There have been a lot of talks about investing in a real estate and I believe everyone was thinking about it at some point. With the prices having skyrocketed in a recent years it is getting more difficult to find and invest in a properties that can actually cash flow.
For the last decade we have been witnessing seemed like never ending developers party and now everything changed…. I remember one time, when I walked into one highly marketed sales office and tried to negotiate a purchase price and deposit structure for one of my client.
Open houses are customary and long-established tradition in real estate as they can offer some benefits to both the seller and buyers. For seller’s and seller’s agents, it gives them an opportunity to present a for-sale home, show off home’s best features, meet prospective buyers, answer any questions or address any concerns potential buyers might have and not to forget host the curious neighbors who invariably drop by and may recommend the home to their family or friends.
For years now, it has been evident in the day to day practices of realtors/brokers and the companies that hold their licenses, that their needs to be some serious background checks before allowing just anyone who has passed their exams to get a license to trade. Finally RECO has got the hint!! All Registrants must submit a Canadian criminal record check to RECO in order to become licensed.
To any readers of this blog/site. Pls note this site has been invaded and the information you view here is not directly connected to the source from which it is stating. For up to date info on all things realestate/condo, visit: www.simplycondos.com, your most reliable source for condos in the GTA and beyond.
Linda Wheeler, Broker
simplycondos.com
Today I want to bring up the decision making process into the surface.
In Wikipedia the definition of decision-making is: “Decision making can be regarded as the mental processes (cognitive process) resulting in the selection of a course of action among several alternative scenarios. Every decision-making process produces a final choice. The output can be an action or an opinion of choice”.
In buying process it is important to make a right decision fast based on information you have been provided. It saves you tremendous amount of time, energy and money as well as prevents you from disappointment you might be facing if you don’t make this decision.
I can give thousands of examples when decision delay caused additional amount of money that could be avoided if action was taken immediately.
The recent one happened this week. I showed a few units to my client and one of them looked particular attractive. Great functional layout with no wasted space is very important, specifically in purchasing condominium. When I pulled the information on sales of similar units in the building, I noticed, not many were listed and sold during the whole history of the building and few that were listed, sold much faster compare to average days on a market for the building.
The massage is clear… this is high demand model. It means owners of these units tent to hold on to them for their own use. Even for investment purposes, I noticed, they rent out much faster than another models. Win-win situation, no matter how you look at it.
Every project has units with great floor plans and no so good and strong indicators like average days on a market and % of asking/sold price compare to the rest of the building should be considered as a massage: “ Don’t delay, make a decision!!!”
By the way… the unit was sold in one day of been on a market!!!
Valentyna Pasternak
How is the market?
Yes!!! I ‘ve got this question a lot lately, especially in condominium segment of the market in downtown core area. I would say, it depends…. It all comes down to a basic economic law; supply and demand and we will see it in months to follow, when we get into more active fall market.
It is not a secret that summer months are the slowest months in real estate market and this year it is even slower than usual due to implementation of new financing rules. For those who don’t know I would like to summarize;
Amortization period for a high risk mortgages (less than 20% down payment) changed from 30 years to 25 causing an increase in monthly payments.
30 years amortization period will remain for the conventional mortgages( 20% down)
CMHC will no longer insure mortgages $1M and up meaning the purchaser has to come up with at least 20% down in order to qualify for the mortgage.
This is all for the mortgages, the rest of the rules applies to the amount of equity you can take out of the property.
Because of these rules, lots of buyers have to step back and review their budget.
According to Toronto Real Estate Board (TREB) President Ann Hannah “Very strong annual sales growth in the first half of 2012 and an earlier peak in sales this spring compared to 2011 help explain more moderate sales this summer. New mortgage lending guidelines and the additional upfront cost of the City of Toronto land transfer tax also prompted some households to put their buying decision on hold,”
As for the rest of the year;“Canada’s housing markets are expected to moderate over the rest of 2012 and into 2013 after showing sustained activity levels, specifically in the multiples segment, over the first half of 2012. Balanced market conditions in most local housing markets will result in a slowing in house price growth as well,” said Mathieu Laberge, Deputy Chief Economist for CMHC.
There have been a lot of talks about investing in a real estate and I believe everyone was thinking about it at some point. With the prices having skyrocketed in a recent years it is getting more difficult to find and invest in a properties that can actually cash flow. … Continue Reading
For the last decade we have been witnessing seemed like never ending developers party and now everything changed…. I remember one time, when I walked into one highly marketed sales office and tried to negotiate a purchase price and deposit structure for one of my client. … Continue Reading
There have been a lot of talks about investing in a real estate and I believe everyone was thinking about it at some point. With the prices having skyrocketed in a recent years it is getting more difficult to find and invest in a properties that can actually cash flow.
For the last decade we have been witnessing seemed like never ending developers party and now everything changed…. I remember one time, when I walked into one highly marketed sales office and tried to negotiate a purchase price and deposit structure for one of my client.
Open houses are customary and long-established tradition in real estate as they can offer some benefits to both the seller and buyers. For seller’s and seller’s agents, it gives them an opportunity to present a for-sale home, show off home’s best features, meet prospective buyers, answer any questions or address any concerns potential buyers might have and not to forget host the curious neighbors who invariably drop by and may recommend the home to their family or friends.