Owen Sound Real Estate Blog by Wanda Westover

Fear

Wanda Westover — Wed, 07 Jul 2010 16:25:00 GMT

“ONE WHO fears the future, who fears failure, limits his activities. Failure is only the opportunity more intelligently to begin again. Fear blocks every avenue of business – it makes man afraid of competition, of changing his methods, of doing anything which might change his condition.” Henry Ford

Loving Owen Sound

Wanda Westover — Wed, 24 Mar 2010 23:16:00 GMT

Not only is Owen Sound a hub of musical talent, "outstanding musical talent" we also have our very own Jan.

Jan hosts swimming lessons in her own home, and if you don't feel like you are in the tropics while watching your child learn to swim, well I can't help you then. Jan has endless patience with children and a wonderful atmosphere. So while doing that you can usually watch the sun set over Georgian Bay and enjoy the company of many wonderful families who all have benefit greatly from experiencing Jan Caldwell Aquatics.

By the way an added feature for me last night I managed to catch Serena Ryder at the Meaford Hall, the acoustics were awesome and it was a full house.

Have a super night

Wanda

Update from Flaherty's message this morning!

Wanda Westover — Tue, 16 Feb 2010 16:58:00 GMT

All in all this is not going to have a big effect on the real estate market (in my opinion). See below for a quick summary of changes,

1. Minimum qualifying interest rate of 5 yr fixed (previously, the 3 year fixed rate was used to qualify anyone looking for a 3 year or shorter term, or a variable rate mortgage).

2. Maximum refinancing reduced to 90% of value of their home (down from 95%)

3. Minimum 20% down on non-owner occupied borrowing. The old rules still apply for anyone buying an owner occupied property even if it has a rental component (duplex, triplex, fourplex etc), however if they're not planning on residing in the property, high ratio insurance will no longer be available.

Simply put these changes will close the door on some of the riskiest purchases and mortgage seekers, however most of you won't notice any difference.

If you have any questions please email me or call me and I'll try to clarify.

Sincerely,

Wanda

How is an Assessment calculated?

Wanda Westover — Thu, 21 Jan 2010 15:52:00 GMT

How MPAC Assesses Properties

MPAC’s mandated role is to accurately value and classify all Ontario properties in compliance with the

Assessment Act and related regulations. To establish a property’s assessed value, MPAC analyzes property sales

in a community to determine the CVA. This method is used by most assessment jurisdictions in Canada and

throughout the world. When assessing a residential property, we look at all of the key features that affect

market value. Five major factors usually account for 85% of the value: location; lot dimensions; living area; age

of the structure(s), adjusted for any major renovations or additions; and quality of construction. Examples of

other features that may affect a property’s value include: number of bathrooms; fireplaces; finished basements;

garages and pools. Site features can also increase or decrease the assessed value of your property such as

traffic patterns; being situated on a corner lot; and proximity to a golf course, hydro corridor, railway or green

space

Wishing you well for 2010

Wanda Westover — Tue, 05 Jan 2010 18:13:00 GMT

1. Remember that leadership isn't about your position. It's about your influence.

2. Get fit like a pro athlete.

3. Lift people up versus tearing people down.

4. Protect your good name. An impeccable reputation takes a lifetime to build. And 60 seconds to lose.

5. Surround yourself with positive, ethical people who are committed to excellence.

6. Remember that even a 1% daily innovation rate amounts to at least a 100% rate of innovation in 100 days.

7. Believe in your dreams (even when others laugh at them).

8. Measure your success, not by your net worth but by your self worth (and how happy you feel).

9. Take an intelligent risk every 24 hours. No try-No Win.

10. Read "Buffett: The Making of an American Capitalist".

11. Watch "Man on Wire".

12. Regardless of your title at work, be a team builder.

13. Remember that business is all about relationships and human connections.

14. Say "please" more.

15. Say "thank you" more.

16. Know your Big 5: the five things that need to happen by the end of this year for you to feel its been your best year yet.

