INSIDER WAYNE COCHRANE’S REAL ESTATE

February 2012

Your Neighbourhood Real Estate Professional

Wayne Cochrane...www.mooving.ca

Inside this Issue:

How Does Your Home Compare to Other On the Market?

Top 10 Tips for Sellers

Relying on Your Agent

‘Grown Up’ Means the Right to Live at Risk

Aging Boomers, Immigration to Boost Demand for Housing in Canada

Home and New Babies

Real estate agents use comparable sales or "comps" (properties recently sold in the area) to see what the market bears for a listing price or value range marketing.

But what makes a home a good comp? A few things must line up in order for the agent to utilize the comp to justify your listing price. The same neighbourhood, school district, similar street and, of course, similar housing features and size. If these things align, then a comp can be used to provide a current estimated value of your home.

Ideally, using a comp from a home that is the same model in the same subdivision is key. Even better is if a sold comp closed escrow very recently. Taking comps from many weeks or months before can weaken the comp.

The expertise of a highly knowledgeable real estate agent can save you many hours of research and headaches. Most people don't really know how to compare real estate properties, which is why they hire an agent. Good agents take the work out of selling your home and give you solid reason to understand why the agent is pricing the home at a particular price.

Location, upgrades, amenities, sale date, extras, foreclosures, short sales, and unique nuances of the home all affect the listing price and how your home is compared to a comp.

Taking a closer look at each of these shows exactly what people in your area might be looking for when it comes to buying a home. For instance, a higher price on a home that has a pool can indicate that this is a family neighbourhood and buyers put an increased value on amenities that create family/social fun.

Your home may not have a pool but it might have another type of amenity: tennis courts, gym, or putting green.

Agents look at both what is similar and what makes your home stand out. They search for the best characteristics to showcase and, when comparing your home to others that have sold, they look to see how yours stacks up from a buyer's perspective.

Agents can add value to a home that might not have, say, for instance, the pool. Instead, your home might have an extra bedroom or den complete with floor-to-ceiling, high-quality bookcases.

Reviewing the comps can provide a lot of insight about sales in your neighbourhood. Physically viewing the properties can be even more eye-opening. Agents who routinely work in the neighbourhood may have an excellent grasp of which homes will sell fastest. It's not a lucky guess.

They've been inside these homes and have seen the notable upgrades or the tragic flaws of a home. They also know which homes were foreclosures or short sales. Generally, a foreclosed home is in poor condition. However, a short sale can be in much better condition. Both of these sales are at discounted rates. So, if a comp is used from one of these types of sales, your agent will take careful consideration to evaluate the distinct differences that may increase the value and, ultimately, the listing price on your home.

How Does Your Home Compare to Other On the Market? Written by Phoebe Chongchua

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Condominiums and Townhouses

on the Halifax Common

www.ArmourySquare.com or Call Wayne

92% Occupied

FEBRUARY ISSUE

MORTGAGE RATES Fixed rates:

Rates provided by Invis Mortgage

Subject to change without notice

Rates provided by Invis Mortgage As of February 14, 2012

Subject to change without notice

Special rates, depending on closing date.

1 year: 3.50 %

2 Year: 3.55 %

3 Year: 3.95 %

4 Year: 4.64 %

5 Year: 5.14 %

Today's sellers may face challenging conditions in many markets, but that doesn't mean choosing to sell is a bad idea. There are many reasons to sell and most are good ones.

Here are ten tips to get you on your way to getting your home sold.

1. Hire a Professional. This is no time to be navigating the rough waters of the real estate market on your own. You want someone who can help you accurately price your home, bring in potential buyers, handle contracts, and market your home to the masses.

2. Fully Disclose. Are you selling because your current home needs more work than you can handle? Are there infestation problems you'd rather not talk about? You must disclose all of these facts to potential buyers. If they find out after the fact that you withheld information you could be in a whole heap of trouble.

3. Be Realistic about Pricing. It is much wiser to price a home correctly from the start of the selling process than to have an overpriced home sit on the market for months only to have to do a price reduction. You get much more traffic on a well-priced home and newly listed home.

