Your credit score is used by most companies to see if you are a good credit risk or not. A credit score of over 680 is considered excellent.
What Can You Do to Improve Your Score?
1. Order a copy of your credit report from www.equifax.com or www.transunion.com to review it and make sure there are no errors.
2. Pay your bills on time.
3. If your credit history is questionable, open a few new accounts and use them responsibly.
4. Don’t open accounts and not use them. Having 6 or 7 of the same type of credit does not work in your favour.
5. Keep your balances low relative to your amount of credit available.
6. Pay off credit card debts!
What Does This Mean to Home Buyer’s?
The better your credit score the higher you buying power (income dependent as well). You will also qualify for the best mortgage products at the best rates.
To see what your credit score is and how much of a home you can afford, make sure to talk to your Real Estate Agent and Mortgage Broker before shopping for your Toronto Home.
When I meet with prospective sellers, one of the components of my presentation is the sellers net sheet. The seller net sheet simply anticipates the money you will receive from the home sale, once all fees and charges are settled.
The seller net sheet calculates your closing proceeds after you enter variables such as your mortgage payoff, sales price, sales commission, pending real estate taxes, and closing costs.
Why is this tool so important. First of all it show you, the seller, what costs are involved in selling their home. Not everyone realizes all the costs associated with selling a home. Secondly it shows whether there will be money left over at the end of the day. If not then a short sale would have to be negotiated if defaulting on a mortgage was likely.
Don’t put your home on the market without knowing where you stand.
To book a Free Market Evaluation of your Toronto Real Estate, give me a call at 416-518-8188.
I was posed an interesting question by @puleen recently on Twitter. ”How is the condo market in Toronto for someone who is looking to move downtown? Any insight?”. First of all, for those of you not familiar with Twitter, it is a micro-blogging social media tool.
Now onto the important question, how is the condo market?
A picture paints a thousand words:
Condo Market Trends in Toronto 2005-2008
This chart shows that prices are still rising, we can discount the huge rise last year (Sept-Dec), which was inflated because of the Land Transfer Tax that was implemented in early 2008. There was a huge land-rush for higher priced properties to beat the extra tax that buyers would have to pay. On average the price of the condo you bought two years ago has definitely gone up from on average $288,708 in 2006 to $334,413 in 2008 still a respectable return of over 12%.
Condominiums are always a great way to build equity, since a lot of people new to Toronto buy condominiums, a lot of singles and new couples also enter the property market this way. A condominium with good square footage, 2 bedrooms and 2 bathrooms is always saleable.
To start looking at the many options available in the GTA for condominiums, give me call 416-518-8188 and we can meet to evaluate your needs and find buildings that work with your lifestyle.
Real Estate Investors, now is the time! There are many condominium projects on track for the GTA and now is a great time to buy them. With it harder for some people to attain mortgage financing, they are once again renting and with this increased demand there are fewer rental units available. The current vacancy rate is hovering around 2%. Some speculators may also find this helpful if they want to hold onto their units until the market gains again.
How can I help?
I can list your condominium on the MLS for sale or rent or both and we can see where the offer that is best for your situation comes from. For you to rent out your unit, remember you want to still be able to cover your costs (mortgage, condominium fees, and property taxes) and still draw in some rental income each month. Call me today (416.518.8188) and we can set up a time to meet and work through the numbers together.
Looking to buy a condominium as an ivestment, I can help you decide where you want to buy and how much you want to invest.
My graphs are now up to date to reflect November 2008 and the results are compelling but also support the facts that we are now in a buyer’s market.
If we look at average days on the market compared to last year we see that the average days on the market are at 40 compared with 32.5 last year. This means it will take a little longer to see your home. 40 days is still a completely reasonable amount of time to sell a home.
Now if we look at the list to selling ratio, this indicates that sellers are not getting the same amount for their homes as they were a year ago. The list to selling ratio is still around 97% which is also very healthy.
