Window on Wasaga - October 2000

A Lively Source of Real Estate & Community News

October 2000

Successful Offer Secrets Revealed:

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Top 10 Questions About Buying A Home

ou’ve just found your dream home and are ready for the next step: The Offer of Purchase and Sale. So what’s the best way to decide how much to offer for a house? Consider the following factors: 1. What is the advertised price of the house?

Most buyers treat this as an estimate of what the seller would like to receive and recognize that different sellers price houses differently. Some sellers deliberately overprice, others ask for close to what they want and a few (often the cleverest!) underprice their houses in the hope that potential buyers will compete and overbid.

2. What can you afford?

Be sure to factor in mortgage and legal fees, land transfer tax and closing costs along with heat, hydro and municipal tax payments.

3. What are the recent comparable sales?

Before making an offer, you should know the selling prices of nearby houses similar to the ones you're interested in buying. For reliable comparable prices (or "comps"), follow these guidelines:  The sale should have occurred within at least six months. The hotter the market, the more recent the comp should be.  It should be for a similar house in terms of age, size and type and number of rooms.  It should be geographically close to the house you want to buy.

4. Is the market “hot” or “cold?”

In competitive areas, homes sell quickly—and often for more than the asking price—as bidding wars erupt among frenzied buyers.

5. What are the seller's needs?

Price alone is not the only factor for sellers. Your flexibility and sensitivity to the seller's needs—whether it's a quick closing or extending the closing date for a seller who can't move for a few months—may make or break your offer.

6. Is the house uniquely valuable to you?

A modest house near a school listed at a reasonable price may be a bargain if you have three kids. However, the same house may be overpriced for a couple not planning to have children.

Remember your personal needs.

7. How much are you willing to pay?

While tactical considerations—the temperature of the market, the seller's needs—are important, nothing should outweigh your own honest assessment of how much you are willing to spend.

8. How can I protect myself in an offer?

Offers almost always contain conditions—events that must happen within a certain amount of time or the deal is void. Buyers make offers conditional on financing, home inspections and the sale of their home. However, the more conditions in an offer, the less likely the seller is to accept it.

9. What are useful offer strategies in a competitive market?

When demand is high, homes sell quickly. Think twice before you get caught in a bidding war. Even if you decide that a house is so attractively priced that you want to try to preempt other bidders by making the highest offer, it's crucial that you stick to a set limit. To force a quick decision, buyers often give the seller a short time period to deal with their offer.

10. Does a home seller have to take the first offer that comes in?

Whether it's the only offer or the first of many, a seller does not have to accept any particular offer.

If a bid is far below asking price, the seller is likely to reject the offer on the spot. But even attractive offers are rarely accepted as written. Sellers usually respond with a written counter offer accepting some, even possibly most, of the offer terms but proposing certain changes. Most counter offers correspond to these provisions:  Price—the seller wants more money  Occupancy—the seller needs time to move  Sale of buyer’s home—the seller doesn't want to wait for this to occur  Inspections—the seller wants the buyer to schedule them more quickly.

The buyer may accept the counter offer, reject it or present a “counter counter” offer. The negotiations then continue until either a deal or an impasse is reached. A contract is formed when the seller or buyer accepts the terms of the other's offer or counter offer in writing within the time allowed.

—Bruce

Worth Checking Out In October 7th-8th—Art Show & Sale Oakview Community Centre 11th—Autumn Colour Hike Ganaraska Hiking Club 12th—Firearm Licence Assistance @ Chamber of Commerce Boardroom: 11am to 5 pm (don’t take your guns to town!!)

13th-15th—Beach Boys Oldtimer Hockey Tournament (Call Gerry @ 705-429-1931) 14th—Adopt-a-Road (Call Tim North 429-6250) 14th—Comedy Night / Silent Auction / Dance in support of Georgian Pontiac ladies SloPitch team (Call Kari Gerrard @ 429-0055) 21st—Chamber of Commerce Annual General Meeting & Dinner (429-2247) 21st—Blood Donor Clinic @ Oakview Community Centre 22nd and 25th—All Candidates Meeting @ Oakview Community Centre 27th—Youth Costume Dance @ Wasaga Stars Arena 28th—Rotary Club Gala Dinner and Dance 28th—Minor Hockey Dance Compiled for happy clients by:

Bruce Johnson Sales Representative

Mary Johnson Assistant

RE/MAX of Wasaga Beach Inc.