4 . Detach Emotions. Sellers may have the inclination towards adding sentimental value to a home. They see the memories and work they've put into a property and think every buyer should recognize this. This kind of attachment will make it harder to make smart and timely decisions about offers.

5. Be Involved. Yes, you've hired a professional to handle the legwork and legality of your sale, but you'll rest much easier at night if you understand the process and all that is going on. Be sure to have regular conversations with your agent.

6. Stage your Home. Staging is a perfect way to help buyers see the true potential of each room. This may mean, however, that you have to tone down your own style and pack away

any clutter or extraneous decor.

7. Don't Hover. Sellers can put a lot of heart and soul into staging and getting a home ready for the market. They might want to hang out during an open house. Resist the urge. This makes it very uncomfortable for buyers. So, during showings of any kind, be sure to make yourself scarce.

8. The Next Step. Are you going to be buying another home? Have you decided to rent? Under normal sales, you'll have plenty of time to make arrangements, but you also might get a buyer who needs to move in right away. Be ready to take your next step.

9. Be Flexible. It's no secret that today's market can be challenging for many sellers. Some markets have seen sharp price declines and shallow buyer pools. This means you need to be flexible on both price and terms. Don't compromise on your bottom line, but understand that you must be willing to negotiate.

10. Positivity. Focus on the good in today's market. Pull your attention to the feedback you get from your agent and prospective buyers! Most of all, don't get discouraged. You will find a buyer!

Selling in today's market can be a tough, but rewarding. So, whether you're selling to move up, downsize, avoid foreclosure, or are following a job, be sure to keep these ten tips in mind for smooth sailing.

Top 10 Tips for Sellers Written by Carla Hill

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Give me a call...

Wayne Cochrane EXIT Realty Metro

wayne@mooving.ca (902) 830-4761

WAYNE COCHRANE’S REAL ESTATE INSIDER

The latest NAR Profile of Home Buyers and Sellers showed a growing trend among recent buyers.

The latest figures show that 89 percent of buyers purchased their home with the help of a real estate agent or broker. This is a sharp increase from a decade ago in 2001, when only 69 percent of buyers enlisted the help of an agent or broker.

Why do today's buyers buyers choose to work with an agent? Let's look at just a few of the many reasons an agent can be your biggest ally.

F i rs t , agen ts a re l icensed professionals, which means they had to complete coursework and pass an exam in order to become and agent. They have the education and experience to help you navigate what will be one of the biggest purchases of your life.

They also have access to a wide range of properties and can guide you to those that are the best fit for you, which can save you time and energy. If you are unsure what type of property you're interest in, an agent can help explain the pros and cons of things such as condo life versus single-family detached living.

Where are the up and coming neighbourhoods? Which areas are more walkable or have access to better schools? These are all issues an agent deals with daily.

They can also ease the burden of buying by simplifying the process. They set up showings, drive you to appointments if needed, and help you handle the intricacies of negotiations.

Today's market also presents

challenges that simply weren't present or didn't dominate the market a decade ago. Buyers are faced with some great deals, but through some complicated channels, such as short sale or foreclosure. How does one handle these sort of contracts? Your agent or broker will know.

According to the NAR, "More than ever home buyers are relying on real estate agents and brokers to help them with their home purchase regardless of whether the home they are buying is a foreclosure, short sale, or even a FSBO sale because they need a real estate agent to help them through the process."

Finally, buyers are unsure if now is really a good time to buy. They need to rely on someone with local market knowledge. Is this a good neighbour to invest in? Are prices still dropping in this community? How long do homes take to sell? What is the median selling price? Buyers want the best deal out there.

The 2011 Profile found that more buyers are opting against dual agency, where the agent represents both the buyer and seller. This could signal that today's buyers are very cautious about getting into the market. While a dual agent isn't supposed to harbour any bias, buyers now want to be extra sure they are getting the best deal possible. In fact, "60 percent of recent buyers had an oral or written arrangement with the real estate agent or broker so that the buyer's agent only represented the buyer and not the seller."

