Winnipeg Real Estate Podcast

Timing & Pricing When Selling Your Home

Does the time of year make a difference when selling your home?  How important is setting the right asking price?  Two stories to show the effects. For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:00.150] What kind of an effect can the proper pricing and timing have when selling your home in Winnipeg? Coming up next.   [00:00:25.460]  So if you're thinking of selling your house or condo in Winnipeg, timing the market is important and pricing correctly for wherever that time of year is. Not every market is the same. Spring market is different than the summer and the winter and the fall is different again.   [00:00:40.640] I've got two real life examples of what a difference pricing and marketing time can make. And the first one kind of talks about the difference of pricing. Recently, I had occasion to do research in an area in St. Boniface where two homes were sold on the same street. They were basically identical homes built probably by the same builder. Certainly the same size, the same style, built the same year. But inside they were quite a bit different.   [00:01:08.090] The first home we look at was listed at the end of August. Generally, the market in Winnipeg starts to slow down in August, especially towards the end end and in September. People have bought their houses. They're now concerned about moving in, getting their kids in school and stuff like that. So at the end of August is generally not a great time to list the house. This one in particular had been updated extensively. New bathrooms, new kitchen windows, flooring, electrical, was extensively renovated, looked really, really gorgeous.   [00:01:35.840] And they priced it at $285,000, which is probably fair for that market and that house. It took 40 days to sell and they eventually sold it for 275. So 10,000 under and it took six weeks to sell. Now look at another house. Same street. It was listed at the beginning of June. And that is still traditionally part of the spring market. Things are still active. People are still looking very much looking, especially the beginning of June.   [00:02:01.790] Same kind of house, same size, layout, number of bedrooms, number of bathrooms on the same street. But that's where the similarities end. It had an old kitchen, old bathroom. Couple of the windows were updated, but not much else. So they priced us at $249,900. Now remember, it's still spring market, $249K. They got multiple offers and it sold for $273,000, just two grand below the one that was completely updated and finished.   [00:02:29.870] So that's the benefit of listing at the right time of year when there's still multiple bids, multiple offers happening. It doesn't seem fair, but that's just the way. Just the way it is. If you can avoid listing at the end of August, do so. Hold off for a little while. Market generally does pick up again at the end of September, beginning of October. But if you don't have a choice, you don't have a choice.   [00:02:52.430] You have to just kind of make the best of it. But spring market is definitely the best time to list. And my next story is going to be an even wilder example. Unbelievable. So stay tuned.   [00:03:17.240] This next example. I was actually intimately involved with both of them. I saw both houses inside and out. These homes are located in River Heights. And just like the previous example, they're on the same block, same street, same side of the street. So they're facing the same way, the same sun exposure. Probably built by the same builder. Definitely the same style, size, and layout. They were both bungalows. A lot of similarities. The first one went up for sale in October one year, and I had a buyer who wanted to see it.   [00:03:47.930] This house had originally been listed at $270,000 dollars and it was extensively updated. New windows, new roof. It had a double car garage. Not like the second one in the example. It had a double car garage. Nice hardwood flooring. A brand new kitchen. New bathrooms. A really nicely done basement listed at 270. It took two months to sell and eventually sold for 250.   [00:04:12.130] Fast forward just three months later.  Same side of the street. Homeowner called me to list their house. Now, I got into this one and it was the same style and size, but it was completely different inside. The walls with the original plaster and painted and what I would call like a mint green. And the plaster was severely cracked everywhere. Original Windows, original kitchen. There were hardwood floors, but they were covered by shag carpeting. This house only had a single car garage.   [00:04:40.280] And worst of all, it had a noticeable tilt, a noticeable lean to one side. I had a contractor come in just to take a look at it because he thought he might wanna flip it. And his laser level showed that one side was almost a foot lower than the other. It was so noticeable that when you're standing outside, you can see the house leaning towards one side, but it was the spring market. So we listed it at 219,900.   [00:05:02.830] We had an open house and I had to stop the traffic from coming in. The house was full and there was people lined up on the sidewalk. Again, spring market in Winnipeg, even though it was beginning of February. It was a nice sunny day, was relatively mild and they were coming out. So in the end, we ended up with five offers and the house sold $255,000. It sold for 5000 dollars more than the fixed up one down the street sold just two months earlier.   [00:05:31.160] That's the power of the spring market. That's the power of bidding wars. I'm not going to say I did such a fantastic job in marketing this. It was just, it's a timing thing. And it's sometimes a bit of a luck thing and it doesn't seem fair. It doesn't seem right that that first house was head and shoulders above this one, but we sold for five thousand dollars more. And that's what spring market and proper timing can do.   [00:05:54.920] So I've always been telling people if they ask me, when's the best time to sell? The best time to sell is right at the very beginning of the spring market. In that second example, that was February. Right now, in 2020, that is right now  in May because the spring market has been delayed. But I'm seeing the activity that we saw a few years ago in the early spring. I'm seeing that right now, the houses that the listings are getting a ton of showings and multiple offers.   [00:06:24.140] So if you have a choice, sell or list your house at the beginning of a spring market, whenever that is. If you have to sell at other times a year, there's nothing wrong with that. You just have to adjust your pricing strategy to meet whatever that market happens to be at that time. So if you're thinking of selling your house or condo in Winnipeg at any time of year, give me a call. It's Bo Kauffmann Remax Performance Realty (204) 333-2202   [00:06:51.230] I will develop a marketing strategy that meets the current market demands. And hey, if you're still with me at this point. Why not grab my free podcasting app available for iOS and Android device? It's super easy. Just go to Winnipeg.tips/apple or /android. That way you'll never miss another episode about Winnipeg real estate or both.  

