House & Home

THE BIDDING WAR TREND IN REAL ESTATE

What’s causing them? Are they here to stay? Allan Asplin, President, Judy Lindsay Team Realty explains what’s behind the latest real estate trend.

ALLAN ASPLIN

The road to homeownership is paved with endless viewings, open houses, possibility and disappointment. Not long ago, securing your dream home ended in a playful tussle with countering offers testing the limits of sellers and buyers. Buyers would offer a little under asking and sellers would counter, asking a little more, but throwing in the basement pool table.

Deal!

Today, these charming scuffles are a thing of the past. If you’ve been watching the housing market in Manitoba, you’re witnessing a different road to homeownership – and it’s a road that ends in a blind bid blood bath.

While it’s certainly not the case every time (and happens less than you imagine!), we’re seeing a trend where homes that receive multiple offers sell for significantly above their asking prices. In real estate circles, the trend is known as a “bidding war”.

“The supply and demand for real estate is certainly a factor in what’s happening right now,” says Allan Asplin, President, Judy Lindsay Team Realty. “In actuality, the same number of houses coming to market - but with low interest rates and investors looking for rental properties, there are more buyers than there are houses for sale.”

Asplin believes that there is also a psychological element at play.

“People do irrational things when they’re stressed and needless to say, it’s been a stressful past year,” Asplin says. “Buyers who have been looking for a while become afraid they’re never going to get a house, which results in dramatic bids for a place they don’t want to lose. This causes an artificial inflation in pricing. We know the price isn’t reasonable, but it’s driven by emotions.”

When today’s buyers put an offer in on a home, it’s not uncommon to be in a situation where their bid is competing against other offers. “The code realtors follow is in place to make it fair for everyone,” Asplin says. “The agent representing the seller cannot disclose any details of any offer to another party. All they can disclose is that there are multiple offers and may advise their client to put in a competitive bid. Just how competitive that bid is, is up to the prospective buyer.”

Understandably, buyers who are frustrated, stressed and tired of walking away with a losing bid may make an emotional offer in an effort to end their search and secure a home.

Is there any end to this in sight? Unfortunately, Asplin believes homebuyers will continue to make dramatic bids into the foreseeable future. “This trend is here to stay as long as interest rates remain low, people have their jobs and there’s a belief that the market is limited,” Asplin says. “If you’re a buyer, be patient. Yes, it’s a crazy market - but work with your realtor and know your numbers. Home ownership is a long-term investment. At the end of the day, you should feel good about what you paid for you home.” 

On the SURFACE

BY THE CABINET CO & DARRIN BAUMING

On the surface, counter top and backsplash choices seem simple. Find a colour and style you like, order, install, and you’re set.

Look closer, and there’s more than meets the eye if you desire upgraded surfaces in your home. Whether a new kitchen countertop, shower or bathroom surface, or maybe the addition of a feature wall in a living space, there are numerous considerations in ensuring you find something ideal for your lifestyle.

Popular surfaces include natural materials like granite and more recently wood, while human-made materials like quartz, laminate and Corian offer a variety of colour and finish options in a wide array of price points. QUARTZ

Quartz has emerged as a very popular choice, but horizontal kitchen and bathroom surfaces are not the only places quartz is leaving an impression. New trends have seen thin slices of quartz — unlike the thick pieces used for counters — being used in place of tile. With clean, warm textures and shades, quartz can add glamorous appeal to a fireplace, shower surround, or backsplash. Why not create feature wall? Bring quartz into a new living space to add some shine.

While lack of heat resistance remains the primary consideration in quartz, its low overall maintenance makes it an attractive choice.

GRANITE

There is little surprise why granite has remained an industry standard for many years. While in the upper tiers of pricing, granite is still a leading choice because of is its near-unmatched quality and the lasting value it provides.

Far from plain in look and feel, granite is just plain gorgeous.