17. Read your Big 5 every morning while the rest of the world is asleep.

18. Read "As You Think". At least twice this year.

19. Be willing to fail. It's the price of greatness.

20. Focus less on making money and more on creating value.

21. Spend less, save more.

22. Leave everything you touch better than you found it.

23. Be the most positive person in every room you're in.

24. Run your own race.

24. Stay true to your deepest values and best ideals.

25. Write a handwritten thank you note to a customer/friend/loved one every day.

26. When you travel, send love letters to your kids on hotel stationary. In time, they'll have a rich collection to remember your travels by.

27. Read "Atlas Shrugged".

28. Be a problem solver versus a trouble maker.

29. Rather than doing many things at mediocrity do just a few things-but at mastery.

30. Honor your parents.

31. Commit to doing great work-whether anyone notices it or not. It's one of life's best sources of happiness.

32. Give more than you receive (another of the truths of happiness).

33. Have your 1/3/5/10/25 years goals recorded on paper and review them weekly.

34. Be patient. Slow and steady wins the race. The only reason businesses that went from zero to a billion in a year or two get featured in magazines is because 99% of businesses require a lot more time to win.

34. Underpromise and then overdeliver.

35. See part of your job as "a developer of people" (whether you work in the boardroom or the mailroom).

36. Wear your heart on your sleeve. When people see you're real, they'll fall in love with you.

37. Be authentic versus plastic.

38. Read "The Alchemist".

39. Remember that life wants you to win. So get out of your own way.

40. Consider that behind every fear lives your next level of growth (and power).

41. Eat less food.

42. Drink more water.

43. Rest when you need to.

44. Read "SUCCESS" magazine.

45. Write your eulogy and then live your life backwards.

46. Demand the best from yourself.

47. Remember that the more you go to your limits, the more your limits will expand.

48. See everything that happens to you as an opportunity to grow (and therefore, as a precious gift).

49. Be obsessed with learning and self-development.

50. Become comfortable alone (you are the only person you get to be with your whole life).

51. Smile. It's a stunningly effective way to win in business and life.

52. Reflect on the shortness of life.

53. Be bold when it comes to your dreams but gentle with those you love.

54. Remember that success is dangerous because it can kill drive/innovation/passion and going the extra mile. Be successful yet stay hungry.

55. Read "The Autobiography of Benjamin Franklin".

56. Be of deep value to this world.

57. Own beautiful things but don't let them own you.

58. Use excellent words.

59. Laugh more.

60. Don't complain, gossip or be negative.

61. Plan as if you'll live forever but live as if you'll die tomorrow.

62. Feel free to pass these lessons on to those you want to help.

Merry Christmas

Wanda Westover — Thu, 17 Dec 2009 01:31:00 GMT

There was a blind woman who hated everyone and blamed the world for her her blindness except her boyfriend who took her abuse and still displayed love for her.
She continually complained about her blindness and all the what if's if she wasn't blind..
One day a donation of eyes was received and after the operation she was able to see.
Her boyfriend then came to her and asked her to marry him.
To her amazement she realized that he was blind and said there was no way she could marry him.
He left heart broken and crying that their relationship was now over.
The next day she received a letter from him containing all the regrets and sadness at their breakup. In closing he asked her to take care of herself and to take care of his eyes.

Something New!

Wanda Westover — Wed, 25 Nov 2009 16:40:00 GMT

In my daily search for real estate guru information I thought today, being gloomy would be a nice day to post something special, let me know if you like this better

Metabolism is vibrational response to your moment in time. Metabolism is
the way the Energy is moving through your body. And so, everything is in
response to the way you feel -- everything is. Everything is mind over
matter. Every disease is mental first. Everything is about thought.
Everything is about vibration. Everything is about the way you feel.
Practice scenarios that feel good--and never mind reality. Reality is only
a brief moment in time that you keep repeating.

--- Abraham

All Is Well

For Joanne and Dennis the most devoted clients ever!

Wanda Westover — Wed, 04 Nov 2009 02:21:00 GMT

Nail your chattels
down in the
agreement

Special to the Star

Closet organizers. We can spend hundreds, even thousands of dollars on these contraptions to make maximum use of our closet spaces. However, who gets the closet organizer when the house is sold? Can the seller take it with them, or must it be left behind for the buyer?

