Property Assessment Values compared to Actual Market Value

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In a recent post, I explained how Market Value really has very little to do with City Property Assessment Value.  That post can be found here.

To further prove the point, here are a couple of very different homes in similar neighbourhoods in East Kildonan.

City Property Assessment value:  $184,000

Home #1: a 940 sq ft bungalow, built in 1955, and having very few upgrades.  Original windows, older furnace and a semi-finished basement.  1 bathroom, original kitchen.   

City Property Assessment value:  $185,000

Home #2: 1060 sq ft bungalow, built in 1959. Upgrades include a newer furnace, windows, exterior, 2 bathrooms, and a fully finished rec room.

Although both homes had Property Assessment values which were nearly equal, they are very different homes.  But don’t just take my word for that:  Both were sold on the open market (thru REALTORS®)  and the results prove my point:  Home #1 sold for $200,000 while Home #2 sold for $225,000.

My Point?  Don’t go by “City Property Assessment Value” when trying to determine the value of a house.  Recently, a home buyer suggested that he could use this value to establish whether or not a home he was thinking of purchasing, was priced fairly.  In order to determine a fair market value for your home (or the home you wish to purchase), you need to compare it to the real estate market….  because that’s all that matters. What are BUYERS willing to pay for this home?

To answer this question and find out just how much your home is worth, call me anytime.  Also, if you’re looking to buy a house or condo, having access to accurate sold-prices is equally important to you as a Buyer.  Property Assessment Values should be used sparingly, as a guide at best.  Do me a favor?  Share this on Facebook.

Bo 333-2202

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Canadian Museum for Human Rights

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Downtown living is especially exciting in Winnipeg at this time because of the new Canadian Museum for Human Rights that is currently being built, expected to launch in 2013. Although it is still in the construction phase, it is already proving to be an innovative work of architecture, situated in downtown Winnipeg at the Forks. The CMHR will be both an iconic and sustainable landmark; once completed, it will be LEED (Leadership in Energy and Environmental Design) Silver Certified Building to promote energy efficiency and support for the environment.

A $310 million project, the purpose of the CMHR is primarily to increase awareness and understanding of human rights. The museum will function as a place of learning as well as an instigator for discussion, and therefore will be ideal for children, youth and adults alike. The aim of the Canadian Museum for Human Rights is to act as a catalyst for change, inspiring visitors to take action and promote social change in defense of human rights.

Winnipeg is well-known as a cultural mecca. The city is interested in bringing people together and creating strong community. The Canadian Museum for Human Rights is yet another way for Winnipeg to assist in building an identity for Canadians everywhere. This museum will also encourage understanding of past, present and future national and global issues so as to prevent the focus from being too focused on any one exhibit. It will serve to help visitors recognize the vital importance of examining human rights issues, teaching all visitors to learn from past mistakes and to work together to find solutions for current concerns.

With 47,000 square feet of exhibit space, the Winnipeg-based museum will feature 12 permanent “zones” or galleries which will highlight Canadian issues among other historical conflicts and ongoing struggles around the world. The entire 12-storey building will span across 260,000 square feet in order to cover a variety of human rights issues.

Check out the Canadian Museum for Human Rights website

Not only will the museum be an amazing tourist attraction, estimated to draw in 250,000 visitors each year, but it will also be a place that everyone can visit to learn about human rights in Canada and around the world. The Canadian Museum for Human Rights even has a section on their website inviting anyone to share their story, which may be featured on their website so that people around the globe can partake in the educative role of the Winnipeg-based museum, even if they cannot physically visit it themselves.

Check out the CMHR website at www.humanrightsmuseum.ca to learn more about the Canadian Museum for Human Rights. For those living in Winnipeg, you can take a walk down to the Forks to see the construction of the building itself! It already has the makings of a masterpiece.

http://www.youtube.com/watch?v=Fc6-KkkIZ-g

Sagan Morrow owns an open-concept condo in Winnipeg’s Exchange District and loves downtown living. By night she writes the blog Living Healthy in the Real World and is the Executive Director for The Food Label Movement; by day, she coordinates the Dig In local food campaign for Food Matters Manitoba. She enjoys taking in the theatre and art culture of downtown Winnipeg during her spare time.

