • if you sell your home;
  • or at the end of 25 years

The current mortgage stress tests for both insured and conventional mortgages remain intact, however, as CREA states in their federal budget bulletin, “The government will continue to monitor the effects of its mortgage finance policies and adjust them if economic conditions warrant.”

In addition to the FTHBI the Liberal government also increased the amount first time buyers are allow to withdraw from their RRSP for a down payment. A $10,000 increase in the federal Home Buyers' Plan to allow a maximum withdrawal of $35,000 from one's RRSPs to put towards a down payment on a home. This allowable withdrawal for first-time buyers has also been extended to apply to Canadians after experiencing a marital breakdown in marriage or common-law partnership. The same repayment schedule applies with home buyers required to pay back their RRSPs over 15 years. 

Frequently asked questions about the new incentive:

What properties are eligible?

The new incentive is to help first-time homebuyers/eligible Canadians purchase their first home. Eligible properties include: new construction, re-sale home and mobile/manufactured homes. The residential properties can include up to 4 units. The types of properties include: single family, semi-detached (i.e. side by side), duplex, triplex, fourplex, town houses, and condominium units. The property must be located in Canada and must be suitable and available for full-time, year-round occupancy.

Can I buy a house using the program and rent it out?

No. The incentive is to help first-time homebuyers/eligible Canadians purchase their first home with the intent to live the property. Investment properties are not eligible for the incentive.

What are the terms of repayment?

The homebuyer will be required to pay back the Incentive amount after 25 years or when the property is sold, whichever comes first. The homebuyer can also repay in full at any time, without a penalty. Refinancing of the first mortgage will not trigger repayment.

How is repayment calculated?

• If a buyer receives a 5%, the homebuyer will repay 5% of the home’s value at repayment.
• If a buyer receives a 10%, the homebuyer will repay 10% of the home’s value at repayment.

Repayment is based on the property’s fair market value at the point in time where repayment is required.

Are there other costs involved with the First-Time Homebuyer Incentive?

There may be some additional cost associated with the Incentive:

• Legal fees: Your lawyer is closing two mortgages so you may be charged higher fees.

• Appraisal fees: You may need to have an appraisal done to value determine the fair market value of your home when thinking about repaying the incentive.
• Other fees: Additional fees may be incurred throughout the life cycle of the incentive, like switching your first mortgage to a new lender or refinancing your first mortgage.

What are the mortgage details?

• The maximum threshold for debt service ratios are GDS 39% and TDS 44%. This is only applied on the first mortgage and is subject to requirements by lenders and mortgage loan insurers.
• Total borrowing is limited to 4 times the qualifying income. The combined mortgage and Incentive amount cannot exceed four times the total qualifying income.  The amount for the mortgage loan insurance premium is excluded from this calculation. 
• The Incentive is a second mortgage on the title of the property. There are no regular principal payments. It isn’t interest bearing and has a maximum term of 25 years.  
• The Government of Canada will share in the upside and downside of the property value upon repayment. 

 Is Mortgage Loan Insurance required?

• The mortgage must be eligible for mortgage loan insurance through either CMHC, Genworth, or Canada Guaranty. The first mortgage must be greater than 80% of the value of the property and is subject to a mortgage loan insurance premium.
• The premium is based on the loan-to-value ratio of the first mortgage only. That is, the first mortgage amount divided by the purchase price. The Incentive amount is included with the total down payment.
• Mortgage loan insurance premiums may vary depending on the mortgage loan insurer and may be subject to provincial taxes. 

Can I switch my first mortgage to a different financial institution?

Yes, your first mortgage may be switched to a different financial institution without having to repay the incentive. The terms of the first mortgage may not be altered in this case.

If I decide to purchase a new property, can I port (moving the mortgage to a new property) the Incentive along with my first mortgage?

A Port is considered to be a sale which will trigger repayment of the Incentive.

Do you have a question regarding the new home buyer’s incentive? Feel free to contact me, I’d be glad to answer any of your real estate questions.

