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

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

The year 2020… should I say anything more? Thinking back to last spring, I really didn’t know what this would mean for the Real Estate market here in Winnipeg. The news seemed all but damming. With more people working from home, wages and jobs being lost, and restrictions on how we could conduct our everyday business, I really thought we were in for the worst. Turns out, I was very, VERY wrong. More buyers than ever were being qualified to buy as the interests rates plummeted, people’s priorities were changing in what they were looking for and house prices were going through the roof (no pun intended). 2020 was one of the strongest markets in recent history.

How did that happen you wonder? You would think job cuts and restrictions would mean less people buying and more people staying put, but that isn’t exactly what happened. People who had job security were saving more money as they weren’t going on trips and spending on entertainment, and buyers looking to get into the market saw their chance as interest rates hit an all time low. The demand was high, and the supply…. well the supply was slim to none. While Buyers saw an opportunity, a lot of sellers (especially at first) were hesitant. The fear of a market crash was looming and a world wide pandemic was here. Letting strangers into your home wasn’t on the top of everyone’s list, and who could blame them! The high demand and lack of supply tipped the scale in favour of a seller’s market and the rest is history. Bidding wars, high sales prices and emotions flying, COVID-19 impacted the real estate market more than we could have ever imagined.

The market itself wasn’t the only thing that changed, what buyers were looking for also changed. The COVID-19 restrictions turned our everyday lives’ upside down. All of a sudden, gyms were closed, restaurants were closed and we were spending 99% of our time at home. So naturally, people’s wants/needs in homes changed along with them. These are the areas where we saw the biggest change:

Home Offices: No surprise here. With a lot of the population now working from home, home offices have been on the top of the wish list. What this means is buyers are now looking for homes with either a finished basement or an extra bedroom to set up their home office in.

Bigger Yards & Pools: Buyer’s are gravitating to larger outdoor spaces. Less travel, means people are spending more time in their own backyards. Why not make them your own private getaway? Here in Manitoba, pools weren’t always a priority as it is winter 7 months of the year. Not to mention there is a large population of Manitobans who own a secondary vacation property (cottage etc). Due to the travel restrictions we saw a big uptake in the demand for properties with pools.

More space in general: Spending more time at home with our family (although we love them) can make your house feel tight! One of the biggest requests we had in 2020 when talking to buyers is that they “just need more space!”

Home gyms: Between binging Netflix, snacking and zoom calls it’s nice to have a place to let out some of that pent-up energy. With gyms closed and as the temperature drops and we aren’t able to spend as much time outdoors, we have seen a large increase in demand for homes with space for a small home gym.

Detached Homes: We’ve seen a shift from properties with shared living spaces due to COVID-19. Properties with shared amenities saw a dip as health concerns grew.

As we gear up for a what we expect to be a similar 2021, we are taking into consideration a lot of these changes. Not only in what buyer’s are looking for but how to navigate the market in general. We are expecting another year full of bidding wars and high sales prices as there is no evidence of interest rates rising anytime soon. If you have been thinking about selling there is no better time, if you are planning on taking advantage of these low interest rates and buying, we are here to guide you through it.

So, buckle up, we are in for another busy year!

#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

Typically, I love to write blogs about new real estate trends, or how you can maximize your real estate knowledge, but today I wanted to share with you something I discovered this last year that I owe a lot of my success to, in real estate as well as in life.

Last year, on December 4^th 2018, I wrote a letter to myself, as my future self. It began, “Dear Ashton Augert…. What a year it has been”. I have to admit, I felt a little silly and not to mention skeptical as I wrote the first few lines. I thought to myself “There is no way ANY of these things are going to happen”. But before I go on, I should first let you know where I was a year ago…

I had just made the big decision to move from my previous brokerage to my current brokerage, and had just began my career with the Jennifer Queen Team.  I had always wanted to be on a team, and when the phone rang with the opportunity of the lifetime, I didn’t hesitate to jump on board. Although I was still fairly new to the business, I was starting to gain confidence in the Realtor I was becoming, and was so excited to be able to join a very successful team, but still had a lot to learn. I had also just recently purchased my first home and was newly engaged. Life was starting to go in the direction I wanted it to, but there were still so many unknowns and goals I wanted to fulfill in the upcoming year.

