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Buy a House on Amazon

Tue, 27 Aug by Pauline Relkey

Amazon dives into home sales with new $105K property

With 3 bedrooms and 2 bathrooms, the new home dwarfs the tiny homes Amazon began selling earlier this year

The latest offering is a 3 bedroom, 2 bathroom home. Titled “The Cliff” and manufactured by Estonian wooden structure distributor Q-haus, the property, which boasts an open kitchen, dining room and sauna, dwarfs the guest houses and backyard pool cabanas that previously sold on Amazon.

The home weighs 44,000 pounds and arrives in two modules that can be assembled by “two skilled workers,” according to the listing.

Furniture and appliances are also included.

While the home is currently unavailable on Amazon (without a timeline on when it will be), the notion is that interested buyers will be able to add it to their cart and get it delivered. According to Q-haus, buyers sign a contract of purchase, after which it will take approximately 3 months to produce and ship. The house has been designed by architect Kertti Soots and went up on Amazon last week.

Currently, Amazon offers an array tiny homes on its site, including a build-it-yourself garden house and a 12-foot transparent igloo dome. Due to the uniqueness of these designs, the homes are typically ordered on demand rather than kept in stock.

Saskatchewan Crime Watch Advisory – Fraudulent attempts to rent properties for sale

Mon, 19 Aug by Pauline Relkey

This applies to anyone that has a property for rent or for sale and also for people looking to rent. Home owners, google your property address regularly and look for false ads. If you find any, contact your local police or RCMP. Renters, google the rental address you are inquiring about to see if it is listed for sale also. If so, contact the realtor to see if this is a false rental ad.

The following advisory went out this past weekend:

This is a message from the RCMP Saskatchewan Crime Watch Advisory Network.

Fraudulent attempts to rent sale properties – Yorkton RCMP file # 20191183436.

It has been brought to the attention of the Yorkton RCMP that culprits have tried to secure damage and rental deposits for sale properties which are not theirs.

This is a reminder to exercise caution when replying to ads for rental properties. Ensure you speak directly with the REALTOR® or homeowner. Do not e-transfer, wire or mail any money if you can not verify the property representative’s identity and information.

Thank you.

If you have information related to this advisory please call 9 1 1 or 310-RCMP.

To sign up please go to www.saskcrimewatch.ca.

The Difference Between a Banker and a Broker

Tue, 26 Feb by Pauline Relkey
A mortgage banker works for a bank or similar lending institution which actually provides you the money for the mortgage. A mortgage broker works with many lending institutions to shop for a loan for a specific individual. The broker is a middleman between you and the lender.

The difference between a banker and a broker comes down to the products each can offer and where their allegiances lie.

While using a mortgage broker seems like it would save you money because they have access to many lenders and programs, brokers are paid commissions by the mortgage company and some lenders pay more than others or offer perks. When working with a Bank, that loan officer only has access to their own mortgage  programs and mortgage rates. A banker is paid by the bank, to make the bank money, by selling you services, while a mortgage broker is paid by the lender they choose for your mortgage provider.

Either way has its pros and cons.

Both have access to various mortgages. The broker might have more companies to work with, but banks and credit unions are becoming more flexible with their products in order to compete.  You still need to shop around. Word of mouth from a trusted friend or family or from your realtor is a good way to start. Friends and family do mean well, but as a Realtor I can tell you that I have come into contact with many bankers and mortgage brokers over the last 28 years and always try to find you the best match.

You will likely have to meet with either a mortgage banker or mortgage broker, as they need some basic info about you and your income and expenses.  You typically don’t pay either for their research or time. When you choose your mortgage and get it in place, either will then be paid.

You will still negotiate on terms and rates with either.

Renewal Time?

If you have a mortgage up for renewal, or you would like to refinance, it is always in your best interest to check around with a mortgage broker and/or with the lender who currently holds your mortgage. Just because they were the best option previously, that doesn’t mean they will be the best option in the future.

If you or someone you know is considering a new mortgage or renewal, let’s connect to get you the best mortgage options available!

Seniors and Reverse Mortgages

Wed, 08 Aug by Pauline Relkey

A reverse mortgage is a loan that allows you to get money from your home equity without having to sell your home. You may be able to borrow up to 55% of the current value of your home tax-free.

Eligibility for a reverse mortgage
To be eligible for a reverse mortgage, you must be:
a homeowner
at least 55 years old. If you have a spouse, both of you must be at least 55 years old to be eligible.

Qualifying for a reverse mortgage
Your lender will consider:
your home equity
where you live
your age
your home’s appraised value
current interest rates

In general, the older you are and the more home equity you have when you apply for a reverse mortgage, the bigger your loan will be.