The answer, unfortunately, is not clear, based on the law of chattels and fixtures. Under the terms of the standard agreement of purchase and sale form, all fixtures must remain with the property unless excluded by the seller and all chattels can be taken by the seller, unless included by the buyer.

What is a chattel and what is a fixture? A wise man once said to me, "If it takes a tool, that's the rule." Inother words, if the item is so attached to the home or the property that it requires a tool to remove it, then it is presumed to be a fixture. If it is not attached at all, or only attached by, for example, a plug or a hook on awall, then it is a chattel. However, while some closet organizers can be removed by hand, others are built intothe wall itself. As you can see, it starts to get confusing, and when there is confusion, lawyers start coming to court to figure it all out.

Over the years, I have heard about sellers taking mirrors, broadloom, drapes, light bulbs, garage door openers, swimming pool equipment, garden sheds and even rose bushes. A garage-door opener looks like a chattel because you can hold the remote in your hand, but it's a fixture because it's part of the built-in garage doorassembly. But the answer may be different if the garage unit is only resting on a wooden beam and is not actually attached.

If you're a seller and you want to keep the dining room chandelier, the gold-plated faucets in your bathroom, or any other items you may have an emotional attachment to, take them out of your house before you list it.

Replace the chandelier with a cheaper version, or make it very clear in the agreement that you're taking the chandelier with you.

Buyers, if you agree to the seller taking the chandelier, insist that they install a cheaper version before closing, or you may find the house completely dark when you move in.

When you're a buyer, there is no such thing as too much detail regarding the chattels or fixtures that you expect to receive on closing. My best advice is to list the make and model (and serial numbers, if available) ofall appliances that are being included, and also note the colour and location of all drapes, carpeting, pool equipment, satellite dishes, barbecues, sheds, bushes, and anything else you expect to be on the property when you move in. Leave nothing to chance.

During any home inspection, ask permission and then take photographs of all of the chattels and fixtures thatyou have included, so you'll know if they've been replaced before closing.

Insert a clause in your agreement that permits a pre-closing visit so you can satisfy yourself that all the chattels and fixtures that are supposed to remain on the property are still there.

In my view, most closet organizers would legally be considered chattels. Still, if your agreement is specific as to who gets the closet organizer, then both the seller and the buyer will not be confused or disappointed after closing. That is the real lesson to remember.

If you have your own amusing or not so amusing story about chattels and fixtures, send me an email to wanda@wandawestover.com

Housing Rebound!

Wanda Westover — Mon, 21 Sep 2009 16:40:00 GMT

OTTAWA, September 3, 2009 - Housing starts are expected to rebound in the second half of 2009 and will reach 141,900 for the year. Starts will increase to 150,300 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) third quarter Housing Market Outlook, Canada Edition^* report. The overall forecast totals for housing starts remain unchanged from the second quarter release.

"Economic uncertainty and lower levels of employment tempered new housing construction in the first half of this year", said Bob Dugan, Chief Economist for CMHC. "In the second half of 2009 and in 2010, we expect housing markets across Canada to strengthen."

Improving activity on the resale market and lower inventory levels in both the new and existing home markets are expected to prompt builders to increase residential construction.

Existing home sales, as measured by the Multiple Listing Service (MLS^®)¹, have rebounded strongly since January and will reach 420,700 units in 2009 and remain close to that level at 419,400 units in 2010. The average MLS^® price is expected to moderate to $301,400 in 2009 and to increase to $306,300 in 2010.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

^* The forecasts included in the Housing Market Outlook are based on information available as of July 23, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.

Life is definately worth the ride!

Wanda Westover — Fri, 31 Jul 2009 20:27:00 GMT

http://www.youtube.com/watch?v=4-94JhLEiN0

Green Ideas

Wanda Westover — Wed, 22 Jul 2009 21:22:00 GMT

Toilet Tips – In older toilets, reduce water use by placing a large plastic soda bottle full of
pebbles in your tank. Check for leaks with a few drops of food colouring to see if it enters
the bowl.
Under Pressure – Check your tire pressure regularly to make sure you’re not wasting fuel
and money running on improperly inflated tires. A $29 engine tune-up will also pay for
itself in fuel savings quickly.
Refrigerator Tips – Avoid placing your refrigerator directly next to your oven. The heat
produced by the oven will cause your fridge to work harder. Also, keep your refrigerator full
to decrease cold air loss when it is opened.