Atop the checklist; great durability and heat resistance, excellent colour and visual texture options, in addition to the added re-sale value granite provides if you ever decide to sell your home.

While price is often the overwhelming reason people look beyond granite, maintenance is another consideration to keep in mind. Some granite needs to be resealed from time to time as it is porous, leading to the chance of staining and acid etching.

LAMINATE

Laminate countertops have been around, it seems, forever. But they now offer the look of more expensive and higherend options. Be careful though, as heat can severely damage laminate surfaces. With plenty of options at the fraction of the cost of others, laminate may be the right choice for you.

CORIAN

Corian offers near-endless possibilities. A brand name product, Corian is manufactured by blending acrylic polymers with stone-derived materials, presenting countless colour and pattern options that can emulate almost any natural stone or even wood.

While strong, easy-care, and stain-resistant, Corian can be damaged. But reassurance can be taken in that it has a repairable finish. What truly stands out is its ability to provide that seamless look with a joint-free installation.

Imagine a waterfall countertop fluidly cascading from the backsplash to the countertop and then horizontally down the sides of your bottom cabinetry. While expensive, Corian offers application flexibility no other material can provide.

WOOD

Wood countertops? Oh, yes. The butcher block wood is now technologically advanced to be fully food-safe, waterproof, and impact resistant with a specialized sealing process. Matte finish results, in maple, cherry, walnut, and more.

Handcrafted by Canadian artisans, Caribou block wood surfaces provide applications from countertops and tables, to shelving, mantels, or any other application imaginable. cariboublock.com

Whether you seek lasting quality, great value, or a look like no other, you can find the surface for your home to fit any lifestyle. 

HYDRANGEAS

The Beauty of the Ball

BY THE MINT EXPERIENCE

An old fashioned charm that’s hard to resist. We love hydrangeas for their immense, colorful flower heads and their low maintenance care so that we can take the time to appreciate their beauty.

These elegant shrubs are easy to cultivate, will tolerate almost any soil – making them a prairie favorite – and produce fabulous blooms. Hydrangeas are ideal for gardeners of all skill levels and can accommodate many backyard styles – from containers to large groups to border plantings.

When to plant hydrangeas Hydrangeas make for exceptionally beautiful container plants. To plant your hydrangeas, it is best to plant them in the spring after the last frost or in the fall before the first frost. Be sure to plant them before the summer heat arrives.

Where to plant hydrangeas These girls know the effects of the sun and prefer to be planted in partially sunny areas. Ideally, full sun in the morning and partially shaded later in the day to be protected from the hot midday sun. While some varieties are more tolerant of the heat from the full sun, too much heat can lead to wilting.

Your hydrangeas know the benefits of H2O, so plant them in well draining soils that receive plenty of water.

How to plant hydrangeas When planting a number of hydrangeas, plant them 3 to 10 feet apart, depending on the type and the space available. Dig a hole as deep as the root, and about 3 times as wide. Set the plant in the middle and fill it halfway with soil, and then water. Once the water is absorbed, fill the rest of the hole with soil. Water once more.

Caring for your hydrangea These beauties love love love water, so be sure they are getting plenty. In their growing season, water at a rate of 1 inch per week. It is best to give them a deep watering 2-3 times per week as it will encourage root growth. It’s best to water them early in the day to prepare them for the afternoon heat.

No need for additional fertilizer if your soil is already rich. Too much fertilizer will bring out more leaves at the expense of the blooms. Specific varieties do require difference applications of fertilizer at different intervals throughout the year.

The word hydrangea comes from the Greek “hydor” meaning water. You will be sure to notice how your beauty loves and soaks in the water! In the flower world, they also symbolize gratitude for being understood. The sheer size of the blooms are sure to leave its admirers in awe for their sweet scent and vibrant colors. 

IN THE FLOWER WORLD, THEY ALSO SYMBOLIZE GRATITUDE FOR BEING UNDERSTOOD.