That was when a little birdie (cough,cough Jen), challenged me to write a letter to myself, as my future self, writing about all of the great successes I had achieved that year. So now here I was, sitting there, writing a letter to myself and thinking, what do I want to achieve this year? And this is what I wanted to share with you. Some of the goals I wrote were so small, that they almost seemed silly to write down on paper, others were so far-fetched at that moment in my life that they seemed more like dreams for another lifetime or at least not feasible in the next year! But the important thing was, that by writing these goals down, and visualizing them as my own future, I was now committed to, at the very minimum, attempting to try to fulfill them (even though I still felt a little silly for doing so).

When I was done writing, I read the letter one last time, signed it Ashton Humphreys (my future last name) and folded it away in a drawer to forget about until the next year.

As I’m sure a lot of you could agree, 2019 came and went in a blink of an eye. Life has a way of making you forget how in only a short period of time, so much can change. Sitting back and reading the letter I had written myself; I couldn’t help but feel proud. The person who wrote that letter a year ago would be amazed to see that I had actually done most of the things I had said I would do, not to mention blew some of them out of the park! We had done the renovations on the house we were planning on doing, our wedding went (mostly) as planned, I sold more houses then I had written down (which seemed unattainable to me at the time) and we did have our new little fur baby. The best part about all of it was it now gave me the motivation to dream bigger.

So, here is my advice to you:

Celebrate the small successes: No goal is too small, seeing the small achievements throughout the year gives you the fuel to reach for those bigger ones. If you don’t quite reach that big goal you set at least you can see that there are so many other things you have achieved, giving you the motivation to keep going.  

Set achievable, yet difficult goals:  Push yourself, if you think you can put aside $5000.00 this year for a down payment, why not shoot for $6000.00? When I say achievable, I mean something that you realistically could achieve. If you are a real estate agent setting a goal of selling 50 houses this year, that is achievable. If you are a real estate agent and your goal for the year is to perform open heart surgery, not so achievable (you get the point). 

Make yourself accountable: By writing down your goals, you will now have to face yourself when the time comes. Just imagine how great you will feel opening that letter a year later and seeing it there in your own writing, all the great things you have accomplished. You may also want to give a copy of your letter to a trusted friend or family member if you need a little more accountability, whatever works for you to keep yourself on track.

Have a good support system: By surrounding yourself with people who also want you to achieve your goals and believe in you will make it that much easier. You don’t have to achieve these on your own.

Reward yourself: It is ok to be proud of yourself. You did it! Give yourself a pat on the back... or maybe treat yourself to that spa day you have been dreaming about. Whatever it is, you deserve it.

Keep going: If you didn’t quite reach the goals you set for yourself this year, keep going. Don’t set the bar lower now because you are afraid of failure. Use it as fuel to motivate you further.

We all have goals; some are smaller such as learning to touch your toes and others are so big that you may not achieve them for years to come. At the Jennifer Queen Team, we truly believe setting goals is the perfect recipe for success. Every Monday we go around the table setting achievable goals for our work and personal lives for that week. The accountability aspect, as well as writing them down motivates us to do the things we may otherwise have brushed off. Setting goals, whether it be weekly, monthly or yearly helps you stay on track.

So, if you are wanting to buy a house in the next year, write it down. If you are wanting to save $300 more dollars a month, write it down. If you are wanting to go see the Eifel tower, you guessed it, write it down. You never know what your subconscious will grab hold of. When you open that letter a year later, you may just be surprised with things you have achieved.

Without that letter to myself, I would not have realized all the small successes I have made throughout the year. It has really given me the fuel to give 2020 all I’ve got. Try it, what’s the worst that could happen?