The average price for a home is down around 5% to $374,483.
Definitely a buyer’s market with more home son the market for longer at a better price. But as I have noted on this blog before the press is all negative. Homes are still selling but last year this time there was a rush to market to avoid the new Land Transfer Tax which pushed the average home price up quite high in the GTA because people buying homes in a higher price range were trying to avoid the extra tax.
The market now is following the same trends it did in 2006 and 2007 but 2008 was an artificially inflated year simply because of the Land Transfer Tax.
Did you know you are in the 2nd largest demographic for purchasing real estate?
When I was single and looking to move out of the nest (mom and dad’s) they would not let me pay rent and boy am I glad for their advice. I bought a reasonably priced condominium, in a great neighbourhood and used the equity I built up in it to buy a home for my family. If it had not been for that equity I am not sure what we would have been able to afford.
This demographic trend of course is supported by success woman are having in their careers.
So where do you start? Get together with a mortgage professional to see how much you can afford and the amount you are able to pay towards your mortgage each month. Keep in mind condominium fees if this is the type of home you are looking for since this will be part of your monthly carrying costs. Work with a Realtor to narrow your search by type of home, price range, and neighbourhood. Then start looking at homes that meet your criteria.
You will experience the pride of owning something for yourself and as you progress in your career you will have the opportunity to climb not only the corporate ladder but the property ladder as well.
I look forward to helping you with achieving your SF (Single Female) Real Estate Goals in 2009. Interest rates are still historically low and starter home prices are very attainable for most.
What do you think of Real Estate Agents? In general, people don’t really like us as a group. Why is that? Did they have a bad experience? Did their agent not treat them like gold? These are all rhetorical questions but I invite you to share your experiences in the comments area so I can learn more.
A Real Estate Agent needs to be a trusted advisor just as you go to your doctor for medical advice you should feel comfortable going to your Real Estate Agent with question about Real Estate. I am sure many of you right now have lots of questions. Is now a good time to put my home on the market? What will make my home saleable in a slow market? Should I buy now or wait for prices to go down more? Why is there such a huge difference in prices this year? To name a few.
I can answer these and any other questions you have and I value your relationship with me. I am going to stick with you until you are ready to make the move. It is not up to me to decide which house for you to buy, it is your decision. I am not pushy when I work with my clients, when negotiating on their behalf, yes. To me any person can be a huge “pipeline” to future business. If I build a phenomenal relationship with you, the word will get out and you will feel comfortable referring your friends to me. It is not just about the sale. I have bills to pay too but if I treat my clients right then everything else just falls into place.
I want to be your Realtor for Life. So let’s get started soon and have coffee to get to know each other first. I know everyone is busy now with the holiday’s approaching but if you have any questions you can always just e-mail me at info@torontosuburbs.ca or call me at 416.518.8188.
TORONTO, December 04, 2008 — Greater Toronto REALTORS® recorded 3,640 transactions last month, from 7,313 sales in November 2007, Toronto Real Estate Board President Maureen O’Neill announced today.
Year-to-date sales figures for the Greater Toronto Area show 72,086 transactions in 2008, from 88,695 sales recorded in the same January to November period a year ago. By contrast, the 2008 year-to-date average price in the GTA is $379,489, from $375,445 in 2007.
“Its important for the public to understand that while sales activity has moderated in 2008, due to current economic conditions, the average price of homes has increased from 2006 still making real estate a solid long term investment,” said O’Neill.
In the 416 area, 1,523 transactions took place last month, from 3,426 sales recorded in November 2007. From a year-to-date perspective, there have been 28,806 sales in the 416 area this year, from 36,804 transactions a year ago.
In the 905 Region 2,117 homes changed hands last month, from November 2007’s 3,887 sales. The 905 Region’s year-to-date figures show 43,280 transactions this year, from 51,891 sales recorded during the same period in 2007.
