Sometimes it is not about real estate (2)

What do prisoners use to call each other? 

 

 

 

 

 

 

 

Cell Phones

Photo credit:  Cell phone madness @ http://www.flickr.com/photos/adrianblack/1225514850/

Four Rs of Residential Real Estate

1.  Research – Not many people buy the first house they see.  A lot of time is spent by buyers and sellers in researching locations, current market conditions, community services (schools, playgrounds, shopping) and comparable properties.

2.  Respect – When entering into a business transaction, such as buying and selling a home, respect for and from all parties eases the process of making a deal.  It remove negative feelings from becoming part of the procedure.  

3.  Reality – No matter how valuable we think our homes are, the market determines the value.  The reality is that we can not always set the final price and the timing of a sale.  The market will speak louder than the property owner.  The other reality is that we cannot always find our dream home and that some concessions will likely be made in the purchase of a home.

4.  Remuneration – Buying or selling a home involves payments for the house, the REALTOR®, the movers and all other service providers such as building inspectors, lawyers and insurance people.

 

Valerie Zinger ~ Ottawa, Ontario ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca

Zingers #18 – Candy is Dandy

…But weed killing is quicker.  If you can no longer use chemicals to fight the annual weed battle, get out the knives and boiling water.  Start pulling up the weeds.  A field of yellow dandelions may be attractive while they are in flower but that lasts only a few days and then you have a yard of weeds.   

Get up, get out and get rid of weeds.

Sometimes it is not about real estate…

What did the fish say when it hit the cement wall? 

 

 

 

 

 

 

 

 

 

 ”Dam”

Photo credit: The Biggest Fish in the tank  @ http://www.flickr.com/photos/bogenfreund/2086574261/sizes/m/

Buying at the Right Price – Principle of Diminishing Returns

No matter the offering price that the home owner has chosen, the right price for you (the buyer) is what you are prepared to pay and the owner is prepared to accept.  How do you get to that price?  There are several principle of value that consciously or sub-consciously play in arriving at the price. Here is one of the Principles

The Principle of Diminishing Returns says that adding more of something valuable reaches a point where the cost of the thing exceeds the return on the thing added.  

What does this mean?  In a three bedroom home, adding a bedroom in the basement may add value to the home that is at or exceeds the cost of construction.  However, adding a fifth or sixth bedroom is unlikely to see the same level of return on the cost of construction.  If there is a spa tub in the home, it could increase the value of the house but if there are three spa tubs, there may not be a corresponding difference in value.  For you, the prudent buyer, remember:

More is not necessarily better.   

Photo credit:  tubs @ http://www.flickr.com/photos/celinet/269850055/

Valerie Zinger ~ Ottawa, Canada ~ T. 613-723-5300 ~ E. vzinger@royallepage.ca

 

Zingers #17 – Cesspool of Mosquito Breeding Slime

The lovely pond you installed in your backyard can become a cesspool if you do not maintain it.    Make sure that buyers like this water feature.   Keep the pump working; add some fish and a couple of water lilies.   

You will go from slime to sublime. 

Buying at the Right Price – Principle of Progression

What is the right price for a house? 

No matter what the offering price is that the home owner has chosen, the right price for you (the buyer) is what you are prepared to pay and the owner is prepared to accept.  How do you get to that price?  There are several principle of value that consciously or sub-consciously play in arriving at the price. Here is one of the Principles

The Principle of Progression says that, where properties are dissimilar, the poorest/smallest property will benefit in value from its proximity to the larger more expensive homes on the street or in the neighbourhood.

What does this mean?  If there are two very similar homes but in different neighbourhoods, expect to pay more for the house in Rockcliffe than the house in Hintonburg.  The smallest house on the best street in the neighbourhood will be more valuable than the same house two streets over. 

If you buy the worst house on the best street, expect to pay a bit more.

Photo credit:  Big house, LIttle House @ http://www.flickr.com/photos/daryl_mitchell/2407030202/

Valerie Zinger ~ Ottawa, Canada ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca

Zingers #16 – Rub a Dub Dub…

If your new house has a whirlpool bath, clean it before using it.  Run hot water until it covers all the jets plus a couple of inches.  Add a cup of bleach and run the jets.  Run them off and on for three hours.   Drain and repeat one more cycle or until there is no more dirt.  

Only you in the tub.

Ottawa House Hunting – What is moving in Hintonburg

 For the period January 1 through August 31, 2008, the following listings and sales were recorded on the Ottawa Real Estate Board Multiple Listing Service® for Hintonburg (areas 4202 and 4203):  

Residential  Properties – Detached (40), Row (11), Semi(8)
59        Listings Available
       46        Sold
         1        Conditionally Sold
       12        Active
For the 46 properties sold:
The average number of days on the market was 12
The average price paid was $289,629

 

Condominium Properties
 11          Listing Available
           10         Sold
             1         Conditionally Sold
             0         Active
For the 10 properties sold:
The average number of days on the market was 5
The average price paid was $247,580

 

Multiple Family Dwellings – Duplex UD (2), Fourplex (8) Tri (3)
 13          Listing Available
            8         Sold
            3        Conditionally Sold
            2         Active
For the 8 properties sold:
The average number of days on the market was 12
The average price paid was $389,698

 

If you have any questions or are interested in additional information regarding Hintonburg, please call or email me.

Valerie Zinger ~ Ottawa, Ontario ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca

Buying at the Right Price – Principle of Substitution

What is the right price for a house?  No matter the offering price that the home owner chose, the right price for you (the buyer) is what you are prepared to pay and the owner is prepared to accept.  How do you get to that price?  There are several principle of value that consciously or sub-consciously play in arriving at the price. Here is one of the Principles:

The Principle of Substitution says that you, the informed and prudent buyer, will not pay more for a particular property than what you would pay for getting an equally desirable substitute.

For example, if you are looking at a number of row units, all built about the same time and having same or similar features, you are going to get an idea of what would be a reasonable price to pay.  If one unit is $10,000 more than others but has no specially desirable features for you, then you unlikely to purchase this unit as, to you, it will appear overpriced.  You can substitute the purchase of the pricey unit for one equally desirable to you at a lower price.

What does this mean to buyers?

As with butter and margarine sometimes getting butter is worth the price and sometimes you might as well substitute one for the other when there is no added value to buying the higher priced product.  Only you, the buyer, will know when there is no substitute for what you want. 

Only buy “butter” when it is better.

Photo credit:  Row House Hicks Block 6th etTyler 6 dec 1964 @ http://www.flickr.com/photos/ooocha/2516841477/

Valerie Zinger ~ Ottawa, Canada ~ Ph. 613-723-5300 ~ Email vzinger@royallepage.ca

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