“By recording your dreams and goals on paper, you set in motion the process of becoming the person you most want to be. Put your future in good hands—your own.” —Mark Victor Hansen

#AgentAshton

Ashton Augert

Phone: (204) 781-1767
Email: Ashton@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

Welcome to Winterpeg! If you have lived in Winnipeg for a length of time then you can understand why the nickname Winterpeg sticks with our great city.  If you are new here you may have heard people joke that Winnipeg can get cold in the winter and our winters are the longest season.  Now you may have prepared for this and have come ready with long johns and a warm parka but have you considered some of the implications of purchasing a home in the winter months?  There are going to be certain parts of a home that you will want to know about when purchasing that will not be readily visible in winter, for example a roof covered with snow.

To help out with a purchase in Winnipeg between November and March I will lay out a few pros and cons of purchasing a home in the winter season.

Pros

1. Less competition

Winnipeg is known for having a pretty stable market with a mix of both buyers and sellers markets throughout different areas of the city.  When buying a home in the winter months there tends to be less competition as you head into the new year. As people prepare to settle in for Christmas there is usually slow down with their searches of homes and start to wait until the next year. Families who are searching for homes usually slow down their searches until the end of winter because they do not want to move their children in the middle of the school year. This can be a great time for you to purchase! If you happen to find a house that you love then the odds are good that you will have less competition than you would have if you were searching for a home in the spring and summer months. 

2. Listings

As the year comes to a close you tend to see less movement on the MLS.  Houses are listed less and the ones that are tend to stick around a bit longer than usual.  Just because most people choose to list in the Spring and Summer months doesn’t change the fact that some people still need to list in the winter.  Maybe they have purchased another house and need to sell the one they are currently in, maybe they need to downsize, the point is that houses still need to be sold in the winter but with less competition from buyers this can lead to a better bargaining position and may help you get a better price for the house you want.

3. Purchase price

Winter months can have an effect on the purchase price of a home.   As listed above there are many factors that will depend on the sale price of a home, but generally the longer times on market in the winter and less buyers looking for homes usually give you the ability to negotiate easier than you could in the summer months.  It is not always the case but usually people are willing to negotiate more to ensure they can enjoy the holidays not worrying about the sale of their home.

Cons

1. Viewings

Something that is harder to come by in Winnipeg in the winter months is daylight.  With most people having to view homes in the evening and the sun going down around 4:30pm it makes viewings in daylight more challenging.  Daylight is important for viewing a home, there are things that you will definitely miss about a property when viewing it in the dark.  Whether that be the paint colours showing up different or portions of the property you simply miss because it is too dark.  Seeing a property in daylight is an important part of the process.

2. Snow cover

When purchasing a property there are things you want to be able to see around the home when viewing it and a heavy amount of snow can hinder this process.  Shingles covered in snow cannot be seen, grading and landscaping can be completely covered by a blanket of snow.  Disclosure statements are especially important when purchasing in the winter as you will need to have the comfort of knowing what you may have to deal with in the spring.

3. Outdoor fixtures

When purchasing a home in the winter it is important to get the proper information and documentation on outdoor fixtures of the home.  When I say outdoor fixtures I mean things like the central A/C system, hot tubs (if included in the sale), pools, etc.  These are systems that cannot be tested in winter, a winterized pool may look fine but come spring could show signs of necessary repair.  An A/C unit cannot be tested in the winter as it will cause damage to the system.  There are ways to protect yourself when writing an offer to purchase in regards to outdoor fixtures so always ask your Realtor how to insert the proper conditions.

Hopefully this has been a quick guide to purchasing a home in the winter.  There are plenty of great reasons to get out there at look at some homes that have been on the market for a while, especially if you want to be in a new place before Christmas.  If you have any questions about buying in winter or want to know more about what to look for give us a call we would be more than happy to lead you in the right direction.

#AgentLogan

Logan Queen

Tel: (204) 226-1261
Email: Logan@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

If you’ve been following Winnipeg’s real estate market at all these past few months, you’ve noticed a high percentage of homes are selling over the asking price. You may be wondering, how are there so many buyers that are willing to pay more than what the owners have asked for!? The simple answer: The law of supply and demand.