If you are considering buying a home this year, be sure to strongly consider using a real estate agent. They could be your biggest ally.

Relying on Your Agent Written by Carla Hill

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Brain Teasers

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Word Scramble:

smiontpusa

WAYNE COCHRANE’S REAL ESTATE INSIDER

‘Grown Up’ Means the Right to Live at Risk Written by JP Wade

Page 5

Go to www.mooving.ca - ‘About Wayne’ and click on ‘Monthly Newsletter Trivia’ for the answers.

Originally, you exerted your will against your parents to get it. Eventually, you may have to fight your children just as hard to keep it. The right to live at risk is at the heart of being an independent adult, but it’s a right that we earned so long ago that many of us take autonomy for granted until it too is at risk.

The battleground for your next round of independence - asserting activities may be your home, particularly the kitchen, bathrooms, and stairways.

"We worry about you" is a powerful phrase and a destructive one when it is used to undermine the rights and will of others. Your children and other well-meaning adults may use it to get you to move out of your house or condominium—the environment that nurtures you, that you know and love - and into "a home" that is alien to you, however beautifully decorated it may be.

Others may become so focused on their own fear of your death, and trapped by their own anxiety over aging that they feel compelled to exert their will on you to quell their inner concerns. They may gain peace of mind at your expense.

Dependency is not an inevitable outcome of aging. However, cont inued independence is no more guaranteed than keeping your waistline unless you make an effort. Just as it takes a concerted program of exercise and planning to stay able and fit no matter what befalls you health-wise, preserving your independence takes forethought, strategizing, and determination.

Most attacks on independence, no matter how benign or aggressive, arise out of neglect and unpreparedness by the party at risk. This can be just as true for adult children who boomerang back to parental homes as it is for those who describe time in decades. To preserve your autonomy, maintain a li felong commitment to staying strong and in control by resolving accelerated-aging issues before they become problems.

Premature health problems brought about by injury, accident, or neglect may trigger a pattern of dependency and lowered self-confidence. Exposure to our healthcare system and its professionals can undermine even the strongest resolve and leave you with feelings of failure and hopelessness even though most of the problems lie with them. Surround yourself with strong, positive, creative individuals to help counteract the decline often linked to medical problems. Ageism abounds in the medical industry and you’ll need all your resolve to fight it at every turn. Asserting your rights here will be good practice for keeping your rights in the future. Be determined with recovery regimes. Persist in searching out community-based resources like pain management programs that emphasize fitness and wellness, not medication, as pathways to recovery.

D Worrying about money can undermine your independence more than the financial problems themselves. Fretting and agonizing over finances can affect your sleep and take the fun out of life. Consult experts at a nonprofit credit counselling service to get ideas on how to manage the money you have and eradicate the debt you’re dragging into the future. They’re in the business of making debt manageable until it’s gone, and then making sure it won’t be back. There is no shame in debt; however, it can be a shame to agonize over something that others have the skill to resolve.

D Put your home to work for you if income is an issue. Consider renting out part of your property or starting a homebased business that takes advantage of tax deductions and leaves more money in your pocket. There are legal and financial issues to consider when becoming a landlord or a business owner, but nothing overwhelming if you do some solid research. (There are many articles in this column "Decisions & Communities" and on this site to get you started.)

D Isolation undermines independence. Keep broadening your circle of friends and contacts. Intergenerational contact is vital for renewed vigour and to discover how diverse independent lifestyles are. Independence is strengthened by interdependence. If you feel you can’t help yourself, find someone else to help first. Contact community centres and local nonprofits to find out who needs your help, and you’ll find solutions for your problems at the same time.

D Learn as much as you can about barrier-free and universal design so that you can remove the barriers to independence that are by-products of poor construction and interior design. This may be as simple as searching out cordless kettles and hands-free can openers, or it may mean exploring home renovations and alternate materials. Get excited about the prospect of making your home an easy, safe place to live, whatever happens.

