This morning a great article was published in the Globe and Mail that touches on a couple important subjects that every first time condo buyer should think about before purchasing your first condo.

The writer speaks about how condo buyers are allowing emotions to get the best and are not fully prepared for condo ownership. They see short commutes, no maintenance, and the lifestyle that developers are selling, before fully doing the math.

The buyers ‘ass’u'me’ that it is cheaper to live in a condo since you only pay one fee per month and wont have to pay for a furnace, roof or any of the other costs that can suddenly pop-up. But the writer explains that you might still have unexpected expenses that the reserve fund cannot cover and will have to reach out to the unit owners for additional funds. The writer gives some pretty extreme examples, but still very important.

Good little article that might take the wind out of your sail, but rightly so, you should be financially ready to own a home. The last thing I would want to do is help you sell because you cannot afford to live in your dream home.

Do you agree with me/the writer? Do you disagree? Tell me in the comments below or call me 613-286-9501 or email Matt@MattRichling.com.

Click below for the full article! Click to continue »

Take a look at this perfect starter home. This three bedroom and two bath semi-detached is great for those looking for more space. Entertain in the open kitchen, dining room and living room. Go outside to the cedar deck and smell the bbq steak! Relax in your huge spa complete with soaker tub, rain shower head, and large master bedroom. Close to schools, river, boat launch, parks. Storage Shed, extra large paved driveway, ALL stainless steel appliances, backsplash… TONS of upgrades throughout.

For a private showing or for more information please call Matt Richling directly at 613-286-9501 or email Matt[at]Mattrichling.com .

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http://www.MattRichling.com

Who ever said that Ottawa was a boring government town with no taste, is proven wrong again with 669 Edison Avenue in Westboro. Both sides of this 2009 semi-detached home are available for purchase, which just recently had the finishing touches put in place. The units, which are mirrors of each other both boast three generous sized bedrooms, and three bathrooms (with the rough in for the fourth in the basement). The interior, all hardwood except the basement with Berber carpet and bathrooms with tile, were designed for entertaining with the open concept main level, chef’s quality kitchen and high nine foot ceilings. The basement is fully finished including over sized windows, and plenty of room for storage. No expense spared on the exterior either, with full landscaping in the front and fully fenced, maintenance-free backyard.

Did we mention the homes are both Energy Star qualified! Meaning that there are features through out the home designed to save you money, have improved air quality, and expand fewer pollutants than non-qualified homes. For more information on Energy Star and what exactly it requires - go here.

Both homes are listed on the Multiple Listing Service for $464,900 per side and are available with a short closing period. For a private tour please contact Matt Richling directly at 613-286-9501.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

I recently posted the first five steps that a home buyer would (or should) go through when purchasing a home. I called the first five as “the shopping” steps and the last five below as “the sale” steps. To find the first five steps GO HERE.

6) Preparing the Offer
Once we have narrowed down the homes, and you have found your perfect home we will prepare the Agreement of Purchase and Sale. We will sit down and evaluate the circumstances and comparables for this property and the neighborhood sales, along with your situation and what you are looking for. We will determine the dates, price, and clauses (terms and conditions) as well as plan the offer strategy (in person, through other agent etc.).

7) Negotiating the Offer
The offer is presented to the vendors. They will either accept, reject or counter the offer and it will go back and forth until an agreement has been met. Often it is not the price that is the “tough sell” it is dates, or timelines, or inclusions/exclusions etc.

8)Fulfilling the Conditions
Once the offer is accepted we will have a certain amount of time (usually 7-14 days maybe longer) to fulfill the conditions which we placed in the offer. These conditions could be upon financing (being approved for the mortgage), insurance (being approved for property insurance), home inspection (getting the “A-Okay” from the inspector), septic and water potability test for rural properties, or review of status certificate (in the case of condominiums). There could still be negotiations that take place before going firm (everything has been agreed and sold), if a major problem arises from the building inspection, both parties must agree on how to move forward ( price reduction, work being done, etc).

9) Firm Offer
Once the offer has been firmed up (all conditions met and agreed), I will forward all of the sale documents to your lawyer and financial institution.

10) Closing
CONGRATULATIONS! Today you get the keys to your new home. Generally do not expect to get the keys before mid afternoon as the lawyer rarely releases the keys before then.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

The Ten Home Buying Steps... :)

As a home buyer, you have three main goals: to get the right home in the right neighborhood, at the best price possible – and with the least amount of stress! When working with a buyer agent, you benefit from having your best interests represented through the whole process. I decided to do a basic breakdown of the steps that one should go through when purchasing a home. I have split this list into two parts (”the shopping” and “the sale” steps) to make it a little easier of a read.