What is the law of supply and demand? It is a simple economic theory where when demand exceeds supply, prices will rise, and vice versa. How this applies to the real estate market is when there is a surplus of buyers who are looking in a specific neighborhood and there is shortage of homes for sale in that specific neighborhood, the prices of homes will rise due to demand. Resulting in, yes, you’ve guessed right, every buyer’s worst nightmare: the bidding war.

If you are thinking of buying a home in the near future there are some things you can do to prepare yourself in the event that you may encounter a multiple offer scenario.

First Off, Get Pre-Approved. 

Being confident in how much you can afford when competing gives you a huge advantage. This will allow you to feel comfortable with the number you put down on that offer… even if it may be $40,000.00 over asking! Secondly, the time necessary for the lender to approve your mortgage will be cut down drastically, allowing you to put a much shorter time to fulfill your financing condition, making your offer a lot stronger. It is not uncommon to see offers written with 24 hour financing conditions or even no financing condition at all! If you want to compete with those offers, having a dialogue with your lender as well as the pre-approval will give you the tools necessary to do so.

(It is very important that if you decided to write an unconditional offer you ask your mortgage specialist/broker and your realtor all the risks involved in doing so).  A pre-approval means the lender has already done approximately 70% of the work, but still has a few key pieces that they require to get the final approval.

Know Your Market.

This is where you need to listen to your realtor. Find someone who is familiar with the areas you are looking in. See how many homes in that area have gone over list and by how much. This will give you somewhat of an idea to what you may experience when it comes time to put in an offer. Although every situation is different, being educated in what trends are happening in your neighborhood will help you prepare and will hopefully reduce some of the stress involved with these multiple offer scenarios. An educated buyer is the best kind of buyer!

Know the Market Value of the Home.

Market value is defined as “the price an educated buyer is willing to pay for a specific property”. In a “hot market” properties may be listed lower than market value to attract more buyers.  Your agent should be doing a ‘Comparative Market Analysis’ on the property to determine market value so you can make an educated offer. This is not to say properties don’t go above market value, there are many factors that go into what something is worth to someone. It may be that it is next door to their best friend or maybe they just NEED it. It is hard to know what a specific property will sell for, you need to determine not only market value, but what the home is worth to YOU.

Have a Plan.

Bidding wars are stressful, no doubt about it. Talk with your agent about all likely scenarios and what you would be willing to negotiate on. Knowing your numbers before they present offers helps to keep emotions out of it. Keep in mind, in Manitoba your agent does not know what the other offers are and what situations may be associated with them. For all we know, the offer you are competing against could be the owner’s sister. Plans change, but having the discussions beforehand will help ease your emotions at that time.

Write a Letter to the Seller.

Some may say this is a little tacky, but from experience, these have been known to sway sellers in different directions. Read more about the power of a personal letter in #AgentLogan’s previous blog. Let them know what you love about their home, who you are and what you value. Connecting with the home owner may just help get you in the front running to negotiations, its worth a try!

Do a Pre-Inspection of the Property.

The less conditions on an offer, the stronger it is when competing. Putting a condition subject to a home inspection can result in your offer going to the bottom of the pile. This is not to say we shouldn’t do one! Usually, there is enough time before the offers date that you can schedule a pre-inspection of the property, allowing you to write an offer without the home inspection condition but still being confident in the purchase you are making. The only downside to this is if you still don’t get the property you’ve paid for the home inspection!

Be Patient.

The last piece of advice I will give you is be patient. It is not uncommon to write 4-6 offers before finally getting the house you’ve always wanted. This a marathon, not a sprint. I have experienced MANY multiple offer scenarios in my career as a real estate agent, they are all different and they are all unpredictable. Having the tools necessary in advance and the right guidance is key to navigating these crazy things called bidding wars.

Good luck!

#AgentAshton

Ashton Augert

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