#AgentAmy

Amy McDermid

Sales Associate

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

Your Home is Sold… Now What!?

Congratulations!  You’ve made it from listing to SOLD!  But now what?  I’m going to cover some points that I often go through with my clients once their home sale firms up. 

In my opinion, the hardest part is over.  You have triumphed through showing-after-showing, multiple open houses, some harsh feedback, along with all of the other stresses that come with the sale. Or perhaps you consider the physical packing and moving of your items to be the most stressful.  Either way, things are moving forward and it is best to be mentally prepared!

All of the paperwork that you need to sign with me is now complete.  That's right, you no longer have to see my face.  Unless of course you want to.  Then the feeling is mutual!  But I will not be needing any more signatures on anything at this point, unless you and the buyers agree to amend something in the contract, for instance a possession date.

What you will still need to sign are the land transfer and mortgage discharge documents, etc. usually done with your lawyer a few days prior to possession.  I will have already forwarded all of the paperwork on to your lawyer, so they should have everything they need for your file, apart from your signing hands (and survey certificates if you have them and keys)!  The lawyers will usually get in touch with you about a week prior to possession. So do not be alarmed if you don’t hear from them immediately after the sale.  You only need to give your lawyer one set of keys.  The remainder of the keys can be in the home for the new owners.  The purchasers just need to be able access the home on the date of possession.

The lawyer will also ask for final meter readings, particularly the water meter reading.  This should be done the day prior to possession.  The lawyer will usually give you instruction on this.  If you do not provide the water meter reading, sometimes the lawyers will do a holdback of funds (usually around $1000), until they receive confirmation from the City that your usage has been confirmed and paid. So it is important to get this reading done prior to possession.  You should also read the hydro and gas meters as well.  For any meter reading, I encourage you to take pictures of the meters, especially with something that shows a date. The purchasers are instructed to take their own meter readings upon possession as well, and then Hydro tends to take the average of your reading and their reading to arrive at a number they feel is fair for final billing.  So far, I have only encountered honest buyers and sellers, but I'm sure there are some that lack scruples and may report inaccurately (hence the picture recommendation).

Other items to keep in mind: It is time now to cancel your insurance.  BUT I would cancel it effective a few days AFTER possession.  Just to be safe.  I've heard horror stories of people showing up for possession and the house having burned down and there being some dispute over when the fire started.  So better safe than sorry.  The extra cost for a few extra days is worth the peace of mind, in my opinion.  

Make sure to change your address on everything (Credit Cards, Schools, Bank Institutions, etc). You may want to look into mail forwarding with Canada Post.  They have options for mail forwarding for several months up until a year.  I have found that there is always some mail that may slip through the cracks (Costco rebate cheques that only come once a year!).  So if you are feeling paranoid that there is something you may miss, I recommend setting yourself up for mail forwarding.  The Canada Post Website can be found here: https://www.canadapost.ca/cpc/en/personal/receiving/manage-mail/mail-forwarding.page

And my last instructions are to go celebrate.  This one was tough on you guys, but you championed through and you deserve some time to celebrate! CONGRATS!

#AgentJen

Jennifer Queen

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

The Real Cost of Purchasing a Property

Thinking of buying a house? Most buyers already know there are costs associated to purchasing a home (apart from the obvious purchase price) but what are those costs exactly?

In the real estate world, we refer to these costs as “closing costs”. These closing costs account for all of the extra fees, taxes and more that are required at the time of closing to ensure the property transfers ownership. On average, we tell our clients to set aside 2-2.5% of the total purchase price of the home to cover these closing costs. What this means, is that if you are purchasing a home for $350,000.00, with a 20% ($70,000.00) down payment you would need to have $8750.00 aside PLUS your down payment to close on this property. If this comes as a little bit of a shock to you, don’t worry, you aren’t the only one! Good news is, after reading this article you will be an expert in what to expect when it comes time to writing that big, scary cheque on possession day!