D Exercise your brain regularly. ‘Use it or lose it’ is as true for mental acuity and decision making as it is in any physical wellness program. Whether it’s cross word puzzles or joining the fight to save your corner of our environment, get involved. If mobility, transportation, or time is the limiting factor, move online or get on the phone. The only limitations to what you can accomplish lie in your mind.

As property owners, we can become so overwhelmed with physical maintenance that we forget how important maintaining personal independence is. You’ll always find people to help you build dependency ("sit down and I’ll get it for you," "that’s too much for you, let me do it" "wouldn’t you be safer in a residence?"). Search for those who want to help you preserve your autonomy and their own. Home may be the last battleground for your independence, but because you have the home advantage, it’s a battle that you can win.

Canada's rate of homeownership is expected to increase and the future for condominiums looks bright according to an updated analysis of future Canadian housing demand.

By 2036, there will be more one-person households in Canada than any other category, due to the aging of the baby boomer generation. But the country is counting on immigration to be the main driver of household growth in the next 20 years, says a recent report from Canada Mortgage and Housing Corp. (CMHC).

The report is part of this year's 184-page Canadian Housing Observer, an annual report on the state of Canada's housing by the federal government's housing agency.

The report says the growth of housing stock in Canada is driven by household formation, which is linked to changes in the size and composition of the population. It grew faster in 2008, 2009 and 2010 than at any other time since the early 1990s. In 2010, 271,000 immigrants landed here – the highest total in 40 years.

International migration now accounts for about two-thirds of the population growth in Canada, compared to about 40 per cent in the early 1990s.

"During the 1990s, natural increase (the difference between births and deaths) shrank considerably as baby boomers aged," says CMHC. "Although births rose from 2001 to 2010, the number of births per woman (1.66 in 2007) is still well below replacement level (2.1)."

Most immigrants to Canada settle in Toronto, Montreal or Vancouver, which is why population growth differs across the country. But the report says immigration is increasing in smaller Canadian urban centres. From 2008 to 2010, Saskatoon had the fastest rate of population growth in the country, followed by Vancouver, Calgary, Regina and Edmonton.

Recent immigrants (in Canada less than five years) are about half as likely as non-immigrants to own a home, but

as time goes on and their incomes improve, they are more likely to become homeowners.

"Immigrants' propensities to rent or own housing differ by place of origin," says the report. For example, 42 per cent of recent immigrants from Eastern Asia, the region that includes the People's Republic of China and Japan, owned their homes in 2006, compared to 11 per cent of recent immigrant households from Northern Africa.

"With immigration now the principal driver of population growth in Canada, immigrants are bound to be an important influence on housing demand, especially in cities that attract a disproportionately large share of new immigrants," says CMHC.

In Canada, the number of seniors (age 65 and older) will more than double by 2036, growing eight times faster than the number of people under 65. Seniors currently represent about 14 per cent of the population, but that share will be almost 24 per cent by 2036.

The city with the highest proportion of seniors in 2010 was Peterborough, Ont., where 19.4 per cent of the population was over 65. The lowest percentage was Calgary at 9.5 per cent. A recent bank survey asked which city in Canada people would most like to retire in, and the winner was Victoria. It currently ranks fourth for highest p r opo r t i on o f s en io r s , a f t e r Peterborough, Trois-Rivieres, Que. and Kelowna, B.C.

The leading edge of boomers started turning 65 in 2011, but the largest number of boomers won't reach 65 until 2024, and the youngest will turn 65 in 2030. The impact of the boomers will be felt on the housing market for many years, the report says.

"Aging households will support continued growth in condominium markets," it says. "Seniors have higher rates of condominium ownership than any other age group, and those rates have been rising. We can also expect to see growing demand for home adaptations and support services

Aging Boomers, Immigration to Boost Demand for Housing In Canada

Written by Jim Adair

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FEBRUARY ISSUE

aimed at allowing aging residents to remain living comfortably in their homes."