1) The Agency Relationship
This is where we sit down before even looking and start the relationship. We will go over the Buyer Agency Agreement and we will discuss how I as an agent get paid. This is also where you will receive the buyer package which has all of the maps for the area, and tons of information that you will find useful when dealing with mortgage brokers, lawyers and building inspectors.

2) Mortgage Pre-Approval
GET PRE-APPROVED! I cannot stress this enough. Too many people start looking before they have sat down with a mortgage professional and are just wasting their own time by looking. By understanding how much you can afford, you will be able to make a much better decision and when you find that perfect property, make a much stronger offer. It takes a large chunk of stress out of it, and you don’t risk disappointment when you are not approved after finding the perfect home.

3) Buyer Profile
This is the step where we sit down and talk about homes. I will try and find out your wants, needs, must-haves, and nice-to-haves in regards to features of the home. I will ask you when you prefer to move, where you would like to be and most importantly WHY do you want to move? Since we are now under agency law, you can feel confident in explaining your motivation behind moving, which would certainly help me when we are in the offer stage. By understanding that you need to move by a certain date because your current lease expires, or your son/daughter are going to be attending school in September etc, will help me tailor searches and represent you better when negotiating with the other party.

4) Computer Search
I will then go to my secret lab and find you the perfect home. Okay, not exactly, by using the criteria that we set in the above stage I will find and narrow down the homes that are available to match what you are looking for. I will send you the matched homes so that you can look in the comfort of your own home and can look at your own pace. At the same time I will place your search criteria into an auto-notification for new listings allowing you to see them before they are available for the public. They will get sent to your email again allowing you to view them at your own time.

5) Viewing Properties
This is where we get out and see first-hand, the matches that you have narrowed down. We will spend the time and visit the homes, and get a much better feel for each home. We will further narrow down the homes until we find the one that is perfect for you. We might even do a second showing on a property with other family members or friends, to ensure that there is enough living space for them when they visit during the holiday (it comes with home ownership - cant get out of this one).

Stay tuned for “the sale” portion of the home buying process.

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http://www.MattRichling.com

I came across this recent interview with Micheal Polzler on CTV News about first time buyers and the current impact that they play on our market. Micheal Polzler is the RE/MAX Eastern Ontario Atlantic Canada regional director and executive vice president. Great little clip which you can watch HERE.

It touches on a couple interesting points:
- It can be cheaper to own rather than to rent
- All of you first time single women are not alone (you are the largest demographic of first time buyers)
- There are many great/amazing deals and this is the time to be buying
- The largest barrier to entry is going to be your down payment and closing costs

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

Everyday I check to see how you are finding my website, whether it was by direct link or searching in Google. I check the search terms to accurately see what the visitor had typed in Google, Yahoo, etc. and then I sometimes check to see how high I ranked. Many of the search terms lately have been a combination of either certain buildings, streets, or developments, my name (with some very funny ways of spelling it), or general market information. For example, the search term just a moment ago which inspired me to write this post was, “is it a good time to buy a home in Ottawa over the next 4 months?”

Obviously the answer is YES! Well as long as you are thinking long term, it is an obvious yes. First you must think long term, and then understand your goals. Just like how I felt the first time buyers from a previous post should take some time to understand where they are and where they want to be, you should as well.

Once we are clear and fully aware of ourselves, then it is time to understand WHY real estate is the greatest investment and why it is a good time to buy.

If you don’t do it now, it will cost you more later. In 2008 the average home price in Ottawa was $289,766. In 1998 the average price was $143,953, in 1988 it was $128,434, and if you look back 30 years, in 1979 the average price for a home in Ottawa was $61,896.00. In the past 53 years there were only five years where there was a decrease (year over year) in average sale prices, with only two of the past 53 years having over a 2% drop. Re-read this sentence if you are like me and need to allow it to sink in.

So far this year we are seeing minimal changes in pricing with January experiencing a 1.5% raise in prices.

YES because of the credit “crisis” housing has been affected. Things have corrected them selves and we are not experiencing the BOOM similar to what we have seen over the past ten years. Ten years ago we saw the prices dip and then come rallying back. It is a cycle and we are enduring the “hard portion”.

What does this mean? For buyers this is the time to buy, jump on the train now, while you can and experience the ride up the mountain. For homeowners that are looking to sell, make sure everything you do shows your home at its best so that you can get the most dollar for your home.

So YES, over the next four months it IS a good time to buy in Ottawa!

