REDISCOVER REAL ESTATE

No Bank of Canada Rate Change

While the Bank of Canada Governor Stephen Poloz did not appear before the House of Commons Finance Committee, a Bank of Canada press release was issued earlier in the morning that announced it is keeping the overnight rate unchanged, exactly where it’s been for more than four years, noting that the rate is “appropriate” for the current state of the economy. The prime rate stays at 3%.

This is important news if you’ve got a variable-rate mortgage, need a new mortgage, or want to consolidate debt at the lowest cost funds.

The next rate-setting day is December 3rd.

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662

 

Like your Momma said “you don’t get a second chance at a first impression!"

During listing presentations I am often asked by sellers “What can I do to help sell my house?”

First, listen to your Realtor.

Your Realtor will most probably give you a list of tasks that you need to do to get your home ready to sell.  Often as homeowners, we overlook small things to the point we don’t see them, but buyers will see those small things.  An example might be, you replaced the roof 3 years ago but never painted the ceiling that has a stain from the old roof leak.  You fixed the leak under the kitchen sink but didn’t finish cleaning and repainting the bottom of the cabinet.  A buyer will think these things scream deferred maintenance and will wonder about more deferred maintenance.   When you do get an offer on your home the buyer will make an offer low enough to cover the perceived repairs and a great deal more, sometimes 2 to 10 times the amount of the perceived repair.  Example:  The cost to repair an item may be $500.  The buyer will often lower the amount of their offer by $1000 to $5000 or worse yet not even make an offer. 

Second, listen to your realtor.

If you are still occupying the property, do not be there when the Realtor makes an appointment to show your property.  Why?  Buyers will not be comfortable.  They will feel like they are intruding.  They won’t spend as much time in your home as it takes for them to get a feel for the property and envision themselves living there.  They won’t do things like open the closet doors and cabinets.  Let’s face it, not many people buy a home if they haven’t thoroughly checked out the storage spaces. 

Third, listen to your Realtor. 

If after a comparative market analysis, your Realtor recommends a price, avoid the strategy of 'pricing over market value and see what happens', it doesn’t work well.  Buyers and their agents have access to the same information your Realtor does and they will see that your home is overpriced.  Most of your activity on your home will come in the first 7-21 days it is on the market.  If you lower the price after that and contact all those buyers back, the property may already be stigmitized and many may have already purchased another property.

The goal is to sell your property.  Put your best foot forward from the very beginning!  Like your Momma said “you don’t get a second chance at a first impression.”  The bottom line here is that your Realtor wants to sell your property and will do everything thing they can help you, but it is a partnership.  Do your part and take your Realtor’s suggestions to heart.

Thinking of selling? Need some advice on how to prepare your home or condo to get top $$?  Know your options. I can help! Direct line: 416-219-6662

Buyers: Don’t Let Your Heart Rule Your Head.

Buying your first home is one of the most emotional investments you will ever make.  Owning a home is a sign of personal success; a symbol that you have arrived as an adult. 

However, as difficult as it may be, you must make sure that you are ready to be a homeowner and not just in love with the idea.  It’s a big investment, not only of hard-earned money but emotional energy and time.  Make sure that you go into your purchase with a clear head. After all, at the end of the day, a home is an investment.

As much as you think you are “totally in love” with a home, try to look at it realistically.  Don’t let emotional blinders block out the reality of a crumbling foundation and substantial structural damage just because it has really amazing arches in every room.  A home that sports the kitchen of your dreams but blows your budget will only cause you grief in the end. Make yourself look at a home like you would look at a stock investment, objectively and with the bottom line in mind.

Also, beware of all of the “real estate advice” that will be provided to you by friends and family.  While they all may have good intentions, you will be the one footing the bills.  Your parents may not be looking for the same things that you are.  Your best friends, who just had twins, aren’t looking for the same things you are as newlyweds.  Weigh all of the advice but don’t allow it to pressure you into making a decision that makes you uncomfortable.

Lastly, make sure that you have made some solid decisions that you are ready to live.  Be ready to make the mortgage payments for a long time. You need to plan to stay put for a while; that’s how you will maximize your investment.  Also consider that variables that could impact your future.  Is the school district one that you would be comfortable with when your kids are school age?  Does the home have enough space to take you into the future that you have planned?  Have you made a viable list of what you need versus what you want?  The master bath with a spa and ten shower-heads might be something that you could live without…

Once you’ve made a legitimate list of what you need; stick to it.  Don’t be afraid to say no to bells and whistles that look wonderful on the walk through but will cost too much in the long run.  Making a decision ahead of time will help you buy a home that is right for you and a good investment as well.

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662

MARKET UPDATE FOR THE WEEK ENDING OCTOBER 3RD

As if there was any surprise, 2014 is shaping up to be another record breaking year for real estate sales in the GTA.

Naturally, this is good news for those selling and downsizing, and bad news for those trying so desperately to break into the home ownership arena. Over the short term, tight supply and low interest rates will continue to play a pivotal role in price appreciation. For now however, the best entertainment continues to be the Sale Price Guessing Game as multiple offers continue to dominate the real estate landscape. CLICK HERE for full article and trending stories.

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662