The View from Blue April 2016
All of us at CLAIRWOOD REAL ESTATE CORPORATION are proud to announce the opening of our brand new location at 10 Keith Ave., Unit 306 in Cranberry Mews. Our broker of record, Maureen Gowans, has done an amazing job with our new space and the RIOUX BAKER REAL ESTATE TEAM at Clairwood look forward to having you drop by for a coffee and a tour when you are in the neighbourhood!
Hot SELLER’S Market is HERE NOW! – Market Update
We remain in a strong seller’s market, with low inventory and big demand.
The average price of homes sold in the our area was $381,187 in February. This was an increase of 12.1 per cent over the same time period in 2015 and set a new record.
The number of new residential listings in February was down 2.8 % from a year earlier to the lowest level in more than a decade.
The month of March 2016 saw listings down 11.4%, expired listings down 41.9% and sales up 13.9%. The price range of $350K-$499,999 rose 27.5% and sales for homes in the price range of over $1,000,000 were up 30%.
In the past 10 years I have never experienced a time where we have a bevy of buyers and nothing to sell them. I am starting to sound like a broken record but I need listings.
Right now the Rioux Baker Team has buyers looking for:
– Waterfront 2 & 3 bedroom units on Mariner’s Way
– Ground Floor unit in The Islander
– 3 bedroom garden home
– Upper and lower suites with 1 or 2 garages
GEORGIAN MEADOWS, CREEKSIDE or PRETTY RIVER ESTATES
3-4 Bedroom home backing onto Green Space
WATERFRONT VACANT LAND
Take advantage of this Seller’s Market and call today to have a free, no obligation home evaluation.
What Must Sellers & Salespeople Disclose?
Disclosure is a topic that always seems to come up at our office meetings and can present a lively topic of discussion for what has to be disclosed and what doesn’t. I recently watched a great little video put out by real estate lawyer Mark Weisleder, a partner at RealEstateLawyer.ca, who provided a few key tips that you may find of interest.
1. Patent defects do not need to be disclosed. A PATENT defect is ne that can be seen. If you walk through a home you need to be diligent and look closely at all aspects about the house. For example, a stain under a bed, damage to a wall behind a picture, a crack in a window or floor. All of these types of items are ones that can be visibly seen by the naked eye and a seller does NOT have to bring them to your attention. Be sure to lift area rugs, open windows, and lift items on counters.
2. Latent defects DO have to be disclosed. A LATENT defect is one that can not be seen upon visual inspectio and home inspectors can’t see. If a seller knows that there has been water damage which was not properly repaired, or that there is mold behind walls and does not disclose his REGARDLESS of when the issue occurred, they are at risk of being responsible if there are issues, even after closing. If a buyer can demonstrate that the seller knew about a latent defect, they can take legal action.
3. Psychological stigmas do not need to be disclosed legally, but they do should be disclosed to meet RECO regulations. If there has been a murder or suicide. on the property or at an adjoining property, or if there is a pedophile on the street, a court of law will say you do not need to disclose this. But according to the RECO a licensed REALTOR should disclose this to prospective buyers.
In summary, DISCLOSE, DISCLOSE, DISCLOSE! You will never be at risk as a seller if you tell the truth and make sure the buyer is aware of anything that could affect the decision when buying a property.
If you are considering buying or selling in the Georgian Triangle, I would like my team to be your REALTOR of choice.
Sherry Rioux, Broker
The Rioux Baker Real Estate Team
Clairwood Real Estate Corporation, Brokerage