The Bower Blog

The Emotion of Buying and Selling Real Estate

This year has been interesting.  I am an accredited Senior Agent, meaning that I have extensive training in the art of working with seniors.  At one time in my career, I lived in an area dominated by senior citizens.  I enjoy working with them; there is usually a lot to do by way of decluttering and guidance and my normally fast paced life slows down into a sense of calm and order when walking my senior friends through the daunting task of selling their home.  Lately the task has shifted to working with the family members of a senior, either by way of an estate or they have gone into a different way of life (living with family, condo, health facility or assisted living).  There is a strong sense of loss and emotion when the family members are dealing with estate sales.  At the end of it, there is closure but it is also the end of an era for them.  My heart feels for them.

On the other hand, the buyers are usually younger and some are inexperienced.  It feels good to walk them through a successful real estate transaction.  Often the emotions are extremely high in this regard as well.  In Toronto, we are still experiencing a shortage of listings, particularly in hot areas.  Consequently, the dreaded (to buyers) multiple bid situation arises.  Most seasoned agents are not crazy about multiple bids.  It can be cut throat, intimidating and volatile; I have been on the receiving end of multiples and on the bidding end.  I have also been critized on a few occasions for extending the registration time.  When we "hold up" on offers, meaning have an offering date and time, we often put in our listings a suggested time for registration.  This is only a suggestion.  Things happen.  Sometime people honour it but periodically an agent will call and say I'm late, I'm in traffic, I had a car accident, whatever and they ask if you can postpone the presentation/registration time.  If I am working prudently for my seller, then it is my job to preview and present ALL offers.  Sometimes the last offer coming in is the best; sometimes not.  I have had both scenarios.  Inevitably we have to ask ourselves "who am I working for?"  If we are under contract with the seller on a listing, then our fudiciary duty is to them.

I like to think that if I was late coming in on an offer for a Buyer, that the same courtesy would be extended to me; not sure, everyone is different on how they behave in that process.

Another thing that has come up lately is the exclusive listing.  When we are in a centre like Toronto, we expect Spring to be very busy.  I can USUALLY predict that after March break, a slew of listings come on the market.  We had a bit of a blip with this, but not the usual 30 or 40 listings coming up in certain areas.  Consequently some agents are getting listings exclusively and not putting them on the MLS.  I suspect this is with the intention of selling it themselves but I must say, this is NOT in the best interest of the seller.  When a property hits the market in a hot area, bidding often ensues and again, the seller generally benefits from an escalation in pricing.  It comes down to, again, "who am I working for, myself or my seller?"  There is a code of ethics with realtors.  MOST of us follow them.  Some don't.  It comes down to emotions and there are always emotions involved when buying or selling a home.

Cheryl Bower

www.CherylBower.com

 

Real Estate Opinions

Every year around this time, the North Toronto Post publishes opinions from experts in the field of Real Estate.  The panelists include:  Brad Lamb (Condo Developer and HGTV personality), Dr. Sherry Cooper (Chief Economist, BMO), Garth Turner (Real Estate Author), Elise Kalles (Real Estate Agent, Carriage Trade), Mike Eppel (Senior Business Editor, 680 News), Elli Davis (Royal LePage realtor), Harry Stinson (Condo Developer) and Barry Cohen/Jerry Hammond (sales representatives with RE/MAX). 

Last years' roundtable was a lively discussion about our Real Estate market.  This year, the experts were again, optimistic for the most part with caveats.  Most of the panel agreed that 2010 was a great year for Toronto real-estate, despite concerns of over-leveraged households.  Sales held up while price increases were moderated.  This was largely due to the dramatic decline in mortgage interest rates and easing in credit conditions by CMHC (Canada Mortgage and Housing Corporation) over the years.  There have been some corrections in credit; 35 year amortizations were cut back to 30 (as a maximum) this past March. 

As usual, Garth Turner had a doom and gloom attitude: "it seems clear we're in a period of deflationary angst." As someone in the trenches I mostly disagree with a negative attitude toward real estate purchases.  Here is the bottom line in respect to purchases and lending practices:

We have an incredibly stringent lending policy in Canada so comparisons to the U.S. melt down are not valid.  Canada has pulled back from 40-year amortizations and 0 per cent down payments.  Minimally you need at least 5% which is still low, but at least there is some monetary input.  The amortizations are now 30% or less.  We have wonderful government incentives for first time buyers still in place. 

