It's been years since I've conducted one of these.
It's hard to find the time to plan and schedule.
But, it's time. The more Buyers I speak...the more I feel this is a "must"
****There's been enough changes over the last 6 months that seem to have blanketed today's buyers with a lot of confusion.
The Internet is an incredible resource for those looking to purchase a home. It falls short if you're trying to be on top of the market and simply can't answer your questions the way a live body can.
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Here are some topics that will be included: (if you know the answers don't waste your time with this seminar):
******
1. How do you analyze market value in an economy that went down 15%, back up 20%, settled back down in the first month of 2010 and then went flat. Where are sellers coming up with fair market value?
2. How do property taxes work? Are they assessed in cycles? Can they go up or be reassessed once I buy?
3. What's Title Insurance? Why get it? The house has insurance on it.
4. Is a variable rate mortgage still the best option for getting the best rates? How do you qualify for a mortgage? Is it good to shop around or a danger?
5. What strategies should help increase your chances of winning in multiple offers? Yes..they're back!!
6. Economically speaking, where are prices headed? Do I buy now or wait?
7. What are closing costs these days? Title Insurance? Land transfer tax? Property tax? Moving costs?
8. When do I supply a deposit? What conditions can I have in an offer these days? How can I strengthen my offer while still being completely protected?
9. Are banks still doing drive-by appraisals or are they being more invasive?
10. Why use a buyer agent? How much will that cost me ultimately? Don't I get a better deal if I cut out the middleman (boy...do I have stories to tell here).
Let's look at some scenarios:(if you know how to handle these scenarios, don't waste your time here either)
CONDITIONAL OFFERS:
1. You present an offer that is conditionally accepted. Your inspection reveals some issues. You have a few hrs to present the waiver to seal the deal. You can also try to amend the agreement and ask for an abatement (money off). Which do you do? What are the risks here? Can you do both?
ADDITIONS:
2. You purchase a house and it has a family room addition on it or a small built out kitchen. The owners bought it that way. Could you find yourself in hot water should an inspector from the city come by? What should you do?
MULTIPLE OFFERS:
3. Your told there's 4 offers on a property. Is that the case? Is there a better time to present your offer? Can a particular agent actually better your odds of winning?
CONDOS AND RESERVES:
4. The condo you are interested in has a shortfall in its reserve fund and a special assessment is about to be levied. You love the condo...would it make sense to move forward? Under what circumstance might you?
PARKING ISSUES:
5. You locate a house that you have intense interest in. The house has a pad park. The owners have been using it for years and so did the prior owners in this 100 year old house. Does it now "run with the land" and become legal on title OR do you have some homework to do around this? What if you require street parking. Is that automatic because you have a deed to a residence on the street?
INSPECTIONS AND INSURANCE:
6. Your home inspector beleives that the house has a few key issues...knob and tube and galvanized steel plumbing. Also there are large trees around the premise that may affect the drainage system and could lead to roots blocking the flow of water and hence a back up. Firstly, what can you do? Secondly, how does insurance work on both these issues?
I'm going to work in some dates in the month(s) to come. This will be informal. This will include other partners involved in the home buying process. This will not cost you anything. This will prove to be hands down the most educational and informative seminar/meeting of the year.
Sign up thru http://www.TheSmithsBuyAHouse.com (copy and paste). On the home page there's an area for your information. Make mention of your interest in the fall/winter seminar and I will keep you in the loop.
Best---
Friday, September 24, 2010
Wednesday, September 22, 2010
good news/bad news of toronto real estate market
With September nearing a close, here's the good news and bad news if you're a Buyer;
Good news:
Interest rates remain at historic lows and don't look poised to move up soon based on many recent economic indicators
More supply is hitting the market in most areas
Prices have slowed in growth from what we got used to seeing a year ago
Low inflation will keep rates low for a while yet
Bad news:
Multiple offers are creeping up in some areas
Days on market is lowering again. Though some stuff is sitting...if priced well, a lot of listings are selling quickly. Some before even hitting mls.ca and many before the open house
Prices are not really moving down. In many areas they're moving upwards. Often a result of a lack of supply.
Still a good time to begin your shopping and always a good time to get educated.
Always happy to speak further,
Michael---
http://www.TheSmithsBuyAHouse.com
http://www.PropertiesintheGTA.ca
Good news:
Interest rates remain at historic lows and don't look poised to move up soon based on many recent economic indicators
More supply is hitting the market in most areas
Prices have slowed in growth from what we got used to seeing a year ago
Low inflation will keep rates low for a while yet
Bad news:
Multiple offers are creeping up in some areas
Days on market is lowering again. Though some stuff is sitting...if priced well, a lot of listings are selling quickly. Some before even hitting mls.ca and many before the open house
Prices are not really moving down. In many areas they're moving upwards. Often a result of a lack of supply.
Still a good time to begin your shopping and always a good time to get educated.
