EMC Real Estate March 24, 2011- March is a month that can't decide whether to be winter or spring in Ottawa. So just to cover all its bases, it's thrown both piles of snow and buckets of rain down upon us. Aside from the difficulty walking anywhere, extricating one's car from a parking spot, and worrying about which coat to wear on any given day, homeowners should be aware that water and ice can do serious damage to their home if they end up in the wrong places. The primary entry points for water are the roof and the foundation, so you should check on both in the spring to make sure they are doing their part to keep your home safe and dry.
Flooding is a top concern this time of year when we're all slogging through massive puddles. If water builds up around your foundation it could leak into your basement. Most homes have landscaping designed to draw water away from the foundation, but over time the ground can settle and water may collect next to the house and find its way in through even the tiniest of cracks. Once that happens, the water can freeze and may enlarge the crack.
Take a walk around your house, preferably after a good rain, to see if there's any standing water. Check the grading all around your house to ensure that land slopes away from, not towards, the foundation, and be on the lookout for cracks. If there are puddles, the area needs to be re-graded professionally to send that water on its way. If you do find cracks in the parging or concrete, it's a good idea to have your basement checked for any leaks at the same time.
Your downspouts and gutters should also be clean and working properly to direct rainfall away from the foundation. Clogged gutters will send water straight down from the edge of the roof to the ground rather than funneling it away.
If your downspouts aren't long enough they can deposit water where you don't want it, downspout extenders are an easy and inexpensive solution to this issue.
Your roof should also be inspected once a year. Spring is a great time to do this, because any damage caused by snow, ice and wind will be fresh and can be fixed before it gets worse. Start inside the attic, to check for damp patches or water stains caused by small leaks that aren't visible from the outside.
Next, the exterior of the roof should be checked for loose or missing shingles or cracked flashings (the pieces that are placed over joints in the roof and around a chimney). The most vulnerable spots are where shingles meet another type of material (such as a chimney or wall) or where the roof line changes direction.
Leaks can be fixed by re-applying sealant, and loose shingles can be nailed back down, but if the roof is in very bad condition (several large leaks, tons of missing shingles, brittle or crumbling shingles) it may be time to replace it.
Water will invade your home from above and below if given the chance - make sure it never gets started and you'll stay dry all spring.
Sunday, March 27, 2011
Monday, March 14, 2011
Ottawa Resale Homes Sold Faster in February-
Published March 10, 2011 in Ottawa South EMC article by Joanne Tibbles President of the Ottawa Real Estate Board
EMC Lifestyle - Members of the Ottawa Real Estate Board sold 936 residential properties in February through the Board's Multiple Listing Service® system compared with 1,030 in February 2010, a decrease of 9.1 per cent. 213 of those sales were in the condominium property class, while 723 were in the residential property class.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010.
The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
Once again we're seeing sales numbers very close to the five-year average for February, which is 962 sales. It's important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa. This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they're going after it, perhaps even going up against other bidders.
If you are in the market for a new home, and think you might encounter a multiple-offer situation, don't be nervous: be prepared! Having a real estate professional working on your behalf is a great place to start.
He or she knows the ropes, can act as your negotiator with the seller or their agent, and can offer advice on how to proceed if another offer does compete with yours.
You'll want to make sure you have your mortgage financing pre-approved before submitting an offer, so that you know what you can afford and still maintain your lifestyle. In a multiple-offer situation it's easy to get swept up and try to win the offer at any cost, but you don't want to overpay, get yourself into financial hot water or find out that it won't pass an appraisal.
Next, get the name of a registered home inspector to call when you find a property you want to make an offer on. Making your offer conditional upon a satisfactory home inspection by an accredited professional is always a good idea.
Also, talk to your insurance provider to make certain you can get home insurance on the property you're interested in bidding on. Your mortgage provider won't release your funds if the property that acts as collateral for your mortgage loan is uninsurable.
When you enter into a multiple-offer situation well-prepared, with professional advice and a solid strategy, you'll be able to make your best offer with confidence.
EMC Lifestyle - Members of the Ottawa Real Estate Board sold 936 residential properties in February through the Board's Multiple Listing Service® system compared with 1,030 in February 2010, a decrease of 9.1 per cent. 213 of those sales were in the condominium property class, while 723 were in the residential property class.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010.
The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
Once again we're seeing sales numbers very close to the five-year average for February, which is 962 sales. It's important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa. This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they're going after it, perhaps even going up against other bidders.
If you are in the market for a new home, and think you might encounter a multiple-offer situation, don't be nervous: be prepared! Having a real estate professional working on your behalf is a great place to start.
He or she knows the ropes, can act as your negotiator with the seller or their agent, and can offer advice on how to proceed if another offer does compete with yours.
You'll want to make sure you have your mortgage financing pre-approved before submitting an offer, so that you know what you can afford and still maintain your lifestyle. In a multiple-offer situation it's easy to get swept up and try to win the offer at any cost, but you don't want to overpay, get yourself into financial hot water or find out that it won't pass an appraisal.
Next, get the name of a registered home inspector to call when you find a property you want to make an offer on. Making your offer conditional upon a satisfactory home inspection by an accredited professional is always a good idea.
Also, talk to your insurance provider to make certain you can get home insurance on the property you're interested in bidding on. Your mortgage provider won't release your funds if the property that acts as collateral for your mortgage loan is uninsurable.
When you enter into a multiple-offer situation well-prepared, with professional advice and a solid strategy, you'll be able to make your best offer with confidence.
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