Accessing money with a reverse mortgage
You may choose to get the money from your loan through:
lump-sum payment
planned advances, giving you a regular income
a combination of both of these options
You must first pay off any outstanding loans that are secured by the equity in your home with the funds you get from your reverse mortgage.
You can use the remainder of the loan for anything you wish, such as:
pay for home improvements
add to your retirement income
cover healthcare expenses

Repaying the money you borrow with a reverse mortgage
You don’t need to make any regular payments on a reverse mortgage. You have the option to repay the principal and interest in full at any time.
Interest will be charged until the loan is paid off in full. The interest will be added to the original loan amount, which increases the loan amount over time.
If you sell your house or if you move out, you’ll have to make payments. When you die, your estate will have to repay the loan.

Costs to get a reverse mortgage
Costs associated with a reverse mortgage may include:
higher interest rate than for a traditional mortgage
a home appraisal fee
a closing fee
a prepayment penalty if you sell your house or move out within 3 years of getting a reverse mortgage
fees for independent legal advice
Shop around and explore your options before getting a reverse mortgage.

Compare the costs and impact of the following:
getting another type of loan, such as a line of credit or credit card, etc
selling your home
buying a smaller home
renting another home or apartment
moving into assisted living, or other alternative housing

Where to get a reverse mortgage
Two financial institutions offer reverse mortgages in Canada:
HomEquity Bank offers the Canadian Home Income Plan (CHIP). It is available across Canada directly from HomEquity Bank or through mortgage brokers
Equitable Bank offers the PATH Home Plan. It is available through mortgage brokers in Alberta, British Columbia and Ontario
Your financial institution may offer other products that might meet your needs.

Pros and cons of a reverse mortgage
Before you decide to get a reverse mortgage, make sure you consider the pros and cons carefully.
Pros
You don’t have to make any regular loan payments
You may turn some of the value of your home into cash, without having to sell it
The money you borrow is a tax-free source of income
This income does not affect the Old-Age Security (OAS) or Guaranteed Income Supplement (GIS) benefits you may be getting
You still own your home
You can decide how to get the funds

Cons
Interest rates are higher than most other types of mortgages
The equity you hold in your home may go down as the interest on your loan adds up throughout the years
Your estate will have to repay the loan and interest in full within a set period of time when you die
The time needed to settle an estate can often be longer than the time allowed to repay a reverse mortgage
There may be less money in your estate to leave to your children or other beneficiaries
Costs associated with a reverse mortgage are usually quite high compared to a regular mortgage

Questions to ask a lender about reverse mortgages
Before getting a reverse mortgage, ask your lender about:
the fees
any penalties if you sell your home within a certain period of time
how much time will you or your estate have to pay off the loan’s balance if you move or die
what happens if it takes your estate longer than the stated time period to fully repay the loan when you die
what happens if the amount of the loan ends up being higher than your home’s value when it’s time to pay the loan back

Myth: The bank owns the home.
Fact: The homeowner always maintains title ownership and control of their home and they have the freedom to decide when and if they’d like to move or sell.

Myth: The bank can force the homeowner to sell or foreclose at any time.
Fact: A reverse mortgage is a lifetime product and as long as property taxes and insurance are in good standing, the property remains in good condition, and the homeowner is living in the home, the loan won’t be called even if the house decreases in value. Reverse mortgages provide peace-of-mind that the homeowner can stay in their home as long as they’d like.

Myth: Surviving spouses are stuck paying the loan after the homeowner passes away.
Fact: Surviving spouses can choose to remain in the home without having to make a payment unless they choose to sell the home.

Myth: The homeowner cannot get a reverse mortgage if they have an existing mortgage.
Fact: Many people use a reverse mortgage to pay off their existing mortgage and debts, freeing up cash flow for other things.

Myth: A reverse mortgage is a solution of last resort.
Fact: Many financial professionals recommend a reverse mortgage because it’s a great way to provide financial flexibility. Since it’s tax-free money, it allows retirement savings to last longer.

Home is where the heart is, but it’s getting more difficult for seniors to stay in their homes.
93% of Canadian Seniors live at home and prefer to age in place.
60% of retired Canadians say staying in their home is critical to their quality of life.
700,000 Canadian senior-led households face a housing affordability challenge.
Canadian seniors who live alone at home experience poverty at nearly twice the rate of other seniors.
1 in 4 Canadian senior-led households are spending more than 30% of their income on housing.
Only 1/3 of the Canadian workforce is covered by a registered pension plan down from 37% in 1992.
Almost 30% of Canadians who are nearing retirement have $50,000 or less in savings.
35% of those nearing retirement plan to use the value of their home to generate retirement income.
Nearly 70% of Canadians nearing retirement are still carrying debt.