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Closing Costs when buying a house or condo

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I have found that many buyers are not aware of the fact that there are additional costs (called Closing Costs) when buying a home or condo.  I had always ‘assumed’ (I know…you’re not supposed to do that),  that banks would council their clients as to the actual costs involved, but learned that this is not always so.  Blame the hectic market pace, under-staffing or any number of things, but for whatever reason, it’s not being done.

So when buyers come to me, I sometimes have to give the bad news:  Here are some of the major expenses involved when buying a home (or condo).

Closing Costs

Legal Expenses: The basic legal fees for purchasing a home run around $600.00  Now, many lawyers will quote something like $299 or $349,  but that’s the basic fee…….there will be additional expenses on top of that, so you can expect to budget around $600.00.

House Taxes: Depending on the time of year you take possession, you may have to pay the remaining taxes for that year.  In Winnipeg, our taxes run from Jan to Dec, and are paid in June.  What this means, in short, is that if you take possession after June, you will most likely have to pay a portion of the taxes, (assuming the current owner has paid up the taxes for the entire year).  If you take possession before June, you may actually get a refund from the current owner.  The joy this brings will be short-lived, however, as you will then be responsible for the full tax bill on June 30th…..So depending on WHEN you take possession, these taxes could form a major part of your closing costs.

Land Titles Transfer Tax: This one is a real beauty and easily the biggest part of the closing costs.  Every sale of a house or condo, whether a re-sale or brand new, is subject to this tax.  The kicker is that the more expensive the home, the higher the tax.

So a $90,000 home will cost you $370.00.

A $150,000 home or condo will cost you $970.00.

A $200,000 home will cost you $1720.00

For every $1000 above this price, you can add another $20.00 for our provincial coffers  (you know, to keep our roads nicely repaired and stuff like that)

So if you’re up at a $300,000 house, you’ll be facing a $3720.00 bill….

Winnipeg REALTORS® have actually been lobbying hard, for years, to try and get the Provincial Government to understand that this tax-grab is unfair.

Of course, the buyer needs to be aware of moving costs, and other incident expenses.

If you’re looking to purchase a house or condo, please give me a call.  I work with a lot of first-time buyers, and will take the time to explain the entire process, including all Closing Costs to you.

Bo Kauffmann   333-2202

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U Need Space solves Clutter and Storage Problems

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Ok, so here is the scenario:  You’ve outgrown your current home.  That 800 sq ft bungalow was great as a starter home, but now, 5 years later, with 2 small children and a third on the way, it’s just getting a little too cramped.  Hubby’s tool collection (which he SWEARS he will put to good use soon) is filling up the basement.  You’ve just tripped over Sarah’s doll for the 4th time, and you just know… U  Need Space.

You come to the decision to sell your current home, and you’ve been watching the “Home Staging” shows on TV, or perhaps you’ve already called a professional Home Stager and received some advice.  Everything you’ve learned is telling you that, in order to get the most money for your home, you need to clean, de-clutter and perhaps even renovate a little.  What to do with all that extra stuff?  U Need Space!

U Need Space

Why have I been writing it in this fashion?  Because “U Need Space“, the brainchild of local entrepreneur William Cole of Portage Cartage & Storage, offers a unique solution to your problems.  Here is whats different about this system:

Small Size: At a compact 300 cubic feet, the home owner has the option to order as many, or as few, U Need Space containers as they require for the job.  So no need to get a “one-size fits all” container, when you only need to de-clutter one room.  Also, their compact size means that they are delivered by a small, agile forklift, which is able to pinpoint the location of each container, and get into tight spaces.

Service Options: The home owner can choose from several different options.  They can have one (or more) U Need Space containers dropped off at their current home, fill the container with the items which require storage, and then have the container delivered to the new home.  Or, if the new home isn’t ready, Portage Cartage & Storage offers climate controlled warehouse storage, which means that the filled contained will be picked up from your home, stored in the warehouse, and then delivered to your new home, once you’re ready.  As another alternative, they also offer packing service, labor included.  It’s an a-la-carte system, where the home owner only pays for the options and services he/she needs.

They even offer an on-line calculator, where the homeowner enters information on how much ‘stuff’ they need to store, and their system calculates how many U Need Space containers are required.

