Wayne Cochrane's Real Estate Insider

INSIDER WAYNE COCHRANE’S REAL ESTATE

October 2012

Your Neighbourhood Real Estate Professional

Wayne Cochrane...www.mooving.ca

Inside this Issue:

Detach To Sell Your Home

Home Showings Made Easy

Your Home-Buying Strategy

Picture This House: Why Photos Sell Your Home

Keep Moving Stresses At Bay

Better Protection Urged for Canadians’ Property Rights

Selling their home can feel like they're cutting off their right arm for some sellers. They feel a sense of loss, and go on an emotional ride that takes them plummeting into the uncertainty of a move and another new home. Even if there's excitement building about the new place, leaving behind their home and its memories can cause some turmoil.

While having deep emotions about the home you lived in, for a short or long while, is normal, it can cause a lot of trouble if you unleash your emotions during the process of the marketing and sale of your home.

Telling sellers to detach to sell their home is like telling the kid whose cat has a litter to stay emotionally reserved from the kittens. You lived in the house, cared for it, and now you're being told to detach from it. Sure, some sellers are ready to take the leap into the new home and they couldn't be any more detached. But especially families who have raised their children and watched many firsts happen in their home, stay a little more connected. These are the sellers that often put a greater value on their home simply because they have a strong emotional attachment.

Selling a home is a business transaction and likely the largest financial commitment many buyers will ever make. So understanding how to not get caught up in the emotional turmoil will help you keep your home as a real

estate transaction, not an emotional roller coaster ride.

First make sure you price your home based on comps of other homes sold in the area. Sounds sensible but a lot of times, emotions come into play causing sellers to overprice their home. Instead, turn to a reliable and expert real estate agent for advice and guidance. Pricing your home to sell is critical. Homes for sale usually get the most traffic in the first two weeks of being listed. If you price it too high, you'll turn off potential buyers.

Often sellers base their home value on an emotional feeling they have about their beloved home or the fact that they paid top dollar for the home. However, in today's market, a home that was purchased at the peak might not fully recoup that price.

Give buyers space. There's a term for parents who tend to over-parent. It's c a l l ed he l i c op te r pa r en t i ng–appropriately named because these parents hover over their children and essentially smother them. This could apply to sellers who tend to linger while buyers are viewing their home. This makes buyers uneasy. Often they feel like they have to cut short their visit to the home. They don't feel comfortable to talk openly about the things they like or don't like about the home in the presence of the owners. The lesson here is don't hover.

Consider all offers. Sometimes there

Detach To Sell Your Home Written by Carla Hill

Condominiums and Townhouses

on the Halifax Common

www.ArmourySquare.com or Call Wayne

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OCTOBER ISSUE

is a tendency to turn away the ini-tial offers because sellers think they might not be asking enough since the offers came in so quickly. Yes, it's a catch-22. Sellers want to sell but when the early offers come they're a bit uncertain. Be diligent and review all offers with your agent. You never know which one will be s atisfactory until you see all of them.

Emotionally detach. Remember, when you're selling your home it's just a product to a potential buyer. They will see the things you loved about your home but they also will see the things they don't love about it and they'll share those things with their agent. So, it's likely you'll hear criticism about your home. They may criticize the very things you love. Here's where you detach and let the criticism wash over you. If you need to take action, such as repairing something, do it. If it's just a matter of opinion, don't become emotionally caught up in it. This isn't per-sonal...it's business. Sometimes that's hard to remember because with real estate, the home we buy is, in the end, our personal sanctuary but at the time of the sale – it's busi-ness. Keep the emotions out of it and detach to sell your home.

Showing your home has never been easier thanks to today's expert tips. Let's take a look at the top 10 ways to prep your home for a sure-fire sale.

�Clean: This initial step makes perfect sense. A home should be shown to its best advantage. You want buyers to see your flawless f i n i s h e s a n d a w e s o m e architecture. You don't want them distracted by dust bunnies.