Are you ready to make your move? Do you still need more convincing? Do not worry, I wont send the Soprano Family over to “help” you understand. I will take anyone that asks out for a cup of coffee and explain and answer any question that you might have about the Ottawa economy and our real estate market.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

I am a Grey’s Anatomy addict. Grey’s is a show that among others (Entourage, Million Dollar Listing, Californication, Mad Men, Nip/Tuck, and yes -don’t laugh Gossip Girl) that is always on the PVR (or downloaded if missed!). Maybe one of my many vices or just keeps me in-check. If you saw the show then you will understand, and if you are starting to think less about me due to my viewing habits, I will quickly get you up to speed.

On last nights show a doctor got fame for a method he mastered. He then named his new surgery method after himself. Another doctor had a method for doing “other things” (you can watch the show to get the details) and named it after himself.  Ok still awake?

The Richling Method.

I have decided that, not only does it sound cool but, I have perfected my way of working with you and my clients.  The Richling Method. After finding out what works, what does not, and how to streamline the entire process - its perfect (or DAMN near close! )! I want the best for my clients, absolutely the best treatment and care. Same with the fictional doctors in Grey’s, they (if they were real) have spent hours, if not days (if not weeks), perfecting everything. 

One of the very first things I do when I sit down with a new client is to outline this process. My goal is to allow them to learn from what my other clients have benefited from and to get the best out of the relationship with me. Working with just any agent is easy, but working with one that spends copious amounts of time 

Are you ready to benefit from this knowledge or know somebody who might? We can talk about the process and you too can learn The Richling Method!

Http://www.MattRichling.com - Matt Richling - Ottawa Real Estate Agent - Ottawa living!

November 4, 2008 : Resale housing market eases in October; average sale price increases

Members of the Ottawa Real Estate Board sold 961 residential properties in October through the Board’s Multiple Listing Service® system compared with 1,094 in October 2007, a decrease of 12.2 per cent. There were 1,206 sales in September 2008.

“The resale market in Ottawa is easing back to around 2006 levels. Year-to-date, Ottawa’s resale home sales are ahead of where they were at the end of October 2006, and sale prices nudged upwards once again last month. At the end of October, 12,619 residential properties had been sold through MLS® this year, compared to 12,217 at the same time in 2006,” said Board President Heather Skuce.

The average price of residential properties, including condominiums, sold in October in the Ottawa area was $280,470, an increase of 2.2 per cent over October 2007. The Board cautions that average price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average price is calculated based on the total dollar volume of all properties sold.

Every day (many times - many, many times) I have the opportunity to deffend the housing market and why you shouldn’t be running around like the sky is falling. Well to add to my current explanation, Donald Trump recently posted why it is a good time to be buying and if there is going to be a time to buy, DO IT NOW!

While the press has made the economic downturn and the credit-default swap debacle a top story, don’t let it stop you from living your life and making your dreams come true.  Bad news sells better than good news and I am not here to sell anything.

Look at the hair..... Maybe Mr. Trump should shave it all off? (I have no hair)

Listen up to what I am about to say…the real estate market is not dead.  That being said, there has been a major correction to many of our nations markets but that is just the way that cycles work.  The question becomes:  Do you want to take advantage of the buying opportunities or sit on the sideline and wait for prices to head back up?

Investors who are flush with cash are making huge buys right now and picking up some great deals.  They recognize good deals when they see them and aren’t being frightened by the liberal media’s scare tactics.  Whether you are a small fish or a big fish, I would encourage you to meet with a commercial and/or residential lender to see what programs you may qualify for.  Identify this and then start shopping for some great properties at distressed prices.  I have personally seen some properties going for 30-40 cents on the dollar.  

Remember the 2 truths in real estate:

1. You make money in real estate when you buy it right.
2. Buy low-sell high and not the other way around.

My recommendation is to take advantage of the tough credit market and acquire great properties that will become valuable income producers while appreciating over the coming years.

GREAT ADVICE! Real estate is as much a personal investment as it is a financial investment. Meaning as much as you should be focusing on how much it fits with your life, you should also be thinking about the large financial decision you are about to make. It is not a short term, double your money in a year, type of investment. It is a LONG TERM investment. So unless you are planning on selling in the next couple years (if so then why are you buying?) this is a great time to be looking and thinking about your future.

Http://www.MattRichling.com - Matt Richling - Ottawa Real Estate Agent - Ottawa Condos - Ottawa Condos - Ottawa First Time Buyers

Do you know somebody who is thinking of buying or selling but is not 100% certain whether now is a good time or not? tell them the secret words - MATT RICHLING DOT COM