Most people think a home inspection is something that happens somewhere between making an offer and before closing on a home. But for a number of reasons, more homeowners are choosing to have their own home inspected before putting it on the market.
The reason is simple: uncovering problems early on enables you to fix them, often making it possible to add value to your sale price. An inspection is designed to reveal any potential problems a house may have—and that’s true for both buyers and sellers. Sellers may benefit from gaining this kind of detailed information about their home, so that they can choose to handle problems long before the negotiation process is underway.
Many sellers also report that their buyers feel more comfortable when the information from a pre-sale inspection is shared early on, even if the buyers choose to have their own home inspection as well.
In short, a pre-sale inspection can reduce the chance of a surprise and help speed the closing process, which would otherwise have been delayed by scheduling repairs and having the buyers confirm they were completed properly. Because for buyers, making an offer contingent upon a home inspection is about saving expenses and trouble—not to mention providing confidence in what may well be the biggest investment they ever make.
Even if you’re not a buyer making an offer, or a seller thinking of listing a home in the next few months, a home inspection can provide homeowners with a thorough to-do list for maintenance—or even a little peace of mind. If you have any questions about inspections, please don’t hesitate to call or email.
TORONTO, JULY 6, 2010 ‐ Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June.
This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one percent annually. Year-to-date sales through June were up 23 percent to 50,455 compared to the first six months of 2009.
“We experienced a record number of existing home sales during the first half of 2010, but these sales were weighted more towards the beginning of the year,” said newly elected Toronto Real Estate Board President Bill Johnston. “The pace of home sales has moderated from record levels over the past two months with the prospect of higher mortgage rates.”
The average price for June transactions was $435,034 – up eight per cent compared to the average of $403,972 recorded for June 2009.
“With more homes to choose from in the second quarter, many home buyers have been making less-aggressive offers. This has resulted in less upward pressure on the average selling price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The annual rate of average price growth in the second half of 2010 will be in the single digits.”
There can be a number of reasons why a home does not sell, but the two most common ones are pricing and appearance.
As far as pricing is concerned, in the past 6 months we have seen few homes for sale in Toronto. This artificially inflated prices by driving up demand. Fewer homes, lots of buyers=increased prices and bidding wars. Now we have lots of inventory and not as many buyers out there looking. If your home was priced to the market conditions of 6 months ago then yes, it will be harder to sell. If there are more homes for sale in your area, you have more competition. If they like your home and another home equally, then they will buy the one with the lower price. Competitive pricing is very important to selling.
The other big reason homes don’t sell is their appearance. You only have a few seconds to make that first impression, first with curb appeal and then with the welcoming entryway to your home. Make sure your agent requires your home to be staged. You will be pleased with the results.
If you would like to get your home back on the market, then give me a call 416-518-8188 and we can discuss my marketing plan for your home.
TORONTO, April 6, 2010 – Greater Toronto REALTORS® reported 10,430 sales through the Multiple Listing Service® (MLS®) in March, pushing total first quarter 2010 sales to 22,418 – the best result on record under the current Toronto Real Estate Board (TREB) boundaries. The average price for March transactions was $434,696. The average price for the first quarter was $427,948.
“The strong rebound in the existing home market was one of the initial drivers of economic recovery,” said TREB President Tom Lebour. “While we don’t expect to see the same rates growth moving forward, GTA households will remain confident in ownership housing as a quality long-term investment, especially as economic recovery expands across all industries.”
The annual rate of growth for new listings continued to accelerate in March. The number of new listings grew by 42 per cent compared to March of 2008.
“The average home price in the GTA will continue to grow this year, but the pace will slow as we move through the spring,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “As growth in new listings starts to outstrip growth in sales, buyers will experience more choice, resulting in more sustainable single digit rates of average price growth.”
Not many home Sellers understand the costs a Real Estate Agent incurs before even getting paid. Real Estate is a unique industry in that an agent does not get paid until closing. When they list a home for sale they have items they pay for on behalf of their sellers that they don’t get paid for unless the homes sells and closes. Same with when they work with buyers.
Not all agents provide the same services, so make sure to ask your agent what services they provide for their fee.
So what are some of the services real estate agents provide with the risk of not getting paid?