�Clean Deeper! Okay, everyone has a different definition of what "clean" means. For some its means picking up clutter, washing dirty dishes, and vacuuming the carpet. When it comes to showings, however, clean means much more. Stage one is sweeping, dusting, and picking up. Stage two takes things deeper. Deep clean your home from top to bottom and inside out. Wash windows and screens, power wash s idewalks, shampoo carpets, degrease cabinets, etc.

� S c e n t s a t i o n a l ! B u y e r s experience a home with more than just their eyes. They also experience it with their noses. Cleaning should take care of some of the odors that live in your home, but take it one step further with Glade Plug-ins, Febreze, and scented candles.

�Landscaping Matters: It really does. Your curb appeal is your home's first impression. Trim trees, add fresh mulch to flower beds, and set out a few potted plants of blooming annuals.

� Update Colors: Does your home exude your personal taste and personality? That's great for day to day living. It's not so great for showings. Buyers want to see neutral palettes where they can

imagine their own touches. If you have a particularly "loud" room then it might be time to get out the brushes and rollers and paint on a new coat of color.

�Stage Areas: Staging is the icing on the cake. It's a finishing touch that can take a room from good to great. Look at each room with new eyes. You may need to rearrange furniture, remove furniture, and buy a few new accessories. Throw pillows and a few decorative touches can take a room to the next level.

�Add Life: There's no better way to make a home feel alive than to add houseplants and fresh-cut flowers. Add these touches to every room of the house.

Repairs: Most every home on the market has minor repairs to be made. Take the time to fix minor issues. These can be real distractions to buyers.

�Lock up Valuables: This won't make your home sell any faster, but it's a great tip for all homeowners. Yes, your agent will be present during a showing but they won't be able to watch a prospective buyer's every move. Lock away jewelry, cash, wallets, and any other valuables that could easily "walk" away.

Home Showings Made Easy Written by Carla Hill

Give me a call...

Wayne Cochrane EXIT Realty Metro

[email protected] (902) 830-4761

� Get out of Dodge. This final tip can make a big difference. Some sellers feel the urge to stick around while buyers are looking at their home. Resist the urge! Go out for a coffee or a trip to the store. Your agent will keep you posted. Buyers don't want to feel a seller watching them. They want the freedom to talk openly and to take their time.

WAYNE COCHRANE’S REAL ESTATE INSIDER

Mortgage Rates

Fixed rates:

1 yr: 2.74%

2 yr: 2.74%

3 yr: 2.69%

4 yr: 3.09%

5 yr: 2.94%

Rates provided by Invis Mortgage

as of October 4 2012

Subject to change without notice

Buying a home is both exciting and sometimes stressful...whether you're a first-time homebuyer or an expert at it. The key to reducing the stress and successfully finding the home that matches your wants, needs, and budget is to have a home-buying strategy.

A home-buying strategy serves to keep you focused, in line with your goals, and on financial track. It can function much like a marketing strategy does for a company. It contains the important tasks, outlines your objectives in buying a home, your must-haves in a home, your financial budget, your move-in timeframe, location, desires, and more.

It may sound like a lot of work but if you take the time to put together a home-buying strategy and then share it with your real estate agent, you'll find that the clear goals you have will bring you closer to finding exactly what you're looking for and, likely, in a shorter period of time.

Putting together your home-buying strategy: In previous columns, I've written about getting organized for your move by organizing a binder that holds your vital paperwork and any materials that you'll immediately need during the moving process.

Organizing your home-buying strategy works in a similar way. You'll start by taking inventory of the home you currently live in. This gives you the opportunity to note both the pros and cons. Write it all down. Then write down your must-haves, would-love-to-haves, and absolutely-nots. You can write a list on notebook paper and place it in a three-ring binder and share it with your agent. In today's digital era there are many highly useful tools and apps to help you with house hunting. The creative and social website, pinterest.com is wonderful for saving website links and photos to various boards that you organize in categories. Even if you keep digital files, also keep the binder handy as your agent will give you

lots of paperwork and having it all in one place will be a big relief when it comes time to find a particular document.