Scenic Hobby Farm Close to Town!

Wanda Westover — Mon, 15 Jun 2009 15:39:00 GMT

Country living close to town! Solid 3 bedroom, 2 bathroom home. Upgrades include windows, doors, furnace, wood pellet stove, well and pumping system. Barn, detached shed and tack house make this the perfect hobby farm on this very scenic 44 acres. Spey River runs through property into a pond. Several springs and different trees can be found on this very peaceful property.

It's Time To Buy

Wanda Westover — Tue, 09 Jun 2009 13:28:00 GMT

Now could not be a better time to buy a home, rates are low and inventories are up, meaning more choices for home buyers. Rates are running at near historical lows, because the housing market is experiencing a cooling-off period from the boom of several years ago, making todays economic environment the perfect one in which to buy a home. This economic situation created opportunities for first time home buyers, opportunities that may never arise again in many years. Current mortgage interest rates are extremely favorable for buyers. In fact, rates for 30-year, fixed-rate mortgages are hovering near 30-year lows. Noone can accuratley predict whether rates will go up or down however, if interest rates were to move up by a half a point during the period, the savings on the reduced home price would be more than to offset by the higher monthly payment you would be making and the total amount you"d spend over the life of the loan.

The best way to “play it safe” is to actually buy a home. Here’s why: studies show that owning a home is the best way to build household wealth. The sooner a person owns a

home, the faster they begin to build up equity and wealth. When you buy a home, you are also purchasing price stability, knowing that you will pay the same monthly payment for the

life of your 30-year, fixed-rate mortgage.

Now consider the current rental market. While home prices have been moderating, rents continue to rise. Where is the economic security in not knowing how much your rent will

increase in the next three years? You don’t receive any tax benefits from paying rent, nor do you accumulate any price appreciation, as you would if you owned a home of your own.

All of the economic fundamentals show that this is a good time to buy a home. And continuing strength in rental demand signals that there is upward pressure on rental apartments.The

real risk isn’t in buying a home, it’s continuing to rent.

In short, the smartest and safest time to buy is now. We know that home prices are down. We know that there are plenty of homes on the market to choose from. We know that sellers are willing to bargain. And we know that builders are willing to offer attractive incentives to get your business. Real estate prices are stable unlike the rest of the world and this summer is a great time to move, just before the school season starts.

You need to call me on this one!

Wanda Westover — Wed, 03 Jun 2009 21:02:00 GMT

Striking kitchen, stunning livingroom, vaulted ceilings. This home has many amenities you will be impressed with. Situated on a private 51 acres in a park like setting. Features to note are the detached log cabin (with separate well and septic) bunkie, and drive shed. Insulated with Styrofoam SM on Exterior wall and under concrete, spray foam on interior walls. Well pumping 8-10 gpm, this property is priced to sell and the vendors are very motivated.

What Insurers Look For

Wanda Westover — Tue, 12 May 2009 16:43:00 GMT

When looking at home, insurance companies consider the age and condition of the house, including the electrical system, plumbing, heating, wood burning appliances, oil tanks and structural components. They will also want to know if the home is to be owner occupied, rented or left vacant. Insurance companies also look at the individual applying for insurance. Individuals with a number of previous claims, a history of payment problems, policies that have been cancelled, declined or lapsed, a poor credit rating or convictions for insurance fraud are likely to see their applications declined or a surcharge added to their premium.

Article from canada.com Top 10 Beaches

Wanda Westover — Thu, 09 Apr 2009 07:56:00 GMT

Sauble Beach

Where: Near Owen Sound, Ont. on Lake Huron, a two-hour drive from Toronto and London.

Length: Sauble Beach, which means "Beach of Sand," stretches into 11 kilometres of gold sand along the clear waters of Lake Huron.

Features: As the second-largest freshwater beach in the world and facing west into the sunset, Sauble Beach has warm waters ideal for swimming. Attractions are available for all ages including amusement parks, bars, playgrounds, and go-karts.

