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December 2010 Real Estate Newsletter
FROM LOUISE FULLER |
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Visit My Website to View Fantastic Canmore listings.
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Featured Article
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Greetings!,
Sales for the month of November 2010 are as follows:
Please remember these are averages only.
Single family: 1 sale, average sale price $820,000, average days on market 73 (DOM).
Half duplex: 0 sales
Townhouse: 6 sales, average sale price $407,333, average days on market 125 (DOM).
Apartment: 10 sales, average sale price $350,750, average days on market 114 (DOM).
Fourplex: 1 sale, average sale price $275,000, average days on market 33 (DOM).
Lots: 0 sales.
For specific details, please email or call and I would be happy to be of assistance.
Best Regards,
Louise Fuller |
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134 BENCHLANDS TERRACE
Feature Listing
Contemporary Modern Mountain Design!
A great room bathed in sunlight as the sun sets in White Man's Gap; sitting on the deck and gazing at the mountain views. This 4 bedroom, 4 bathroom custom built luxury home can make your dream of mountain ownership come true. Features include an open concept design, vaulted ceilings, circular staircase, slate countertops, custom Legacy kitchen cabinets, rundle rock fireplace, hardwood and slate floors, 2 high efficiency furnaces, infloor heating and programmable thermostats in three separate zones, multiple decks and patios, low maintenance landscaping and hot tub spa. Ask for the full detailed list of upgrades and special features.
ASKING $1,395,000
| CLICK HERE FOR MORE INFORMATION
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| ANNUAL STATE OF THE RESIDENTIAL MORTGAGE MARKET - NOVEMBER 2010 | |
Canadians comfortable with their mortgage debt levels; One third have made additional payments in the last 12 months
Canadian Association of Accredited Mortgage Professionals releases Annual State of the Residential Mortgage Market in Canada report
Toronto, ON (November 8, 2010) - Canadian homeowners are comfortable with their mortgage debt, have significant home equity and could withstand an increase in their mortgage interest rate, according to the sixth Annual State of the Residential Mortgage Market report from the Canadian Association of Accredited Mortgage Professionals (CAAMP), released today.
Highlights:
- The vast majority of Canadians with mortgages are able to afford at least a $300 increase in their monthly mortgage payments.
- One in three (35 per cent) mortgage holders have either increased their payments or made a lump sum payment on their mortgage in the last year.
- 89 per cent of Canadian homeowners have at least 10 per cent equity in their homes and 80 per cent have more than 20 per cent equity.
- Overall home equity is at 72 per cent of the total value of housing in Canada; for homeowners who have mortgages, equity level averages 50 per cent.
- As of August 2010, there was $1.01 trillion in outstanding residential mortgage credit in Canada, an increase of 7.6 per cent from last year.
"Canadians are being smart and responsible with their mortgages," said Jim Murphy, AMP, President and CEO of CAAMP. "They are building equity in their homes and making informed, long-term mortgage decisions. The survey results speak to the strength of our mortgage market, especially when compared to the United States."
Homeownership is a good long-term investment
Most Canadians agree that buying a home is a good long-term investment and are focused on their mortgages to support that investment.
Many mortgage holders are making voluntary additional payments: 16 per cent have increased monthly payments during the past year, 12 per cent have made lump sum payments, and 7 per cent did both.
Canadians are exercising caution when taking out their mortgages, with a majority choosing a fixed-rate (66 per cent). A five-year fixed-rate mortgage remains the most popular option in Canada. Despite the fact that variable rate mortgages have become much less expensive compared to fixed rates, the majority choice is still fixed rates: this decision is based on people's individual assessments of risk, not just the cost difference.
Potential rate increases won't be a problem
The CAAMP study found that a vast majority of Canadians have significant capabilities to afford higher payments if and when mortgage interest rates rise. 84 per cent report that they could weather an increase of $300 or more on their monthly payments.
Most of the people who have low tolerances for increased payments have fixed rate mortgages, by the time their mortgages are due for renewal, their financial capacity will have expanded and their mortgage principal will have been reduced.
Also, Canadians have been able to negotiate better than posted mortgage interest rates. For five year fixed rate mortgages arranged in the past year, the average rate is 4.23%, which is 1.42 points lower than typical, advertised rates.
Of the 1.4 million Canadians who renewed their mortgage in the past year, 72 per cent were able to renegotiate a decreased rate: on average, rates are 1.09 percentage points less than the rates prior to renegotiating.
Canadians have significant equity in their homes, strengthening the housing market
Canadians' home equity is impressively high. Among homeowners who have mortgages, the average amount of equity is about $146,000, or 50 per cent of the average value of their homes.
