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ABC’s of Real Estate, London ON Real Estate Terms The following are commonly used real estate terms: In real estate, C is for. . . . Caveat Emptor: A Latin expression meaning, “Let the buyer beware”. Because the onus of examining the goods or property being purchased is on the buyer, the buyer is therefore at risk. Chattel: Personal property that is tangible and moveable. Commission: Monies paid to a brokerage upon the sale or lease of property, as a percentage or flat fee of the amount involved. Contract: A contract is a legally binding agreement between two or more […]

Record year for home sales in London area The London and St Thomas Association of Realtors says 2016 was a historic year for real estate, with residential sales surpassing 10,000 for the first time. In 2016, a total of 10,193 homes were sold, up 8.8 per cent from 2015. “Overall, it was an incredible year for residential real estate in our region,” said Stacey Evoy, LSTAR 2016 president. “Throughout 2016, we observed high demand with low supply that contributed to a very robust marketplace. Six months of the year saw their best sales since LSTAR has been tracking data, which […]

Neat Christmas Facts Today, in the Greek and Russian orthodox churches, Christmas is celebrated 13 days after the 25th, which is also referred to as the Epiphany or Three Kings Day. This is the day it is believed that the three wise men finally found Jesus in the manger. In the Middle Ages, Christmas celebrations were rowdy and raucous—a lot like today’s Mardi Gras parties. From 1659 to 1681, the celebration of Christmas was outlawed in Boston, and law-breakers were fined five shillings. Christmas was declared a federal holiday in the United States on June 26, 1870. The first eggnog […]

If You Plan on Selling Your Home During the Holidays Back off on the decorations. Should you put out those blue and white candles and prominently display your menorah? What about hanging a wreath on your door or showcasing a Christmas tree in front of a window? What’s overdoing it? What’s not? People carry biases and prejudices with them. Why give them more information than they need to know about you? By not decorating, you are protecting your privacy during home showings. You are also making your home feel more spacious without blocking pathways. When buyers enter your home, you […]

Why is Buying a Home in the Winter a Smart Move? Why is Buying a Home in the Winter a Smart Move?  Home prices tend to dip, sellers can be more motivated and the holiday spirit just makes people want to be in a home. The combination of fewer buyers and slow business also means lenders and real estate agents might compete a little harder for your business. Shopping for homes in the winter months also gives you a unique vantage point of a property. Winter is a buyer’s market. With less competition and fewer dedicated house-hunters, the colder months […]

Winter Preparation Checklist Give your home a once-over and tend to winter preparation tasks and repairs before the year’s first frost.  You’ll lower your energy bills, increase the efficiency and lifespan of your home’s components, and make your property safer. Windows and Doors Check all the weatherstripping around windows and doorframes for leaks to prevent heat loss. Replace weatherstripping, if necessary. Replace all screen doors with storm doors. Replace all window screens with storm windows. Examine wooden window frames for signs of rot or decay. Repair or replace framing to maintain structural integrity. Check for drafts around windows and doors. Caulk […]

19 Things to Do Immediately to Reduce Your Home Energy and Maintenance Costs 1. Check the insulation in your attic – and install more if needed. If you have an unfinished attic, pop your head up there and take a look around. You should see insulation up there between the beams, and there should be at least six inches of it everywhere (more if you live in the northern part of the United States). If there’s inadequate insulation up there – or the insulation you have appears to be damaged – install new insulation. Here’s a great guide from the […]

6 Basic Mortgage Rules to Follow Whether this is your first home or fourth, really understanding your mortgage and how it works is crucial. After all, it’ll probably be the biggest loan of your life!   What IS A Mortgage? In the most basic sense a mortgage is a loan to buy a property. The process of securing a mortgage means lender approval based on your income, credit rating and other debt.   Understand Your Fixed Costs Before you decide what you can—or should—spend on a mortgage it’s important to take stock of your habits and your true fixed costs. […]

The Benefits of a Less-Than-Perfect Home Do you have a clear image of your perfect dream home? Have you made a list of all the features it must have? Will you walk away from a property that doesn’t have huge mature trees in the back yard, or a wrap-around deck, or a large country-style kitchen, or comfy sunken living room? (Or all of the above?) It’s okay to have a wish list of features that you want in a home. In fact, it’s a very good idea. It will make shopping that much easier. Plus, you’ll increase the chances of […]

15 Minutes Before a Showing When preparing your house for a viewing, you’re obviously going to make sure it’s clean and tidy. After all, you want to make the best impression possible on potential buyers. But in the minutes before the buyers are due to arrive, there are a few final touches you need to do in your house to ensure it looks its best. Put away coats, hats and shoes. Focus around the foyer. You don’t want clutter to be the first thing a buyer sees. Turn on all lights and lamps. Don’t forget darker areas like nooks and […]