Disclaimer:  No, I don’t own shares in this company, but I do have a great relationship with them.  As a bonus, if you’re thinking of moving, and selling and/or buying a new home or condo, e-mail me boknowshomes@gmail.com or call me anytime.

and I can get you special rates on U Need Space containers and any other service provided.

Bo Kauffmann,  Remax Performance Realty…..  333-2202

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Land Titles Transfer Tax:  A financial ‘kick in the ‘nads’

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Credit to Robert Galloway photostream on Flickr

I wrote about Winnipeg Land Titles office, and the reason why there is usually a 3 to 4 week delay between the date-of-possession for a home, and the date-of-receiving money for the sale.  A while back,  I sat down with a nice couple who were writing an offer on a house, and the conversation turned to the ‘Closing Costs’ of the purchase.  The conversation went something like this:

Mr. Buyer: So aside from the lawyers fees (which we had already discussed), what other costs will I need to budget for?

Bo: Well, there will be home insurance.  Good news is that you won’t have to pay any property taxes, because we’re doing this in January.  But of course you have to budget for the Land Titles Transfer Tax.

Mr Buyer:  A tax?  Just for changing the title of the house?  How much is THAT going to cost?

I did a quick mental calculation, and gave him the cost, and then watched as his face went thru the classical 5 stages of grief, from Denial (“This Can’t Be Right), to Anger ((F*#@ing Govm’t), Bargaining (Isn’t there a way around this), Depression (Oh, Man…..that’s alot of dough) to finally  Acceptance (Well,  It IS a nice house and there is NO WAY around it, short of leaving our province).  So just how much is the government raking in with this tax?

Land Titles Transfer Tax calculation:

While Manitoba is not the only province to impose this tax, it is by far the most aggressive and onerous.  Thru a set of formulas, we arrive at a figure of $1720 for a $200,000-house or condo.  With Winnipeg’s average house price hovering around the $230,000 mark, we can see that our Provincial Government is collecting approx. $2000 in taxes, EVERY TIME the title of a house is transferred.  But wait, you say….  didn’t Bo just tell us that it costs $1720 for a $200K home?

Yes, but I haven’t told you the worst part:  ABOVE the $200K price, this tax adds an additional 2% on EVERY DOLLAR.

So, a $300,000 home will cost you $3720   (calculated by adding the $1720 base, plus 2% on the additional $100,000 price = $3720)

While the Land Titles Transfer Tax is especially difficult for young, first-time home buyers, even people ‘with money’ find an added tax of 4 grand or more to be a financial ‘hit’.  For that reason, Winnipeg REALTORS® have been lobbying to change this regressive tax.  Let’s bring it more in line with other western provinces.  Ideally, inline with Alberta, where a $200K home costs $75 in Land Titles Transfer Tax and a $300K home costs $95.  But heck, let’s not even look at those numbers, lets instead compare to my wife’s home province of Saska-Bush ….  where it costs just $1200 to transfer the title of a $400,000 home.   Manitoba’s fee for transferring the Title of a $400,000 home:  $5,720

For a look at more comparisons and for a more in-depth article on the Land Titles Transfer Tax, go to the Winnipeg REALTORS® website at http://2muchltt.com There is even a link to contact your local MLA..

Let’s do something about this Land Titles Transfer Tax.

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Condo By-Laws: Balance between reasonable restrictions and negative resale value

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photo: Grant.C

This blog-post is actually addressed to anyone serving on a condo-board, or in a position to influence by-laws and rules of their condo, but condo buyers and sellers might find this interesting as well.  I would like to talk about the by-laws, and the importance of striking a ‘balance’ between functionality and adversely affecting resale value.

One of the truisms in selling ANY product is this :“Make it EASY for the buyer to buy”….  in other words, “Don’t throw up a bunch of road-blocks”.  This is very true for condo-by-laws.  The more restrictive they are, the smaller the pool of interested buyers, and the tougher it can be to sell the condo (ie: the lower the selling price).

Let’s take a look at an example of “Age Restriction”.  Condos that are for 55+ residents might be very desirable to the buyers in that age group, but since it leaves out anyone under 55 yrs of age, over half of the potential buyers will not be able to buy it.  Smaller pool of buyers, means smaller selling price to the condo-owner.