Winnipeg Real Estate Market May 2020

Sales stats for homes and condos during April 2020, the first full month of activity during the pandemic.  How is Winnipeg's market doing: For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:23.390] Welcome, everybody. It's mMay first and I take a look back at all the sales in April, the entire month, and that is the first full month in this pandemic, as you may remember. The markets, everything was shut down around the middle of March.   [00:00:36.460] So March's report was still half normal, half pandemic. So now we're taking a look at the first full month to see what numbers have done. Bottom line listenings her down, sales are down, but the intensity remains. I'll show you what I mean. And I usually compare to the previous month. But really, the best way to compare is to the same time period previous year.. So what we have is last year in April, we sold 85 condos.   [00:01:01.720] This year, 42. So that's half. Last year we sold 558 houses in that time period. This year, just 375. These are numbers for inside Winnipeg. And they're gonna be different than what Winnipeg REALTORS® puts out simply because Winnipeg REALTORS®  covers the entire south east quadrant of Manitoba, including Steinbach and Portage LaPrairie and Selkirk, whereas I'm looking at only Winnipeg. All right, let's look at available listings. So last year, this is under a quarter million dollars.   [00:01:30.280] Last year we had 363. This year we've got 285. So that's quite a bit down. Last year, 250000 to five hundred thousand dollar homes. At the end of April, we had 694 this year, just 590. So that's down about 14, 15 percent. And the luxury homes last year we had 378 available this year, just 338. So that's about 40 down. That's another 10, 11 percent.   [00:01:57.460] So as I mentioned before, listings are down, but so are sales last year, quarter million dollars or less. We sold 156 homes, this year just 93. In the 250 to five hundred thousand dollar range, Last year we sold 357, this year, just 247. So that's about a 30 percent drop.   [00:02:16.270] And last year, in the luxury home range of half million or more, we sold 45 homes this year, just 35. So as you can see, listings are down and sales are down. So how do you correlate the numbers? I mean, if one of them is significantly different than the other, it will have an effect on whether it becomes a buyer's market or a seller's market. And to look at that, we take what's called an inventory quotient.   [00:02:38.350] So we take a look at how many days it would take to sell everything that's out there at the current sales rate. The lower the number, the hotter the market.   [00:02:47.000] So last year, under 250000 dollars, it was 72 days. This year, it's 92 days. So it would take an extra 20 days to sell everything that's out there so that it's become a slower market than last year, same time. The same holds true for all the other price ranges at 250 to five hundred thousand dollar homes last year with 60 days.   [00:03:07.300] This year it's 72. And for luxury homes, last year, 260 days, this year 290. The difference between last year and this year will become even more pronounced in the condo section, as we're going to see right away.   [00:03:20.740] Comparing last year to this year under 250000 dollars last year, we had 383 Condos available. This year, just 322. So that's about almost 20 percent less listings. Quarter million and up. Last year we had 312 available this year 290.   [00:03:36.610] And looking at sales for condos under 250000 last year during the month of April, we sold 54. This year, 26. So less than half last year in the quarter million and up, we sold 31 condos this year, 16 again, just half of what we sold last year. And this becomes really noticeable in the days of inventory condos under quarter million. Last year we were at 220 days. This year,  370 days,   [00:04:03.720] Condos over a quarter million, last year 312 days, this year, 544. So it is a very, very strong, hot buyer's market as far as condos go. Great time to buy a condo if you're looking to buy an investment condo. Probably never been a better time than right now. Interest rates are low, inventory is still out there, and the competition for those condos is low. So you should be able to get yourself a pretty good deal on a condo.   [00:04:28.240] I also like to look out to see how sellers are reacting. Are they now listing houses and condos at the same rate as they were last year? So last year, this time period, we had 1144 new listings come to market last month, just 817. And this month that's down to 698. Same thing happens with condos. Last year, 309 came to market, last month just 271. And this month just 186.   [00:04:56.980] That's down about 40 percent in listings. Now, I really don't know who said it. It may have been Warren Buffett  who said "if everybody else is buying sell,  if everybody else is selling buy. Unfortunately for the most  people and I fall victim to this as well,  they start developing a bit of a herd mentality so that if everybody else is not listing, well I'm gonna hold off too, which is really not the right thing to do right now.   [00:05:22.390] Listings are down, and sales are down, too. But as I said earlier, the intensity is there. And what I mean by that is this. I just listed a house out in West St. James. We ended up with 45 showings and 15 offers and it sold for 30 thousand dollars over. The intensity remains. Just took a look at North Kildonan. There was an area where I'll be listing a little bungalow bungalows of similar size in the last month.   [00:05:46.420] There were seven of them that have sold in North Kildonan. Four of them sold for above-asking. So again, intensity is there. The buyers that are out there are serious about buying a house. So don't be afraid to list your home at this point because other people are holding off. That means you're going to have less competition against other similar places on the market. So if you're looking to buy or sell. Give me a shout thats Bo Kauffmann Remax performance (204) 333-2202   [00:07:20.190] And hey, if you're still with me at this point, why not? Grab my free podcasting app available for iOS and Android device. It's super easy. Just go to http://winnipeg.tips/apple or http://winnipeg.tips.android.  That way you'll never miss another episode about Winnipeg, real estate or both.