Just a tidbit of advice before I get started, mortgage lenders will usually want proof that you have the amount needed for closing prior to approving your mortgage financing, so having a rough idea how much you will need will help you understand how much you can afford.

THE BREAKDOWN:

Lawyer Fees:

This is the most variable cost of all of the closing costs. Lawyer fees well vary depending on which lawyer you use, the amount of labour needed, what documents are required and much, much more. The majority of real estate transactions go pretty smooth once they are with the lawyers (we have already done the majority of the back and forth!) and if this is your case, you should be budgeting for roughly $800-1200 for these costs.

IMPORTANT NOTE: If you are NOT using a real estate agent to write the offer, these costs will be significantly higher.

Title Insurance:

We have spoken about title insurance in the past but here is a quick summary once again. Title Insurance is required by most lawyers and lenders when closing on your property. This insurance has replaced the need for a survey of the property. It covers you for encroachments, easements and building permits that were not disclosed to you prior to you purchasing your home. Buyers MUST do their due diligence to ensure this information was not readily available to them prior to them purchasing the insurance. Title insurance will cost between $250-$400 depending on which provider you use.

Land Transfer Tax

This is the big one. This is a provincial tax that is calculated as a percentage of the purchase price of your home. The calculation is a little complicated as it depends on the price of your home. As the purchase price of the home increases, the percentage paid increases as well.  If you would like to see a more accurate calculator you can go to ratehub.ca and go to Land Transfer Calculator and input your information. In Manitoba there is also a registration fee for $70.

Property Tax

Depending on what time of year you are taking possession, and how the previous owners were paying their taxes, you will have to reimburse the sellers for the amount paid already. If they are part of the TTIP program, you will only be reimbursing them for the portion of the taxes they paid for that MONTH after the property transferred. If they paid their taxes in one lump sum in June, you will need to reimburse them for the portion of the YEAR after the property transferred to you. As you can see, this amount can be substantially different depending on how they paid and when. Therefore my advice to you is be prepared to have to pay as though they made one lump sum and there will be no surprises!

Commission

Normally, the buyer does not pay any commission to their real estate agent. The price of the commission has already been built into the purchase price and is paid by the sellers. There are situations where the sellers are not willing to pay commission, when that happens, there is a fee agreement drawn up between the buyer and agent for an amount or percentage agreed to by both parties. This is very rare but does occasionally happen.

Mortgage Default Insurance

This one is an honorable mention, this is not technically a closing cost but it is something to be aware of when purchasing a home. Mortgage default insurance is associated with any mortgage where the buyer has put down LESS than 20% (also called an insured mortgage). This mandatory insurance is tacked on to your mortgage, thus not an upfront cost.

Other costs:

We have covered the fees that will be required on the day of possession but I just want to touch on a few others that may come up during your move!

-          Moving Truck

-          Boxes

-          Internet/Cable set up

-          Renovations 

-          Locksmith

-          Cleaning companies/supplies

-          Storage Locker (depending on when possession is)

-          Painting

Like I had said at the beginning of this article, this may all seem a little overwhelming and not mention expensive. Being aware of the costs to be expected will hopefully take away some of the surprise and prepare you for the realty for what it cost to buy. 

#AgentAshton

Ashton Augert

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

What fun would August be without a little contest?  None!  Okay, maybe that is a little strong, but we wanted to help you in prepping those kiddos by offering back-to-school prizes!  All your little ones (with your assistance) have to do is:

1. Right-click on the colouring contest page below and print it out (we will have copies at our office if you do not have access to a printer)
2. Colour using your preferred medium, whether it be crayons, markers, or pencil crayons, etc.
3. Drop off your finished picture to The Jennifer Queen Team's office at 1601 Buffalo Place, Winnipeg MB no later than 11 a.m. on Friday, August 23rd, 2019. Can’t make it here in person? You can email us a picture of your work to Jennifer@JenniferQueen.com

One winner will be selected from three different age groups:

Group 1: 3-6 year olds

Group 2: 7-9 year olds

Group 3: 10-12 year olds

The winner from each age group will receive a backpack loaded with the goodies seen above.  Just in time to head back to school!  Happy Colouring!