The amount of equity take-out in the past year is unchanged from last year with around one in five homeowners, or 18 per cent, taking equity out of their home, at an average of $46,000. The most common purpose for equity take-out is debt consolidation and repayment (45 per cent) followed by home renovations (43 per cent), purchases and education (19 per cent) and then investments (16 per cent).
The report is authored by CAAMP Chief Economist Will Dunning and based on information gathered by Maritz Research Canada in a survey of Canadian consumers conducted in October 2010.
For a copy of the report, please visit www.caamp.org, 'Mortgage Industry', under 'Resources'.
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HOLIDAY STAGING | The key to holiday decorating is to keep the decor high quality and coordinated. If you plan on staging for the holidays, here are some important things to keep in mind.
1. Don't overdo the holiday cheer.
You need be selective in what you display. Keep it simple and elegant. If it is 'cute,' it stays packed. The same staging principles apply during the holidays: Don't overwhelm the space with clutter. For every holiday decor item put on display, temporarily pack something you keep out all the time. That way you can avoid over-decorating.
Instead of a large Christmas tree dominating the living room, you might opt to have a smaller tree display on a table top -- particularly if the space is small. Mix in small centerpieces on dining room tables, bookcases, bathroom sinks or end tables -- simple touches such as pine cones or ornaments in a glass bowl.
Whatever the season, when you are selling a home, you want buyers to notice and appreciate the permanent features of the home. If your fireplace is almost impossible to see because your highly personalized stockings are blocking the view, then buyers will not appreciate this focal point for what it is.
2. Add splashes of holiday colors.
How about some holiday red? Psychology research on color responses has shown that warm colors, such as red, can increase excitement and energy in those viewing it. Pops of seasonal colors -- such as red or green -- add festive cheer to a home too and can be as simple as just adding a red everyday throw to the sofa or adding poinsettias throughout the home.
It doesn't have to be bold holiday statements: Add greenery to fireplace mantels or as a base for the dining room table centerpieces. Or another holiday favorite: Bows and ribbons can add splashes of color -- tie them around candles, wreaths, and basket handles throughout the house for extra pops of color. Don't underestimate the power of neutral palettes too in your holiday decor, such as silvers and classic whites.
Try repeating colors from room to room and using similar ribbons, ornaments, patterns or decorative items that can add to the consistency of your holiday look.
Be careful not to clash with your home's current color scheme. For example, if turquoise is the room's dominant color, you might want to hold off on adding bold holiday reds; try silver instead.
3. Stage for the senses.
Get buyers in the mood with some holiday music. If you leave Christmas music on for showings, keep the volume down. Just a hint of music will set the mood in a most attractive way. If you're going to include a holiday scent just don't forget the music.
4. Keep the tree simple, yet elegant.
The Christmas tree will likely be your biggest decor piece so it needs to make a statement. If your tree is larger than six feet consider removing a piece or two of furniture so space doesn't feel crowded.
Use ornaments all in one basic color palette with "show piece"ornaments mixed in to add extra style.
Make sure ornaments that are overly personal -- such as those marking milestones like "Our First Christmas" or "Baby's First Christmas" -- are not in prominent locations on the tree or keep them packed up for next year.
5. Give a holiday impression from the curb.
Twinkling clear, white lights tend to be the favorite among staging professionals and for classy holiday curb appeal that glows.
"The winter months are usually less than attractive outdoors and some well-placed and tasteful holiday lights or yard ornaments can go along way to adding a festive and welcoming touch. Just remember that many potential buyers may either cruise by your home for sale during the day or schedule a showing during the day when outdoor lights are more likely to be an unsightly bunch of wires (such as icicle lights) rather than a cheerful display of color or white lights. Do your best to make your home show its best during the day and night.
- Here some holiday curb appeal tips:
- Hang a wreath on the front door (and make sure it's clean!)
- Have battery-operated candle lamps in each of the windows for extra glow and to show off all of those windows at night.
- Make the deck sparkle. For example, a weather-proof, tip-proof tree with lights or a simple strings of lights along the deck's railing can go a long way in adding charm to your showings after dark.
6. Remove decor after the holidays.
Christmas in July isn't for everyone, so in general, wait to decorate for the holidays until after December 1 and be sure you remove all holiday decor promptly by New Year's.
If you are feeling a little cheated this holiday season by not putting all of your beloved holiday treasures around your house, focus on the reason that you placed your home on the market and keep your eyes on that goal. Next year when you are comfortably settled into your new home, you can go all out with the holiday cheer. |
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Thanks for reading, Happy Holidays and I will send you more info next month.
For all your real estate needs I am ready and willing to help you take that next, very important step.
Sincerely,
Louise Fuller
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