“Homeownership in the Greater Toronto Area continues to be an affordable, stable and secure investment,” said Ms. O’Neill. “Home buyers and sellers should be confident about their bricks and mortar investment which provides shelter and a place to raise a family.”
“Home prices are affordable, interest rates are at historical low levels and the supply of homes for sale is good providing additional reasons for buyers thinking of entering the market,” added O’Neill.
The average price of a home in the GTA last month was $368,582, from $393,747 noted in November 2007. In November 2006 the average price was recorded at $355,727.
In the 416 area, last month’s average price was $390,225, from $433,859 noted in November 2007. The average price recorded in November 2006 was $381,188. From a year-to-date perspective the 2008 average price in the 416 area is $411,155, from last year’s $411,640.
In the 905 Region, the average price recorded last month was $353,012, from $358,391 recorded in November of 2007. In November 2006 the average price was $335,522. The year-to-date average price in the 905 Region this year is $359,245, from $349,774 in 2007.
The average number of days a home currently remains on the market in the GTA is 41, from an average of 32 days last November. There are currently 27,037 homes listed on the TorontoMLS system compared to 18,309 available properties in November 2007.
“While homeownership offers immediate benefits and long term value by way of equity, it also provides tax benefits over time,” said Ms. O’Neill. “If you bought a house five years ago, it would be worth more than 20 per cent more today.”
“As REALTORS®, we help build communities and will continue to do so even during challenging economic times,” added Ms. O’Neill. “It’s important to consult with a REALTOR® to get accurate local market information.”
I was reading an interesting article at Slate.com last night about loyalty and politics which got me to thinking about loyalty and real estate. The article stated the Obama will not have to worry about loyalty from his staff because it is something he just doesn’t worry about. The power of positive thinking wins again.
I have never really worried about loyalty with my clients either and they are a huge part of my career success. Those loyal ones know who they are because they are the ones who get the best thank you gifts. They provide me with a constant stream of referrals and repeat business and I show my appeciation in as many ways as I can.
But there are many clients I have missed the opportunity to work with because their loyalties lay elsewhere. A common occurance is for a seller to choose to list with friends or family. I personally never mix business with friends and family. It is very hard to be completely honest with this person if you feel they are making a mistake. I would prefer a seller gives a referral fee to their friend or family member out of my commission just to keep their relationship with that person intact. It is not worth losing a friendship over.
Now the road goes both ways, the client expects loyalty in return and it is an agents fiduciary duty to keep your information confidential. We have a strict Code of Ethics that we are bound by as Realtors and this is something I take very seriously. If I don’t honour the Code, my license can be revoked.
I don’t take anything for granted in my career and I expect my clients to treat me with the same respect I treat them with. People thinking of buying or selling real estate should remain loyal to their agent. All agents can provide you with similar information but not all will provide you with the same level of loyalty and respect.
With over 28,000 agents in the Greater Toronto Area, real estate is a very competitive business to be in. But what does it really mean to be #1? Why is being #1 so important to so many agents? And how are there so many agents who claim to be #1? Hmmm, makes you think they all can’t be teeling the truth.
Now some buyers and sellers out there only want to be working with #1 and I admire that. they obviously set very high standards for themselves and the people they assocaite with. But which #1 do you want to work with, the top producer, #1 in dollars, $1 in number of sales, #1 in the neighbourhood, #1 in 2006?
When you are selling or buying a home (your largest financial asset) you should choose the agent for the job by how they make you feel. Do you feel like #1 to them by the way in which they treat you and listen to your ideas? Does the agent treat you with respect, etc? Can you trust your agent to uphold their fudiciary duties to you? Is you agent going to be in contact with you personally and provide the level of service you expect from the profession. I often wonder how the agent doing 2 or 3 transactions a day has the time to make sure all their clients feel like #1. Often when this is the case, their assistant is the one corresponding with you.
So when you are interviewing an agent to do a great job for you keep your imprtance in mind, because you have to look out for you and you are #1.
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