Seek out financing. Do this before you start to physically go out and look for homes. Sure, seeing lots of different homes can be fun (for some people) but seeing homes that you don't qualify for is a lesson in frustration for all. Be realistic and be informed by getting the information you need from a mortgage broker who can get you pre-qualified.

Create categories in your binder. Separate sections with tabs and label them things like: budget, favorites, neighborhood, comps. This is where you will place the notes you take during your house hunting. The "budget" section clearly has the defined price point that you are comfortable with. Surprisingly, some buyers start their shopping without giving careful consideration to this and they wind up frustrated because they're not certain how much home they can afford. The "budget" section also includes other expenses that go along with owning a home such as amount of savings for household repairs and, perhaps, new home furnishings.

Bring along a small camera, video recorder or your smartphone to capture your own quick snapshots that you can print out and put in the "favorites" section of your binder. Forthe "neighborhood" section, be sure to take a few photos of parks or other areas in the community that make this neighborhood and location a good potential match. Again, there are apps that can also do this on your computer but I find both the use of a physical binder and digital tools to be the most effective. Sometimes you just need to see and hold the photo or papers in your hand.

In the "comps" section, you'll place the comps that you receive from your agent. Sometimes buyers will toss this information away thinking they'll remember the details. However, it's best to keep any comps you

Your Home-Buying Strategy Written by Phoebe Chongchua

OCTOBER ISSUE

to review it again later when you're making your ultimate choice. Yes, there is lots of paperwork but it serves a good purpose.

Having all that paperwork and your digital apps at your finger tips will provide you with a solid and effective home-buying strategy that allows you to focus on finding the home you're looking for rather than searching for papers and photos you've misplaced. A l s o , l a t e r w h e n y o u ' r e contemplating, referencing the photos and notes that you've taken will help tip the scale and help you choose the home that's right for you

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Picture This House: Why Photos Sell Your Home Written by Phoebe Chongchua

As we head into fall, the change in seasons brings about a feeling of concern for some sellers. They fear that their home won't be looked at as much or, worse, won't sell.

Yes, it's true that many buyers, especially those with children, like to be settled into their new home before the school year starts. However, that doesn't mean it's too late for your home to sell.

Stepping up the marketing and generating the right kind of buzz can keep the visits to your home high and create interest in some high traffic places such as social media outlets that can help lure potential buyers in.

We all know the adage, "A picture is worth a thousand words". Well, when it comes to real estate, homes with high-quality pictures are about 60 percent more viewed than those advertised without photos. I'd say that poor photos would also lessen the chance that your home is viewed and/or visited.

This simply makes sense when you think about where most people start to shop for a home--online. Simply having text copy that describes the home, no matter how well written it is, doesn't do what photos and video can do.

Having your home professionally photographed is worth the time and money. If the photographer knows his/her trade well, the photos will "WOW" viewers. Even better, if a video accompanies the photos, you can place both on social media sites. Through the video, you can tell a powerful story. The agent or the homeowner can share compelling information about what makes this home unique.

In a video, you don't want to be emotional, rather, you want to share why this home fits the audience you are

targeting. That means you need to know your audience. The same goes for the photo.

At the heart of your marketing should be images that tell a story in photos that convey why this home is a "must-have". Of course, searching for a home is still ultimately based on these parameters (which are usually entered-into a search engine): price, location, square footage, number of bathrooms and bedrooms, pool, etc. Once those parameters have been met and a filtered list of homes is shown, then it comes down to the photos and videos. Potential buyers don't want to waste their time physically driving to homes that aren't what they are looking for. So the better quality the photos, the better results in sales.

