Newfoundland December Real Estate Stats

December 31, 2007 · Filed Under Monthly MLS Stats and St. John's Real Estate · Comment 

Total # of Listings [Dec] = 254 (Down 25% from December 2006)

Total # of Sales [Dec] = 381 (Up 28% from December 2006)

Number of Active Listings in the NLAR MLS System = 2555

As you can see, property inventory for December decreased and the number of sales have increased.

Here is a break down by area for the month of December for single family homes

St. John’s Real Estate: Listings = 52 Sales = 141 Sales/Listings Ratio = 271%

Average Sale Price: $180,036

Mount Pearl Real Estate: Listings = 8 Sales = 20 Sales/Listings Ratio = 250%

Average Sale Price: $170,919

Paradise Real Estate: Listings = 16 Sales = 20 Sales/Listings Ratio = 125%

Average Sale Price: $179,684

East Extern Real Estate: Listings = 19 Sales = 16 Sales/Listings Ratio = 84%

Average Sale Price: $189,315

Conception Bay Real Estate: Listings = 12 Sales = 27 Sales/Listings Ratio = 225%

Average Sale Price: $165,418

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Strategies for Buying Real Estate in St. John’s

December 29, 2007 · Filed Under First Time Buyers and St. John's Real Estate · Comment 

Learn as much about market values as you can. Compare properties, not only the price but the condition of the property. Visit open houses. Arrange private viewings. Ask your Realtor to prepare a market evaluation of the property (this will tell you recently sold prices and active listing prices of similar properties). Email me and I will send you daily active listings as they are listed on the market.

Most offers are subject to two major conditions. 1) Home Inspection and 2) Financing

The Home Inspection is an option that you, as the buyer, can drop, but for the cost of the inspection versus the cost of the house I would not recommend this. I’ve seen time and time again a Home Inspection saving my clients thousands of dollars in unseen defects.
As for the financing, this option is a must. No financing = no mortgage = no house. Read my post from yesterday Arrange Your Mortgage – Get Pre Approved. The way the Real Estate market in St. John’s, Mount Pearl and surrounding areas are booming now, having your pre-approval in place is key.

Armed with this knowledge you will feel comfortable in writing an offer when the right house appears.

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Arrange your Mortgage – Get Pre Approved

December 28, 2007 · Filed Under First Time Buyers and Mortgages · 2 Comments 

Buying your first home? Second? Looking for an investment property in the St. John’s Real Estate market? The first step in buying real estate is obtaining a pre-approved mortgage.

The St. John’s real estate market is booming! Having your pre-approval in place will certainly work in YOUR favor.

A pre-approved mortgage is a mortgage for a set maximum amount and interest rate that is arranged by a lender (ie bank) prior to the purchaser finding a house.

With a pre-approved mortgage you will:

  • Know how much you can afford and what your payments will be
  • Lock in your interest rate at today’s rate (or lower if rates drop), usually guaranteed for 90 – 120 days
  • Demonstrate that you are a serious buyer, which can help in your negotiations with sellers and their agents

The key to choosing a mortgage is to know your options. The more you know, the more likely you’ll save money now and in the future. There are numerous types of mortgage options available, fixed rate, open rate, variable rate – they can even blend 2 different types to sort your needs.Payments can be set up on a monthly, bi-monthly, bi-weekly and even weekly basis. As well, you get to choose the date of the month to make the payment. By changing from monthly to a bi-weekly payments, a typical 25 year mortgage can be reduced to 21 years. Thats a LOT of interest saved.

A great way to save on interest costs and reduce the life of your mortgage is by making annual principal payments. $2000 extra a year on a 25 year mortgage will reduced the amortization period to 15 years.

There are lots of mortgage calculators on the internet. Play around with them. Try different scenarios.

Jeff Burton with RBC is a great resource when it comes to mortgages. Speak with your mortgage specialist today and determine the right options for you.

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Warm “Winters” Wishes

December 25, 2007 · Filed Under St. John's General · Comment 

Merry Christmas everyone!

xmas1.jpg

Fraser and Stephen Winters – Remax St. John’s

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What is an R-2000 home?