By-Laws Can Hurt Resale Value

More extreme examples include “Pet Restrictions”.  Having a by-law which states  “Absolutely No Pets” turns off a large part of potential buyers.  For example, many older residents, especially widows or widowers, enjoy the company of a pet.   An alternative might be to restrict the number and size of pets.  Some boards have written a by-law which states  :”If an owner takes their pet onto common elements (such as the hallway for example), the pet must be carried by the owner”.  This naturally precludes someone from housing their malamute or newfoundlander in their high-rise condo.

Another example of a restrictive by-law, which initially might seem appealing, is the bylaw that states :” No For Sale Signs to be posted on condo property”.  Owners might initially think that this is a good thing, but in the end, it will negatively affect nearly EVERY owner at some point….when they’re trying to sell their condo.

Another condo in the south end of the city is so restrictive as to not allow owners to showcase individual flower pots outside of their units.

As someone who has written by-laws for condo corporations, I may suggest this: Striking a balance between functionality and adverse effect on resale value is in everyone’s interest.

If you’re looking to buy or sell a condo, or simply have questions about condo by-laws and rules, please feel free to contact me anytime

Bo 333-2202

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Home Staging advice from your Real Estate Listing agent

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photo: Chad Jones

Thinking about putting your house on the market? Recruiting an experienced Winnipeg listing agent will give you a leg up on the competition.  He or she will know where you need to spend money, and where you don’t.  A good example is dealing with staging – the ‘show biz’ of the real estate world.  Complete staging is expensive and sometimes just is not practical.  A great listing agent will help you decide whether staging is imperative for your home – and if it is not, will offer some basic fixes to help you work with what you have.

The first stage to set?

The front yard. If the street view is untidy or the yard overgrown, you can lose your audience before the performance even begins. Of course, you will keep the lawn cut and fix the fences and gates – but also think creatively. People’s eyes are drawn to colour, so adding a few cheerful annuals in pots and hanging baskets and placing them strategically can do wonders. If the front or garage doors are even a little bit chipped or flaking, sand and paint them. If trees or bushes are blocking sunlight from the front windows, take the trimming shears to them. All of this should take no longer than a weekend (and cost less than $150).

Buyers are not really just an audience: you want them to be participants. You want them to be able to visualize their furnishings in your space. Professional stagers have a simple arithmetic rule:

 Subtracting Furniture = Adding Space

You add space by removing bulky, old or mismatched furniture. As your listing agent, I can help you walk through the house and decide what should stay and what should go into storage. Moving them can take about a weekend; cost will be the price of storage (or half of your garage – the next best option).

Winnipeg Listing Agent helps set the stage

Have you ever walked into an expertly staged home and seen dirty socks hanging out in the bedroom?  Didn’t think so.  Nothing is quite as off-putting as evidence of personal hygiene.  Kitchens, bedrooms and bathrooms need special hospital-clean sparkle. Do laundry frequently, and why not use a stagers’ extra? Light candles, set air fresheners — and open windows wherever you can.

The market has been very hot for the past few years, but even so, similar homes are still competing for the same group of buyers. That’s why it is vital that you present your home as favorably as possible.  Staging decisions are a good example of how I, as a listing agent with comprehensive knowledge of our hot, Winnipeg market, help you maximize your home’s potential. It is one of the ways I work hard for you – - just part of the complete service I am proud to offer. If you are considering listing your house or condo in Winnipeg, call me anytime for a consultation!

http://www.youtube.com/watch?v=86xASIN3Ymk

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May 2012 Real Estate Update for Winnipeg

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For May 2012, as I do every month, I take a closer look at the  sales and listings in Winnipeg.  I’ve segregated the real estate market along 3 different price ranges, from ‘entry level’ homes (between $50,000 and $199,999), to ‘mid-range homes’ (between $200,000 and $399,999)  and finally Winnipeg real estate luxury homes (above $400,000).  This Winnipeg real estate market update will also report on Condo Statistics in Winnipeg.

We include listings and sales inside Winnipeg, plus the bedroom communities of E/St Paul, and Headingley.  This Winnipeg real estate market update does NOT include vacant lots, but DOES include duplexes, mobile homes, detached and attached homes and townhouses.

