Frankie's Fredericton

Canada’s Cheapest Real Estate

Frankie — Sat, 08 May 2010 12:45:45 +0000

Canada’s housing market has remained strong across the country in spite of what is happening in the U.S. The real estate market is hot in the west and in the large cities in Ontario. In many cases the prices are starting to soar.
This is according to Investopedia, a Forbes digital company. They have compared housing prices across the country, looking for the best deals. Click Here
Not surprisingly, New Brunswick has made the list. Although housing prices in Fredericton continue to go up year after year, they are not out of reach for the average home buyer.
The average home owner is rewarded year after year with an increase in the value of their investment.
The way of life in the Maritimes is relaxed and laid-back. The economy is stable and we are not plagued with extreme weather such as we have seen happening in the U.S.
All the more reason to state emphatically that NB is a great place to live.

Fredericton New Brunswick, A Great Place to Live!

Frankie — Fri, 03 Apr 2009 15:09:16 +0000

As the economy takes a down turn, and more and more people lose their jobs, some folks in the heavily industrialized sectors of Canada are turning or returning to Atlantic Canada.
Fredericton, N.B. is a destination of choice for many people. Although we are all feeling the effects of the economy, Fredericton is able to weather the storm a little better than most cities.
We have a steady, stable income base.
Housing costs are not inflated, the way of life is a lot simpler, there are no traffic jams, and our neighborhoods are family oriented.
Some large recruiting firms are reporting they can locate people to come to work in New Brunswick now who before this economic downturn would not consider Atlantic Canada.
Atlantic Canada has so far been insulated from the economic bust. Job losses have not been as severe as other provinces and the expected decline of housing prices is not expected to occur in Atlantic Canada.
Retail spending has increased in New Brunswick and house prices are expected to rise or hold steady this year.
Migration flows reflect the changing tide, this region has posted the smallest net outflow since 1984, according to the Atlantic Provinces Economic Council.
It all bodes well for an area that was always a traditional have-not. We are now the destination of choice and above all a great place to live.

Buying Your First Home

Frankie — Fri, 03 Apr 2009 14:47:29 +0000

Buying your first home can be a bit frightening but if you work with a professional real estate salesperson it will make the process much easier. I have been selling real estate in Fredericton, N.B. for the past 7 years and I love first time home buyers.
Remember there are 3 things that are very important when buying or selling a house: location, condition and price. If you are buying your first home, don’t fall in love with the owners furnishings, don’t assume you will live in the home for the rest of your life, and do take your time to find the perfect house for you.
Many homes are “staged” to make them more attractive, and there is nothing wrong with that but if you fall in love with the “look”, will it still appeal to you when you get your furniture in?
Life is all about change, and as you go through it you will have different needs. You may have a dozen kids, or your job may take you to another city, whatever. Because of this, location is a key factor. You must always think of resale. Will my home increase in value, and if I have to sell, will I get good market value?
These are all questions you should ask yourself and your real estate salesperson.
I normally do a market analysis of any property I sell, just to make sure it is priced right for the neighborhood.
Plus I always recommend a home inspection to all buyers because a professional inspector can find things that are not always obvious. It costs a bit of money to hire an inspector but it saves in the long run.
Above all, go to a reputable mortgage consultant to find out if you qualify for a mortgage and the amount you qualify for. Many people think they should find the house first, wrong! If you put in an offer on your dream home, you will only have 5 days to get financing approval, and that is not enough time, especially in the present economy, or worse, you find out you are not approved to buy that particular house.
And remember, even if you are pre-approved, you still have to be approved for the specific house you are buying. The mortgage lender wants to be sure the house is worth what you are paying for it.
So, although there are many things to think about, a professional real estate salesperson can walk you through the steps, the paperwork, legal aspects, and help you find the perfect home. Call Frankie at 476-2155.

Welcome To Canada

Frankie — Sun, 01 Feb 2009 18:40:52 +0000

Here is some information that you may find useful if you are a recent newcomer to Canada or are thinking about coming to Canada.

In order to get a mortgage in Canada with a 5% down payment, you must have received your Permanent Resident Status, have been in Canada for at least one year and you must have an established record of credit and savings.

If you are a new arrival and do not have Permanent Resident Status, you will need 10% down payment to purchase a property and a source of regular income that can be proven.

If you have a down payment of 25% to 35%, the requirements are less strict and each individual will be assessed individually.

If you are considering a move to Canada, please obtain letters of reference from the bank you deal with in your country. This letter should be dated within 30 days and will greatly speed up the lending process in Canada.

10 STEPS TO BUYING A HOME

Frankie — Thu, 01 Jan 2009 19:00:45 +0000

1. Determine how much you can afford. Talk to a mortgage broker or your own banker, but get pre-approved for an amount you can afford.

