Comments (0)

By admin, July 10, 2009 3:58 pm

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.

Comments (0)

By Lisa Collins, March 21, 2009 9:48 pm

The top three reasons homes don’t sell are

3.  Condition

2. Location

1. Price

Comments (1)

By Lisa Collins, March 20, 2009 7:05 pm

Anyone who owns a home knows that there are many additional costs associated with owning a home. Many first-time homeowners base their decision to buy a home on their ability to make the monthly mortgage payments. In fact, there are many other costs that go into owning a home than just the mortgage payment.

First-time homeowners are often startled by the hidden costs of owning a home. The traditional housing expenses (principal payments, interest, taxes and insurance) are just the beginning. Maintenance, repairs, supplemental insurance, home improvements and decorating can cost you thousands of dollars a year—more than you expect.

Additionally, a home purchase triggers a series of additional spending on appliances, furnishings and remodelling activities that exceed typical spending levels of non-moving owners or renters and can persist for two years after moving.

Let’s take a look at the most overlooked items that tend to be a burden to all homeowners:

Move-in Costs

1. Home improvement costs
Your new home may require some repairs or remodelling. One of the great things about being a homeowner is the opportunity to put your personal stamp on a house. It’s easy to go overboard with home improvements, though. Relatively few projects add much lasting value to your home, let alone guarantee that you will recoup your costs.

Homeowners are more inclined to purchase luxury items that renters would not, such as granite counter tops, pricey fixtures, alarm systems and other gadgetry. The cost of these luxury amenities can easily add thousands of dollars to the cost of owning a home.

2. Furnishings costs
You will also want to budget money for additional furnishings. Since your new home is likely to be larger than your apartment, you will probably need more furniture. You might also want window treatments, lighting fixtures, carpet or area rugs and appliances, all of which can add up to tens of thousands of dollars.

Ongoing Costs

1. Monthly mortgage payment
Probably this is the easiest to understand. If you have selected a fixed rate mortgage, your lender will tell you exactly how much your monthly payment is going to be.

2. Property taxes
Property taxes can be demanding because even if you’ve paid off the mortgage, you still have to pay a monthly fee to the town and/or the municipality in which you reside. It can easily total $500 to $1,000 or more a month, particularly in large cities where property values have soared in recent years.

3. Utility bills
The monthly utility bills such as electricity, gas and others could amount to $400 or more, some current home renters may not be aware of this as most likely it is included with their monthly rent. If you are moving to a condominium, you should also add monthly condominium fees.

4. Maintenance costs
How much your home will cost you in maintenance and repairs depends on several factors: the age of the home, how well it’s been treated by previous owners, the harshness of your climate and how much money you want to get out of your home when you sell it.

You should budget between 1% to 2% of your home’s value for annual maintenance. If you bought a $200,000 home, for example, you should set aside at least $2,000 a year, or around $200 a month. Some years you’ll spend less, but others you could spend more. A new roof for your home, for example, can cost $4,000 or more.

Naturally, some homes cost more to maintain than others. Older homes usually need more maintenance than newer homes, even if it has been recently renovated. Also, don’t assume that because a home is new, it won’t need any maintenance for a while. All homes need to be attended to on a regular basis to keep them from falling into a state of disrepair.

The Bottom Line
Being a homeowner brings with it a great sense of pride and gives you enormous stability and security knowing that you will always have a roof over your head, however, it can cost a lot more than you think. So to avoid any unpleasant surprises, make sure you are aware of these extra costs.

Comments (0)

By Lisa Collins, March 19, 2009 9:00 am

I was reading  a blog post by Seth Godin the other day where he ask “where have all the agents gone”.  His view of Realtors as a middleman is interesting. “Middlemen add value when they bring taste or judgment or trust to bear on a transaction that isn’t transparent.”

I could not agree with him more.  The value a Real Estate Agent brings to a Real Estate Transaction is the trust and judgment they bring to the transaction.  When selling your home you trust the agent Realtor with the largest single asset you will ever own in your lifetime.  And their opinion on value and how best to market your home is where they bring value to the transaction.  They are a neutral resource who is not emotionally attached to your home and this is key to achieving the goal of selling your home in the least amount of time, with the least amount of inconvenience for the highest possible price.

For a buyer, a Realtor can educate them on the home buying process which is so important for first time home buyers.  They also can help you establish the price you should pay for the home (rather than what the asking price is).

What makes one agent more valueable to you than another?  Well, as with everything in life some people do only the minimum required of them.  I have never been one of those people.  I go above and beyond and see myself as your Real Estate Consultant for life.

Seth Godin goes on to comment on how you some agents for example in the travel industry are paid directly by the traveller not the airline.  They are the front man not a middle man.  This idea scales well to Real Estate since the seller pays a fee (commission) to the listing agent and the buyers agent. I will not work with a seller who is unrealistic about the asking price for their home just for a commission cheque.  I would rather work with a seller who see the value in my services and expertise.  Once again we are back to trust.  Someone who truly sees the value in a Real Estate Agent taking care of all aspects of the transcation will be receptive to paying for those services.   Miami Realtors Enrique Garcia & Ines Hegedus-Garcia “We do not criticize those that don’t need our services and want to do it on their own – on the contrary, we give them credit for their willingness to take risk – but we give our undivided attention to those that trust us with their investments and value our services.”