I also believe that purchases of homes are not only financial as Mr. Turner points out, but emotional.  People need and want a place to live, hang their hat and have something to call their own.  One question poised to the panel was: "Would you recommend to your son or daughter to buy a home in this market now, with a reasonable down payment and standard mortgage terms, or wait it out and risk being priced out entirely?  I have a son in this category.  He is very diligently saving for a condo/townhome.  I have recommended Liberty Village area as this seems to be the price point that he could afford (maintenance fees are affordable and taxes not too bad).  My advice to him would be to have at least 10% down payment and to lock into a mortgage for 5 years.  I am a big fan of variable mortgages but for my son it would be better for him to have a consistant amount to pay every month.  We are going to start looking soon.   One of the stipulations of my son purchasing was that he put quite a bit of his own money into the kitty, even though his dad and I would help.  My father (RIP) put money aside for all of the grandchildren so there is a good portion of his down payment already in place.  Can I time everything for my son perfectly?  Probably not, but I believe in Real Estate and think we live in a fantastic country that has protected us by having conservative lending policies.

Cheryl Bower

www.CherylBower.com

 

The Ebb and Flow of Life

I spent five hours at the Veterinary Emergency Clinic on Yonge Street, around the corner from my home, last night.  It's unnecessary to describe Elmo Bower's symptoms, but it is sufficient to say, he is there until Monday.  Poor little son.  I don't know if it is my instinct as a mom having had two boys to raise, but I knew yesterday something wasn't quite right.  Elmo gets walked 3 times a day and he just wasn't himself.  The horrible thing is he is shaking fearful of Vets.  Probably an early childhood trauma with a needle.  The love we have for our animals really cannot be quantified.  Vets cost a smal fortune (thank goodness I got my tax return back Friday!) however there is no amount too large that I would not pay.  Tommy Bower (RIP) had a disc problem when he was about 8.  It was suggested he have an operation.  It cost $2,500.00, a small fortune for me at the time, as I was a single mom.  I begged and borrowed that money.  He was a new dog after that operation.  It was worth every borrowed cent. 

I feel fortunate that Skyler and Beau did not have many incidents when they were little or now.  Sky once ran into a wasps nest in the backyard-that was bad.  He put his hand on a hot burner when he was a wee lad-that was bad.  He and Beau were jumping on a bed and he got a giant goose egg on his head.  We were in the Florida Keys and rushed him to hospital.  $350.00 later, they told us to watch his head, that head wounds often just looked really bad-it's a resilient thing, heads.  Anyway, I fainted once we arrived at the hospital; they slipped me a free valium.  Both the boys have lost adult teeth.  For the life of me, I can't remember why.  It would seem it could have been from fighting but I suspect they were just horsing around with friends.  Frankly they still do and Beau is 35, Sky is 27.  Brother. 

Anyway, it's all in the ebb and flow of our lives.  Things happen, we deal with it.  I'm glad I'm in a city where care can be had at the blink of an eye.

 

Cheryl Bower

www.CherylBower.com

 

32 Chilton Road

 
 
In the heart of Old East York, this classic 1922 Craftsman Style bungalow features rich wood trim, two fireplaces, hardwood flooring that has been covered by broadloom for over 40 years.  It sits on a 34 X 112 foot lot and has a private drive with garage.  Agent Open House today 11:30-1:10.

Public Open House Saturday and Sunday from 2-4 p.m.

Hope you can stop by!

Cheryl Bower

www.CherylBower.com

 

Seniors on the Go (A Transitional Company)

About three years ago, a group of us at RE/MAX took a course called Senior Agent.  The context of the course was, in my estimation, quite brilliantly led by Barry Lebow.  In it, he described an aging demographic and how best to deal with our seniors.  There was much resistance in the course to one concept:  value added paid service above and beyond the commission.  In other words, payment for the additional things we, as agents, bring to the table.  I have never implimented this aspect of the course-it is hard enough sometimes fighting for our fee of 5 or 6%.  I did, however, put together a small, subsiduary company as part of my business called "Seniors on the Go".  In it, I established how best to deal with our seniors.  Most of my business this year has been with a more mature demographic.  Consequently I have dusted off the hours of work I did putting together Seniors on the Go and used it in 2 presentations yesterday.  Frankly, and I'm very proud of this, there was a lot of valuable information.  When seniors are selling, whether they have to for health reasons or whether they are moving because the home has just gotten too much for them, there are many factors to consider.  In most cases, the people have lived in their homes for many years.  As a result, there is much emotion attached to the property.  Also in many cases, there are years of memories by way of nik naks, photos and sentimental clutter.  Wading through this is often a monumental task to undertake.  Often, in the case of estate sales, the "decluttering" is left to family members.  Part of the package I provided was information and phone numbers for Habitat for Humanity, Waddington's (auctioneers), Jewellery appraisers, Handymen....the list goes on. 

