Check out our monthly Newsletters for Ottawa Real Estate Market Trends and Other Interesting Facts

Also, Please note that not all areas of Ottawa are the same.  Some pockets are more active than others.  If you would like more details from your area, right down to your street, please don’t hesitate to call.   613-492-MOVE (6683)

 

April 2015 Newsletter jpeg

Power Lyons Real Estate Solutions Top Team in 2014

Power Lyons Real Estate Solutions has an even better year in 2014! Congratulation on winning the TRIPLE GOLD AWARD. This is awarded to agents with over 60 units sold! This makes us  top 1% in the nation 2 years running!  Many many thanks to all of our cherished clients who have helped us to make this happen. Also a special thanks to our support staff at Keller Williams Solid Rock and on the Power Lyons Real Estate Solutions Team. Could not have done it without youTriple Gold Award

 

 

 

Ottawa Real Estate Market Watch Update – Jeff Lyons P.Eng.

Jeff Lyons, Team Lead for Power Lyons Property Marketing, was doing some homework for a buyer client and thought to publish this information  in his blog. Jeff gathered data for average list price to sale price ratios for homes that have sold in the last 5 months, as well as the average days on market for these homes.  The criteria were geographical location below, for homes listed in the $680k-$980k price range.  Below is a summary of the data from November 1st to March 28th, 2014.  If you would like details, please don’t hesitate to contact Jeff Lyons at 613-897-5593.

Below is the area searched (The red tags are November’s data)

Power Lyons Property Marketing Study Area

 

 

 

 

 

Power Lyons Market Trend3

 

 

 


 

 

 

 

*For homes in the above geographic region listed between $680,000 and $980,000

(click on above graph for it to come up larger and more defined)

As expected prices are firming up and average days on market are dropping as we go into spring.  This is average data, and the negotiation potential of each home is different depending on days on market and local comparables.

If you are a buyer, and are looking to work with someone who understands the market, don’t hesitate to call Jeff Lyons at 613-897-5593.

Also the above analysis is a wonderful tool I use to help get top dollar when negotiating for Seller clients.

 

Property Taxes – How Your Property Value is Assessed

I know that property taxes are a source of frustration for many of us, including me.  I happened upon this article and thought to share it with you all, as I found it very informative.

By ,Ottawa Sun –  First posted: | Updated:

To get to the root of the matter, we talk to veteran tax expert John Clark, vice-president of valuation and consulting at the Regional Group of Companies.

Q: How is a home’s value assessed?

A: MPAC does that through a statistical modeling process that is based on market value. MPAC doesn’t visit each home individually, but instead uses a computer formula that looks at a wide range of factors to judge a home’s value. It takes into account the location, lot size, building size and building condition.

Q: Why do assessments happen every four years?

A: The provincial government sets the rules and in different places in Canada it’s done differently. Ontario is every four years, Quebec is three years and some places are every year. But the more frequently you do it, the annual changes become smaller and if you did it every 10 years, the changes would be much more dramatic and more politically damaging.

Q: Why would my assessment go up or down?

A: It’s all a function of how the market is behaving. In Ottawa, some neighbourhoods are becoming increasingly popular, while others haven’t fared so well. It depends on what people are paying for properties.

Q: Which Ottawa neighbourhoods will see increases and which will go down?

A: They’re all going to go up, but some will go up faster than others. Hintonburg, Westboro, the Glebe, Sandy Hill and Centretown are set for a large increase. But some of the rural areas like Osgoode may not go up so fast, and the suburban areas like Orléans, Kanata and Barrhaven will be going up probably about the average. They’re attractive, but they’re not “hot” neighbourhoods in demand.

Q: Does an increase in value automatically mean I’ll pay more taxes?

A: No, an increase in a property’s assessed value only translates into a tax increase if the increase in value is higher than average in Ottawa since 2008. The average increase this year is 25%, or 6% per year.

Q: Can I ask for a re-assessment if I think the numbers are off?

A: Yes. Homeowners should look at other similar properties in their neighbourhoods on the MPAC website. If they feel the assessment is off, they can appeal to MPAC and have the home re-assessed. (In 2009, 4.24% of homeowners asked for a re-assessment for a total reduction of $6.96 billion.)

 

Top 10 Things to Look for in an Ottawa Buyers Agent

I think everyone knows someone that has made a poor decision in buying a home.  It’s surprising how few people actually carefully interview and select a realtor based on their knowledge and understanding.  Many chose a realtor thinking they are all very similar, and simply go with the person the ‘connect’ with early on in the process.

I’m here to tell you not to do that. I’m also here to provide some reasons why.  Below is my top ten list of what to look for in a Ottawa buyer’s agent.

1. Market Knowledge – Presenting an honest and up to date snapshot of what the local market is doing and where it looks to be headed.  Not all agents understand months of inventory, sales/active listing ratio,  and local supply/demand statistics. This creates a stronger business case for going forward with a purchase based on your expectations, or deciding to hold off and wait a bit longer.

2. Process Explanation – Jeff Lyons or a member of his team will walk through everything, step by step. For a first time buyer, it can be a bit stressful.  A good buyer’s agent makes sure their client understands everything that takes place.  No surprises makes things go smoothly and can save you money.

3. A Buyer’s Questionnaire – Providing a specialized review of what you are looking for in a home or investment property.  It should be detailed enough to reveal things that the client didn’t know they didn’t know!  A good agent will take all the answers to the questionnaire and determine what the client would most likely be happy with in terms of outcome.

4. Contract Expertise – Understanding all proper subjects and clauses, and how to use them for complete protection and favorable presentation to the sellers. A seriously significant differentiation point between an average agent and a good one.

5. Negotiation Skills and Strategies – Negotiation and sales techniques. Probably THE number one way a realtor earns their commission. Knowing what and how to offer, how to best deal with a counter offer, and when to keep emotions in check and walk away are a few important pieces.  We have the experience and know how to ensure your best interests are protected at all times.

6. Liability Protection – Legal and financial protection of clients and their interests.  Realtors should take the uncertainty and legal liability and put it on there shoulders throughout the process while doing the due diligence for the client.  Part of the reason commissions are high in a real estate transaction is because of the protection agents must pay for in their business.

7. Financial Benefits – Getting you a better mortgage, even when you already think your bank has you covered.  Recommending different trades people, discounted products, etc. Having someone contact you to let you know the best time to buy and/or sell….

Jeff Lyons and the Power Lyons Property Marketing Team will certainly keep you up to date.  We will set you up with automatic notifications that will alert you automatically, and before its becomes avaiable to the general public, of any new properties, or change in price of existing listings.

8. Product Knowledge – Knowing what to look for when you start to tour. Building history, construction knowledge, or information on the developer are a few examples.  Evaluating property as a career leads a good agent to know whether the place is a good buy or not, mostly through experiences and stories from other professionals in the industry.

9. Neighbourhood Information – Memorized specific local knowledge. What’s the Official Community Plan for the area and what could it mean for real estate long term? Which developers own what surrounding land?  What about schools and community centres?  A good realtor knows this stuff by heart.

If we  don’t have the information on hand, we will certainly get it for you.  A good agent will admit when he doesn’t know, and a great agent will get back to you expediently with answers.

10. Constant Communication – The biggest complaint people have about their previous realtor tends to be that they never heard back from them after their last sale.  If you are choosing someone that will provide advice, information, and feedback on a consistent basis, you are choosing a true professional that values the relationship more than your ability to generate them income.

We look forward to hearing from you.

Thanks

Jeff Lyons

Power Lyons Property Marketing

 

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