THE TAKEAWAY
Most seniors prefer to live their retirement years at home but live on modest incomes and may face challenges to their financial security. Canadian seniors do benefit from access to CPP, OAS and housing assets but are feeling the pinch.

Tips for the First-Time Home Buyer

Wed, 25 Apr by Pauline Relkey

When venturing into the world of home ownership, first-time buyers often find themselves having to make important, fast decisions in what feels like a surreal situation — after all, it might have only been a few weeks since owning a home seemed more like a far-off daydream than an immediate reality. A few common sense tips will help you navigate these unfamiliar landscapes as you move towards one of the biggest financial decisions of your life.

1. Get pre-approved
Though a pre-approval isn’t a guarantee that you’ll get a mortgage when you’re find a property, having one can give you a firm grasp on what you can afford before you start looking. A pre-approval from your bank or lender will save you time by narrowing your search to a more precise selection of homes, and this, in turn, can protect you from the all-too-common disappointment that follows setting your heart on a house you can’t afford.

2. Don’t expect your standards of living to change
It’s bound to happen: you see a house that maxes out your budget, but you imagine you can make it work by cutting out things like morning coffees, cellular data and cable TV. Remember, ‘roughing it’ for the sake of your house quickly loses its charm, and you’ll soon regret the lack of wiggle room for things like new furniture, redecorating, or unexpected repairs. Don’t regret your first home — avoid becoming ‘house poor’ by staying below the upper limit of what your bank is willing to lend you.

3. Make a list and check it as many times as it takes
Each property you consider will have its own unique combination of pros and cons, and going through them can feel a little like comparing apples to oranges. Don’t expect to stay clear-headed when the house with the poor walking score has the kitchen of your dreams; instead, stay on track by building a list of “must haves” and “nice to haves.” Though your list might evolve over time (especially if the “must haves” are rare for your price range), having a set of self-imposed guidelines can keep your search on course when you’re feeling overwhelmed by options.

4. Don’t confuse “first home” with “forever home”
Most first-time buyers start out a little starry-eyed, imagining that new home will be stylish, spacious, efficient … basically, everything they’ve been dreaming of. In reality, being able to afford a house that has everything you want is pretty rare in the first go-round, which can make you feel so discouraged you start closing yourself off to the available options. Remember, your ‘starter home’ doesn’t have to meet all the criteria of your ‘dream home,’ and the equity you’ll build for the next few years will get you closer to your goal.

With so much new information to absorb, steps to take, and decisions to make, buying a first home can feel like a rollercoaster ride. It’s important not to lose your head throughout all of it. Taking a few steps to keep your expectations rooted firmly in reality can help you glide through the process and feel confident in your final decision.

Want to be on TV?

Tue, 24 Apr by Pauline Relkey

I have been contacted by CBC to see if I have owners selling houses/looking to downsize/interesting stories/also if anyone is buying a cottage and what that experience is like for Canadians across the country.

The casting call will be sent out soon.

Four days of filming.

Selling between June and October 2018.

Let me know.

Some Basic garbage and recycling hints

Mon, 09 Apr by Pauline Relkey

This is a Facebook link to City of Regina. Very basic and kind of funny. Seems like they are teaching us how to tie our shoes. Click on the volume button bottom right to hear what they are saying.

Cart Instructions

Waste Wednesday:Watch John as he learns the four easy steps to using his recycling and garbage carts.Learn more at Regina.ca/waste

Posted by City of Regina | Municipal Government on Wednesday, April 5, 2017

8 Things to Consider Before Selling Your Home

Mon, 26 Feb by Pauline Relkey

As winter moves closer to the finish line, the annual spring real estate market heats up. There are many things to consider before you put your home on the market – here are 8 of the more critical ones.

1. Budget

Know what you can afford so that you don’t stretch yourself thin. Talk to your mortgage person.

2. Know the costs.

There are plenty of expenses when selling your home. Some are straightforward such as renovations and paying for movers. Others may not be as obvious – nor who pays for them – such as land transfer taxes (buyer pays), real estate agent commissions (seller), mortgage insurance (buyer), legal fees, bank fees and possibly capital gains taxes.

3. Find out your home’s worth.

Knowing how much you’re likely to get for your home can dictate how much you may be able to afford when buying another house. Do your research by checking what similar homes have sold for in your neighbourhood. The best way to do this is to meet with your Realtor who will be listing your house for sale.

