Monday, December 3, 2018
Tuesday, November 27, 2018
Friday, November 9, 2018
London and St. Thomas Association of REALTORS® (LSTAR) announced a record 906 homes were sold in October, up 11.9% over the same month last year. The number of home re-sales in October marks the best monthly total for October since LSTAR began tracking data in 1978.
"It was a very strong October, with home re-sales high above the 10-year-average," said Jeff Nethercott, 2018 LSTAR President. "One of the trends we saw in October was a healthy increase in the number of new listings to the marketplace. October had 1,171 new listings, up 38.1% compared to October 2017. Average sales price continues to make steady gains as well all across the region."
"Although inventory (what is called active listings) has seen a record low in 2018, October actually had a slight gain," Nethercott said. "Last month, there were 1,553 active listings in LSTAR’s jurisdiction, up 3.0% from October 2017. The sales-to-new listings ratio was 77.4%, which the Canadian Real Estate Association (CREA) says represents conditions in the marketplace that favour sellers (a ratio between 40% and 60% is generally consistent with a balanced market).
The market here in the Grand Bend area has been very active as well with homes/cottages selling well in the fall market and there are more listings on the market compared to the summer. Our average price this year has been steadily rising with some areas increasing over 20%.
Thursday, November 8, 2018
Wednesday, October 24, 2018
Thursday, September 27, 2018
Wednesday, September 26, 2018
Monday, September 24, 2018
Thursday, September 20, 2018
Wednesday, September 19, 2018
Friday, September 14, 2018
Tuesday, September 11, 2018
Monday, September 10, 2018
Estate Executors Have To Balance Family Needs And Best Options
At An Emotionally-Charged Time
The recent death of legendary singer-songwriter Aretha Franklin initially posed a quandary for her four surviving sons. Because she didn’t leave a will, her $80 million fortune – including Franklin’s numerous real estate holdings – likely will take longer to divide, and the process could become complicated.
Although Franklin’s sons appointed her niece to execute the estate, the situation brings to mind how family feuds and other problems can potentially result when inheritance portions aren’t clearly defined, or when an executor may be in over their head. Many newfound executors can face uncertainty and feel stress when inheriting a property after the death of a loved one.
“Inheriting a property can come as a shock and may feel like an insurmountable obstacle,” says Alex Lehr (www.lehrrealestate.com), a real estate broker and author of The Unexpected Sale: Guidance For The Executor/Administrator Of An Estate. “Especially in the wake of a family tragedy or death, being the executor of an estate can be challenging. And usually the biggest asset in an estate – and the most difficult to resolve – is a house.”
Lehr provides a list of important decisions the executor might face when a house is part of an inheritance:
- To keep, rent or sell. Competing interests among siblings can make the right decision difficult. “Caught in the middle, the executor has to ask the heirs to keep their emotions under control and put the rational facts on the table,” Lehr says. “Selling is often the best decision if medical bills, tax issues or other reasons require cashing out. And it produces a specific amount that can be divided equally.”
- Can you manage a property investment? When considering keeping the property in the family, the executor needs to be objective about the beneficiaries’ dependability. “Would you choose the other beneficiaries to be your partners in any long-term investment?” asks Lehr. “Could they get divorced, go bankrupt or bring other entanglements?” And if you decide to rent the property, Lehr says there are issues to consider such as the local market for rentals and your ability to maintain the property.
- Establishing value of the property. If one heir or beneficiary wants to buy the house, the estate must determine the market value and get a fair price for the heirs and beneficiaries. “One way is to get two appraisals, and to look at estimates from a real estate website such as Zillow,” Lehr says. “Alternatively, the executor can put the property on the market with the expressed provision that one of the heirs has the right of first refusal to match the highest offer.”
- Repair and renovate? The executor must make sure the house is maintained in good condition, necessary repairs are carried out, and that it’s kept insured. “An executor can be personally liable for failure to maintain a property that results in losses for the heirs,” Lehr says. “But how much work is worthwhile before putting a home on the market? That’s a big question that depends on the property and circumstances.”
- Furnished or unfurnished? It’s not unusual for an inherited home to be filled with a 30-year accumulation of stuff. “In most cases, when the property goes on the market, thinning out the furnishings will help it show better,” Lehr says. “Nine out of 10 buyers first see the home in online photographs.”
“Being an executor is a high-responsibility, time-consuming, and often thankless job that people often take on while grieving,” Lehr says. “It’s up to the executor to assess not only the physical assets of an estate, but also the people and emotions involved.”
Wednesday, August 15, 2018
Wednesday, August 1, 2018