🏛Winnipeg Exchange District - 🚴‍♂️🚶🏼‍♀️ Living and Working 🎧

Living and working in Winnipeg's Exchange District. Interview with someone who knows! For more real estate info, check my blog at https://blog.winnipeghomefinder.com   Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App.   Check my videos on Youtube A few links:  Productivity & work-at-home resources Indie Author Weekly podcast @Saganlives on Twitter & Instagram    What's Winnipeg's Exchange District like? Let's talk to somebody who lives and works there. That's coming up next. [00:00:10.100] You're listening to the Bo Knows Real Estate podcast, tips and advice for homebuyers, buyers, sellers and owners with award winning Remax agent Bo Kauffmann. [00:00:25.860] - Bo Kauffmann - REMAX Winnipeg has a lot of fantastic neighborhoods, some well known like Osborn Village and Corydon Village, and another rapidly growing and expanding district is the Winnipeg's Exchange District. Now, some of you may know I've been publishing a blog for all going on 12 years now, and I've been publishing a podcast for about eight or 10 years. [00:00:45.270] - Bo Kauffmann - REMAX And a young lady by the name of Sagan Morrow has been writing articles for my blog almost from about 10 years ago. And I know she has a condo in the exchange district. So I went to her when I wanted to talk to somebody about life and work in that district. I reached out to her and she was more than willing to come on to the podcast. So by way of introduction, Sagan Morrow teaches busy, time crunched solopreneurs, how to build their own successful home based businesses without the overwhelm, through online courses and business resources at Sagan Morrow. com I'll have the links in the show notes. She specializes in productivity tips and action oriented strategic planning for multi passionate creatives. Sagan has over a decade of experience as a freelance writer and hosts the indie author weekly podcast. When she isn't teaching solopreneurs or doing freelance work for her own clients, Sagan likes to write romance novels. All right. So I'm here with Sagan, moral productivity strategist and author and Sagan that's been living in Winnipeg exchange district in a condo for quite a while. [00:01:58.440] - Sagan Morrow How many years, Sagan? [00:01:59.940] - Sagan Morrow It's been ten years now. [00:02:02.880] - Bo Kauffmann - REMAX And same place in a condo? [00:02:04.760] - Sagan Morrow Yes. Yes. I bought my condo. I lived. I lived in author and village briefly. And then in West Broadway. And then this is the first the first condo that I bought. It was the first place I ever even looked at when I was looking for a home. And I just fell in love with it immediately. And I bought it and I. I've been here ever since. I'm very happy here. [00:02:25.500] - Bo Kauffmann - REMAX Is it one of those, like I'm not asking for your address here, but is that one of these, like, warehouses that's been converted which what the exchange district is really known for? [00:02:34.230] - Sagan Morrow Yes, that's exactly what it is. You've got like exposed brick and all that. Yeah, OK. Very nice. All right. [00:02:42.000] - Bo Kauffmann - REMAX So you've lived in always the like he said Osborne Village and some of the other nice areas. What do you like about the exchange district? [00:02:48.630] - Sagan Morrow You know, it's been really wonderful to live here over the past 10 years and see how much the exchange has changed and grown and evolved over that time. It's been absolutely incredible to see how many more people are in the area. And I love it. It's such a cultural hub and that there are so many different things that you can do. And it's absolutely beautiful with all of these historical buildings. It's it's such a central place. That's just wonderful. [00:03:16.560] - Bo Kauffmann - REMAX Right. What are some of the things that list some of the things that you like to do and maybe some that most people don't really know about? [00:03:25.320] - Sagan Morrow So, you know, the little boutiques and that kind of thing in the area are so lovely. There's a lot there's a very strong sense of community that I think a lot of people don't even realize is a theme in the exchange. But it's true. You know, when you go to the restaurants, when you go to these little boutiques, you get to know the people who are working there and they are just absolutely wonderful. We have just such amazing people living and working and the exchange district and its such a walkable community as well. [00:03:53.460] - Sagan Morrow I mean, there's you know, you turn a corner and there's all kinds of new things to look at. And there's, yeah, there's just many different components to the area and having really, really cool little parks nearby and being so close to the river and all of that as well. I mean, the Forks is super close to walk, right? Wow. Really neat. [00:04:13.230] - Bo Kauffmann - REMAX Yeah. And the exchange actually is on both sides of Main Street. Right. So you're talking about the west and the east side of Main Street. Yes. Yes. What about restaurants? Is there is I understand there's quite a few restaurants in that area. [00:04:26.640] - Sagan Morrow Yeah. I am a huge fan of Peasant Cookery. They make a wonderful French. Seventy five. I'm I also absolutely adore Keenon Ban. Their sandwiches are wonderful. The wet and dry department above the Mitchell block on the other side of of Main Street is really wonderful. The fourth cafe and fourth bar are so glad. And I also have really enjoyed Cordova Tapas, which is, you know, a bit of a bit of a jam, I think in the exchange that a lot of people don't really think about. [00:05:01.050] - Sagan Morrow When you're thinking about Tapas Winnipeg, you often think about Segovia, which is a bright place in the village. Right. Right. Cordova is really great as well. [00:05:08.670] - Bo Kauffmann - REMAX Where are they located again? [00:05:10.490] - Sagan Morrow Cordova is on Albert Street. Okay. Yeah. Right. [00:05:15.000] - Bo Kauffmann - REMAX Yeah. You're saying it's all within walking distance and that's a good thing because I think parking a lot of people, when they think about exchange, they think about the trouble there is parking. [00:05:23.200] - Sagan Morrow Right. So everything is. Once you once you found a place or you parked your car, everything's within walking distance. Yes, absolutely. And, you know, they've also done a really great job. I was I was quite impressed when they when they added in the bike paths I was a little bit concerned. [00:05:37.720] - Sagan Morrow At first I was like, oh, no, how. How was how is this going to go? But the bike parts are absolutely wonderful in the area. They've done a really great job of separating them from the street so that it is quite safe for for people cycling. So there's a lot of different ways to to move around the area, which is great. [00:05:56.830] - Bo Kauffmann - REMAX Most people that would just say that a lot of people that live in the exchange also work in that area or or is catching a bus. Is that no problem getting transportation out into other areas of town? [00:06:08.740] - Sagan Morrow The bus system is really good. I mean, it's for her, the transit system in Winnipeg great here at the general rule. But yeah, the buses are really great. You can get to pretty much anywhere in the city very directly through the transit system. But I would I would say that a lot of people who live in the area also work somewhere close by. And I mean for myself, I work from home, which is very lovely. [00:06:35.410] - Bo Kauffmann - REMAX Right. Well, maybe tell us what you do a little bit. [00:06:37.810] - Sagan Morrow Oh, sure. I am a productivity strategist, Sipes. I teach people how to manage their time and energy effectively. And I also write novels and I do some freelance writing and editing, as I can attest to, because Sagan's been writing blog posts for me. [00:06:56.770] - Bo Kauffmann - REMAX We've been doing this for about ten years and like I said, we've never met in person. It's always been just over the phone or via email. [00:07:03.910] - Sagan Morrow Yes, it's it's incredible that we haven't, you know, at some point ran into each other. [00:07:09.160] - Bo Kauffmann - REMAX We should go for coffee sometime, but maybe when this whole thing is over. That's right. Yeah. Yes. Anything else you want to share with us about living and working in the exchange district? [00:07:20.470] - Sagan Morrow I think I just want to add that there is the exchange is a very unique part of Winnipeg and it's very special. And there are so many different aspects of it that no matter what your interests are, there is something for you in the area. I love going to see the theater at Manitoba theater center. I love going to the ballet and the opera. The Fringe is here in the summer. It was actually fantastic. I mean, the depth different festivals that take place at the Cube at old market square, really wonderful. [00:07:53.020] - Sagan Morrow There's a lot of different small art galleries in the area. And people often don't really think about that sort of side of things. But, you know, once you start wandering the streets and you start looking around at the all these beautiful historical buildings, you realize just how many of them have these wonderful. Yeah. Galleries, not kind of famous part of them. So I would absolutely say, you know, take the time to explore the exchange and and really come down and enjoy it as a as an opportunity to see a little bit and maybe a different side of the city. [00:08:27.460] - Sagan Morrow Right. Right. It's just absolutely wonderful. And I would highly encourage anyone who's, you know, thinking about living in the exchange. I've always felt very safe here. It's it's a beautiful part of town and I adore it. I would highly recommend it to anyone. [00:08:42.970] - Bo Kauffmann - REMAX Well, you certainly have a lot of passion in your voice when you talk about it. So I was quite happy to hear to hear that. So. Well, thank you very much for spending the time with me. SAGAN And I'm sure will we'll talk again and you'll be writing another blog blog post for me again in the very near future. [00:08:58.750] - Sagan Morrow Yeah. Thanks so much for having me. OK. Thank you. Sagan Bye-Bye. [00:09:02.660] - Bo Kauffmann - REMAX So as we just heard, there's a lot of stuff to do and see and restaurants to to visit in the exchange district. So I just took a quick look at the market and there are currently 14 condos available in the exchange district. Priced anywhere from two hundred thousand dollars at the low end to just a shade over five hundred thousand dollars for a nice luxury unit on waterfront drive. [00:09:24.700] - Bo Kauffmann - REMAX So if you're looking to buy a condo in Winnipeg, whether it's in the exchange just trigged Osborne Village or anywhere else, give me a shout. It's Bo Kauffmann Remax Performance Realty 204-333-2202. [00:09:36.950] - Bo Kauffmann - REMAX And hey, if you're still with me at this point, why not? Grab my free podcasting app available for AOS and Android devices. It's super easy. Just go to Winnipeg. Got tips, slash Apple or slash Android. That's Winnipeg dot TIPS slash Apple or slash android. That way you'll never miss another episode about Winnipeg real estate or both. [00:10:03.880] You've been listening to Bo Kauffmann of Remax Performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg called Bow at two zero four three three three two two zero two. Remember Bo Knows Real Estate?

