With today’s mortgage rates in the lowest range they’ve been for almost 30 years & yet another “mortgage war” raging among different lending institutions, you might be pleasantly surprised to know that you can afford that “move up” house now.

Based on posted rates by the RBC today, the interest rate for a 4 year closed mortgage is 4.64% but today, they have  special of 2.99%. If you were “moving up” and going to carry a mortgage of say, $400,000, according to the posted rate, you would be making monthly payments of principal and interest of $2,245.00 based on a 25 year amortization. If you took advantage of the 2.99% special, your monthly payment would decrease to $1,890.00. That’s a savings of over $350.00 per month! They are also offering a 3.99% interest rate on a 7 year closed mortgage, which using the same $400,000 mortgaged amount would have monthly payments of $2,101.00 A little piece of mind when budgeting for your future. 

Using the equity you’ve built up in your current Barrie area home, your carrying charges may not be much higher than what you’ve been used to paying. If you’re curious to find out, just ask me to help you calculate carrying costs on a “move up” home.  These low rates are not going to last for much longer, according to the Financial Post this past weekend.  The time to make a move is now!

There are many reasons why you may wish to have a larger home including a growing family, bigger yard, better location, more room for entertaining, perhaps even a pool or tennis court. Whatever your reasons, moving up to a new home can be very satisfying.

When you decide that moving up is the way to go, be sure to enlist the services of a Realtor that you know and trust. Your options can be confusing at times, however as a Realtor, I can help you make the right choices.  I will help you determine the market value of your current home and therefore the price range you should be considering in a “move up” home. You’ll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? Are you considering a waterfront property, perhaps a vacation home instead and keep your current home? There are almost as many individual choices as there are homes. Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you’ll ever make so why not take advantage of current market conditions and enhance your investment today!

Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

Compared to last year, the average sale price in the City of Barrie for homes sold between January 1 – February 28th was $256,945 with only 1 sale in the $450 – $500,000 range, nothing higher. This year, the average sale price is $281,046 in the same time period with an astounding 18 sales of properties over $600,000! There were 333 homes or condos sold last year, 343 this year. Not too much of an increase in units, but certainly in price.*

So what is fuelling the sale of homes over $600,000? Some will say the country’s richest residents as well as millionaires from countries such as China or Russia are turning to property to provide a safe haven for their money because our market is seen as a stable place to park cash as the global economy struggles to recover from a deep recession. Other real estate moguls will attribute the upswing to improved economic performance, increased personal wealth and foreign investment. There is a great deal of interest in luxury homes because prices in Canada are seen as reasonable compared to other places in the world and feel that the prices will not fall very much but appreciate in value at a steady rate providing a nice, secure investment and, if it is your primary residence, in a few years should you decide to sell, the proceeds of the sale are not subject to any capital gains. I may not be a mogul, but with today’s great mortgage interest rates and consumer confidence, it’s a great time to make that dream home a reality.

Canada’s housing market will remain steady this year and through 2013 with home prices expected to rise moderately according to a news release from CMHC last Monday. Is 2012 the year to consider purchasing your dream home? Give me a call. I’m happy to help!

Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

As an example, one 3 bedroom semi-detached home on a 43 by 110 ft lot with mould issues was listed at $549,000 and sold for $770,000! The most amazing sale was a 3 storey, 6 bedroom home listed at $995,000 and sold for $1,111,000. The Realtor who sold it said ” it will require a total gutting”. The Toronto Community Housing Corp is hoping to sell all of its 675 detached or semi-detached homes in many of the up and coming neighbourhoods to raise the necessary funds for much needed renovations on its multi-unit assisted housing buildings. At those prices, it won’t take too long! Said one Realtor, Brian Prashad ” It basically shows that there is a lack of supply on the market and until that changes, prices are going to continue to rise”

I don’t think we will experience anything like that in the Barrie real estate market or the surrounding area. One might wonder how the listing price was established in the first place? Our market is, at this point in time fairly balanced and has a good supply of listings in both the lower and higher end properties. If you are considering making a lifestyle change, there are currently 2 lovely Barrie area waterfront properties in Innisfil with 50 ft of frontage on Lake Simcoe listed on the Barrie MLS system at $749,900 & $769,900. Imagine….. Paying the same price for a total reno (and who knows what’s behind the walls) in downtown Toronto, or owning your own little piece of paradise on Lake Simcoe. Hmmm. Of course there are many reasons people would prefer to stay in the GTA, but with the addition of a second GO station, and the summer season just around the corner, maybe it’s time you took a look at owning your own waterfront or luxury home in Barrie!