For Sellers:
Highest Market Analysis
Home Staging Consultation
Virtual Tours and Professional Photography
Marketing with signs, internet exposure, and social media
Open Houses
Follow-up on showings and open houses
Marketing directly to other Realtors
Conducting offer presentations and negotiating on your behalf
For Buyers:
Daily e-mail service with new listings
Networking with other agents to find homes that meet your needs
Guiding you through the buyer process
Arranging for you to get a pre-approval from a Mortgage Broker
Arranging appointments to see homes that are of interest with you
Negotiating the best deal on your behalf
Being there to advise you and answer your questions
And that is just the beginning. I am there to answer any questions between firming up a deal and closing. So be careful to make sure you are getting the best service possible.
If you a Real Estate Buyer in Toronto and you have been sitting on the fence about making a Real Estate purchase don’t hesitate anymore. Yes, it is a big decision but Royal Bank, TD Canada Trust, and Laurentian Bank all bumped up their posted rates to 5.85% yesterday. The other banks and financial institutions will likely follow suit very soon.
This increase will cost you an extra $66 a month on a $200,000 mortgage.
Another factor that will increase your cost of entry into real estate is the implementation of HST on July 1, 2010. This will affect such things as moving costs, lawyers fees and more.
On February 16, 2010, Minister of Finance Jim Flaherty introduced new mortgage rules designed to make it a harder for buyers to qualify for high-ratio mortgages and to discourage speculators. This protectionist measure is targeted at over-extended consumers.
The first rule is that all borrowers must meet the standards for a five-year fixed-rate mortgage, even if they are taking out a mortgage with a lower interest rate and a shorter term. This rule is designed to make sure buyers will be able to pay if and when interest rates rise.
If you were to buy the average price home $337,000 you will now need $9,200 more in annual income to qualify.
Rule # 2 restricts how much of your home you can refinance. Now you can only refinance 90% of your home as opposed to the previous 95%. Often homeowners will keep using the equity they have in their home to finance their lifestyle. A home is a savings vehicle where you build equity. If you still need to dip into that equity it may be time to reevaluate your finances to see where you can be cutting back.
For investors or non-owner-occupied properties you now need to have a minimum 20% down payment.
The effective date of these new rules is April 19th. Any agreements that are finalized before April 19 will be based on the old rules. Moreover, any agreements that close after April 19 but were signed before this date will be allowed to go through under the old rules. Any new deals after April 19 will be subject to the new rules.
When considering your new home, you have to set a budget, decide how many bedrooms and bathrooms you need, and pick a neighbourhood, but you also need to consider what your home has to have to meet your requirements.
I know on my wishlist I had main floor laundry and a direct garage access. Both of which I got and love. I wish the laundry room was bigger and had a window so I could at least get a view of outside while folding my laundry, but alas, not to be. At least not in this house.
So what is on you wishlist?
A “green” home?
A big eat-in kitchen?
Open concept living space?
Master ensuite? Do you want it to resemble a spa?
Do you work from home and need a home office?
Finished basement?
Outdoor living space?
A hot tub?
Etc.
These are just a few ideas. It is really important to consider your lifestyle and what you need in your home to make ti work for you.
I am facing a dilemma with the Toronto Real Estate market right now and that is there are not enough homes to show all the buyers who are actively looking. And I am not alone. Lots of Real Estate Agents are feeling the same crunch.
The only people really winning are the sellers. Their homes are selling quickly with multiple offers and going for over asking.
Currently in Central Toronto there are only 1,745 homes on the market and this includes condominiums. Last year at this time there were 3,398 homes on the market.
So yes, this is great for sellers but for buyers it is very frustrating to completely lose out on homes in multiple offers, multiple times, and to see prices going up with each subsequent new listing in the area.
So I am not going to tell you to wait until spring to list your home this year but to list it NOW! In fact, I am almost begging you to list your home. My last two listings have sold very quickly and for great prices. I can help you take advantage of this sellers market. Call me today.
The Home Buyers’ Plan (HBP) is a program that allows you to withdraw up to $25,000 from your registered retirement savings plan (RRSPs) to buy or build a qualifying home for yourself or for a relative with a disability.
You have to be a first time homebuyer, meaning you could not have occupied any home as the principal place of resience.
If you are planning on making a contribution to your RRSP in 2009 you have until the end of February to do so but keep in mind you must have the funds in your RRSP for at least 89 days before you can withdraw it again to use for the HBP.
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