Aluminum Wiring in Your Home

Why are insurance companies getting fussy about aluminum wiring in homes?  What home owners and buyers should know... For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube Bo Kauffmann 0:00 Do you currently own or are looking to buy a home which has aluminum wiring? What's the big deal? We'll talk about that next. Unknown Speaker 0:10 You're listening to the bone nose real estate podcast tips and advice for home buyers, sellers and owners with award winning REMAX Agent Bo Kauffmann. Bo Kauffmann 0:24 You've probably heard that insurance companies are paying special attention to homes which have aluminum wiring. Well, what's the problem? Really, there isn't any problem. Aluminum is still being used today in industrial and commercial application. So for example, large warehouses, office buildings, industrial complexes and everything. It's being used today by companies because it's about a third the price of copper, a ton of aluminum right now costs about 1500 dollars US while a ton of copper costs well over $5,000 us and so it was that back in the 1960s a residential home builders thought They might have a better cheaper product on their hands. So you're looking at the prices of copper in 1962, they were about 30 cents a pound. And by 1966, they had more than doubled. So homebuilders, even though for for a single home, it might only be 100 or $200 difference, but if a home builder builds 234 hundred homes a year, it can add up. So they're looking for cheaper alternatives, and they settled on aluminum. Now like I said, What's the problem with aluminum? Well, there's no problem as long as it's treated correctly and upgraded correctly. And here's what happens. Let's say you have a 1970 bungalow that was built by a builder using aluminum wiring, they would have used aluminum switches, aluminum plugs, aluminum rated light fixtures, all those things are called devices by electricians. So all the devices that would hook into that house would be rated for aluminum. Now fast forward to 1995 as an example, the current owner of the home wanted to give it an update. So new paint, new floor. And of course, we're going to update the lights and why not update the switches and wall plugs to make them look more modern. So you go to Home Depot, and you find that a copper light switch is $1, whereas an aluminum rated light switch is $8. So what most people do well, they go with the cheaper stuff. And that's when the problem comes in. You'll have aluminum wiring, hooked into copper light switch, aluminum and copper, very dissimilar metals, they will heat and cool and shrink and expand at different rates. And over the years as this happens, they'll start to work themselves loose, causing corrosion and eventual sparking and that's what causes fires. Until a few years ago, insurance companies had grandfathered these types of homes. So if you owned a home for the last 20 years, insurance companies weren't bothering you. If you went out and bought a home then a new buyer would be required by insurance companies to get an inspection, electrical inspection with a certificate to show that they All the wiring is safe and has been treated properly. The devices are the right ones. And if they're not that they're at least hooked up in a correct way. That was until recently. However, now insurance companies are even sending letters out to owners of homes that are that are known to have aluminum, asking them to get an inspection before they get the annual insurance renewal. It's important to note that different insurance companies have different standards. With some of them, it's good enough that you have an inspection and that the property devices devices are installed that they are installed properly. The connections are tight, made with the correct marettes, and done in a proper way. However, I've also heard recently of some insurance companies are recommending and even demanding that the house be rewired. Now, that's not a standard yet, but if your insurance company does demand that you can either get a different insurance company or fork out the money well what kind of money are we talking about? Well, I sold a side by side a couple of years ago that was about 903 square feet and Northcote Dornan and the buyer had to get all the devices that's plugs and switches replaced by aluminum rated ones. And there was about 40 of them in this house. So 40 light switches and, and plugs. And all the lights themselves had to be hooked up in a proper way. And that ended up costing 1500 dollars for an electrician to do that, that was just on the main floor, how to take that step further and rewire that whole house you're talking about probably 10 to $15,000. So it's significantly more but like I said, as far as I know, at this point, that's not a requirement for every insurance company and if yours does require you to do that, I would say shop around for four different insurance company to see if you can get away with just having an inspection and having it certified what kind of homes are likely to have aluminum wiring. In North Kildonan, Windsor Park, West St. James old St. Vital, homes that are built between the mid 1960s and up to about 1970- 76 are suspect in this. One home inspector tells me that aluminum wiring might have been used as late as 1980. Although I personally have not come across this, so likely 1968 to 1976. If you're in one of those areas in town, you can you can check easily pop a cover of one of the light switches or a plug and if you see a shiny silver wire, and then your home will have aluminum wiring, no need to panic, but it is one of the questions that when you're selling your home, there's a 19 question questionnaire called the property disclosure statement. And one of those questions Question number 15 asks whether you're aware that your home has aluminum wiring led plumbing or mold or radon gas etc. So if you are aware and you know that your home has aluminum wiring, you have to disclose it to the potential buyer. Now that's it for aluminum wiring. Like I said, it's not the end of the world. It is it is treatable, you can fix it and worst case scenario you have to replace the wiring but that's not the case. Yet there are there are mitigation steps you can take. In another episode I will talk about something that's a little more concerning and that is knob and tube wiring. And hey, if you're still with me at this point, why not grab my free podcasting app available for iOS and Android devices? It's super easy. Just go to Winnipeg dot tips slash Apple, four slash Android. That's Winnipeg dot t IP s slash apple or slash Android. That way you'll never miss another episode about Winnipeg, real estate or both. Unknown Speaker 6:35 You've been listening to Bo Kauffmann of REMAX performance Realty. Are you thinking of buying or selling a house or condo in Winnipeg? Cobo at 204-333-2202 remember bone knows real estate