One of the statistics we discuss are “Inventory Levels”.  We arrive at this figure by diving the currently available homes into the number-of-homes-sold in the past 30 days.  A really hot market will report inventory levels at 1 to 2 months, whereas a ‘Buyers Market” will show inventory levels around 8 to 12 months and more.  So the lower the number, the tougher it is for buyers.  As a guide, some cities in Canada measure inventory levels in many months, and in the U.S. they are talking about years.  Winnipeg on the other hand, is generally measured in WEEKS….  so for example 0.9 months, or 1.3 months.

Entry Level Homes ($50,000 to $199,999)

This segment, along with the mid-range homes, is the most active in the Winnipeg real estate market.  Currently, we have 223 available listings for sale in this price range, a slight increase from the previous months’ numbers of 198.  During April, however, Winnipeg REALTORS® have also sold 172 homes in this price range (a slight decrease from 181 in the previous month), resulting in an inventory level rise to 1.3 months.  In other words, if NO ONE listed their home, it would take, on average, just over 4 weeks to run out of homes-for-sale.

Mid-Range Homes  ($200,000 to $399,999)

This is the most active segment of the Winnipeg real estate market.  Currently we have 416 listings available, also a huge increase from last months’ 256 available homes. In the past 30 days, we have sold 447 houses in this price range, (a significant jump from the previous months’ 349 SOLD) resulting in less than 4 weeks of inventory on the market.   Whenever the sales for 1 month are higher than the numbers of available homes, you KNOW its a hot market.

Luxury Homes (over $400,000)

A decidedly slower segment of the Winnipeg real estate market are luxury homes, although over the past month it is showing signs of improvement.  However, when compared to other cities, even the luxury home market in Winnipeg is fairly hot.  We currently have 263 listings available in this price range, a sizable increase from last months’ 210. Winnipeg REALTORS® have sold 86 homes in this range in the past month, (double the previous months’) resulting in an inventory level of 3.1 months, as you can see, a significantly drop from the previous months level of 4.9 months.

Condominiums in Winnipeg

While condos are definitely NOT for everyone, here are 7 reasons why you might consider one.  Currently, we have 238 Condos to choose from,  while having sold 106 units in the past month, making inventory levels drop to around 2.25 months months, a significant decrease from April levels.
If you are looking to buy a house, or buy a condo, or thinking of selling, contact me via cell at 333-2202 or email me anytime.  I’d love to help.

Here is the graphic look at Winnipeg Real Estate Market

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Things buyers need to know before getting a mortgage

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photo: *shanghai*sparkles*

For credit-worthy Winnipeg homebuyers, getting a mortgage and buying a house or condo, can be a walk in the park…or a nerve-wracking nightmare. The process should start with choosing the right REALTOR®, who can then make a referral to a great mortgage lender.  Here are some tips you should be aware of, prior to applying for a mortgage.

Anyone who has ever been stalled just as they reached the final stages of getting a mortgage or refinancing knows that getting mad doesn’t solve anything. But avoiding a last-minute problem is easy to do if you plan ahead. At least six months ahead. We like to assume that outfits as important as the reporting agencies know what they are doing, and in fact, they do. But they must start with the right information, which is where we come in. Nobody ever told us this in school, but it’s ultimately our responsibility to see that our credit reports are accurate.

Whether or not you think you will getting a mortgage or refi soon, here are some plan-ahead, proactive steps everyone can and should take. Monitor for these common stumbling blocks:

Slip-Ups That Can Damage Your Credit Report

1. Inaccurate information on the credit report. The first step is to read your credit reports. It is very important that you request a copy of your credit reports and dispute any negative items that seem to have appeared for no reason. All three credit bureaus are required to remove inaccurate information, and they will do so, but only after you tell them to. My experience is that the agencies can be quick to respond…or as slow as molasses in January. In Antarctica. The only sure way to set things right is to allow them time to correct or to ask for more information.

2. Carrying too much revolving debt adds an unnecessary obstacle for getting a mortgage. A large part of a credit score is based on your revolving debt ratios. Revolving debt should be kept at or under 20%. If you are carrying more revolving debt than that, take this lead-time to whittle it down to a more loan-attracting ratio.