WINNERS WILL BE ANNOUNCED ON OUR FACEBOOK PAGE BY NOON ON MONDAY AUGUST 26th, 2019.

Right-click the image below to print!

Helping people purchase homes is my specialty yet there are a few things that always come up when dealing with first time home buyers.  One of these things is buyer’s representation.  I get asked all the time “why should we have a buyer’s agent?’ and it is a good question.  Most of the time there is a Realtor representing the home so why not just use them? I am in the industry so the answer to me is clear but I will try and give you my best reasons why I think you should have your own agent for your home purchase.

1. Individual representation

When you see a house you like, whether that be online, at an open house or driving by a sign there is usually a Realtor representing the sale of that home, the Listing Agent.  What you need to know is that the Listing Agent’s initial duty is to the person or persons selling the home.  If you approach the listing agent and ask them to represent you they now have 2 choices: one is to treat you as a customer; and two is to treat you as a client.  If the agent chooses route one then they are still acting in the best interest of the Vendors selling the home and not actually working in your best interest. They may assist you and do owe you honesty and integrity in their dealings, but at the end of the day their loyalty is to the Vendor.  If they choose option two the problem then arises that the agent is now representing both parties, and how easy is it for them to work in the best interest of one party without harming the other? The answer is it’s not simple.  The agent almost acts as mediator between the two parties to come to a mutual agreement. This is one reason why I would recommend picking your own agent before you take interest in a property.

2. Better purchase price

I am asked all the time:  “won’t I get a better deal on the home if I work with the listing agent?”  The answer is almost always no.  If a home is on the MLS there is already a contract signed with the vendors that agrees to pay a buyer’s agent from the proceeds of the sale.  If you decide to purchase through the listing agent all that means is that they receive both the selling and buying commission of the sale, yet as you can see from point 1 that it does not necessarily mean they are representing both sides in the best way possible.  Your best chance of getting a better deal on a home is to have your own agent who is a skilled negotiator and knows the market.  They can fight for what you want.  There is no cost to buyers for using their own agent.

3. Do I need to sign a contract to buy?

This one is a bit trickier as some provinces will not allow people to purchase a home without having what is called a “buyers contract”.  What these contracts do is tie you to a single agent for a home purchase.  Now you may ask why, and the honest answer is: to protect yourself.  You can meet with and interview any realtors you want and if/when you find someone you like you can choose to sign a contract.  This will contractually obligate the agent to help you find a home.  These contracts are not required but IMO are highly beneficial.  Any agent with a signed buyer’s contract is going to work hard to get you what you want.  If you are just seeing things with multiple agents willy nilly, then it is harder for any of them to take you serious and really get you where you need to be for your purchase.

4. Second pair of eyes

Charting the waters of a home purchase can be a daunting and there are a lot of things to look for.  To most people, a home purchase will be the largest purchase in their lifetime.  Yet, we often make these buying decisions in a matter of hours.   Usually people have 1-2 showings before putting in an offer and maybe have a home inspection after that.  That’s it.  Maybe 4-5 hours for something you are going to live in 24/7.  Choosing a buyer’s agent will help you see things you may not think about.  While you may be looking at the sizes of the rooms, the colours, or the layout I will be looking for the potential problems and things that you may overlook.  You have to remember that you are looking at a home and sometimes that emotion can blind you from the necessary diligence needed when going through a home.  Until it is your home it is a house and I will treat it as such.  I will be brutally honest about the flaws, the potential issues, things that need to be fixed.  In any given month I am touring anywhere from 50-70 houses.  I know what to look for and how to write contracts that keep you covered.

I truly think that every person when buying or selling a home should have their own representation from a licensed Realtor.  The benefits to you for protection, knowledge and experience can only be given in its full potential from your own Realtor.  If you have any questions about anything you read above or want to chat more about how a Buyer’s agent can help you, please reach out, this is my specialty after all!