Sanitizing Homes & Cars - New Product & Service

Looking to disinfect your car and home.  Protect from Covid-19, and other viruses and germs?  New product and service available now For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube Sanitizing homes and cars. Introducing a brand-new product and service here in Winnipeg coming up next.   You're listening to the Bo Knows real estate podcast, tips and advice for home buyers Sellers and owners with award-winning Remax Agent Bo Kauffmann.   All right, so a couple of weeks ago friend mine who is the business development manager at Eastside Collision is name is Doug McGuffin reached out to me and told me about a brand new product that they are importing or bringing into Manitoba and they hold the sport for I believe western Canada. And it's a product that helps people disinfect their cars and it can be taken a step further. So let me introduce Doug Magoffin and let's find out more about it.   All right, so I'm here with Doug  of East Side Collision and he's told me about a great new product that they got a hold of that helps sanitize, disinfect cars. Doug, tell me a little bit more about it.   Yeah, for sure Bo thanks for having me. So we came across a new product. It's called Environize natural vehicle disinfecting and sanitizing service and what this is about is it's a new way for us to clean and sanitize your vehicle prior to it coming into the shop just to ensure everyone's safety. With the recent events of what's going on nowadays, everyone's health and safety is of utmost importance. So what we've done is we've taken it upon ourselves to ensure the safety of our clients and our staff. So we're going to be sanitizing every vehicle that comes into East Side prior for repairs.   And after we return it back to the customer and what this product does it's a  fogging system that allows us to get into every nook and cranny inside a vehicle and the fogging machine will get in there with the solution our Environize solution and kill and destroy, in fact any of the harmful bacteria or viruses that may be in there. I kills everything like mold mildew, bacteria, viruses such as E coli, H1N1, covid. So everything that's out there nowadays if people are worried about this disinfectant cleaning will will take care of that.   So that's awesome. So if somebody brings in their car for Auto Pack repairs, you said you're going to do it when the car first comes in and then you can do it at the end when the car goes back to the customer as well.   Yeah, that's correct Bo. So we're going to bring it in we're going to disinfect it. It when it comes into the shop. So the safety of our of our technicians is going to be taken care of and then prior to releasing the vehicle back to the client after we've done our quality assurance test. The vehicle will be parked in our service Bay and it will be fogged One Last Time prior to us giving the vehicle back to the customer and all they do is they get in the car themself and drive it out the shop. So it is our version of a note touch service.   Now I can think of a lot of different companies and services that could benefit just from having their cars done even without Autopac repairs. So I'm thinking police vehicles, ambulance, taxis, moving vans, anything like that. Do you offer this service to somebody who is not going through an autopac claim?   Yes Bo. That's a very good question. We have had a number of people inquired about that have their own their secondary Vehicles whether or not they can have this service done. So there is a need for this and there are people that are interested in it. So for your regular passenger vehicle, it's going to be a wipe down and sanitizing fog of your interior. Vehicle and that cost is going to be 29.99  and we would ask that you would make an appointment for that service to be performed and it's just a matter of about a half an hour at the shop and you're on your way.   Tell me what number would they call to make that appointment?   You can call us at our main office number which is area code 204-237-7111, and any one of our helpful staff would be more than happy to book an appointment for you.   Is that just on the merrion street location, or is it elsewhere too    No this is available at any one of our three Facilities so we have our Marion shop at 847 for Marion Street. We have east side. truck collision which is out on Inkster in route 90 and then we also have Moray Auto Body and Glass on Moray St..   Okay, so that as exciting as that all is for cars what really gets me going is that you can offer this service to anybody who's moving into a house. Let's say for example, so let's say somebody bought a house from me and they're moving in next week. I could hire you to do this service for the house.   That is correct. So again, it would be the exact same application with the fogging machine. We come perform a general wipe down of any of the high touch areas such as your door knobs your light switches anything in the house that that you're touching on a regular basis and you may leave oil off your hands and your fingers the bacteria and viruses get trapped in that so just to take it a step further we wiped out on those high traffic areas and then it's just a matter of walking through the house with are fogging machine. And again, it gets into every nook and cranny and kills all the bad stuff that you don't want your house.   Okay, so you create a fog inside the house it settles and kills germs and viruses on contact is that what I understand?   Yes, that's correct.  The product is made up of chlorine, sodium and water and it's a very low dosages. It is approved by Health Canada. So there is a drug and identification number along with it as well. And again, it settles just like a fine do in the morning that you would see on your vehicle. It leaves no residue and you may smell a faint smell of a pool smell for 10 minutes or so on green. Yep. Chlorine spell yeah, right.   Awesome. That's that's really exciting. So REALTORS can just give you a call at that same number, and offer this as a service.   That's correct.   Well, okay so as dismissed settles that doesn't matter whether it's carpet or hardwood floors or linoleum on the floor. Does that matter?   No, it doesn't matter. We just try to keep it away from any electronic surfaces, of course because it is a wet application, right? But other than that it you would see no residue, it's really best to do when the house is empty when like just before you move your furniture and kind of thing problem. Yeah, it would be it would be a little bit more difficult to get in all the different areas if the house was full of furniture, but it would be best to apply it, you know in an empty house.   That sounds really exciting. Well, thank you very much Doug and I appreciate the time. No problem. Go have a great day. And thanks for having me you to take care Buddy .   All right, that was very exciting news. And so I'm now going to match it with this exciting offer if you're going to buy a house or a condo and use me as your agent and the house or condo is worth $200,000 or more. I will offer this service free of charge on The Possession data so that you know, you're going to be moving into a clean sanitized disinfect that house now keep in mind that the house itself won't be necessary cleaned, but all the germs on the viruses will be taken care of when you move in. So who do you know is looking to buy house or a condo April May and June because I Run this forever. I'm going to be having the service offered to you and performed for you on possession date remind me when you buy a house with me remind me of this offer that you heard it here. And I think this is a very exciting development for houses and for cars and hey, if you're still with me at this point, why not grab my free podcasting app available for IOS and Android devices. It's super easy. Just go to Winnipeg   dot tips / apple / or so. Android that's Winnipeg dot t-- / IPS apple or / Android that way you'll never miss another episode about Winnipeg real estate or both. You've been listening to Bow Kaufman of RE/MAX performance Realty. Are you thinking of buying or selling house or a condo in Winnipeg? Call Bo at 204-333-2202 Remember bo knows real estate.

Wellington Cr. Condo Market Report

Looking at the market for condos on Wellington Cr in Winnipeg.  Is now a good time to buy or sell one? For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube Condos on Wellington Crescent is now a good time to buy or sell one. Let's find out. You're listening to the Bo Knows real estate podcast tips and advice for home buyers Sellers and owners with award-winning Remax Agent Bow Kaufman. I've been producing Winnipeg real estate market updates for many years. It's a great way to see what's going on in our city. But real estate is even more local than that. Each neighborhood can have their own unique market conditions. So if you're curious about your area and Winnipeg email me at Bono's Homes at gmail.com, and I'll create a special report just for you. Alright, so the Wellington Crescent area is known for a lot of things very beautiful eclectic. Nice area great for walking, but one  of the things its known  for is its variety of condos and you have condos ranging from the mid 100's all the way up to the million-dollar plus so let's take a look at what that market looks like now and that's April 22nd 2020.   There are currently twenty two condos available on Wellington Crescent three between a hundred and two hundred thousand eight of them between two and three hundred thousand six between three and four hundred thousand to between four and five hundred thousand. And then it jumps up to the six to seven hundred thousand dollar range. There are two there and one is just shy of $900,000 now next. We normally look at how many have sold in the past two weeks and how many are currently pending sale? Well now there are no pending sales and none of them have sold in the past two weeks. So we jump to the Past 31 days   where we see that two condos have sold in the past month one between two and three hundred and one between three and four hundred both of them sold the Under asking price to less than full asking price, which is not unusual for condos. If we want to know whether or not the coronavirus has an impact on the market. We need to compare this time period to the same time period over the past couple of years and here we see that in the past 31 days as I said with sold to condos on Wellington Crescent while last year the same time period we sold for however the year before that we only sold one and in 2017 again we sold for so in this market does not appear to be a huge impact being made by the current conditions. So to answer the question is now a good time to buy a condo or Winnipeg in general has been a great buyers market for condos for the past few years certainly   that holds true for welding and Crescent as well with 22 listings price between the mid hundred and seventy thousand dollar range all the way up to just shy of 900,000. There is a lot of condos out there just looking for buyers. So if you're looking to buy a condo where there's on Wellington Crescent or anywhere in the city, give me a shout. It spoke. Man Remax Performance Tool for triple 3 2 2 and hey, if you're still with me at this point, why not grab my free podcasting app available for IOS and Android devices? It's super easy. Just go to Winnipeg dot tips / apple / or Android that's Winnipeg dot t-- I PS / apple or / Android that way you'll never miss another episode about Winnipeg real estate or both. You've been listening to Bo Kauffmann of RE/MAX performance Realty.   Are you thinking of buying or selling house or a condo in Winnipeg? Call Bo at 204-333-2202 To Remember bone knows real estate.