December 21, 2007 · Filed Under First Time Buyers, New Home Construction and St. John's Real Estate · Comment 

R-2000 homes are the most energy-efficient and environmentally responsible new homes on the market.

The R-2000 Program was created in 1981 as a partnership between the Canadian Home Builders’ Association and Natural Resources Canada to begin moving this exciting new technology into the marketplace. The R-2000 Standard was formalized, home builders were trained in the new design and construction techniques, and consumers began to learn about these “better-built” homes.

R-2000 homes are extraordinary homes built to demanding standards for energy efficiency and indoor air quality that far surpass others in the marketplace. They are designed and constructed by extraordinary builders, who are committed to providing the very best for their customers. They are backed by a quality assurance process that’s unique in the industry. And every R-2000 home is certified by the Government of Canada.

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Maintaining Your Heat Recovery Ventilator (HRV)

December 20, 2007 · Filed Under Home Maintenance · Comment 

Your heat recovery ventilator (HRV) can help make your house a clean, healthy living environment, while keeping heat bills down. But your HRV can’t do all this without your help.

The Seven Steps maintaining your HRV

First turn off the HRV and unplug it.

Step 1: Clean or Replace Air Filters
Dirty or clogged filters can lower ventilation efficiency. Try to clean your filters at least every two months. Filters in most new HRVs can be easily removed, cleaned with a vacuum cleaner, then washed with mild soap and water before being replaced. Older units have replaceable filters. If your HRV is easily accessible, this is a 5 minute job.

Step 2: Check Outdoor Intake and Exhaust Hoods
Remove leaves, waste paper or other obstructions that may be blocking the outside vents of your HRV. Without this vital airflow, your HRV won’t function properly. During winter, clear any snow or frost buildup blocking outside vents.

Step 3: Inspect the Condensate Drain
Check to see if your HRV has a condensate drain, a pipe or plastic tube coming out of the bottom. If it does, slowly pour about two litres of warm, clean water in the drain inside the HRV to make sure it’s flowing freely. If there’s a backup, clean the drain.

Step 4: Clean the Heat Exchange Core
Check your HRV owner’s manual for instructions on cleaning the heat exchange core. Vacuuming the core and washing it with soap and water will reduce dust which can build up inside the core.

Step 5: Clean Grilles and Inspect the Ductwork
Once a year, check the ductwork leading to and from your HRV. Remove and inspect the grilles covering the duct ends, then vacuum inside the ducts. If a more thorough cleaning is required, call your service technician.

Step 6: Service the Fans
Remove the dirt that has accumulated on the blades by gently brushing them. Most new HRVs are designed to run continuously without lubrication, but older models require a few drops of proper motor lubricating oil in a designated oil intake. Check your manual for complete instructions.

Step 7: Arrange for Annual Servicing
Your HRV should be serviced annually. If you are not comfortable doing it yourself, contact a technician accredited by the Heating, Refrigerating and Air Conditioning Institute of Canada. Make sure the technician you call has been trained by the manufacturer of your HRV.

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Confidence in Newfoundland sets off home buying binge

December 19, 2007 · Filed Under First Time Buyers, Market Trends and St. John's Real Estate · 1 Comment 

The Globe and Mail printed an article on December 17, describing the recent boom in the Newfoundland Real Estate market. Dubbed “The Danny Williams Effect” after the recent Hebron offshore oil project, homes in St. John’s and surrounding areas (including Mount Pearl, Paradise, CBS, and Torbay) surged 68% from October to November. While it hasn’t been classified as a sellers market yet, the activity noticed from reduced inventory, multiple offers on homes and at times over asking prices in recent weeks, are clearly pointing in this direction. Inventory is down with pre-existing homes which leads buyers to the decision of building. The new construction market, which once had a 3 – 4 month start-to-finish time frame are booming and are quoting 6 – 8 months for a move in date.

For buyers, this means paying close attention to the market. (Email me and I will send you daily listings as they appear on the market) and make sure you get to a bank or financial institution of your choice and get pre-approved. Having both these tasks completed and working with an experienced Realtor will certainly help you in the 2008 real estate market.

Read Lori McLeod’s article in the Globe and Mail here

Let Fraser and Stephen Winters help you with buying or selling your home in 2008.

Call us today – 709-682-9245 or 709-682-9045


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