Get Representation. Dealing directly with the bank is extremely risky. If you are going to be looking at foreclosures, find an agent you trust and sign a buyer’s representation contract. Then that REALTOR is working for you! When I represent a buyer, it costs nothing to that buyer because my commission is paid for by the seller. I can help a buyer understand if the list price by the bank is a fair price for the property and in its current condition.
When you find that perfect foreclosure, I, as your agent, assist you in putting together the best offer for the situation and negotiate on your behalf. Good homes are seeing multiple offers. If you find an almost perfect foreclosure, chances are several other buyers will like the home too. A listing agent is working for the bank. Don’t you think you deserve to have a professional REALTOR working directly for you?
Get Ready to Waive Goodbye to your Right to a Disclosure. Ontario does not require that the seller of a home disclose all known defects to the property. The banks will require you to sign a waiver to the disclosure where you will waive your rights to receiving a homeowner’s disclosure. This is not negotiable as the bank representative did not live at the home and does not have any way of knowing the condition of the property.
Inspections are Critical. Buying a foreclosed home means buying a home in AS-IS condition. That means the bank will not warranty that anything in the home is working and will not make repairs to any part of the home. A complete home inspection is designed to give you a picture of the current condition of the property and if any major repairs will be required to make the home habitable.
The additional expenses to Repair and Maintain. You might have made a great deal in buying the foreclosure, but what condition is it in. The inspection can only see what is visible, not hidden. The bank has given you the mortgage but have you factored in the additional costs to repair a home that was neglected. What if the furnace breaks down, the roof leaks, the appliances that seemed to be in good working order were really on their last legs?
Don’t Overlook Traditional Sellers. Homes being sold by a traditional home seller in this buyer's market are in most cases priced to sell! This is good news buyers. Sellers understand they are competing with banks that have only a financial not emotional interest in the property. So homeowners needing to sell have to check their emotions at the door and price their home accordingly. A lovingly maintained property with where a seller is obligated to answer your questions about any leaks, mould, age of appliances, exhisting warranties, etc., at a rock bottom price could still be the best deal for a buyer.
If you are buying, selling or relocating to Toronto and need help from a professional REALTOR®, who is WORKING FOR YOU give me a call (416) 488-7875 and ask for Diane Plant or visit my website. I know Toronto.
Tuesday, December 30, 2008
Sunday, December 21, 2008
Isn't this the craziest weather?
It started Friday with that awful snow storm. People were stranded all over the city-in bus terminals, airports, subways, malls and on the roads. Businesses and schools closed early.
Saturday was beautiful. The major roads were clear but the Holiday shopping made moving about Toronto hectic.
Sunday had its ups and downs with the snow. We woke up to snow covered roads and driveways again. It turned sunny in the early afternoon and then the sky darkened and the snow blew in furiuosly again. It's 4:00 p.m. and all is calm once again.
This year we decided to finally get a snowblower, after 10 years of trying to make that decision. Last year did us in. Shovelling out 6 times in one day-that was enough. Well we have 110 ft of driveway and it gets cleared out now in about 15 minutes with the heaviest snow. This was the best investment.
We are babysitting our pug-shitsu/beagle "grandchildren". They are having a blast in the snow. We put on their hoodies and off they go.
I must say cudos to the people who work for the city-they are clearing our roads in record time.
Saturday was beautiful. The major roads were clear but the Holiday shopping made moving about Toronto hectic.
Sunday had its ups and downs with the snow. We woke up to snow covered roads and driveways again. It turned sunny in the early afternoon and then the sky darkened and the snow blew in furiuosly again. It's 4:00 p.m. and all is calm once again.
This year we decided to finally get a snowblower, after 10 years of trying to make that decision. Last year did us in. Shovelling out 6 times in one day-that was enough. Well we have 110 ft of driveway and it gets cleared out now in about 15 minutes with the heaviest snow. This was the best investment.
We are babysitting our pug-shitsu/beagle "grandchildren". They are having a blast in the snow. We put on their hoodies and off they go.
I must say cudos to the people who work for the city-they are clearing our roads in record time.
