Breaking Ground at Westlinks!
Spring is in the air and shovels have now broken ground at Westlinks!
The new development will include 42 bungalow townhomes, 60 single family homes, apartments and commercial space.
Buying a Home
GREY BRUCE REAL ESTATE MARKET UPDATE
Grey Bruce home sales down from same time last year.
Residential sales activity recorded through the Ontario Collective MLS® system for the Grey Bruce Owen Sound and Wellington areas was down in February 2018 from the record for the month in 2017.
Home sales numbered 132 units in February, down 23.3% from February 2017. The February 2018 sales figure was right in line with the 10-year average for the month.
On a year-to-date basis home sales totaled 253 units over the first two months of the year. This was a decrease of 10.6% from the same period in 2017.
The average price of homes sold in February 2018 was $322,108, up 12.3% year-over-year compared to February 2017. The year-to-date average price rose 15.1% from January and February 2017 to reach $324,284.
New residential listings in the region numbered 199 units in February 2018. This was down 13.5% compared to February 2017 and marks the lowest level of new residential listings for the month of February on record.
Overall supply also stands at record lows. Active residential listings totalled just 508 units at the end of February, down 35.4% from February 2017.
The number of months of inventory stood at just 3.8 at the end of February 2018, down from the 4.6 months recorded a year earlier and the lowest level on record for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in February 2018 was $42.5 million, down 13.8% from February 2017.
Sales of all types of properties numbered 162 units in February 2018, down 23.9% from the previous February. The total value of all properties sold in February 2018 was $51.6 million, down 10% from levels recorded in February 2017.
HOT HOME TRENDS FOR 2018
Curious about what’s trending in homes and gardens this year?
It’s that time of year when homeowners are thinking about revamping and refreshing their space. Here are a few of the latest trends and styles that are gaining steam:
- Ziggity Zag – Geometric patterns are making a comeback! It could be as simple as adding a few accent pillows or for a bolder statement, consider some patterned wallpaper.
- Concrete Ideas – This versatile material is becoming increasingly popular for sinks but can also be used in more unique ways such as furnishings, wallcoverings and tile.
- Sleep Easy – Embrace minimalist bedrooms this year with soothing neutrals and plain furniture pieces. Keeping the space simple will help you enjoy a restful night’s sleep.
- Full House – Multigenerational living is a major home design trend for 2018. Additional kitchens, basement renovations, and seperate entrances are just some of the ways homes are reflecting this trend.
- The Heart of the Home – Homeowners are injecting warmer, brighter tones on their kitchen walls and cabinets. Sinks made with materials like stone, copper, concrete or granite will also steal the spotlight in 2018.
If you’re thinking about breathing some new life into your Port Elgin home with a new year’s makeover, be sure to take the latest trends into account during the planning stage. Hopefully these ideas have given you inspiration to inject some new style into your home!
SMOKE ALARM SMARTS
Smoke detectors are important but they’re often overlooked.
Countless tragedies are prevented each year by smoke detectors. Here are a few tips to ensure your smoke detectors are in full working order:
- Test each alarm regularly by pressing the test button until the alarm sounds.
- Blow the dust out of the alarm whenever you check or change the batteries.
- Don’t “borrow” the batteries for the TV remote as you’ll likely forget to replace them.
- Smoke alarms should be replaced at least every ten years to ensure proper working order.
- Don’t install alarms near windows or doors as drafts could stop smoke from reaching the alarm system.
There should be at least one alarm installed on each floor including the basement and preferably every bedroom.
Alarms can be hard wired, battery powered or preferably a combination of both. Interconnected smoke alarms are best because when one alarm goes off, they all do. If you have any questions, Saugeen Shores fire department will be more than happy to help.
OLD OR NEW, WHAT’S BEST FOR YOU?
There are various pros and cons with newer and older homes.
Home buyers face countless decisions when purchasing a home. One of the first things to figure out is whether you prefer a newer home or an older home.
Comparing newer and older homes can be tricky as it depends on individual preferences as well as family priorities.
Here are a few advantages of older homes:
- Solid as a Rock – The craftsmanship that went into building homes years ago was usually second to none.
- Old World Charm – Older homes usually boast unique architectural features such as crown moulding and stained glass windows.
- Location – Older homes are often located in well established communities with mature trees. They’re also usually close to popular downtown amenities.
- Outdoor Space – Older homes usually have larger lots which is important if you value your privacy or wish to possibly extend your home in the future.
Newer homes on the other hand have their own unique set of advantages. Here are just a few points to consider:
- Customizable – You can customize a brand new home to your own tastes with options like heated floors or granite countertops.
- Functional – Newer homes are laid out with functional features such as attached garages, larger storage areas and ensuite bathrooms.
- Low Maintenance – You’re not likely to encounter any serious issues as everything’s brand new. The home’s exterior will also be much easier to maintain.
- Energy Efficient – Better windows, insulation and appliances mean newer homes are more energy efficient which translates into lower monthly utility bills.
Newer homes are usually more functional but older homes offer a level of character that new homes can’t match. You may already have a good idea of what you prefer but keep an open mind as you become more familiar with the pros and cons of each. This is one of the biggest investments you’ll ever make so do your research before signing on the dotted line!
GREY BRUCE REAL ESTATE MARKET UPDATE
Grey Bruce home sales nearly match 2016 record.
Residential sales activity recorded through the MLS® System of the REALTORS® Association of Grey Bruce Owen Sound fell on a year-over-year basis in December 2017 from all-time record levels in 2016.
Home sales numbered 116 units in December, down 21.1% from December 2016. That said, this was still above most other December sales figures in history.