What makes it special: A fisherman's paradise. In the spring, large rainbow trout can be seen thrashing up the Sauble River Falls and in the summer, small mouth bass and perch are in abundance. While this beach attracts quite a crowd during the hot days of summer, it transforms into a quiet winter escape with 3,000 kilometres of snowmobile trails as well as cross-country skiing and snowshoeing.

Correction not Crash!!!

Wanda Westover — Thu, 19 Feb 2009 08:37:00 GMT

CORRECTION, NOT CRASH FOR CANADIAN REAL ESTATE MARKET IN 2009;
AVERAGE HOUSE PRICES FORECAST TO FALL 3.0 PER CENT

Historically low interest rates, stable local economies and increasing affordability should support Canada’s residential real estate market during transitioning period

TORONTO, January 6, 2009 – After experiencing a significant reset in 2008 – a reaction to continuous dire news surrounding the health of the global economy combined with a cooling from the previous years’ fervid activity levels – Canada’s resale real estate market should see only modest price and unit sales corrections take place across the country during 2009. Both national average house prices and the number of homes sold is expected to decline this year, according to the Royal LePage 2009 Market Survey Forecast released today.

Nationally, average house prices are forecast to dip by 3.0 per cent from last year to $295,000, while transactions are projected to fall to 416,000 (–3.5 %) unit sales in 2009. In spite of this cooling trend on a national level, price and activity gains are anticipated in some provinces.

Emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity. However, as a more rational understanding of the issues gains ground, together with a wide range of announced corrective measures, consumer confidence is anticipated to recover, prompting real estate activity to pick up once again in the latter half of 2009. Further, Canada in 2009 enjoys a stronger economic foundation than most countries and that should temper the housing market correction. The combination of low inflation, reasonable employment levels and improving housing affordability, driven in part by low mortgage rates, are anticipated to stimulate demand in the coming months.

Bungalow For Sale in East Side

Wanda Westover — Mon, 09 Feb 2009 17:53:00 GMT

• 2,000 sq. ft., 4 bdrm bungalow "4 bedrooms" - MLS® $317,000 - One of a Kind!

East Side, Owen Sound - This home has over 2000 finished square feel of splendor!!! The owners have updated decorated and renovated this home with pride of ownership that you have to see. 4 bedrooms 3 full bathrooms. Huge Hanover custom kitchen, large bright windows overlooking the pool and deck area. Hardwood flooring, detached garage, and the show piece Master Bedroom with ensuite.

Property information

NEW LISTING on 459 7TH Ave East in East Side

Wanda Westover — Mon, 09 Feb 2009 17:53:00 GMT

East Side, Owen Sound - Announcing a price reduction on 459 7TH Ave East, a 2,000 sq. ft., 4 bdrm bungalow "4 bedrooms". Now MLS® $317,000 - One of a Kind!.

Property information

1125 6th Ave West is Sold!

Wanda Westover — Wed, 04 Feb 2009 11:32:00 GMT

West Side, Owen Sound - The bungalow at 1125 6th Ave West has been sold.

Property information

1 1/2 Storey in Owen Sound is for Sale

Wanda Westover — Mon, 12 Jan 2009 23:54:00 GMT

Immaculate in-law suite

• 1,536 sq. ft., 1 bath, 3 bdrm single story - MLS® $189,900 - Reduced to Sell Quickly

Owen Sound, Grey County - A true gem snuggled in a world all of its own. This 1 1/2 storey charming stone home, it has original hardwood, main floor family room, 2nd floor laundry and a immaculate in-law suite with a separate entrance. Heated with a gas fired hot water boiler. The double lot has an abundance of perennials and plenty of trees for that added privacy.

Property information

Bungalow For Sale in East Side Owen Sound

Wanda Westover — Mon, 05 Jan 2009 23:18:00 GMT

Large private back yard

• 950 sq. ft., 1 bath, 3 bdrm single story - MLS® $165,000 - Easy access to hospital

East Side, Owen Sound - Don`t drive by on this one. Open concept. 2 bdrms on main plus master or familyroom on lower level. Extra deep partially fenced lot. Wonderful location. Walk to mall, hospital, parks, downtown. 2007 new birch floors, all walls drywalled, replaced windows throughout, door, central air, 4 car driveway. Garage with automatic door opener. Seller motivated.

