Home
04.11.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Katherine Barnett
The average price in Milton $1,061,031
The average price in Burlington $1,119,979
The average price in Oakville $1,486,047
04.10.24 | Recipes
04.10.24 | For Sellers
Maximizing your home’s value doesn’t always mean diving into big, costly renovations that eat up a lot of your time, effort, and budget. Often, it’s the smaller, easy-to-manage updates that can make a difference, boosting your home’s appeal and value. These cost-effective tweaks can transform your living space, making it more attractive to potential buyers or simply more enjoyable for you. A fresh coat of paint or new fixtures can go a long way. In this blog, we’ll explore how making just a few smart changes can significantly enhance your home’s value without the need for major upheaval.
Refreshing your walls with a new coat of paint can revitalize any room, influencing its perceived size and ambiance depending on the colours you choose. For interior spaces, neutral shades like beige, grey, and off-white can make rooms appear more expansive and brighter, appealing to a wider range of buyers. In contrast, for a modern twist, consider accent walls in bold colours to introduce character and depth to the space. Select high-quality, durable paint, particularly for areas that experience high traffic.
Many homebuyers place a high value on storage space. A cluttered or poorly organized closet can be a turn-off, suggesting that the home doesn’t have enough room for their belongings. By installing closet organizers or inserts, you can significantly enhance how a closet functions. These additions can divide a chaotic space into well-ordered sections, making it easy to store and find items. This can include extra shelves for folded clothes, drawers for smaller items, or additional rods for hanging clothes, making even small closets highly efficient. Closet organization solutions come in various materials and styles, allowing you to choose options that complement your home’s aesthetic. This attention to detail doesn’t just increase the closet’s functionality; it also enhances its visual appeal, making your home more attractive to potential buyers.
Lighting sets the mood and can even make spaces appear larger and more inviting. Switching out old light fixtures for sleek, modern options is an easy update that packs a big punch in terms of a home’s look and feel. Plus, opting for energy-efficient options like LED lighting not only bathes your home in a flattering light but also cuts down on energy bills, which is a big plus for eco-conscious buyers. Updating from dated chandeliers to chic pendant lights or refreshing your recessed lighting to something more contemporary can give any room an instant lift, adding a touch of luxury and warmth that makes your home stand out.
Think about strategically adding lights to illuminate dark corners or show off your home’s unique architectural details. For instance, under-cabinet lighting in the kitchen can make the space feel warmer and more inviting, and it also boosts functionality. Outdoor lighting, too, plays a dual role: it welcomes guests with a cozy glow and ramps up security. When picking out light fixtures and deciding where to place them, aim for harmony with your home’s design theme. This ensures a unified aesthetic that really brings out the beauty of your home’s standout features.
Often, it’s the smallest details that make the biggest difference. Replacing outdated light switches, outlet covers, and hardware like door handles and cabinet knobs can have a surprising impact on a home’s overall look and feel. These elements might seem insignificant on their own, but together, they contribute to a polished and cohesive aesthetic. Modern light switches, for example, not only improve functionality with features like dimming and smart home compatibility but also add a touch of sophistication. Similarly, new hardware in a consistent style and finish can unify the design throughout the home, elevating the interior’s elegance.
Smart thermostats, doorbells, and locks are becoming increasingly popular and can add an element of modernity and convenience to your home. These features are attractive to homebuyers who value energy efficiency and home security. They’re relatively easy to install and can make your home more appealing to tech-savvy buyers. As technology continues to advance, homes equipped with smart features are seen as better investments. They’re considered “future-proof,” reducing the need for costly upgrades down the line.
Maximizing your home’s value doesn’t always require large-scale renovations. Small updates can significantly enhance the appeal and functionality of your home and increase its attractiveness to potential buyers. By focusing on these cost-effective renovations, you can achieve a significant return on investment, making your property stand out in the competitive real estate market.
Unlock your home’s true potential and maximize your home’s selling price with the Barnett Real Estate Team. Our seasoned professionals use tailored strategies and local market expertise to connect your property with the ideal buyer. Reach out to us today.
03.13.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Maggie Barnett
The average price in Milton $1,106,624
The average price in Burlington $1,117,004
The average price in Oakville $1,575,436
03.13.24 | For Sellers
Paying property taxes is an essential responsibility for homeowners, as these funds support local government services and infrastructure. When it comes to managing property taxes, homeowners often face the decision of whether to pay them directly to the tax authority or through their mortgage lender. This choice can have significant implications for budgeting, convenience, and financial planning. Let’s examine whether this approach aligns with your financial goals and preferences, or if other options may be more suitable for your situation.
