Important information for home owners!

In case you have not yet done so, now is a good time to report the sale of your principal residence.

Before 2016, if you sold your property, and it was your principal residence for every year you owned it, you did not have to report the sale to claim the principal residence exemption. Now you do.
Canada Revenue Agency advises you to amend your tax return as soon as possible for any year in which you forgot to report.
CRA is getting tougher with people when it comes to reporting the routine sale of their home, even when there is zero tax owed.
Fines can be as high as $8,000.

For more information, have a look at Canada Revenue’s website.

Above and beyond any of our expectations

From start to finish Tim worked with us above and beyond any of our expectations!  He answered all our questions accurately, timely and honestly.  Tim explained the selling and buying process and all the little things you just don’t think about. Our house sold in less than 2 weeks and we are grateful to Tim for making the process smooth and easy.

Adam, Christina and Ryerson

Pricing Your Home

pricing-thoughtsYour house might be clean and the exterior painted, but none of that will matter if you list your home for sale at the wrong price.  If you’re planning on putting your home on the market, determining your asking price is one of the most important decisions you will make.  Don’t be fooled into thinking you can start off with a high asking price, and then just cut the price later if you need to.  If you want your house to sell quickly, overpricing is not a good strategy.  When you price your home too high, potential buyers will likely ignore the listing.  Then, when you eventually drop your price, buyers will see just how long the house has been on the market and they’ll assume you’re a desperate seller, which you may be at this point.  It also sends the signal that there is room for even more negotiation.  However, if you price too low, well, no one wants to leave money on the table.  So how do you go about determining a fair price?  This is where we come in. Ask the Salisbury Team to prepare a Comparative Market Analysis for you and rather than just listening passively to what we recommend, engage in a real conversation about what buyers are looking for in this market and how your home stacks up.  Are there improvements you can make so buyers would be willing to pay a higher price?  Discuss your timeline to sell and if you should price differently based on that timeline.  Once you think you’ve come up with a good price, put yourself in the buyer’s shoes and see what else you could get for the asking price of your home.  Often sellers are too emotionally attached to their homes to objectively place a value on the property. Once you start looking around to see what else is selling for that price, you might have a better idea of how appealing your house is in the current market.

We were so excited to see the SOLD sign today.

Ben And Reiko BurleighWe were so excited to see the SOLD sign today. We really can’t believe how fast our house sold. Timothy’s approach and expertise made this process so easy for us. Thanks to Timothy and his team. They have done a remarkable job in so many ways!  If anyone is looking for a realtor to sell or buy a house, we would definitely recommend Timothy and his team.

Ben and Reiko Burleigh

Going above the call of just real estate services

Georgina Hansell.jpgWith my schedule, it was good to have people on The Salisbury Team looking after my house and the sale.  Timothy made it happen very fast and I was glad for that. The Salisbury Team with its additional services helped with the sale of furniture and goods and made several suggestions to help with my move, going above the call of just real estate services.  Thank you!

Georgina Hansell 

Niagara Association of REALTORS® February Market Report

NAR_logoMarch 11, 2014, Niagara – The Niagara Association of REALTORS® (NAR) reported 414 property sales processed through the NAR Multiple Listing Service (MLS®) system in February. This represents a 16.29 per cent increase in sales over February of last year.

The residential average sale price of $233,101 was 0.38 per cent higher than last February. The average days on market increased from 62 to 68 in the residential freehold market and from 60 to 81 in the condominium market.

“Every community in NAR’s market has its own localized residential market, said Carolyn Bones-Poley, Chief Executive Officer, Niagara Association of REALTORS®. “We are pleased to offer this statistical overview of Niagara’s housing market and will be doing so on a monthly basis moving forward,” said Bones-Poley. [Read more…]

5 Ways Home Sellers Can Prepare for the Spring Market

With spring being the busiest time for real estate, homeowners planning to put their homes on the market shouldn’t wait for flowers to bloom before getting ready to sell. Having a few months to prepare can make for a much smoother selling experience.

If you’re a prospective home seller, here are five things you can do now to get ready for a spring sale:

Start Packing

It may sound crazy to start packing months in advance of your move, but since you’ll eventually need to do this anyway, you might as well get organized now. We’re not suggesting you pack up your kitchen and eat off paper plates, but you can sort through your storage closets, attic, basement or garage to determine what you want to keep, what to give away and what to sell. Boxing up items will make your space look larger and neater when it’s time to show your home. You can also get an idea of whether you need to rent a storage facility while your home is on the market. [Read more…]