On an annual basis, home sales totalled 3,118 units in 2017. That was the second best year ever, down just 1.7% (54 sales) from the 2016 record.
The average price of homes sold in December 2017 was $320,712, up 15.7% year-over-year. The average annual price for 2017 was $299,953, rising 12% from all of 2016.
New residential listings on the Association’s MLS® System numbered 93 units in December 2017. This was down 3.1% compared to December 2016. Overall supply stands at record lows. Active residential listings totalled 507 units at the end of December, down 30% from December 2016.
The number of months of inventory stood at 4.4 at the end of December, down from 4.9 months a year earlier and the lowest level on record for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
The dollar value of all home sales in December was $37.2 million, down 8.7% from December 2016, but still the second highest December reading on record.
Sales of all types of properties numbered 152 units in December 2017, down 16.5% from the previous December. The total value of all properties sold in December 2017 was $50.9 million, down 3.1% from levels recorded in December 2016.
BUILDING A BETTER COMMUNITY
Getting to know the people living around you offers plenty of benefits!
Research shows that there are many physical and mental health benefits to enjoying a sense of belonging. Here are a few ideas to help you build community spirit:
- Rags to Riches – Organize a garage sale or clothing swap in your ‘hood. It’s also a great way to get rid of clutter!
- Clean Green – Coordinate a park clean-up and then enjoy drinks and snacks that will hopefully be donated by a local business.
- Book Smart – Build a “Little Library” at your local park or on your front lawn and enjoy watching people gather to exchange books.
Getting to know people who live close by will really improve your quality of life and foster a sense of belonging. Social media can also help build a safe, connected, friendly place to live by providing a platform to share events and ideas.
THE FENG SHUI WAY
Creating good feng shui around your home is easier than you think!
Feng shui is an ancient Chinese practice that helps achieve a harmonious living environment in order to promote happiness and prosperity. Here are a few ideas to enhance the energy flow around your home:
- Think Outside the Nest – Birds bring great energy so add a few feeders and a bird bath in your backyard.
- The Right Path – Place a few plants and wind chimes on your porch and make sure the path to your front door is unobstructed.
- Fire & Ice – Essential oils, crystals, candles and water features such as fountains and fish bowls will bring calm and balance into your home.
- Mirror, Mirror – The strategic placement of mirrors helps improve feng shui by drawing more sunlight into otherwise murky rooms and by expanding narrow areas such as hallways.
- De-clutter – Clearing your home of clutter will introduce a smoother flow of energy. Clutter is a sign of trapped energy so be ruthless and get rid of everything you don’t need.
Feng shui emphasizes that our physical surroundings have an impact on our emotional well-being so it’s important to be aware of how we arrange our space. Buyers often feel certain vibes when they enter a home so a “harmonious feel” could be the difference between a quick sale and one that drags on.
SMART HOME SECURITY MADE SIMPLE
A fully secure home will provide you with peace of mind.
Whether you’re at home sleeping or away on vacation, it’s important to know that your home is secure. A secure home is also much more attractive to potential buyers when it comes time to sell.
Smart lighting, remote locks and wireless cameras can all make your home safer; however, the issue of cyber criminals hacking into smart home systems is a valid concern so homeowners shouldn’t forget about the basics.
Eliminate potential hiding spots by trimming down bushes that are around your windows and doors. Most thieves are opportunists who see an open door or window and decide to take a chance and see what they can make off with.
Next, install strike plates on your doors to help protect the deadbolt from crowbars or kick attacks. Thieves want to get into your home as quickly as possible so if one forceful kick doesn’t work, they’ll likely turn and run.
Windows are also popular break in points so install heavy sash or keyed locks. Installing an eyebolt in window corners also prevents the window from being opened from the outside. Glass block windows are an excellent choice as they look attractive, can’t be opened and are extremely difficult to break.
Give the impression your home is lived in while you’re away on vacation by installing a dusk-to-dawn porch light. Although technology allows you to control blinds and lights right from your smartphone, you’ll still need to find someone to rake your leaves as there isn’t an app for that yet!
When it comes to home security, paying attention to the little things can often make a huge difference so take time to “case the joint” and list all the security failures that burglars would appreciate. Potential buyers will prefer a secure home as it’s one less thing for them to worry about so you may as well do it sooner than later so that you can enjoy the benefits as well.
THE LOWDOWN ON BEING A LANDLORD
Rental properties can be appealing but they’re not for everyone.
Purchasing a Port Elgin rental property that you yourself can also live in is a great way to get your foot in the door, so to speak.
It’s much easier to afford a property if you have someone paying rent and the best part is you don’t even have to put up with a roommate!
It’s also easier to maintain your investment property if you’re on site to cut the grass and perform other general repairs.
Finally, you’ll be able to write off a portion of your mortgage interest, property taxes, insurance, utilities, maintenance, etc. come tax time.
There are however a few points you’ll want to take into consideration as being a landlord can sometimes be challenging and if you don’t treat it like a business, it won’t be a success.
For instance, having an emergency fund is essential as you’ll be responsible for immediate problems such as a broken furnace or leaky roof as well as overseeing ongoing maintenance. It’s also common to be in between tenants from time to time so you’ll have to budget for lost rent.
Furthermore, even the most reliable tenants can be late with their rent which will turn you from investor to collector. Dealing with disagreeable tenants can also be hard work. If this is something you feel uncomfortable with, you may want to consider hiring a property manager.
As with any property purchase, it’s important to seek professional advice from your real estate agent to ensure you buy the right property, at the right time, in the right location. If you’d love to operate your own business and are able to plan for the unexpected, being a landlord might be a great fit for you!