Always happy to speak further,
Michael---
http://www.TheSmithsBuyAHouse.com
http://www.PropertiesintheGTA.ca
Sunday, September 12, 2010
Toronto market offers many new listings in first week of September...or does it??
There's been quite a few listings over the last week to pop up on MLS. Were you in the market over the last few months? Most weren't given the statistics. Well...I was. It wasn't my favorite market...but I was there. Sometimes just being there is helpful. I'm a lot better then the guy who just shows up. But this is a case where just showing up would certainly be a major step!
Why? Simple. Many of the listings aren't new to MLS. They didnt sell in their 90 day mandate that begun in June and now they're back (some with different photos, some with different agents...all with different MLS #s).
Why care? Well...the arguement is that the inventory may not be new. So statistically speaking, this is important as they're not truly "new" listings and it's also important b/c some have responded to the new market structure while others may have increased their prices. I'd think you'd like to know as a buyer coming to market this September.
The history of the exact listing is important for obvious reasons. The history of what's going on on the street is also important and the "feel" for what's happening on the ground is also crucial.
Again, this is stage 1. There's obviously much more to this. Just thought I'd offer up some free advice.
Call me this fall or email with any questions. Look forward to speaking with you.
Best,
Michael
http://www.TheSmithsBuyAHouse.com
http://www.PropertiesintheGTA.ca
Why? Simple. Many of the listings aren't new to MLS. They didnt sell in their 90 day mandate that begun in June and now they're back (some with different photos, some with different agents...all with different MLS #s).
Why care? Well...the arguement is that the inventory may not be new. So statistically speaking, this is important as they're not truly "new" listings and it's also important b/c some have responded to the new market structure while others may have increased their prices. I'd think you'd like to know as a buyer coming to market this September.
The history of the exact listing is important for obvious reasons. The history of what's going on on the street is also important and the "feel" for what's happening on the ground is also crucial.
Again, this is stage 1. There's obviously much more to this. Just thought I'd offer up some free advice.
Call me this fall or email with any questions. Look forward to speaking with you.
Best,
Michael
http://www.TheSmithsBuyAHouse.com
http://www.PropertiesintheGTA.ca
Tuesday, September 7, 2010
Welcome Back Buyers in GTA. Predictions for a September Housing Market
As you make your way back to work today...you've likely indulged in headlines all summer about the housing market. Rates are going up this week for sure has been the most popular arguement. Canada is growing and it needs to be slowed. Interestingly enough, the last bout of increased rates still had Canadians scrambling for treasuries/safety and yields moved downward causing mortgage rates to fall (fixed term).
Gone are the days of multiple offers read the headlines. Yet from where I sit, the lack of supply often resulted in homes in certain pockets selling above with a few offers on the table.
There is a housing bubble and prices will crash others argue. I've been hearing about this for the better part of the last few years. I haven't seen it. The economists are worried about the increasing debt loads of Canadians and how home owners are going to start saving more and hence the economy will falter and housing prices will fall. Though, they put into place some stricter guidelines already that apparently have had some effect on eroding the bubble.
Anyhow, nobody has a crystal ball. Certainly the U.S. didn't!!
I'm betting that we see an increase in listings this month and while traditionally the stock market doesn't fare well in September, home buyers make their way out of the wood work and purchases go up from an inactive summer.
In any event, rates remain low, product can only increase from where we've been over the last few months and people always need to have a roof over their heads. People like having equity and there's no faster way for most to make their asset column look stronger then purchasing a home.
As I've argued for years, the seller pays the commission and its embedded in price you pay as a buyer. A strong agent will not only make sure your offer is one sided to your advantage where possible but should be able in this market to negotiate the best price and terms on your behalf.
I'd be happy to speak to you should you have any questions at all and see my website http://www.TheSmithsBuyAHouse.com (great resource).
Happy September---
Gone are the days of multiple offers read the headlines. Yet from where I sit, the lack of supply often resulted in homes in certain pockets selling above with a few offers on the table.
There is a housing bubble and prices will crash others argue. I've been hearing about this for the better part of the last few years. I haven't seen it. The economists are worried about the increasing debt loads of Canadians and how home owners are going to start saving more and hence the economy will falter and housing prices will fall. Though, they put into place some stricter guidelines already that apparently have had some effect on eroding the bubble.
Anyhow, nobody has a crystal ball. Certainly the U.S. didn't!!
I'm betting that we see an increase in listings this month and while traditionally the stock market doesn't fare well in September, home buyers make their way out of the wood work and purchases go up from an inactive summer.
In any event, rates remain low, product can only increase from where we've been over the last few months and people always need to have a roof over their heads. People like having equity and there's no faster way for most to make their asset column look stronger then purchasing a home.
As I've argued for years, the seller pays the commission and its embedded in price you pay as a buyer. A strong agent will not only make sure your offer is one sided to your advantage where possible but should be able in this market to negotiate the best price and terms on your behalf.
I'd be happy to speak to you should you have any questions at all and see my website http://www.TheSmithsBuyAHouse.com (great resource).
Happy September---
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