#AgentLogan

Logan Queen

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

The Importance of being an educated Buyer.

Buying your first home is easy, right? You look at houses online, go to a few open houses, write an offer, talk to your bank and voila! SOLD. I mean, of course you know what an encroachment is, title insurance? Closing costs? Differences between a deposit and down payment? Right? Making sure you are truly educated at every step of the process is paramount to a successful transaction. After all, this is one of the largest purchases you will ever make, so doesn’t it make sense to know all the facts first?

I have worked with my fair share of first-time home buyers, helping them to learn along the way and trust me, you are not the only one who doesn’t know how this whole process works. Situations change, deals become more complicated, processes may seem a bit confusing, which is why I must emphasize the importance of asking questions.

Us Realtors, we have done these transactions millions of times, sometimes (and I do mean SOMETIMES) forgetting that this is your first time. If we are explaining things too fast or talking about some condition you’ve never heard of, STOP US! Never feel embarrassed if you don’t understand a term or concept, we LOVE educating our clients, not to sound cliché but, “There is no such thing as dumb question”.

This blog will not answer ALL of the questions that will come up during your real estate experience, but I just wanted to share with you some of the most FAQ I have received from buyers in the past, giving you a head start on your journey! Enjoy!

I went online and filled out a questionnaire with my bank. Am I pre-approved?

Simply, No. There is a big difference between a pre-approval and pre-qualification. A mortgage pre-approval is a detailed letter from your lender letting you know the amount they are willing to lend you as well as the interest rate that they are locking you in at. It may also have conditions attached to it that you must fulfill in order to be approved for the mortgage amount. Before receiving the pre-approval letter, you will have to provide your mortgage specialist/broker with the required documents as well consenting to a credit check. A pre-qualification on the other hand, is something you may fill out online through your bank or financial institution, no documents are required and there will be no credit check. Before a lender will approve your mortgage, they will need all of these documents, so by having a pre-approval you are already ahead of the game when it comes time to securing those funds.

Did I mention it gives you the upper hand in bidding wars? Pre-approvals allow you to move fast when you find the right home, especially if there is someone else thinking it may be theirs as well!

I just started my home buying process and came across a house I love online, I don’t have an agent, is there a difference between using the listing agent or a Buyer’s agent to represent me? 

This one may seem obvious, but you would be surprised by the amount of people who don’t know the difference.

The seller’s agent (or listing agent) is the real estate agent that is listing the property. You will normally see their name on the sign out front, or on the listing online. These agents represent the SELLER. They have fiduciary obligations to their client (the seller), meaning they must disclose conflicts, avoid conflicts of interest and maintain utmost loyalty, as well as providing duty of care and their general obligations. In short form, the Seller’s agent is looking out for the best interest of the Seller.

Now on the flip side is a Buyers Agent. How you choose your agent is your own choice, but I highly recommend finding someone you mesh well with and trust. Whether it be by going to open houses, scrolling online or just someone you know, it is important to form that bond early. A buyer’s agent has the same fiduciary and general obligations to a Buyer as a seller’s agent to the seller. Therefore, the Buyer’s agent is looking out for the best interest of the BUYER.

I want to see a house on the other side of the city, I don’t want to inconvenience my agent, should I just call the listing agent and set up an appointment?

ALWAYS CALL YOUR AGENT. Remember what I just said about Buyers Agency? They are there to look out for your best interests. The seller’s agent still represents the seller even if they are the one showing you the house. If you have an agent who you are already working with, TRUST ME, they want to show you the house, even if you think its an inconvenience for them, its not, so call them, please…. One more time? CALL YOUR AGENT.  All Realtors have access to all MLS listings; therefore, your agent can show you every single one of them. There should never be a situation where you would have to set up a viewing yourself with the listing agent. Leave it to them. There are exceptions if you want to use the listing agent as your own, this is called dual agency, but please ask them to explain this fully to you before signing any agreement.