What makes quality photos? Good lighting, interesting angles, non-cluttered rooms, color, depth (size of room space), and overall exceptional quality of the image and video. That means the ISO, can't be too high or you'll experience a lot of "noise" (dark areas) in the photo. Raising the electronic gain too much on the video camera can make the video quality poor.

Unless, you're an excellent or pro photographer/videographer, don't attempt to photograph your home yourself. These photos are vital to the sale of your home. They're the marketing materials that will enhance the copy that's written about your home. And, again, the video and photos are often the enticement to actually get potential buyers in the door to make an offer.

P repa r e f o r t he p ro f es s i ona l photographers and videographers. Before your photo experts arrive, be sure to make a list of suggested angles

and areas to shoot. Think about where you have your morning coffee. Is it outside on the deck overlooking an amazing sunrise? If so, even though that isn't specifically a photo of the home, it's a photo that tells a story about the home–be sure to have the sunrise photographed. The message in the photo and video will tell a story about the kind of experience buyers will have in this home when they buy it. And, that is definitely worth a thousand words.

How can you determine the age of

a cow?

Word Scramble: vencotan

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

----------------------.Brain TeasersBrain TeasersBrain TeasersBrain Teasers……………………………………….

Moving is frequently cited as being one of life's most stressful events and it's really no wonder why. It involves a massive change of routine, takes physical labor, and of course, is one of life's largest financial decisions.

These can all weigh heavily on the mind and body. What are some ways that you can deal with this momentous occasion and the stresses it brings? Here are a few simple ways you can deal with the weight of a move.

First, create a support team. This could include friends, family, a signif icant other, or even a counselor. Don't bottle up your emotions and concerns. Express them before they become pent-up frustration. A good support team can also serve as an excellent sounding board. Offering support is just part of the equation. It's great to have someone that can talk you down or act as a voice of reason.

The next step is to take breaks. It does no good to obsess 24/7 about every last detail. Set aside time each day to discuss and plan your move. Use the rest of your time for normal daily activities. Play with the kids, watch a movie, walk the dog, or go out to eat. The world does not quit turning during a move.

Proper diet and exercise are crucial to helping your body deal with stress. Sometimes we forget that our bodies are machines that require good fuel and servicing to run efficiently. The better we take care of our bodies the better equipped we are to deal with stresses.

There are great exercise routines for

all fitness types. If you are new to working out then consider adding in a daily walk. Swimming is also an ideal beginner activity. For those more "fit" buyers, you could join an aerobics class, go for daily jobs, or add in a weight-lifting routine to your current workout.

When the weather permits, exercise outdoors. The fresh air and sounds of nature can be soothing to tired nerves.

Simple yoga and meditation can also do a body wonders. Yoga is about connecting the mind, body, and spirit. If you don't have the time or money to join a class then consider purchasing a yoga DVD. Even simple practices can do wonders for reducing stress.

Finally, don't rush yourself into a new "identity". The American Academy of Child and Adolescent Psychiatry says that moving to a new community is "one of the most stress-producing events a family faces." Moving can mean big changes in friends, groups, clubs, schools, and neighborhoods. We identify strongly with these. Give yourself time to adjust and to fall into new roles.

Yes, moving is a stressful time, but by taking the proper steps you can greatly reduce the amount of stress this event brings.

Keep Moving Stresses at Bay Written by Carla Hill

OCTOBER ISSUE

Ranking 10th out of 130 countries doesn't sound like a bad score, but when it comes to property rights, it's "a major policy failure and a black eye on Canada's reputation for fairness," says Mark Milke of the Fraser Institute.

The rankings come from another Canadian think-tank, the Frontier for Public Policy, which produces the annual report with the International Property Rights Alliance. It found on a world-wide ranking, Finland has the best record of protecting property rights, which include physical property and intellectual property (including patent protection and copyright policy).