Seniors are less likely to move than younger people. About 20 per cent of seniors moved be-tween 2001 and 2006, compared to 44 per cent of non-senior households.

"The relatively low mobility rates of seniors are evidence of a prefer-ence on the part of many for stay-ing in their current homes for as long as possible. Though behav-iour could change in the future, mobility rates have historically been very stable," says the report.

The average age of the head of the household is rising – those aged 55 and older will make up half of all households by 2036. With the aging boomers will come a rise in one-person households, particularly women. MHC says one-person households will be-come the biggest single category of households by about 2021.

Alberta and B.C. are expected to see the fastest pace of household growth, while Newfoundland and Labrador will see the lowest.

Welcoming a new baby into a household can be both exciting and terrifying. How do you know that your home will fit a child's growing needs? Is it safe and practical for an infant? These are both important questions to ponder as you prepare your current space or look for a new one.

First, there are simple safety precautions all parents should take. Be sure to put plugs in all outlets. Babies are fascinated by things that are at their level and this includes electrical outlets. Keep unsafe areas, such as slick floors and stairs, off-limits by using safety gates. Today's models are adult-convenient with easy, but child-proof, latches to free up adult movement.

One of the biggest hazards in a home can be water. Be sure that any fountains, coy ponds, or swimming pools are carefully watched or covered. It takes only inches of water for a child to drown.

Finally, consider using video and audio monitors so that when you are in another room working you can still keep tabs on your bundle of joy

A newborn doesn't need much space. Many parents even opt to share their bedroom with the child's nursery for the first year. As a child grows, though, it will become obvious that more room is needed. Are you in the

position to buy a new home that has that space?

It is much easier to go house hunting and buying before a baby arrives. If finances allow, this is a great time to buy. Interest rates are at historical lows and continue to drop. Buyers with excellent credit are seeing 30-year fixed rates averaging less than 4.0 percent.

Affordability is calculated by figuring the ratio of median household income and today's home prices. Recent affordability is at record highs. This means more home for the buck as well as more access to homeownership for lower income buyers.

If you are in the market to buy, it's good to consider a few home baby issues. A popular trend in today's housing is a first floor master bedroom. While this is perfect for families with older children or for aging adults it can be problematic when a new baby arrives.

This generally means that if the baby is to have its own bedroom, it will be on a separate floor from the parents. Is there a downstairs office that can double as a bedroom until the child is older? If so, then this floor plan may still work.

Next, think about stairs.

Home and New Babies Written by Carla Hill

Page 7

Going up and down stairs while pregnant or carrying a young child is a lot of work. Carrying laundry, toys, and other baby items up and down may get you in shape, but it will probably also try your nerves. Stairs can also pose a serious safety risk. Young families may do best with one-story homes.

Are you looking at homes with pools? Older children that are experienced swimmers will love having a pool, but this recreational draw while an infant or toddler is in the house means parents and sitters must be constantly vigilant.

Adding a new member to your family is a joyful occasion. Take a moment to consider what your family needs will be today and in the future. If you're ready for a move, be sure to consider your growing family.

WAYNE COCHRANE’S REAL ESTATE INSIDER

WAYNE COCHRANE’S REAL ESTATE INSIDER

Note: This is not intended to solicit clients currently under contract.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.

Page 8

Wayne Cochrane Real Estate Professional

902-830-4761 wayne@mooving.ca

More homes listed and sold by Wayne - view these homes at:

www.moov i n g . c a

unless noted otherwise

List Today and EXIT Tomorrow!

1293 White Hills Run

Kingswood North

39 Tradewind Court 204 Southgate Drive 30 Blue Forest Lane

165 Oleary Drive

Beaver Bank

471 Gatehouse Run

$538,900

$434, 800

Blue Mountain Estates

$739,80

0

White Hills

1590 White Hills Run 64 Thomas Drive

$844,70

0

$319,80

0

$309, 800

Kingswood North

Kingswood White Hills

Ravines of Bedford

$379, 800

$549,00

0

$300,00

0

$324,80

0