Friday, December 12, 2008
Its a Buyers market! Now is the time to make your dreams come true
The housing market is historically cyclical. Every phase of continued price increases has been followed by a period of declining values. The last up cycle was from 1983 to 1989. It’s therefore not surprising that after the boom of the last 11 years, we’re currently experiencing a housing market correction. In most parts of the country, the days of being able to profit from buying and selling a property quickly is over, at least for a while. Owning a home and building equity in real estate is likely to remain a sound long-term investment.
We are now experiencing a “buyer’s market.” What is a “buyer’s market”? Simply put- a market in which there is a greater supply of homes for sale than buyers who want to buy. For the first time since 1997 buyers do not have to rush into a buying frenzy and make irrational decisions in “bidding wars”. There are now more homes on the market in all neighbourhoods than there are buyers prepared to make offers. The number of days a home is on the market has been increasing causing declining sales figures over previous months. Qualified homebuyers are in an enviable position to negotiate.
Almost 85% of first-time buyers today start a home search online. However, many buyers are unaware that the data and websites they are viewing could be outdated. Now is the time to sign your self up with an experienced professional Realtor who has previously worked in this kind of market. Along with your Realtor, do your homework. Ask your agent to include your e-mail address on their database so you can receive daily MLS listings, both new and reduced prices, thereby gaining access to the same information agents receive though out the day. I offer this great service directly to my buyers that fit their personalized search criteria. This service truly saves the buyer from driving all over the place, wasting precious gas, and educates you about the current Toronto and Greater Toronto Area real estate market inventory.
If you are considering purchasing a home, this could be your golden opportunity! Here are some solid reasons why you have an advantage:
1) Pre-qualified buyers.
If you do not have a mortgage specialist-ask your realtor for a referral. When you start your home search you will know exactly what you are pre-qualified to spend and will only look at those properties that fall within that range and you don't waste your time being overwhelmed by the choices. You can offer on a home with confidence that the mortgage will be approved (if the house is appraised by the bank at or below what you offered).
2) Lower interest rates
Today’s long-term fixed mortgage rates are low. The Bank of Canada once again dropped it’s prime rate once again on December 10 to 3.5%. Todays historically low interest rates mean you’ll benefit from increased buying power. It is also a good time to take out a variable mortgage rate because interest is fluctuating and you benefit when it goes down.
3) First-time buyers who don't have a home to sell.
A back up of inventory is partially responsible for the big slow down. If you as a the first-time home buyer can get over your fear and confusion about what " the market" is doing, you not only will help yourself by purchasing a home, but you will be part of the overall solution to help correct this market.
4) This is a true buyers market
the best in 11 years! Decide on area, and must have amenities before looking at homes. This will save you from becoming exasperated by the experience. Now is the time you will be able to buy in areas that you thought you were never going to be able to afford in a “bidding war” market. It also means you can afford to be more discriminating and take the time to find a home with all of the features that you are looking for.
Sellers are often ready and willing to " make a deal" in many cases, regardless of the asking price. This translates to out of pocket money you might not save in a different market. You can ask sellers to take back a mortgage, and get creative in contract inclusions such as appliances and repairs required as outlined in the home inspection.
5) New Home Builders Sales incentives
Many builders are beginning to offer incentives to lure buyers. They do not want to be sitting on inventory. In some cases, they’re offering price discounts or complimentary extras such as granite kitchen countertops, custom cabinetry, upgraded carpeting, top of the line appliances and gourmet kitchens.
The fundamentals of the Canadian economy and today’s buyer’s market suggest that now is an excellent time for prospective buyers to explore opportunities to buy a new home.
The bottom line is that buyers have never had a wider selection than they do now, besides the ability to buy a home at prices that are considered by many to be quite affordable. It’s hard to say how much the housing prices will decline. Whether home prices continue to decline or go back up, this may be the best time for homebuyers.