2. Team up with a real estate agent. You are looking for someone who is a combination of personal adviser, consultant and negotiator. You want someone who will show you homes that match your criteria and guide you through the buying process. Call Frankie Gillespie at 476-2155

3. Make an offer. Your realtor will help you complete the legal documents necessary to present to the seller.

4. Retain a lawyer. You will need a New Brunswick lawyer to purchase a home in New Brunswick.

5. Arrange for a home inspection. A professional home inspection is always a good idea, find out if there are any major problems before you close the deal.

6. Get your mortgage approved by your mortgage lender. (see # 1)

7. Get property insurance. Once you have the insurance in place, forward a copy to your lawyer and your lender.

8. Check the legal details. Once the deal is finalized, you have agreed on a price, the financing is in place, your lawyer can now seach the title and arrange for the property to legally change hands.

9. Complete the paperwork. A few days before the property is set to close you will meet with your lawyer to sign all the paperwork and to provide the down payment and any closing costs.

10. Pick up the keys! Usually on closing day you will walk through the property one more time with your realtor to make sure all is in order, then your lawyer and the seller’s lawyer will exchange documents and money. The home will be registered in your name, you will get the deed and the keys, and move in.

Top reasons that the 2009 Real Estate Market will be a good time to sell!

Frankie — Tue, 30 Dec 2008 18:19:15 +0000

All the predictions, if the economists and financial folks can be believed, are that 2009 will be a slow year in real estate. This information will translate into a “buy” signal for many, that is, they will interpret that as a “buyers market”. This does not mean it is a bad time to sell, it just means you have to be more aggressive, more in tune with the market you are in, and it is important to have the right “team” to effectively sell your house.

Secondly, because of the economic downturn globally, mortgage rates have dropped. Prime will be at 3.5% effective January 1st. 2009. Mortgage rates for a 5 year term are at less than 5%. Buyers will be getting locked in with a good rate early in 2009 and proceed to buy their dream home, will yours be on the market?

Consumer confidence will return in 2009 because of renewed faith in both US and Canadian governments. Finally someone at the helm in the United States and at last some accountabllity and a strong opposition in Canada. Citizens of both countries are looking forward to some leadership and fiscal responsibility in 2009.

New Brunswick will benefit from some of the economic difficulities in the manufactoring sector in Central Canada. Many baby boomers will decide to sell out and move back home where the living is easy and the severence pay will go farther.

A reliable source has indicated that there will be a significant increase in the number of postings at CFB Gagetown in 2009. This will translate into more buyers. Military families love New Maryland, Lincoln and Hanwell, to name a few, so if you are contemplating a move, call me today for a free estimate of value on your home and professional advice on how to make it sell.

Frankie Gillespie 506-476-2155

IMPORTANT NEWS FOR HOME BUYERS

Frankie — Fri, 12 Dec 2008 18:44:12 +0000

PROPERTY ACQUISITION
When purchasing a property, there are two ways to ensure that you are not exposed to unreasonable risk in completing your purchase, and that you have good and marketable title to your property.

1. A Lawyer’s Certificate of Title is the traditional means of protecting yourself and your lender on a property purchase. The lawyer searches the records at the Registry of Deeds, and provides you with an opinion of the title to the property. This opinion may be subject to certain limitations. The lawyer’s certificate ensures that you will have good and sufficient marketable title. You will also have to obtain a Surveyor’s Location Certificate to confirm that the dwelling is located completely within the boundaries of the lot. Your mortgage company will usually require these two certificates. A Tax and/or Zoning Certificate may also be required.

2. Title Insurance is a new product in Atlantic Canada, but it has been used in the United States for over 100 years. With Title Insurance, the lawyer still searches the title to the property you are buying at the Registry of Deeds, and then certifies title to a Title Insurance Company. The Title Insurance Company then provides a written policy issued to you and your mortgage company. This policy confirms that you have good and sufficient marketable title, and protects you from loss if this is not the case. It also protects you if the dwelling is not completely located within the boundaries of the lot. Financial institutions will accept Title Insurance in the place of Location, Tax, or Zoning Certificates.

Protect yourself and your investment, ask your lawyer about Title Insurance!