Since I love working with seniors so much, my next step is going to be putting together a comprehensive checklist, so everything becomes easier for my senior friends and their families. 

When we go to sell a home, we often take for granted that people watch all the home staging shows we do; I like to think that getting back to the basics of helping people transition is really what we are about.  That help, in my opinion, should always extend beyond the sale. 

Cheryl Bower

www.CherylBower.com

 

A Gardener's Itch

Last Thursday was a warm day.  As a result, I decided to pop into my backyard and see what up.  This past winter has ravaged the lawn as discovered in my exploration.  Some large plants are leaning over and of course there is the usual residue of animal "stuff".  I got to cleaning up as the City of Toronto had their first garden pick up this past week.  I also popped down to Canada Blooms.  The show is expensive, $20.00 + $13.00 for parking, however if you want a blast of spring, this is the place to be.  In conversation with one of my gardening friends yesterday, he said that if your shoe leaves an inprint in the lawn, you're in your backyard too early.  In other words, wait a few weeks.  If you are a gardener, two weeks is a lifetime!

I cannot wait for the first bloom of my deep purple tulips in the front lawn.  Right after, the pink ones pop up.  In the back, the climbing hydrangea starts to bud, as do the hostas.  I love seeing the lime green colours of spring.  I've enclosed a picture from last year's garden to remind myself that it's coming!

 

Cheryl Bower

www.CherylBower.com

Springing into The Spring Market!

 

I fell in love with the owner of this home 26 years ago when I moved onto Rivercourt Blvd.  Helen was, and remains, one of the most loving people I had ever met.  She loved Skyler, my son.  He was/is like her; mostly smiling, funny, filled with light.  Last December I got a call from the family that Helen had passed away in August of 2010.  I mourned her.  We used to have tea at least twice a year.  When the family contacted me to list Helen's home, the memories flooded back; tea on good china in the dining room, posies of flowers on the table, little cookies and Helen's smiling face.  This much loved family home will be on the market on Tuesday March 22; there will be an open house Saturday and Sunday from 2-4 p.m. (32 Chilton Road, Pape and O'Connor).  Miss you Helen.  I hope someone as beautiful moves into your home.

Cheryl Bower

www.CherylBower.com

 

One Skunk, Two Birds and Three Buds=SPRING!

While out for our morning walk, Elmo and I encountered a skunk.  I don't know who was more surprised.  I scooped Elmo up and walked on the other side of the street.  Even though we are in a very urban environment, my backyard and neighbourhood are full of wildlife.  There are racoons the size of 30 pound dogs racing around.  Scarey creatures, racoons.  I scoop Elmo up when they are around, too.  He doesn't even go in the backyard on his own, particularly at night.  There are at least 10 (that I've counted) nests in the backyard of various species of birds.  My particular favourites are the Blue Jays and Cardinals for their colour, however the Robins are neat, too.  Last year a robin mom created a nest on my front porch, just inside one of the posts.  I used to watch her out the window.  I think one day a squirrel must have got into her nest as there were broken egg shells on my porch when I came home one night.  The mom robin was sitting on a wire outside.  Call me crazy, but it's like she waited for me to tell me what happened, then flew away.  I gathered the nest up and gave it to my neighbours' daughter.  She's an animal freak. 

I was able to sneak away for a few days to Fort Lauderdale last week; the weather was beautiful.  For some reason, this winter has been particularly hard.  Usually I can hunker down and roll with it, but I was just wilting with the cold.  The mini break was just what the doctor ordered.  March break has been Real Estate quiet, however I have a new listing coming up after the break.  Lovely Craftsman style bungalow in the heart of the Golden Triangle Village at Pape and O'Connor.  34 X 112 foot lot.  I will enjoy marketing this.  Photos to follow.

My son text me last week excited to have our E-bikes out.  Can't wait.  With the gas prices going up, the E-bike will be a welcome reprive. Lots of fun, too.  Skyler has a leed on inexpensive e-bikes (electric bikes, no license required)  If anyone is looking for one, give me a holler.