1263 Mosley St., Box 490 Wasaga Beach, ON L0L 2P0 email: brumar@simcoe.net www.thehomehunt.com Tel: 705-429-4500 Fax: 705-429-4019

Window on Wasaga Homeowner Service Centre

October 2000

A good realtor keeps you up to date on current market conditions and trends within the area real estate market. This report shows you the number of MLS properties listed and sold in our area recently:

Total Sales Statistics from Sept. 1st, 2000 to Sept. 30th, 2000

By Area

Sales

Average Price

Av. Days on

$1 to $80,000

$80,000 to $100,000$100,000 $120,000

Clearview

13

$184,415

75

0

1

1

3

2

4

2

Collingwood

36

$160,521

71

2

6

5

5

5

11

2

Town of the Blue Mtns

14

$220,286

74

1

0

1

2

1

6

3

Tiny Township

2

$152,500

114

1

0

0

0

0

1

0

Wasaga Beach

27

$150,893

88

2

3

3

4

3

11

1

Frequently Called Numbers Ambulance Office: (705) 429-4655 Arena: 429-3321 By-Law Department: 429-2511 Chamber of Commerce: 429-2247 Fire Department Office: 429-5281 Hydro Office: 429-2517 Library: 429-5481 Municipal Office: 429-3844 O.P.P. (Police): 911 (emergency only) Provincial Park Office: 429-2516 Public Works Department: 429-2540

$120,000$140,000

$140,000- $160,000Over $160,000 $300,000 $300,000

THE “WOW” TRIVIA CONTEST Win A Wednesday Night Dinner For Two at: Goodies Cafe

“Where will the “all-candidates meeting” be held at the end of October?”

Call Bruce at 705-429-4500 to win!

Congratulations to last month’s winner: Kim Murray

OUR SERVICE PLEDGE As product and service providers we are 100% committed to a level of excellence that will make you say “WOW” and keep you coming back. We are aware that if we don’t exceed your expectations the first time and every time, you may be just a “satisfied customer”....and that’s not enough. Our desire is to have you so satisfied as clients that you will make a point of referring us to your friends, family and business associates.

Michelle Reichart 65 Cedar Pointe Dr., Suite 105 Barrie, ON L4N 9R3

CALL 1-800-396-POST

of Wasaga Beach Inc.

Bruce Johnson, Sales Representative 587 River Road West, Suite 8 Wasaga Beach, ON L0L 2P0

BANK 862 Mosley Street Wasaga Beach, ON L0L 2P0

Nottawasaga Chiropractic

Tel: (705) 429-6166 http://www.tdbank.ca/Your Home 24 hours, 7 days a week: 1-800-9TD-BANK WE’RE HERE TO HELP MAKE IT EASIER

BRIAN GREASLEY, B.Sc., LL.B. Barrister and Solicitor 33 Ste. Marie St. P.O. Box 490 Collingwood, ON L9Y 4B2 (705) 445-9300

1263 Mosley St. Riverbend Plaza Wasaga Beach, ON L0L 2P0 (705) 429-5199 Fax: (705) 445-2269

Your Family’s Full Service Lawyer

Dr. Mardi Charlton B. Sc., D.C., Dip. Acu. Chiropractor, Acupuncturist Ph. (705) 429-5073 Fax: (705) 429-8168

TIMLOCK CONSTRUCTION

Al Timlock Box 186 Wasaga Beach, ON Tel: (705) 429-6870 “Building Fine Homes in Wasaga Beach Since 1964”

BROWN’S

MOVING, MAINTENANCE & PROPERTY We do it all for You!

W.D. Redick & Associates Inc.