Follow your Dreams, not the market! Will you regret not buying your first home in this down market? Will you be comfortable buying later in a potentially rising market? My professional advice is to seize the opportunity and do what is best for you and your family. Don't try to second-guess the market. Create your own economy by enjoying the incredible ongoing benefits, pride and enjoyment of home ownership. It is the Canadian dream. Make your dream a reality. It's truly your market! Confer with your agent, explore the market, then buy, buy, buy!
We are now experiencing a “buyer’s market.” What is a “buyer’s market”? Simply put- a market in which there is a greater supply of homes for sale than buyers who want to buy. For the first time since 1997 buyers do not have to rush into a buying frenzy and make irrational decisions in “bidding wars”. There are now more homes on the market in all neighbourhoods than there are buyers prepared to make offers. The number of days a home is on the market has been increasing causing declining sales figures over previous months. Qualified homebuyers are in an enviable position to negotiate.
Almost 85% of first-time buyers today start a home search online. However, many buyers are unaware that the data and websites they are viewing could be outdated. Now is the time to sign your self up with an experienced professional Realtor who has previously worked in this kind of market. Along with your Realtor, do your homework. Ask your agent to include your e-mail address on their database so you can receive daily MLS listings, both new and reduced prices, thereby gaining access to the same information agents receive though out the day. I offer this great service directly to my buyers that fit their personalized search criteria. This service truly saves the buyer from driving all over the place, wasting precious gas, and educates you about the current Toronto and Greater Toronto Area real estate market inventory.
If you are considering purchasing a home, this could be your golden opportunity! Here are some solid reasons why you have an advantage:
1) Pre-qualified buyers.
If you do not have a mortgage specialist-ask your realtor for a referral. When you start your home search you will know exactly what you are pre-qualified to spend and will only look at those properties that fall within that range and you don't waste your time being overwhelmed by the choices. You can offer on a home with confidence that the mortgage will be approved (if the house is appraised by the bank at or below what you offered).
2) Lower interest rates
Today’s long-term fixed mortgage rates are low. The Bank of Canada once again dropped it’s prime rate once again on December 10 to 3.5%. Todays historically low interest rates mean you’ll benefit from increased buying power. It is also a good time to take out a variable mortgage rate because interest is fluctuating and you benefit when it goes down.
3) First-time buyers who don't have a home to sell.
A back up of inventory is partially responsible for the big slow down. If you as a the first-time home buyer can get over your fear and confusion about what " the market" is doing, you not only will help yourself by purchasing a home, but you will be part of the overall solution to help correct this market.
4) This is a true buyers market
the best in 11 years! Decide on area, and must have amenities before looking at homes. This will save you from becoming exasperated by the experience. Now is the time you will be able to buy in areas that you thought you were never going to be able to afford in a “bidding war” market. It also means you can afford to be more discriminating and take the time to find a home with all of the features that you are looking for.
Sellers are often ready and willing to " make a deal" in many cases, regardless of the asking price. This translates to out of pocket money you might not save in a different market. You can ask sellers to take back a mortgage, and get creative in contract inclusions such as appliances and repairs required as outlined in the home inspection.
5) New Home Builders Sales incentives
Many builders are beginning to offer incentives to lure buyers. They do not want to be sitting on inventory. In some cases, they’re offering price discounts or complimentary extras such as granite kitchen countertops, custom cabinetry, upgraded carpeting, top of the line appliances and gourmet kitchens.
The fundamentals of the Canadian economy and today’s buyer’s market suggest that now is an excellent time for prospective buyers to explore opportunities to buy a new home.
The bottom line is that buyers have never had a wider selection than they do now, besides the ability to buy a home at prices that are considered by many to be quite affordable. It’s hard to say how much the housing prices will decline. Whether home prices continue to decline or go back up, this may be the best time for homebuyers.
Follow your Dreams, not the market! Will you regret not buying your first home in this down market? Will you be comfortable buying later in a potentially rising market? My professional advice is to seize the opportunity and do what is best for you and your family. Don't try to second-guess the market. Create your own economy by enjoying the incredible ongoing benefits, pride and enjoyment of home ownership. It is the Canadian dream. Make your dream a reality. It's truly your market! Confer with your agent, explore the market, then buy, buy, buy!