I see there is an Open House happening tomorrow but my agent can’t make that time, can I still go?

Of course, you can! Tell the agent at the open house that you are represented, don’t worry, they won’t mind at all! That agent will then follow up with US instead of harassing (did I say harassing?) you for the feedback.

On a side not, if you are still looking for an agent, open houses are great opportunities to “interview” potential agents and see if they are the right fit for you. Most times, the agent doing the open house is not the listing agent. Ask them some questions, (there is a theme here).

We LOVE it! Who writes the offer? My agent or my lawyer?

Your agent. Whoever is representing you at the time will write the offer for you, with you present and explaining terms and conditions as you go. It is always nice to familiarize yourself with the Offer to Purchase prior to writing an offer as it can look a little intimidating at first. Ask your agent for a spare copy, they will be happy to provide one for you.

People keep warning me about these things called “Closing Costs”, how much should I set aside for them?

Anywhere from 2-2.5% of the purchase price of the home. These closing costs include (but aren’t limited to): Lawyers Fees, Land Transfer Tax as well as Title Insurance.

I’m putting down 5%, my lender told me I have to pay CMHC fees, more fees!? What the heck are those?

This should be explained to you in detail when you are going through the pre-approval process, but I will give you a quick explanation here. If you are putting down less than 20% of the total purchase price as your down payment, you will be getting what is called a high-ratio mortgage. These mortgages have attached to them mortgage default insurance, which you will commonly hear being called CMHC Fees. These fees are not an upfront cost to the buyer but built into your mortgage. CMHCC Fees insure the lender in the case of the borrower defaulting on payments. They are calculated depending on the purchase price of the home as well as the amount you put down. Rate Hub has a great Mortgage Default Insurance Calculator.

What is a deposit? Do I have to come up with MORE money!?

A deposit is a portion of your down payment paid on the day you write the offer. This deposit acts as security for the seller, and lets them know you are a serious buyer.  Your deposit will be held in the listing brokers trust account (some exceptions) after acceptance of the offer. Once all conditions written in the Offer to Purchase are fulfilled, the deposit will form part of your down payment, meaning you will only pay your lawyer the remaining balance of your down payment at closing.  Now, if the conditions aren’t satisfactory to you, the deposit will be returned to you in full without interest. With that being said, there are situations where the listing brokerage will have every right to withhold that deposit, please ask your agent for examples of situations where this may arise.

I’ve heard of this thing called Title Insurance, do I need it?

I personally love Title Insurance, it’s a one-time fee you pay at closing that protects against losses arising from problems related to the title of your property. What does that mean you ask? When you are buying a home, you are registering your name to the title of that property. You want your title to be free from all defects that would prevent you from total ownership such as, unpaid liens from previous owners, encroachments not registered to the title or fraudulent ownership. Title insurance covers you from a number of risks, even if the defect existed prior to you purchasing the property. It normally costs anywhere from $200-$400.  You can always ask your lawyer to explain this further.

Home Inspections? What are your thoughts?

It depends on the situation. For the most part, I always recommend buyers to do a home inspection as they provide a tremendous amount of information in regards to the property. They will look at the structure, the roof, the utilities, the electrical etc. and they will likely get a whole lot dirtier in the process than you will from just a simple tour of the house. We will gladly recommend you to some of the best home inspectors around! Home Inspections normally cost roughly $500.00 and will last anywhere from 2-4 hours. 

I did say that it does depend on the situation though. There are some cases, such as when dealing with multiple offers, where a Home Inspection might affect the strength of your offer. Make sure you have all the questions you need answered before going forward, and always remember we are only here to guide you in this process, you always make the final decision.

I have only just skimmed the surface of what there is to learn when buying your first home. Never be afraid to ask the important questions and remember,

“The man who asks a question is a fool for a minute, the man who does not ask is a fool for life” – Confucius 

#AgentAshton

Ashton Augert

Sales Representative

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