Cheryl Bower

www.CherylBower.com

What to do on a rainy, now snowy day

Wow, from yesterday's record rainfalls to today's dog dream, I could not keep up with Elmo Bower this morning!  He is a snow dog for sure; the minute he saw the white stuff, he was off.  These old bones were creaking around the block.  Now he's flat out on the couch-the run was just too much for him!

So what does someone do on a really rainy day? Well, Evergreen is still my favourite for food, bread, etc. and my favourite jewellery gal, Dianne was there selling her wonderful vintage stuff.  She's going to try and make it every couple of weeks, but if you can't get down there, she can be reached on-line through Etsy (www.Etsy.com) under Diba Jewlry (yes, that's the American way to spell it-she sells a lot there) By the way, Etsy is fantastic if you are looking for any kind of hand crafted art, jewellery, paintings...you name it.  My friend Jackie Spafford also sells her jewellery through Etsy-really neat stuff.

In the afternoon, I toddled down to the Artist Project at the Queen Elizabeth Building, Exhibition Place.  What a great venue! It is on today from 11-6 p.m.  I have an opinion about selling your own art.  Some people just shouldn't do it.  They are artists and should leave the selling part to either a professional or someone with a bubbly, effervescent personality.  Case in point, I liked someone's work at the show but he was so un-enthusiastic and downright rude that I didn't want to buy. On the other hand, last year I met Alison Hodson (www.alisonhodson.com)  She is originally from Oakville and now lives out in B.C.  She is a mixed media artist and takes photographs and sews on them.  They unfortunately cannot be captured in photos but when you go up close, it gives you goose bumps; the art is so fine and detailed and just fantastic.  Last year I commissioned a red barn door.  We love it; it's at the bottom of my stairs and every day it makes me happy. Pieces of her art are shown here.  I just love Alison; she is engaging, grateful, young and happy to be doing something she loves.  Priceless.

 

 

Other very honourable mentions I am considering are: 

Gabrielle S. Castonguay (www.gabriellescastonguay.com) She works in metal and fused glass.  I am really considering her work; it is lovely as was she.  She represented her work well.

Mary Karavos (www.karavosart.com) Mary was talkative and bubbly; she really likes what she does.  Her paper collage art was brilliant.  Really liked it.

Finally, I fell in love with this elephant at Dana Jaunzemis's booth.  Her website is:  www.danathebird.com She is a ceramicist, mixed media and personalized jewellery designer.  She was a really neat gal and had a wonderful elephant done in birchbark.  Wish I'd taken a picture. 

Anyway, if you are an art affectionado, check it out.  Lovely show and they have a wine bar!

Cheryl Bower

www.CherylBower.com

 

 

Authentic Happiness

Last night I went to visit a dear neighbour from my old neighbourhood who turned 97 years old this week.  There is a group of lovely ladies and gentlemen who annually get together to celebrate Anne.  She's an astonishing woman, planting huge gardens every year (she's Ukrainian, like my mom), makes homemade bread every Saturday and was even seen last year climbing a ladder to clean or fix her eaves!  I've loved her for years.  Last night we were howling and teasing her about some of her antics from years past. 

The people who celebrate Anne are a special group; one lady Pat and her partner Bob live in my old home.  Ann, the organizer, is just that; always thoughtful, always taking Anne and the neighbours under her wing.  Plus, she makes homemade ice cream!  It doesn't get better than that.  I met other special people too; Anne Marie, Bill and Jallen.  You know, I didn't want the evening to end.

There were engaging conversations in a comfortable setting.  I was told of a book and website called Authentic Happiness.  (www.AuthenticHappiness.com) I shall pick it up today.  There was a quiz you could take called VIA Survey of Character Strengths, 240 questions that answer what your top 5 characters strengths are.  It turns out my characters strengths are:

1.  Appreciation of Beauty and Excellence: I notice beauty and excellence and/or skilled performances in all domains of life, from nature to art to everyday experiences.

2.  Love of Learning: learning new things, reading, museums-anywhere and everywhere there is an opportunity to learn.

3.  Creativity, Ingenuity and Originality: thinking of new ways to do things; never content with doing something the convential way if a better way is possible.

4.  Curiosity and Interest in the World:  curious about everything, always asking questions and find all subjects and topics fascinating.  I like exploration and discovery.

5.  Industry, Diligence and Perseverance:  Working hard to finish what is started; no matter what the project, getting it out the door in a timely fashion.  No distractions when working and take satisfaction in completing tasks.

Anyway, take the little quiz; it's about 20 minutes but fun to see what you may excel at!

Cheryl Bower

www.CherylBower.com