Property information

Price Reduced on 740 8th St East in East Side

Wanda Westover — Mon, 05 Jan 2009 23:18:00 GMT

East Side, Owen Sound - Announcing a price reduction on 740 8th St East, a 950 sq. ft., 1 bath, 3 bdrm single story. Now MLS® $165,000 - Easy access to hospital.

Property information

Great Bank News!

Wanda Westover — Thu, 11 Dec 2008 17:07:00 GMT

More good news.....our 1 year special has dropped from 4.35% to 4.00%
effective today. We now have 4 products under 5% to choose from, however
our 5 year really is an exceptional deal (1.81% below posted rates) and 26
basis points below even ING!!

So, here are your client's options as of today:

5 yr fixed:             4.99%
4 yr fixed:      4.89%
5 yr variable:    4.50%
1 yr fixed:       4.00%

A lot has been in the news recently over the 6 big banks (not sure what the
6th is) not passing on the entire 3/4% decrease in the Bank of Canada's
prime rate. As you may recall the same thing happened in October and after
enough bad press, the banks finally bowed to the pressure and dropped
another 1/4%. I don't have an explanation or excuse for Scotiabank as to
why only a 1/2% drop. We'll see what happens over the next week or two.

Canada's Housing Boom

Wanda Westover — Sun, 30 Nov 2008 13:39:00 GMT

Canada's housing boom over, but no collapse in sight: BNS

Last Updated: Thursday, November 20, 2008 11:03 AM ET - CBC News

Canada's longest housing boom in 60 years is over, according to a new report released by Scotiabank Economics on Thursday.

But, this country will not see plunging home values to the same degree as other, more at-risk nations, like the United States, said Adrienne Warren, Scotiabank senior economist and author of the study.

"This is not a 'U.S.-style' bust caused by overbuilding, speculative buying and imprudent lending," she wrote.

Instead, while Canada's longest housing upswing since the end of the Second World War is history, owners only face a garden-variety price adjustment, Warren said.

Essentially, the slowing global economy will crimp buyers' interest in home purchases across Canada, she said.

"We expect that the correction in national average prices from their late-2007 peak will probably be in the range of 10-15 per cent, well below the ongoing U.S. retrenchment," Warren said.

Falling prices - Housing starts - Region 2009 forecast Change from peak (%)

Canada 185K -19; B.C. 32K -18; Alberta 30K -39; Ontario 65K -24 Source: Scotiabank

In October 2007, the average price for a Canadian home was $312,024, according to the Canadian Real Estate Association.

If Scotiabank's prediction comes true, the average house price should reach a bottom somewhere close to $260,000, a drop of a further 7.5 per cent from the standard of $281,133 for a house in October 2008.

Her rationale for calling the end of Canada's housing boom is based upon housing starts, building permits and home prices, all of which are lower compared to their cyclical highs.

Urban areas in the especially red-hot region of Western Canada, like Calgary, Edmonton and Vancouver, are likely to see the biggest dropoffs in terms of activity and prices, Warren said.

Better off than the U.S. - Canadians, however, never used exotic financing nor piled up as much household debt as did their American cousins in purchasing new and existing homes.

Thus, while the Canuck housing market will drop in terms of prices and activity, Warren said, the U.S. sector faces a deeper plunge, Warren said.

Interestingly, Canadian home prices never reached the stratosphere achieved by other markets.

Housing indicators - Country Price change '97-'07 (%): Price-to-income ratio (%)

Canada 61:134; Ireland 167:135; U.S. 50:110; U.K. 146:149 Source: Scotiabank

Home prices in Ireland, for example, jumped 167 per cent between 1997 and 2007, compared to 61 per cent in Canada.

As well, housing prices in some countries now represent more than a household's annual income, a measure of affordability.

In Spain, for instance, the average home in 2007 was worth 156 per cent of the household's income. In Canada, that ratio stood at 134 per cent for the same year.

Based upon valuation measures used by the International Monetary Fund, Australia, the United Kingdom, Spain and Ireland are likely to experience a more depressed housing market in the coming year than will Canada, Warren said.