Comments (0)

By Lisa Collins, March 17, 2009 9:24 pm

Well we are half way through March break and now is the time to finish any home projects before getting your home listed for the busy spring market.  There are lots of home buyers ramping up and ready to look at homes but their is a lack of quality listings for them to view.

After march break when everyone is back and thinking of where they want to move to this summer, you want to be there on the MLS listings for them to see your home.  Call me to get listed today, 416-518-8188.

Comments (0)

By Lisa Collins, March 14, 2009 4:07 pm

Your home listing has expired, and you may be feeling discouraged, confused, or frustrated.  Sometimes a fresh perspective is in order.  You have the opportunity to change the game plan, break the status quo, and start out with a clean slate and let my energy, creativity, and enthusiasm work for you.

Your home will have many new photographs taken and will be featured more than once on the TorontoSuburbs.ca website in addition to being featured with enhanced listing upgrades on a variety of sites.  Naturally, it will be prominently displayed on both the office website, my own personal site, and my blog.

In addition, you will have the benefit of an experienced agent working for you.  Your home will be visited by many of our agents, who will offer professional feedback, tips, and opinions on maximizing your home’s sales potential.  Your home will be advertised in appropriate print and web media, as well as possibly being featured by some of our agents in their own personal marketing material.

When you hire me, you also hire the entire support system at Sutton Group-Admiral Realty, Inc.  Your home has been on the market and expired – call the agent with DO diligence, determined to get your home sold for you.

Placing your home on the market and having it fail to sell can be a discouraging experience.  If you are committed to moving on with your life, you can ensure that your first experience is nothing more than a speed bump.  Pick up the phone right now to get your home back on the market today. Call 416-518-8188.

Comments (1)

By Lisa Collins, March 3, 2009 5:37 pm

1 in 5 tenants in Ontario do.  That is a lot of money to spend to have a roof over your head.  Rents are very high right now because of lower vacany rates.  A landlord knows he can charge more for rent because there are more tenants competing for the property.

If you have good credit may qualify for a mortgage and with the Real Estate market in Toronto becoming a strong buyer’s market, housing affordability is more attainable than it has been in the last few years.

So if you want to stop:

• paying rent and
• paying someone else’s mortgage

and build some equity of your own.  Now is the time to make your move!

Comments (0)

By Lisa Collins, December 16, 2008 4:49 pm

Well that depends on your goals.  If you have not bought a home, have not started looking for a home, or don’t need to move now might not be the time to list.  You may be better off waiting until the market settles (when this will be I don’t know).  But if you are having trouble affording your home, need to move because of work, you are running out of space in your home, you bought from a builder and your home will be ready in the spring, don’t wait!  Call me and we can put up the for sale sign ASAP.

Here are some reasons for listing now:

1.  Inventory - In the spring, how many other sellers will have ended up waiting?  So come March, April and May, there will be that much more competition on the market!   By listing now, you avoid all that potential competition.

2. Motivated Buyers - The buyers that are out house hunting during holidays are serious and motivated.  By listing now, you will potentially get one of these buyers to write a deal on your property !

3.  Mortgage Rates - The mortgage rates right now are at all time low! In some areas there has been more activity lately than there was all summer.  If you list now, you will catch this wave of increased buyers shopping for houses instead of XMAS gifts since mortgage rates are so low.

4.  Accomplish your goals now - When it is all said and done, wouldn’t you rather have your house sold by March and April and moving on with your life than potentially just listing your house at that point in time.  I love it when we accomplish our goals ahead of schedule – it is a great feeling.  By listing now, you are positioning yourself to accomplish your goals sooner than later.

As a consumer, will you list now or wait until spring? Comments please!

Comments (0)

By Lisa Collins, December 2, 2008 10:57 pm

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.

Pick a loyal agent, call 416-518-8188.

Comments (0)

By Lisa Collins,

This is an unusual way of marketing a home but in a down market it allows the market to determine the price.  Many developers in Florida have been able to sell condominiums this way in a market that we all know has been in trouble for a few years now.  In Australia there has been a shortage of rental housing and they have used this technique so the best offer could win.

Here a couple examples of this from the Toronto MLS :

• Cottage listed for 1$ sold for $244,000
• Detached home in New Toronto listed for 1$ sold for $341,000
• Rural home listed for 1$ sold for $395,000
• Home in Vaughan listed for 1$ sold for $472,500
• Home in East York listed for 1$ sold for $550,000

Now to be successful with this auction technique your agent needs to know fair market values in your area and set a specific date for offers to be presented.  The hype will lead to multiple offers and a very good outcome.

If you are interested in auctioning your home, give me a call at 416-518-8188.