John Redick

Moving & Storage Yard Maintenance Home & Trailer Washing Odd Jobs Loads of topsoil/gravel

Sales Representative

DAN BROWN: (705) 429-4323 Toll-Free Pager: (416) 550-2960

R.F. Hale Construction  Decks  Renovations  General Carpentry

705-428-5067

47 Ste. Marie St. Collingwood, ON L9Y 3J9 Bus: (705) 445-0301 Fax: (705) 445-1400

587 River Road West Wasaga Beach, ON L0L 2P0 Bus: (705) 429-7600 Fax: (705) 429-7610

NORLITE

Financial Services

YOUR RE/MAX APPROVED MORTGAGE BROKERAGE

DONNA M. MULLEN Residential / Commercial Mortgage Consultant 1226 Mosley Street, Unit #2, Wasaga Beach, Ontario L0L 2P0 DIRECT LINE: (705) 429-5492 Res: (705) 429-3112 Fax: (705) 429-1175

The advertisers herein are owned and operated independently. The Publisher cannot and does not guarantee or assume any liability for the services advertised.

DEAL OF THE MONTH

BEACHFRONT LOTS

You’ve been waiting for this building lot! Super close to the pure sand beach on 27th Street N. Lot measures 68’ x 93’ and has water and sewer connections (locals paid). Lot has some mature trees and is centrally located. Asking $64,900

Two picturesque beachfront lots in Wasaga’s west end beach area. Stone breakwall already in place, and water, sewer and gas are all at the lot line. Each lot is beautifully situated and brimming with mature trees, shrubs and perennial flowers. If you’ve ever dreamed of owning a beachfront property, this is your chance! See listing office for encroachment information. Each lot is listed at just $179,900.

GREAT COTTAGE/HOME LOT Super building lot with water, sewer and gas at the lot line. This lot is partially cleared and has a useable garage on it.

Vendor will remove mobile home unit currently on property. Very quiet street, few neighbours, close to schools and stores and, of course, just a short walk to the beach. Offered at $29,900.

*Note: If you’ve been tracking the price of beachfront the past few months, you know this is a scarce commodity.

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Unique Mortgage Study Released:

n one of the more interesting studies released about the real estate buying public, MortgageIT reports that people would much rather live next to a movie star than a politician, and there aren't as many arguments over mortgages as you might think. Also:  55 % of women do most of the research for couples' mortgages and split responsibility evenly with spouses when it comes to submitting applications.  Husbands are still the primary borrowers listed on 74 % of mortgage applications.  Couples made a joint decision on which home to buy 48 % of the time. In cases where one spouse was responsible for the home selection, wives' decisions slightly outranked their mates' by 28 % to 24 %.  58 % of couples said they had no arguments in the course of buying their home. 27 % said they fought 1 to 3 times. 8 % reported four to six fights. 7 % said they quarreled more often.

FUN POLICE QUOTES  “The handcuffs are tight because they're new. They'll stretch       

out after you wear them awhile.”

“If you run, you'll only go to jail tired.”

“So, you don't know how fast you were going. I guess that means I can write anything I want on the ticket, huh?”

“Yes sir, you can talk to the shift supervisor, but I don't think it will help. Oh, did I mention that I am the shift supervisor?”

“Warning! You want a warning? O.K., I'm warning you not to do that again or I'll give you another ticket.”

“The answer to this last question will determine whether you are drunk or not. Was Mickey Mouse a cat or a dog?”

“Life's tough—it's tougher if you're stupid.”

“No sir, we don't have quotas anymore. We used to have quotas, but now we're allowed to write as many tickets as we want.”

 “Just how big were those two beers?”  “In God we trust; all others are suspects.”

Bonus: How To Interpret a Police Report  “The motorist was cited for multiple traffic violations.”

(I wrote one citation for each swearword he used.)  “This officer went out-of-service to obtain intelligence information from a street informant.”

(It was too hot to ride in the car.)  “While on routine patrol…”

(I was in the car because the coffee shop was closed.)  “The accident scene and the victims’ safety prevented this officer from doing traffic control” (It was raining.)  “Knowing the suspect had a criminal history…”

(He puked on my uniform one night.)

RE/MAX of Wasaga Beach Inc. Independently Owned and Operated

Bruce Johnson

Sales Representative 1263 Mosley Street, Box 490 Wasaga Beach, ON L0L 2P0 email: brumar@simcoe.net

www.thehomehunt.com

Tel: 705-429-4500

“A MOVING EXPERIENCE”

Published by Bruce Johnson, Sales Representative, RE/MAX of Wasaga Beach Inc. Not intended to solicit properties currently listed.