Hardwood Floors - Tips and Stories

Thinking of buying a home with hardwood floors?  Here are a couple of tips on how to check for them, and a funny story as well. For more real estate info, check my blog at https://blog.winnipeghomefinder.com Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. Check my videos on Youtube [00:00:00] Hardwood floors, 3 tips and one funny story coming up. [00:00:03][3.1] [00:00:07] You're listening to the Bo Knows Real Estate Podcast tips and advice for home buyers, sellers and owners with award winning Remax agent Bo Kauffmann. [00:00:17][9.9] [00:00:22] OK. So today we're going to talk about hardwood floors for a number of reasons. They've become really popular again. Some people think that they're just cleaner. They trap less allergens and dirt than carpets. Some people feel that a nicely finished floor adds a lot of warmth and color to the room and to the house adds a lot of class. For whatever reason, hardwood floors are a sought after feature in a house. [00:00:43][21.7] [00:00:44] So I can tell you that a house built between the nineteen hundreds and up to the late 1960s, it's quite possible that that house was built with hardwood floors originally. I can also tell you that in the 1970s something changed. Builders either got cheaper, maybe hardwood floors got too expensive, but the Qualicos, Flair's, Greentrees and engineered Homes of the 1970s and onwards did not include hardwood floors unless they were a custom built or especially requested by the buyer. Now, remember that fact because there will be a test at the end not saying 100 percent for sure that that question will be on it, but it would be a good one to remember. Wink-wink. [00:01:20][36.0] [00:01:21] If you're looking at something in River Heights built in the 40s and 50s, odds are that there is hardwood floors under those carpets. But how can you tell if the carpets are on there? Now keep in mind you're the buyer. That's not your house yet. You can't just peel back the carpet and damage stuff for the seller. So how can you tell? Well, there's a couple of really neat little tricks that you can use. [00:01:42][20.5] [00:01:43] The first one would be to look inside the closets. So go in the hallway, open a hallway closet. Again, odds are that if they laid carpet, they might not have laid it on the floor in the closet. So if you look at the floor in the closet and it's hardwood floors, well, then the chances are most likely that the hallway is also hardwood floors underneath that carpet. Just because you found carpet in one spot doesn't mean it's everywhere. So quite often they've had the living room, dining room and hallway done in hardwoods. [00:02:11][28.7] [00:02:12] But the bedrooms might be another story. So you have to look in the closets of each bedroom as well. And if you find it inside the master bedroom, make sure you check the second and third bedroom, because I just listed a house in the west end of West St. James, almost near the perimeter where the hardwoods are in the master bedroom. But the second and third bedroom are actually tiled floors. So what do you do if you can't find hardwoods in the closets? [00:02:35][23.3] [00:02:36] Well, another neat little trick is to lift the heat register, the floor heat register. So you lift that piece of metal out, that little diffuser plate and then you can lift the edge of the carpet and tell whether there's hardwoods or just plywood under there. [00:02:50][13.5] [00:02:50] So here's another tip. If you're looking at a two story home, or a story and a half. Whatever the configuration is, if it has a second floor, just because he found hardwoods on the main floor, it does not mean there's hardwoods on the second floor. In fact, quite often there is not. Quite often the second floor is covered either in vinyl, in tiles or they used fur or even pine. That might be wood, but it doesn't have the nice grain that you're looking for. Most of the hardwoods are either oak or maple. So but if you have a house built in the 1920s and 1930s, the upstairs probably does not have hardwood floors unless an owner subsequently added it. [00:03:28][37.7] [00:03:28] And one more tip. So you're walking into a house that's built in 1945 and the current owner has taken it upon himself to rip the carpets out, just to show you that there's hardwoods under there. That's kind of a neat little, little trick. It's not a trick, but it's a neat little thing to do. If you're selling the house and you want to show the prospective buyer that there is hardwoods on the floors. Now you walk through it and you see all these black stains, which quite often are water damage. And if if a black round stain appears in the middle of the living room or near one of the interior walls, it's probably a place where somebody had a plant sitting for many years. And as they were watering it, the water leaked and damaged the floor underneath it. That's fixable. [00:04:10][41.6] [00:04:11] But as you walking through the house, you see that it definitely does have hardwood floors. But they're in really rough shape. Maybe they got some deep gouges in it from a previous owners dogs that the claws have torn it up or just wear and tear away or marks, you know, like I said, those stains. So a common expression is, oh, yeah, you can easily refinish these for a couple of bucks a square foot. Well, not so fast. There is a finite number of times that you can finish refinish hardwood floors. So if this house was built in the 20s, then it was refinished in the 50s and then again in the 80s. Those hardwood floors are getting mighty thin because each time you refinished them, you send off an eighth or even three sixteenth of an inch off the top. [00:04:51][40.3] [00:04:52] So if you're looking at floors now that have been refinished twice already and they've got deep gouges in them, you may or may not be able to refinished them. All I'm saying is that when you go into the situation, don't automatically assume that you can bring those hardwoods back to their original shine. You may not just be aware of that possibility. Now, when I come back, when I have a funny story to share with you regarding hardwood floors. [00:05:14][22.1] [00:05:17] You're listening to Bo Kauffmann of RE/MAX performance realty. If you were enjoying the show, please subscribe so that you never miss an episode. Bell knows real estate. [00:05:27][9.7] [00:05:33] All right, so going back a few years, I had a couple looking for a house in Old St. Vital. Came across this listing that was about a 1978 built house. [00:05:43][9.5] [00:05:43] So here's the pop quiz member. I said earlier, there's gonna be a quiz. Well, here it is. If the house is built in the late 70s, what is it likely not to have? And if you said hardwood floors, you'd be right. Give yourself a pat on the back. [00:05:56][12.5] [00:05:57] But we walk into this house and it's got a gorgeous big living room. It's gotta be 14 by 18 feet. And the most beautiful hardwood floors you ever saw. The center of the room is covered by this big, beautiful Oriental rug. So as we're looking through the house, it became obvious that the house is not to my client's liking for a couple of different reasons. And anyway, they told me that they're not going to be putting an offer in on it. So just for giggles, I lifted the Oriental rug and I was stunned by what I found. And I called them over and showed them what's underneath the rug. They were really surprised. But like I said, they weren't interested in the house anyway. So we moved on. So I went back to the office and bumped into an agent who was quite excited because his buyers were going to put an offer on this house, one of about six or eight at the time. [00:06:41][43.4] [00:06:42] So I said to him, did you lift the Oriental rug. And he says, no, what are you talking about? I said, you know, that beautiful rug in the middle of the living room. Did you lift it to see what's underneath it? And he hadn't. So I told him what I found in his face kind of went white. He rushed off to the phone to tell his buyers and alert them to the fact. [00:06:58][16.1] [00:06:58] So what happened is the current owner installed some really beautiful hardwood floors. But this Oriental rug, that's about 10 x 12 feet. Hundred and twenty square feet. It was always going to be a centerpiece of the room as far as he was concerned. So why waste by twelve hundred dollars of hardwood if you're going to cover it up anyway? So underneath the oriental rug was just plywood, plain plywood sheets. [00:07:22][23.5] [00:07:23] So I challenge you to the next time you go into looking at a house that has a big oriental rug. I challenge you, knowing this story, not to lift that rug. I bet you can't do it. You're gonna remember the story that Bo told you. So I hope you enjoyed the story. [00:07:36][13.3] [00:07:36] And if you're still with me, why not download my free podcasting app available for ISIS and Android devices? It's pretty simple. Just go to Winnipeg, dot tips, slash Apple or slash Android. That's Winnipeg dot t I.P.S. Slash Apple or slash android. That way you'll never miss another episode about Winnipeg. Who will astate or both? [00:07:57][21.0] [00:08:01] You've been listening to Bo Kauffmann of RE/MAX performance realty, are you thinking of buying or selling a house or a condo in Winnipeg called WBO at 2 0 4 3 3 3 2 2 0 2? Remember, Bo knows real estate. [00:08:01][0.0] [447.4]