Paying property taxes through your mortgage offers several advantages that can simplify your financial planning and homeownership experience. Here are some of the key benefits:
Simplified Budgeting – Combining your property taxes with your monthly mortgage payment simplifies your financial responsibilities. You make a single payment to your mortgage lender, who then disburses the funds to cover your mortgage principal, interest, and property taxes. Since your property taxes are spread out over the year, you can anticipate and budget for consistent monthly payments, making it easier to manage your finances and avoid unexpected lump-sum tax bills.
Elimination of Lump Sum Payments – Property taxes are typically assessed annually or semi-annually, resulting in substantial lump-sum payments for homeowners. By paying through your mortgage, you eliminate the need to come up with a large amount of money all at once. Without the burden of a significant tax bill looming, you can better allocate your resources to other financial priorities, such as home maintenance, savings, or investments.
Lower Risk of Tax Delinquency – Paying property taxes through your mortgage ensures that your taxes are paid on time. Mortgage lenders are responsible for making timely tax payments, reducing the risk of tax delinquency and potential penalties. With tax payments integrated into your mortgage, you can have peace of mind knowing that your property remains in good standing with local tax authorities, preventing any potential tax liens or legal complications.
While paying property taxes through your mortgage offers convenience, it also comes with some drawbacks that you should consider before making this choice:
Higher Monthly Payments – When property taxes are added to your mortgage payment, your monthly housing costs will increase. This can strain your monthly budget, particularly if you’re on a tight financial plan. Lenders often require homeowners to maintain an escrow cushion, which is an extra amount added to your monthly payment to ensure they have enough funds to cover property taxes and insurance. This cushion can further increase your monthly expenses.
Loss of Control over Tax Payments – When property taxes are paid through your mortgage, you relinquish direct control over tax payments. Your mortgage lender handles the disbursement of tax funds, which means you may not know when and how they pay your property taxes. If there are discrepancies or issues with your property tax assessment, you may have limited ability to address them directly with the tax authority since your lender manages the payments on your behalf.
Potential Escrow Shortages – Property tax amounts can change from year to year due to factors such as reassessment or changes in local tax rates. Your lender may adjust your monthly payments to account for these fluctuations, potentially resulting in higher payments and escrow shortages. Escrow shortages can lead to unexpected increases in your monthly mortgage payments. These fluctuations can cause financial stress if you’re unprepared for the higher costs.
Paying property taxes directly through your mortgage is not the only option for homeowners. Depending on your financial preferences and goals, there are alternative methods for managing property tax payments:
Direct Payments – With this approach, you pay property taxes directly to the tax authority when the bills are due. This method offers complete control over when and how you make your tax payments. You can take advantage of early payment discounts or choose to set aside funds in advance, potentially earning interest on the money before it’s due.
Property Tax Savings Accounts – Open a separate savings account specifically for property taxes. Each month, set aside a portion of your income into this account to cover your annual tax bill. This method allows you to maintain control over your tax payments while earmarking funds exclusively for this purpose. It provides transparency and separation of property tax funds from your regular expenses.
Third-Party Escrow Services – Some homeowners hire third-party escrow services to manage their property tax payments. These companies take responsibility for collecting funds and ensuring timely payments to the tax authority. Escrow services can provide peace of mind by handling all aspects of tax payment management, including monitoring changes in tax assessments and handling any discrepancies with tax authorities.
To make the best choice for your circumstances, consider your financial stability, budgeting preferences, mortgage lender requirements, local property tax rates, and personal financial objectives. Evaluating these factors will help you determine whether paying property taxes through your mortgage or opting for an alternative method is the right path to meet your financial goals while ensuring your property taxes are managed effectively and on time.
03.13.24 | Recipes
Delicious one-pan Marry Me Chicken Skillet made in just 30 minutes for a flavourful, low carb, high protein meal the whole family will love! Enjoy over mashed potatoes, rice or pasta with steamed veggies and dinner is served.
1. Cook The Chicken: Season the whole chicken breast with salt and pepper. Add a large skillet over medium/high heat along with 1 tablespoon olive oil. Once the oil is heated, add the chicken and cook for about 6 minutes per side, or until golden brown. Once done cooking, transfer the chicken to a plate.
02.8.24 | For Buyers
Here is our quick market update for the Toronto Real Estate Board and Milton area.
By: Jeannie Oropesa
The average price in Milton $1,033,641
The average price in Burlington $969,008
The average price in Oakville $1,451,707
02.8.24 | For Sellers
Spring – the flowers are blooming, the birds are chirping, and the “For Sale” signs are sprouting up on lawns all around you. This can be one of the best times to list your home, which also makes it one of the most competitive times.