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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

If you’ve been considering locking in your variable rate mortgage, the Bank of Montreal made a BIG splash this past week and was the first major institution to break the 3% mark with their ultra-low 2.99% closed fixed rate 5 year mortgage. Other banks answered back with their own incredible deals like ING Direct. They’ve come up with a 10 year, fixed rate product at 3.89% The TD bank has also lowered rates on six and seven year fixed rate terms and I am sure there will be more to follow. Farhaneh Haque, Director of Mortgage Advice and Real Estate Secured Lending at TD say, “the argument to lock in your mortgage rate has never been stronger. There is no guarantee these deals will be available in two years”

This is awesome news for anyone considering purchasing a Barrie area waterfront or luxury home. When interest rates are lower, people spend and borrow more money. This affects the economy in a positive way. If, however, the economy grows too fast, it can lead to inflation. In that case, we will see the Bank of Canada raise the rate, in order to slow down spending and borrowing, curbing inflation. According to their website, “The Bank of Canada sets the target for the overnight rate at a level that will keep inflation low, stable, and predictable over the medium term. Low and stable inflation provides a favourable climate for sustainable growth in output, employment, and incomes”

Traditionally, our spring market is our busiest time of year, usually “heating up” in March, but this year it has already started! With more and more new listings coming on board everyday and historically low mortgage interest rates, maybe that luxury home or vacation property will become a reality for your family this year. Make an appointment with your financial advisor or lending institution and get pre-approved before you start looking. You’ll be surprised what you’ll be able to afford with rates like these!

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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

When listing your property for sale, the benefits of asking fair market value typically outweigh the pros and cons of asking too much or too little. After all, you don’t want to miss out on thousands of dollars that a buyer may pay nor do you want to chase the sometimes treacherous real estate market downwards.

“It’s never a good thing when you have to drop the price,” says Rick Valouche, president of the British Columbia Real Estate Association. “Generally, a home should sell within the first 60 days, with the most activity within the first two to three weeks. If it sits after three weeks, then we’ve come on too high.”

Dropping the price creates negative connotations among potential buyers, who may wrongly assume you’re under pressure to sell and lower their offers even further.

Valouche offers the following scenario: the fair market value for your property is $500,000 but you decide to list it for $550,000. “If it doesn’t sell within the first three weeks, we can’t bring it back to $500,000,” he says. “We have to drop it to about $475,000. You can’t chase the market down – if you chase it down you’ll never catch it.”

Realtors determine fair market value for your property using a comparative market analysis, says Don Lawby, president of Century 21 Canada. They look at three or four comparable properties currently on the market. “That’s your competition. If consumers are looking at your home, they’re probably looking at those homes as well. What are their prices?”

A realtor will factor in features that distinguish your home from the competition, such as a finished basement or upgraded kitchen and/or bathrooms. “Some people may say a wonderful kitchen sells a home … but if the people looking at your home don’t like to cook, a kitchen isn’t going to sell that home,” says Lawby. “It all depends on the lifestyle of the people looking at your home.”

The realtor will also look at three or four comparable properties that recently sold and for how much, says Lawby. Also part of the equation: three or four properties with listings that expired before being sold and their listing prices.

They’ll consider whether the current market is better or worse than when the last comparable home sold or when the selling agreements on the overpriced homes expired. Together, those factors create a comparable market analysis, which in turn lets you determine the fair market value of your home, Lawby notes.

Of course, there are exceptions to the ‘fair market’ rule, such as the seller’s motivation to sell. “If they’re just selling to try and get as much money as possible at any price, it doesn’t matter,” says Valouche.

“But if they have to move for work, are downsizing or some other reason, the asking price really matters … Sometimes in a rising market too low doesn’t matter because it generates interest.” He points to the strategy of listing a million-dollar home in the hot Vancouver market for $900,000.

Pricing the property under fair market value generated the desired interest and a bidding war ensured, netting the homeowner between $1.1 and $1.2 million. “If we had listed it for $1,050,000 to create negotiating room, the homeowner probably wouldn’t have got more than a million,” says Valouche.

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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

According to Catherine Garbe, president of the Barrie & District Association of Realtors, the Barrie real estate market remains “balanced” heading into 2012.  “It has actually been a fairly good summer and fall compared to a year ago” says Garbe.  We all remember that 2010 featured some volatility in the market resulting from interest rates and the introduction of the provincial HST.  “Compared to a year ago, the last four months of 2011 are up.  Average prices have remained static.  We are dealing with a balanced market” according to Garbe.* The majority of sales are still falling into the $200,000 to $250,000 mark but it is interesting to note that sales in the Barrie luxury home & waterfront market, namely those homes starting at $500,000 have increased slightly  over 2010 numbers by a small margin of 7 properties.