What Winnipeg Mortgage Applicants Needed to Know

3. Taking on new debt less than six months before getting a mortgage: bad idea. If you are planning on getting a mortgage or refinance, avoid taking on other new debt in the six months leading up to your application. This solves any question over whether you will be able to pay the new debt as well as the mortgage amount.

Time spent planning ahead and getting your financing in order will be well worth it once you find the home of your dreams and are ready to write an offer. Questions?  Contact me anytime you wish to discuss pre-qualifying for a Winnipeg home or condo.  I can refer you to a great mortgage specialist.

Mortgage Pre-Approval for House Shopping in a Sellers Market

Pre-Approval Before House Shopping: a few tips! . Talk about high-stress shopping. Searching for the perfect home – the place where many of the biggest dreams of your life will unfold – is not exactly like browsing for a new.

Publish Date: 04/14/2011 10:45

http://bokauffmann.com/mortgage-pre-approval-for-house-shopping-in-a-sellers-market/

Top 10 Reasons to use a Mortgage Broker in Winnipeg

Top 10 Reasons to use a Mortgage Broker. These days, every home or condo buyer in Winnipeg knows that, at a very minimum, they need to be pre-approved before shopping for a new home. But being pre-approved by the …

Publish Date: 02/14/2010 15:21

http://bokauffmann.com/10-reasons-to-use-a-mortgage-broker/

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Improving Value without renovating or rebuilding

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photo: country_boy_shane

Thinking of selling your house or condo?  As you’ve probably heard, the spring-time is the best time to sell your home, but whether the market is hot or slow, all home-sellers want to get the most money for their homes.  For those who are just about ready to list their Winnipeg house for sale this May, several simple yet cost-effective projects can be sure-fire buyer-pleasers. I am often asked to help my clients identify areas in their home that will benefit from improvements. I like to point to some simple changes that materially help a property’s ability to compete with any other house for sale (or condo for that matter) in Winnipeg.

Here are three of my favorite inexpensive fixes:

Paint your home

Painting walls in pale neutral colours.  Freshly painted walls erase years of wear from any room. They send prospective buyers a subtle message: here is a home where your family can create your own memories.  Neutral tones are important, too. While you may personally prefer rich or bright colours, potential buyers may not. Beyond ensuring that rooms look as big, bright and airy as possible, you want potential buyers to picture spaces where their furnishings will fit in without redecorating. Pale beige or grey rooms work with furnishings of all colours, and wind up appealing to the greatest number of potential buyers.

Declutter your house or condo

Clear kitchen and bathroom countertops, consign heavy furniture to storage, and stow the kids’ toys neatly out of sight. The object is to emphasize the impression of sufficient space. When buyers visit any house for sale, they are most drawn to those where it’s easy to picture all of their belongings fitting in easily – and that takes space.

Make the home feel comfortable

You want buyers to be comfortable as they walk through your house for sale, and at the same time want to signal that heating and cooling are not going to be problematic. Have your heating and air conditioning systems serviced so that they are in efficient working order. If you have a working fireplace, have the chimney swept, and light the fire in case we run into an unexpected chilly rainy day during a springtime open house.  If the weather cooperates and the sun is shining, open windows and doors to create a nice fresh breeze. But if it’s too hot, be willing to crank up the AC!

Whenever you list a house for sale, it’s important that you put yourself in the buyers’ shoes. Ask what are the key factors you would look for, and be sure your home reflects the answers. For any and all other questions you might have about selling your Winnipeg house or condo, I’m here to help!   Call me for a free market evaluation anytime.

Home Staging on a budget: Luxury Decor without breaking the bank

Home staging will help any home owner get more money for their house or condo. Hot market or slow market, staging a home helps.

Publish Date: 02/28/2012 9:13

http://bokauffmann.com/home-staging-on-a-budget-luxury-decor-without-breaking-the-bank/

Home Staging quick tip #2: Curb Appeal

Improving curb appeal very important step in home staging. Houses and Condos in Winnipeg sell faster if proper home staging is used. Real Estate Tip.

Publish Date: 08/26/2011 9:06

http://bokauffmann.com/home-staging-quick-tip-2-curb-appeal/

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