The rest of the top 10: Sweden, Norway, Singapore, Switzerland, Denmark, Luxembourg, New Zealand and Netherlands. The United States ranked 18th. At the bottom of the list are Yemen, Libya and Venezuela.

In physical rights only, Canada ranked 17th in the world. Joseph Quesnel, policy analyst with the Frontier Centre and lead property rights researcher, says Canada lost points on physical property rights this year and has work to do to increase its ranking.

Milke, who wrote the book Stealth Confiscation: How Governments Regulate, Freeze and Devalue Private Property - Without Compensation says, "Unlike Europe, where governments of all stripes compensate private property owners when regulation acts as de facto expropriation, governments in Canada can wholly or partially freeze your property through regulation and not offer a dime in compensation."

He sites the case of the City of Vancouver passing a bylaw that declared a 22-km-long corridor of land owned by the Canadian Pacific Railway (CPR) as a public thoroughfare, to be used as a bike trail. The railway had owned and managed the land since 1886. The city did not purchase the land and offered no compensation. The dispute went to the Supreme Court of Canada, which ruled in the city's favour.

In Ottawa, Milke cites the case of

landowner Tony Walker, whose 20-hectate property was originally valued at $125,000 before it was designated as wetland. It is now worth less than $20,000.

"Private property owners in Canada, whether they are companies with deep pockets or farmers with few resources, have the odds and governments stacked against them in fights for fair compensation," says Milke.

Russell Brown of the University of Alberta says that under the North American Free Trade Agreement, if the owner of the CPR lands had been Mexican or American, they would have been compensated – but Canadians don't get the same protection.

There has been a lot of discussion about property rights in Canada recently. In Alberta, the Wildrose Alliance Party made property rights a plank in its platform during the last election. It is urging the province to pass an Alberta Property Rights Preservation Act. "Existing legislation provides for compensation only when title is formally taken by expropriation, but not for property partially taken or devalued through government regulation," says the party's policy paper. "This act will address this omission and ensure that al l landowners have recourse to the courts to protect their rights."

Earl ier this year, the Alberta government consulted with about 1,400 Albertans on the issue and recommended that a property rights advocate be created.

Quesnel says that although the government has pledged to review its Expropriation Act and Surface Rights Act, "this should extend to the grounds b y wh i c h g o ve r nm en ts m a y expropriate at all. Neither provincial governments nor municipalities should be in the business of expropriating for vaguely defined purposes, including nebulous economic development. The vague process is frequently abused given that governments define this category."

Better Protection Urged for Canadians’ Property Rights Written by Jim Adair

In Ontario, a provincial MPP and a federal MP each introduced bills in their legislatures to protect property rights in the Canadian Charter of Rights and Freedoms. Neither bill progressed.

"Canada at present does not have constitutional protection for property rights, and constitutional scholars tell us that was the original intention," says Quesnel. "In Canada, property rights are very much part of the unwritten tradition and common law, although they do not flow from written documents."

Randy Hillier, the MPP who created the Ontario bill says, "Between swamps, well heads protection and dubious endangered species designations, there is hardly an acre of Ontario that has not become a liability through regulations." He adds, "Ontario is now home to over half a million laws and regulations and many of them have no other purpose than to limit your use and enjoyment of property; to limit yours and our economic growth."

In Ontario, a greenbelt surrounding Greater Toronto has been put in place to protect environmentally sensitive areas and to control urban sprawl. But it has also been blamed for pushing Toronto real estate prices sky-high as demand for single-family homes increases but fewer homes are being built.

The Frontier Centre for Public Policy recently announced that it is developing a property rights index for Canada, which is says will be the "first comprehensive measure of property rights protection in Canada." The index will exclude intellectual property and focus only on physical rights. The centre says the index will consider expropriation, civil forfeiture, heritage/cultural property laws, endangered species legislation, land-use planning and transfers of estates when formulating the rankings.



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.

Wayne Cochrane Real Estate Professional

902-830-4761 [email protected]

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