So, how can sellers stand out in a busy spring market?
Pressure washing your driveway, sweeping your front walkway and picking up winter debris such as twigs and branches are incredibly important steps to take to make your property look its best once the snow has cleared.
It’s important to wash windows and frames on the outside of your house and touch up exterior doors and trim with paint if necessary. Roof gutters and siding should also be cleaned and maintained.
Any extra cars should be parked away from the property, and spring toys and bikes shouldn’t be left outside.
Steps can also be taken to improve landscaping. Adding flowering plants and shrubs will add colour to your home. Be sure to tidy flower beds and maintain your lawn. If you have a pet, be sure to clean up any droppings on a regular basis.
A well-manicured curb appeal can make the difference when everything is in full swing. Don’t overdo it with the flowers and plants, as there are also people thinking about high maintenance yards when buying a home, which could end up being a turn off, even when it looks pretty.
The inside of your home should be tidy with no clutter. Light fixtures, appliances and windows should be cleaned. Be sure to move large appliances and clean in and around where they usually sit.
If you have a garage, make sure you keep the floor swept. Make sure doors and windows throughout the house aren’t squeaking.
You might want to consider purchasing a new welcome mat at the front door, adding new bedding and purchasing candles that have a nice smell that’s not overwhelming. A fresh bouquet on your kitchen table or counter is a great way to keep the space smelling and looking great.
Once your house is clean, get professional photos taken to make each room look its best. Good photography can go a long way in helping a home stand out from the others.
The spring market is an incredibly popular time of year for sellers to list their homes. If you have priced your home too high, buyers will likely opt to look at similar, more reasonably priced homes. The Barnett Real Estate Team will take in many factors to help you list your home at a price that is competitive with other listings, yet a fair deal for you.
Also consider putting the home on the market a bit earlier than the regular spring crowd. This will limit the amount of competition and get the eyes of serious buyers on your property first.
01.10.24 | Recipes
5-ingredient wellness shots with anti-inflammatory benefits, a mega-dose of vitamin C, and a delicate balance of flavours to create the ultimate juice to boost immunity!
Servings: 2
01.10.24 | For Buyers
The Canadian real estate landscape has shifted gears, marking a departure from the rapid expansion seen across the housing sector in recent years. The once-feverish pace has simmered down, ushering in a phase of steadier conditions and a re-establishment of equilibrium in housing markets nationwide. However, within this transitional period, GTA (Greater Toronto Area) housing statistics have revealed intriguing dynamics.
As outlined in the 2024 RE/MAX Canadian Housing Market Outlook, the national average residential price is anticipated to see a marginal increase of 0.5%. Notably, a significant 61% of markets under review are projected to witness a year-over-year surge in unit sales. This signals a considerable shift from the challenging market landscape experienced earlier in 2022.
So, what’s behind this adjustment? Firstly, the Bank of Canada’s move to increase interest rates has resulted in higher mortgage rates, influencing buyer behaviour. Secondly, overarching uncertainty in both the housing market and the broader economic landscape has played a role. Additionally, many households have depleted their savings accrued during the pandemic era, thereby reducing their purchasing power due to inflation.
The Canadian real estate market is transitioning into a balanced state due to these nationwide developments. The RE/MAX outlook forecasts that 41% of regions will regain balance, with 28% of markets favouring sellers, 21% leaning toward buyers, and 4% experiencing mixed conditions.
Christopher Alexander, President of RE/MAX Canada, remarked, “It’s been a challenging year for Canadian homebuyers and sellers… but much like Canada’s housing market, Canadians have stayed resilient.”
While the talk of market equilibrium and stabilizing prices bodes well for potential homebuyers, what does it mean for sellers eyeing listings this year?
Understanding the difference between a balanced and a buyer’s market is pivotal:
Amid the expected easing of prices in 2024 and conditions favouring buyers, there are silver linings for sellers:
Firstly, the +0.5% national average projection might not reflect local realities. For instance, in the Edmonton market, home prices are anticipated to surge by 4% this year, while the Windsor housing market might see a 7% rise.
Additionally, as a seller transitioning to a new residence, entering a more balanced market avoids the stress of selling in a frenzied seller’s market.
However, a balanced market doesn’t mean selling at a significant discount. Sellers might consider several strategies to attract buyers:
It’s crucial to note that despite the current market shift, housing demand persists. Anticipated interest rate decreases by the Bank of Canada in the coming year and rising immigration levels are likely to revive home buying, reinstating competition within the Canadian real estate market.
The Barnett Real Estate Team is here to help you navigate these unique market conditions and maximize your profit.