Wednesday, December 10, 2008
Toronto's new Land Transfer Tax has negative impact on City economy
On February 1, 2008, the City of Toronto imposed a Land Transfer Tax (LTT) on the sale of real estate within its municipal boundaries. This LTT requires that buyers pay a tax of about 1.1 percent on the purchase of a house in Toronto.
In the December 2008 report by C.D. Howe Institute their recent study says:
"We assess the effects of the LTT on the volume of sales and on prices using data on the sale of single-family homes in the Greater Toronto Area between January 2006 and August 2008. Our data show that the LTT caused a 16 percent decline in the number of single-family homes sold after January 2008 and a 1.5 percent reduction in house values. We calculate that in its first year, the LTT will cause a reduction in household mobility – at least 3,500 families in the municipality of Toronto will stay in houses from which they would have otherwise moved – and an average reduction in selling price of about $6,400 per house.
The reduction in household mobility means that families will be more likely to remain in houses that are too big or too small, or are too far from their workplace or school. The dollar value of this lost mobility is about $1 for every $13 of revenue that the LTT generates for Toronto’s coffers, or about $12 million per year. We also find that the LTT has led to significant new administrative expenses.". to read this report in full -visit http://www.cdhowe.org/pdf/commentary_277.pdf
Land Transfer Tax Has Impacted Economy as reported by the Toronto Real Estate Board
A separate study conducted for the Canadian Real Estate Association determined that every re-sale housing transaction pumps $33,425 of spin-off consumer spending into the economy on things like renovations, furniture, and appliances. This means that, by causing a loss of 5,000 sales, the Toronto Land Transfer Tax has cost the City’s economy about $170 million.
The analysis expects the Land Transfer Tax to continue having a negative impact on Toronto’s real estate markets, which is why it is important for everyone to fight this tax now and over the long-term. THE NEXT MUNICIPAL ELECTION WILL BE CRITICAL. TREB is getting ready and is coordinating REALTORS® that want to get involved. Let's all get invlolved.
Call or email your City of Toronto Councillor and Mayor David Miller E-mail: mayor_miller@toronto.ca and let them know how upset you are with the decision they made to increase the tax and let's get the decision reversed.
In the December 2008 report by C.D. Howe Institute their recent study says:
"We assess the effects of the LTT on the volume of sales and on prices using data on the sale of single-family homes in the Greater Toronto Area between January 2006 and August 2008. Our data show that the LTT caused a 16 percent decline in the number of single-family homes sold after January 2008 and a 1.5 percent reduction in house values. We calculate that in its first year, the LTT will cause a reduction in household mobility – at least 3,500 families in the municipality of Toronto will stay in houses from which they would have otherwise moved – and an average reduction in selling price of about $6,400 per house.
The reduction in household mobility means that families will be more likely to remain in houses that are too big or too small, or are too far from their workplace or school. The dollar value of this lost mobility is about $1 for every $13 of revenue that the LTT generates for Toronto’s coffers, or about $12 million per year. We also find that the LTT has led to significant new administrative expenses.". to read this report in full -visit http://www.cdhowe.org/pdf/commentary_277.pdf
Land Transfer Tax Has Impacted Economy as reported by the Toronto Real Estate Board
A separate study conducted for the Canadian Real Estate Association determined that every re-sale housing transaction pumps $33,425 of spin-off consumer spending into the economy on things like renovations, furniture, and appliances. This means that, by causing a loss of 5,000 sales, the Toronto Land Transfer Tax has cost the City’s economy about $170 million.
The analysis expects the Land Transfer Tax to continue having a negative impact on Toronto’s real estate markets, which is why it is important for everyone to fight this tax now and over the long-term. THE NEXT MUNICIPAL ELECTION WILL BE CRITICAL. TREB is getting ready and is coordinating REALTORS® that want to get involved. Let's all get invlolved.
Call or email your City of Toronto Councillor and Mayor David Miller E-mail: mayor_miller@toronto.ca and let them know how upset you are with the decision they made to increase the tax and let's get the decision reversed.
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