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However, the seemingly endless rise in Canadian housing prices seems to finally be coming to an end. After gains in nine straight months, resale prices measured by the Teranet-National Bank Composite House Price Index were unchanged from the previous month. The same was true even in the normally Vancouver market, where prices had surged for 11 consecutive months.

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The slowdown in the index, which measures price changes for repeat sales of single-family homes in 11 major markets, was welcomed by Marc Pinsonneault, senior economist at National Bank Financial, who said “Price gains of almost one per cent per month over the previous three months were unsustainable. “It signals that price increases are going to align more with current markets,” said Pinsonneault yet these figures could also signal that the decade-long surge in residential real estate values has come to a close, said Pinsonneault, adding “it is a wake-up call to investors expecting outsized returns from future real estate purchases”

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So, with continued low interest rates and house prices becoming more balanced, if there ever has been a time to consider buying that luxury or waterfront home, the time is now! CMHC analysts are predicting the market to remain balanced until 2013 when prices will start to increase again.

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We are seeing  listings of luxury homes and waterfront properties coming on board every day. Perhaps 2012 is the year for you to make the move!  If so, please give me a call.  I’m happy to help!

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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

Home inspectors are not looking for minor cosmetic deficiencies but instead major structural issues that may affect the total integrity of the home such as the plumbing, electrical, mechanical and HVAC systems. They do overviews of every component of the home looking for anything that could be an issue down the road. The last thing anyone wants is to move into their new home in October and have to replace the furnace by Christmas!

The presence of mould, gases or chemical fumes can pose severe health risks and could be the result of many things from carpet cleaning to something as ominous as a former grow op. Make sure your inspector checks for the presence of gases and odours. Don’t be afraid to ask!
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Specific to Lake Simcoe Waterfront Homes

As a result of recent amendments made to the Building Code through Ontario Regulation, principal authorities in certain portions of the Lake Simcoe watershed will be required to carry out mandatory on-site sewage system maintenance inspections. These amendments come into force on January 1, 2011. Within five years of January 1, 2011, maintenance inspections will be required in the strip of land that is located within 100 metres of the Lake Simcoe shoreline, with the exception of certain portions of the shoreline. *.

The entire home inspection is written up in a concise report that lists anything that requires repair either immediately or in the not too distant future. Should there be an issue that the Buyers are unable or unwilling to overlook, they can go back to the Sellers and ask that they repair the deficiency or offer a price abatement.

Just remember, make sure whoever you choose as your home inspector is registered with the OAHI (Ontario Association of Home Inspectors) and follows their Standards of Practice. Having a home inspection doesn’t cost, it pays!

* provided by the Ontario Ministry of Municipal Affairs and Housing

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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

Just as the seasons change, so do we. For many different reasons such as health, lifestyle change, economics or retirement, a Barrie waterfront property may not have the same appeal it did at one time. If this is a recreational property and you are maintaining another residence, the property taxes, maintenance and insurance costs can really add up. Perhaps freeing up some of your investment so you can enjoy more of your retirement is something worth considering. If this sounds like your situation you’ve come to the right place!

When it comes to marketing Barrie luxury homes and waterfront properties, you are dealing with an entirely different market than the average home. Less than 1% of potential buyers are looking for luxury homes in the City of Barrie and surrounding area making that market very narrow.

There are currently 1477 homes listed on the Barrie & District MLS system with 192 having a listing price of over $600,000, and 50 of them being waterfront properties. * That’s 13% of our inventory currently available on the market giving potential luxury Buyers lots of choices. So, how do you make sure your home attracts the attention of those buyers?

That’s where an experienced Realtor comes in! First of all, setting the right price is the most important factor in the marketing of your Barrie waterfront home. Pricing the property to sell involves more than just a “For Sale” sign and some ads in a Toronto paper hoping that a suitable buyer will be sitting down reading a small ad in the “out of town properties” section, calling an agent and then putting an offer in on your home.

Today’s luxury homebuyers are affluent and educated. They’ve done their homework. The first place they will look is the Internet at www.Realtor.ca or Google using specific key word searches like “Barrie waterfront property for sale” or “Lake Simcoe luxury homes”, to see what is available in the area they are interested in.

An experienced Realtor will show you the comparable sales and current listings of waterfront properties similar to yours and together, will set a realistic sale price to get your home sold! Potential sellers should also do their homework and know the competition in their neighbourhood. For luxury and waterfront homes, many factors come into play, not just the proximity to waterfront or the square footage of the home, but the quality of the high end finishings today’s high end buyers demand. Check out some of the neighbourhood open houses one weekend and see how your home compares!