BUYER’S MARKET

Frankie — Wed, 08 Oct 2008 14:51:47 +0000

We are all aware of the economic situation in the U.S and we all know how inter-connected Canada is with that economy.
With the stock markets crashing all over the world and all of the news stories painting a very bleak picture for the financial sectors, consumer confidence has hit an all time low.
People are spending less, on all commodities. When fear takes over, people tend to hunker down and adopt a wait and see attitude.
The real estate market is no exception. There are more homes for sale than there are buyers, and people are bringing their prices down, and offering incentives, to get people to buy.
This is good news for buyers.
As a potential buyer you can go on Realtor.ca and find the homes that you are interested in, you can call the name on the sign, you can go and look at several houses to try and find the right one for you. But stop!
When you call the name on the sign, that realtor is working for the vendor, remember, this is a buyer’s market! You want to make the best deal for you, so you should have someone representing you in the transaction.
You should have a trained professional working for your interests and negotiating the best deal for you.
A trained realtor will provide competence, obedience, good faith, full disclosure, confidentiality and loyalty to his or her client.
How do you become a buyer client? Simple, sign a buyer’s agreement which is a written agreement between the buyer and the realtor.
This agreement will set out the perimeters such as the parties involved, the time frame of the agreement, commission costs if applicable, and all legal aspects of such an agreement.
The buyer’s agreement protects you and the realtor and guarantees you the full obligation of the realtors broker to you as a client.
Another advantage of the buyer’s agreeement is that the realtor will be able to show you all of the houses that meet your criteria, even homes listed privately and not on multiple listing.
With the agreement you will be protected by the brokers liability insurance and also be represented fully throughout the transaction.
A buyer’s agent is going to work for you. He or she will be able to provide you with all kinds of pertinent information about the house, the neighborhood, zoning, etc. A buyer’s agent will also obtain professional advice where warranted, and provide suggestions on other professionals if needed, such as lawyers, inspectors, etc.
Did you know that if the property you purchase is on multiple listing, there is a commission built in and your buyers agent will be paid by the vendor?
Full time professional realtors are bound by the Canadian Real Estate Association code of ethics. The primary responsibility of every realtor is to protect and promote the interests of his or her client.
So, protect yourself and your investment, enter into a client relationship with you realtor.
For more information call Frankie today at 476-2155. Hiring a professional does not cost – it pays!

What is Your Home Worth?

Frankie — Thu, 06 Mar 2008 13:19:19 +0000

Your home is usually your largest investment and most people are unaware of how much their home is worth. It is important to know the dollar value of your home, not just when you go to sell, but also when you insure your home, or do estate planning. The value of your home is the corner stone of your net worth.

A Comparative Market Analysis (CMA) is a tool that provides current pricing of homes in your area. As a licensed real estate sales person, I can identify recent sales of similar homes in your area and calculate the fair market value. I would look at location, square footage, condition, curb appeal and recent renovations to determine the value of your home.

You may know what the home down the street sold for, but how does it compare to yours, and what condition was it in. There are other factors that affect pricing such as foundations, garage, landscaping, etc.

I would be happy to meet with you in your home to do an analysis and provide your with the information you need.

Just give me a call at 476-2155 to make an appointment.

Need more space? Move or Renovate?

Frankie — Wed, 05 Mar 2008 15:06:50 +0000

Maybe your feeling the need for more space, or just a different space. You are wondering should I move or renovate? the answer could be both. It is going to cost you approximately 10% of your homes value to move, so if you can renovate for less than that, stay and do it. Plan your renovation project with an eye to the potential resale value.

In addition to making your home more livable, remodeling can also make your home more valuable.
The areas that will give you the most pay back for your dollars spent are:
Kitchen: An updated kitchen will pay back 75 to 100 percent, depending on the quality of the work.
Bathroom: Payback of 75 to 100 percent.

Siding: This improvement is as much about maintenance as it is about curb appeal. Payback estimated at 75%
Windows: New windows will help with your heating bill, plus the payback can vary, but could be as high as 75%.

With some projects, you may recoup more than you spend! Remember that the payoff also depends on things like the value of similar homes in your neighborhood, don’t over renovate, in other words, don’t price your self out of the market.

Anther factor to consider is, the rate at which property values have changed, has there been a lot of sales in your neighborhood? If your neighbors sell for a good price, generally every house on the street goes up in assessed value.

And of course, location, location, location! If you are in a demand neighborhood, then by all means keep your home upgraded with current styles and trends. Remove the wallpaper! Change the colored bathroom fixtures. Replace the kitchen counter top and appliances. Whatever you do to freshen it up will pay back when you sell.

Always start with a plan! Imagine what you would like your kitchen to look, like, draw a sketch. Talk to friends who have done similar renovations. Visit home decor stores, and read home makeover magazines and websites.

Figure out how much you want to spend then bring your ideas and sketches to a contractor for an estimate, or if you doing the work yourself get estimates on materials, permits, fees, etc. Most jobs will include a sub-contract for the skills you don’t have such as electrical or plumbing.

Think ahead, Is the renovation going to add value when you sell next year or is it going to provide comfort and pleasure to your family for the next 10 years?

Keep it realistic and have a happy and profitable project!