Closing Costs When Buying a Home

Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. These closing costs must be paid by the buyer of a house or condo.  They include things like Legal Fees Land Titles Costs Property Taxes Home Insurance Costs These fees can not be lumped into the mortgage but must be paid at the time of possession, by the buyer.   When buying a house or condo, what and how much are closing costs? We'll look at that next. You're listening to the Bo Knows Real Estate Podcast tips and advice for home buyers, sellers and owners with award winning Remax agent Bo Kauffmann. So in this episode, I want to take a look at what the additional costs are when buying a house or condo. And what we're going to see that it doesn't really matter whether it's a house or a condo. The costs are virtually identical with just the one main exception. And these are also the costs that a buyer has to come up with in the form of cash. They cannot be lumped into the mortgage or in the form of a loan. You could have an overdraft in your checking account that you used to pay for these, but basically you have to come up with that money at the time of possession. So we're not talking about CMHC fees. Those can be lumped into the purchase price. So, for example, a 300,000 dollar house fee putting five percent down your mortgage, you would expect it to be 285,000. That's three hundred minus 5% leaves two hundred eighty five thousand. However, with CMHC fees, you're going to quickly find that your mortgage is actually in the low to ninety two, ninety three, something like that. So we're not talking about those costs, we're talking about the additional costs you have to come up with at the time of possession. And they are basically four different things. First one is legal fees. We're going to talk about land titles, transfer tax. We will talk about property tax and home insurance. Now, there are other things like a mortgage insurance, which is optional. There's moving costs if you choose to do those. But those first four are pretty much mandatory. You have to have home insurance. You have to pay the taxes, the legal fees and the property taxes as well. So let's take a look at legal fees first. If you Google legal services. I'm sure you're going to find lawyers advertising, you know, a 399, 499 to buy a house. But there's fine print involved in all of those. And that is plus disbursements. And it's those disbursements that are really going to add up. What are disbursements? Anything from office fees, secretarial fees, photocopying rubber bands and staples all the way up to registering the mortgage on the title, which is usually about $200 and getting title insurance. Highly recommended. And that's about 250 to 300 dollars. So by the time it's all said and done, a buyer should budget between 12 and 15 hundred dollars for legal fees when buying a house or a condo to air on the side of caution. I would even advise to budget around fifteen hundred dollars. The next thing is the dreaded land titles transfer tax. And I used to think that Manitoba was the worst in Canada, but I recently talked to somebody who's moving to British Columbia and their rates are pretty much the same. So this these rates were set many decades ago and that's why you have things like or the first thirty thousand dollars are free, while $30,000 might have bought a house in the late 60s or mid 70s even, but certainly not today. So as a baseline, let me tell you that a 200,000 dollar house costs $1,720. This is a one time payment, and every dollar above two hundred thousand will cost you two percent. So two hundred thousand is seventeen twenty three hundred thousand dollar house will cost you $3,720 three hundred and fifty thousand dollar house will cost you $4,720. So basically every fifty thousand above that is another thousand dollars. It adds up quickly, especially if you're buying like a half million dollar house and you're you're talking about quite a significant amount of money that you have to come up with on possession date. Next is the property tax. And that's really a little bit more difficult to put in because it really depends on when you take possession. Pretty much worst case scenario is if you take possession halfway through the year, you'll have to pay half the year's property taxes. If you take possession earlier in the year, well before June, you're going to get a rebate or a refund from the current seller, but then you have to pay the full year's taxes in June. But you you have that money back that the seller gave you. So at least you have some assistance there. And if you take possession and let's say September, you're you basically only have to pay three months or four months that you're going to be living in the house. So this really depends on what the yearly rate is for the house, the neighborhood, et cetera, et cetera. It's safe to say that it's going to be several thousand dollars in most likelihood. So the three things that we've talked about thus far is the legal fees, the land titles transfer tax and the property tax. And it's interesting to see that all of those are pretty much identical for houses and condos, land titles, fee doesn't matter whether you're buying a house or a condo. Property tax rates in Winnipeg are exactly the same for a house and a condo. The mill rate and all that kind of stuff is calculated to the. Value in everything else, so condos are rated the same rate as a house. And same with legal fees in most cases, unless there might be some minor differences. But they're pretty much the same between a house and a condo. Where there is a difference is in home insurance. Home insurance in Winnipeg. Again, depends on the value of the house and the neighborhood. If if you're buying in a somewhat depressed or rougher neighborhood, rates might be a little higher. Also, if you're buying a really old house. Rates. Surprisingly, me by might be a little higher depending on the electrical service you have, the type of plumbing you have, etc. But you definitely got to set aside between a granddad. Fifteen hundred dollars for your average house insurance. Where that differs from condo is your condominium building is already insured as part of the condo fees that you pay every month. So you don't have to insure your building. You just have to insure your contents. What's called a content upgrade insurance for your condominium. Depending on whether it's a townhouse or or a high rise, your costs are likely to be around two hundred and fifty dollars a year as opposed to a thousand. So when you add all these costs up, banks usually tell the buyer to have between 2 two and a half percent, maybe even as much as 3 percent of the cost of the house is going to be your closing costs. So if you're buying a $300000 house, make sure you have at least six thousand dollars to cover the closing costs. Now there are some optional fees. One of them is, course, called mortgage insurance. Have a separate episode talking about that, the difference between mortgage insurance and life insurance. This is definitely optional. A bank has to offer you mortgage insurance, which is basically a form of life insurance that if you pass away, the mortgage gets paid off. Sounds like a really good thing, but there are a multitude of reasons why life insurance is actually preferred. Better, cheaper and know it's a better option than mortgage insurance. The other the other thing that you might consider is hiring a moving company to help you move depending on how old you are and how much stuff you got and how energetic you ha moving companies will cost you another depending on the size of the house. You could be another thousand dollars or so. So I hope this was helpful. These are the closing costs when buying a house or a condo. Not just in Winnipeg, but these were specific to Winnipeg costs. And if you found this helpful, next time you were looking to buy or sell a house. Give me a shout. And hey, if you're still with me at this point. Why not grab my free podcasting app available for ISIS and Android device? It's super easy. Just go to Winnipeg. Got tips? Slash Apple or slash Android. That's Winnipeg. Dot t I.P.S. Slash Apple or slash android. That way you'll never miss another episode about Winnipeg real estate or both. You've been listening to Bo Kauffmann of RE/MAX performance realty, are you thinking of buying or selling a house or a condo in Winnipeg called WBO at 2 0 4 3 3 3 2 2 0 2? Remember, Bo knows real estate.