Coming soon. Look for Part 2 – Marketing your Luxury Home – Preparing the Home for Sale.
* source – Barrie & District Association of Realtors a of November 23/11
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Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

Tip 1: Adjust Your Personal Thermostat on Your Barrie Homes for Sale

It’s January! There is absolutely no reason why you should be in bare feet and shorts when it’s 20 below outside. Wear a sweater and thick socks or slippers. If you’re just watching TV or reading and you feel a chill, grab a throw or afghan and cuddle up.

Tip 2: Adjust Your Home Thermostat Too!

Purchasing a programmable thermostat for your Barrie home for sale will reduce your heating bill by as much as 20 per cent. It goes without saying that the less energy you use, the lower your bills will be. If the house is empty during the day when you’re at work and the kids are at school, program your thermometer to keep the temperature at 15C then set it to rise just before you come home to 21C. Lower the temperature when you go to bed and add an extra comforter or blanket. You’ll sleep better knowing you’re saving money!

Tip 3: Seal the Leaks in Your Barrie Home For Sale

Caulk, seal and weather strip around windows, doorframes, baseboards, ducting and electrical outlets. If you have a wood-burning fireplace, remember to close the flue when you’re not enjoying a fire. Turn off the heat supply and close doors to an unused room such as a guest bedroom. Keep the heat where it’s needed most.

Tip 4: Get Your Furnace Serviced

It will end up saving you money in the long run!! Change your filters regularly and keep your vents clean of dust and debris. A maintenance contract is a good investment and your furnace will run more efficiently. Remember, furnaces don’t break down in July; it’s always when you need it most!

Tip 5: Get An Energy Audit

Is your home older?? The federal government offers a tax rebate through their ecoEnergy Retrofit program for homes that undergo renovations to upgrade their energy efficiently. Everything you need to know can be found at: http://www.ecoaction.gc.ca

And last but not least!

Tip 6: Let The Sunshine In!!

While up to 25% of your home heating is lost through poorly caulked windows, they are also a source of solar heat. During those sun filled winter days, open your curtains and let the sunshine in! Curl back up on the couch and enjoy the free warmth the sun provides.

Share these tips with your friends and family and lets all stay warm this winter while keeping as much money in our pockets as possible.

Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas

Fastest Growing City Creates Increase demand for Barrie Real Estate

Statistics Canada’s Census named Barrie as having the fastest growing and youngest population of any city in Canada, along with Canada’s largest employment growth rate. Barrie has been identified by the Province as one of Central Ontario’s “urban growth nodes”, which is driving increased interest in Barrie real estate along with Lake Simcoe and Lake Couchiching real estate property

Top Real Estate Investment City…

So far this year, there have been 2,142 residential Barrie real estate sales with an average sale price of $268,981.  This is an increase from 2010 where there were 2,096 residential Barrie real estate sales with an average sale price of $264,726.   With mortgage interest rates still at a very competitive level, there has never been a better time to buy or sell, whether you’re looking for that perfect family home, waterfront homes for sale or investment in Lake Couchiching real estate property.

“Barrie is one of the top 3 cities in Ontario in which to invest, poised to outperform other cities in the next 3-5 years”
Source: Real Estate Investment Network, October 2009

“Canada’s housing market remains on solid footing. With the notable exception of a handful of small western cities, the country has returned to an environment characterized by moderate house price increases,” said Phil Soper, president and chief executive, Royal LePage Real Estate Services. “These conditions are far more agreeable to those searching for a home, and are more sustainable in the long term than the sharp price increases recently experienced.”

Added Soper: “We know now that the Canadian real estate market has followed a markedly different path from that of the United States. Our tiny subprime mortgage market has exposed us to very few of the pitfalls that have created the unfortunate chaos south of the border. While Canada will not escape the negative impact of a troubled American economy, Canadians’ home equity should remain safe, as the market moves into a period of slow growth, but growth nonetheless.”

Because the City of Barrie sells itself and with the arrival of the GO train in 2007, Barrie’s downtown revitalization project in the works,  the new expansion of Georgian College and the new Cancer Care Centre at RVH, Barrie is more than just Simcoe County’s largest city, it’s a great place to call home or to invest in Barrie real estate. Share

Krista Alkerton has been an accomplished, result driven Barrie real estate agent for over 15 years now, specializing in luxury homes and waterfront property in the Barrie and Lake Simcoe areas