4. Choose a real estate agent.

You can choose to sell your home yourself to save the commission fees – but you also incur all the responsibility for writing legal contracts. Of course, I suggest that you choose a trusted real estate agent who knows your area and by asking for referrals. If your Realtor helped you find your present property and has stayed in touch with you, give her/him a call.

5. Decide when to sell.

Do you sell during the traditional peak markets of spring and summer or or off-season? Selling during the peak means more buyers and possible bidding wars, while selling off season means fewer homes competing with yours. As the saying goes, 6 of one and half a dozen of the other.

6. Add visual appeal.

Creating curb appeal is an obvious benefit, but don’t forget to freshen up the interior as well. Make any minor renovations, declutter and consider staging, because professionally staged homes typically sell faster and for more.

7. Get a home inspection done.

While buyers will probably get their own inspections done, having one ready says that you’re confident in your home and have nothing to hide because you have taken care of what work is needed – it provides peace of mind for everyone.

8. Coordinate closing dates.

Being able to move from one home to another on the same day can be hectic and cause you stress. Hopefully you can take possession of your new place before you have to be out of your present one. If not, you may have to either rent another home short-term, put belongings in storage and generally cause unnecessary upheaval in your life. Talk to your bank about bridge financing.

Do you know your Credit Score?

Wed, 14 Feb by Pauline Relkey

GET YOUR CREDIT REPORT
Your credit history is an important part of your future – it can open doors for you or keep them locked. Decisions including approvals for loans and mortgage or rental applications may be affected by your credit history.

Make payments on time and always pay at least the minimum amount required
Notify creditors as soon as you move to ensure bills will arrive at your new location on time
Notify creditors right away if you experience problems making a payment
Review the accuracy of your credit report by checking with one of the two largest credit reporting agencies – Equifax or TransUnion
To receive a copy of your personal credit report, please send a written request to one of the following credit reporting agencies:

EQUIFAX CANADA INC.
Consumer Relations Department
Box 190 Jean Talon Station
Montreal, QC
H1S 2Z2
Phone: 1-800-465-7166
Fax: 1-514-355-8502
www.equifax.ca to complete and mail Equifax’s Credit Report Request form.

Requirements:
Equifax requires a written credit report request including your name, address, date of birth and Social Insurance Number (optional). Please also include photocopies of two forms of identification (both sides) and remember to sign your request.

TRANSUNION OF CANADA
(For all provinces except for Quebec)
Consumer Relations Centre
P.O. Box 338, LCD 1
Hamilton, ON
L8L 7W2
Phone: 1-800-663-9980
7 a.m. until 8 p.m. ET, Monday to Friday
Visit www.tuc.ca for TransUnion’s Consumer Relations Information form

TRANSUNION (ECHO GROUP)
(For Quebec residents)
1 Place Laval
Suite 370
Laval, QC
H7N 1A1
Phone: 1-877-713-3393 or 1-514-335-0374
8:30 a.m. until 5 p.m. ET, Monday to Friday
Visit www.tuc.ca for TransUnion’s Consumer Relations Information form

Requirements:
TransUnion requires a written credit report request including your name, address, previous address (if present address is less than five years), phone number (optional), date of birth, place of employment (optional), and Social Insurance Number (optional).

Please also include photocopies of two forms of identification (both sides) from the following list:

Driver’s Licence
Passport
Certificate of Indian Status
Age of Majority/Provincial ID
Citizenship Card
Department of National Defense Card
Firearms Possession and Acquisition Licence (with photo only)
Social Insurance Number (optional)
Credit Card (primary account holder)
Or, you can include one or more of the above along with one of the following:

Credit Card (secondary account holder)
Birth Certificate
Legion Card
Hunting/Fishing Licence
T4 Slip
Student Card (only with photo, signature and currently enrolled)
Employee ID/Union Card (only with photo, signature and current employer)
If more than one member of your household is requesting their credit report, each separate request must contain all of the above information.

January Residential Sales and Home Prices Move In Opposite Direction

Mon, 12 Feb by Pauline Relkey

2018 has started off to a solid start compared to the 2 previous years in Regina. (Personally I am saying not much of a change).

143 sales in Regina compared to 139 in 2017 = 2.8%.

The Home Price Index reported a price of $279,400 down from $293,600 one year ago. The downward direction on prices is because of the over supply of properties and it’s pushing sellers to keep reducing their asking prices.

We have 1,133 active residential listings on the market at the end of January, over 20% increase from 2017.

The ratio of sales to new listings for the month was 30% (meaning only 30% of listings sold). Still a buyer’s market.  Condos make up almost 30% of the listings which is high.

Click here for the full report.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.