Real Estate Stories - The Burned Down House

Never miss an episode. Install our FREE Podcast App available on iOS and Android. For your Apple Devices, click here to install our iOS App. For your Android Devices, click here to install our Android App. [00:00:00] You buy a house and it burns down before you take possession. You don't have to go through with it, do you? [00:00:04][4.7] [00:00:09] You're listening to the Bo Knows Real Estate Podcast tips and advice for home buyers, sellers and owners with award winning Remax agent Bo Kauffmann. [00:00:18][9.9] [00:00:23] I love law and I love history. And in Canada, our law has been based on British common law, which is something that has evolved over the centuries, literally over hundreds and hundreds of years. So I learned about this case a few years ago and I wanted to share it with you. I found it to be very interesting. So the story goes that in the mid 1500's, a home purchase took place in England and it resulted in a court case and ruling, which still impacts us today. Now, the names and the dates have been changed to protect the innocent, even though nobody from that time is still around. But the underlying facts are true. So let's go back in time and see what happened. [00:00:57][33.6] [00:01:00] It was a sunny day, March 30th in the year of our Lord, 1546. A buyer, Richard Smith, was viewing a gorgeous homestead in Upper Uxton, being sold by the longtime owner, William White. Mr. Smith was quite impressed and decided to make an offer. [00:01:16][15.6] [00:01:17] "I offer the total sum of a hundred gold coins and I would like to move into this home, on May the 15th, in the year of our Lord 1546". [00:01:24][6.7] [00:01:26] "I accept your offer. Let's put it in writing". [00:01:28][1.8] [00:01:28] And so the customary contract was drawn up with payment to come on the date of possession. On May 15th, the buyer arrived at his new home to find, to his horror that the place had burned down a week earlier, as a result of a freak lightning strike. As one might expect, the buyer was not happy and tracked down the Seller at his new home. [00:01:48][19.5] [00:01:55] "How can I help you?". [00:01:56][0.6] [00:01:57] "The place is burned to the ground on I'll not be concluding our purchase. You can keep your charred pile of rubble". [00:02:03][5.8] [00:02:04] "We'll see about that. I'm taking this to court.". [00:02:06][2.0] [00:02:06] The case went before the courts and the resulting ruling was a bit of a surprise to the buyer. "This court rules that are legally binding agreement was made on March 30th in the year of our Lord 1546, with the acceptance by the seller. And on that date the buyer became the new owner of the home. The sellers role switched from that of an owner to that of a caretaker of the property. It was the seller's responsibility to maintain the property to his best ability. However, a lightning strike cannot be prevented. Therefore, the buyer must conclude the transaction and pay the seller the agreed upon sum of money. [00:02:40][34.0] [00:02:41] And we're back in the present day. And remember how I said that our laws today are based on these old English court rulings? Well, the underlying reasoning for what we just heard still holds true today. A buyer becomes the actual owner of the property, the minute all conditions of the offer are satisfied. The buyer might not take possession for several weeks, but they are the owner and the seller becomes a caretaker of sorts. So how do we protect today's buyer from the taper scenario we just heard? I'll have the answer right after this. [00:03:08][26.9] [00:03:11] You're listening to Bo Kauffmann of RE/MAX performance realty. If you were enjoying the show, please subscribe so that you never miss an episode. Bo knows real estate. [00:03:21][9.7] [00:03:27] So you bought a house and it burns down between now and your possession date. How do we protect the buyers interest in this? Well, over the years, several clauses have been incorporated into the standard offer to purchase in Manitoba. Here is just a few examples. [00:03:40][12.7] [00:03:41] For starters, Section 4, (a) 3 states 'unless otherwise specified the property and all included items will be in substantially the same condition they were at the time with the offer.' This would include things like appliances, furnace, hot water tank, etc.. The interesting part here is the phrase substantially the same condition. What does that mean? What happens if the furnace quits? Is the seller obligated to replace it? What about a hot water tank? These are topics for another episode and we'll discuss them another time. [00:04:09][28.3] [00:04:10] But here's an additional section number 11 B 1, which states 'if the property suffers substantial damage, which is not repaired before the time of possession to substantially the same condition it was in prior to the damage occurring, the buyer may terminate this agreement'. [00:04:25][15.6] [00:04:26] As we can see, this places is the responsibility of protecting the property back onto the seller's shoulder. Although it specifies until the time of possession, I always tell my sellers to maintain home insurance for an extra week, maybe 10 days or so beyond possession date. Just in case the buyer doesn't show up to pick up his keys or for some reason walks away from the deal. You don't, as a seller, you don't want to be in a position where your place is uninsured while you still own it. Well, I truly hope you've enjoyed this episode and found it to be helpful. [00:04:56][29.7] [00:04:57] And hey, if you're still with me at this point, why not grab my free podcasting app available for AOS and Android devices? It's super easy. Just go to Winnipeg. Got tips, slash Apple or slash Android. That's Winnipeg. Doct t I.P.S. Slash Apple or slash android. That way you'll never miss another episode about Winnipeg will or both. [00:05:19][21.8] [00:05:23] You've been listening to Bo Kauffmann of RE/MAX performance realty, are you thinking of buying or selling a house or a condo in Winnipeg call Bo at 2 0 4 3 3 3 2 2 0 2? Remember, Bo knows real estate. [00:05:23][0.0] [278.8]

Southdale Market Report - Winnipeg Neighbourhood Report

Focused and specific to the Southdale neighbourhood for April 10th, 2020.   [00:00:00] Is now a good time to buy or sell in Southdale, Winnipeg? Let's find out. [00:00:04][4.0] [00:00:08] You're listening to the Bo Knows Real Estate Podcast tips and advice for home buyers, sellers and owners with award winning Remax agent Bo Kauffmann. [00:00:18][9.9] [00:00:21] I've been producing Winnipeg real estate market updates for many years. It's a great way to see what's going on in our city, but real estate is even more local than that. Each neighborhood can have their own unique market conditions. So you're curious about your area and Winnipeg. Email me at Bo Knows Homes at G-mail dot com and I'll create a special report just for you right now. [00:00:43][22.1] [00:00:43] In early April 2020, we have seven attached and detached homes available in Southdale, three between 200 and 300 thousand, one between three and four hundred, two between 400 and five hundred thousand and one just over six hundred thousand dollars. [00:00:58][14.9] [00:00:59] There's currently one pending sale, so the buyer just needs to get financing or something along those lines and that is between 400 and five hundred thousand dollars. Over the past two weeks, we've sold five houses in the Southdale area, one between two and three hundred, two of them in the three to four hundred range and two of them in the four to five hundred range. In that last one, one sold just under a list price and the other one sold actually over list price, likely indicating multiple offers in that sale. [00:01:25][26.5] [00:01:26] Now, looking back over the past month, it looks like we've had eight final sales, one between two and three hundred and five of them in the three to four hundred thousand dollar range. And then those two sales between four and five hundred. [00:01:36][10.6] [00:01:37] Now, that's all well and good. But here's the important comparison. How does this 31 day period compare to the same 31 day period in the previous three years? So currently, including the one that's conditionally sold, we've made a total of nine sales in the 31 day period. [00:01:53][16.0] [00:01:53] Last year it was 10. So we're right on track with last year. 2018 there was only four. And we'd have to look at the weather map. I suspect that maybe we had a snow storm or some event happen that kept sales to just four sales in that 31 day period. [00:02:09][15.2] [00:02:09] And in 2017 we had 12. So currently we're right on track. COVID or no, the market in Southdale seems to be right on track with what is happening over the last few years. So what does all this mean? Well, with just seven listings available between 230 and 630 thousand dollars, Southdale is a good market right now to list your home for sale. So if you're looking to buy or sell in Southdale or anywhere else in Winnipeg, give me a shout at 204-333-2202. This has been Bo Kauffmann RE/MAX performance realty. [00:02:39][30.0] [00:02:40] And hey, if you're still with me at this point why not grab my free podcasting app for your phone available for iOS and Android devices, super easy. Just go to Winnipeg, dot tips slash Apple or slash Android. That's Winnipeg dot T I P S, slash Apple or slash Android that way you'll never miss an episode about Winnipeg, real estate or both. [00:03:02][22.1] [00:03:06] You've been listening to Bo Kauffmann of RE/MAX performance realty, are you thinking of buying or selling a house or condo in Winnipeg called Bo at 2 0 4 3 3 3 2 2 0 0 2? Remember, Bo knows real estate. [00:03:06][0.0] [171.4]