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Monday 23 January 2012

10 Deadly Mistakes Buyers Make When Buying A Home!

1) Making an Offer on a home without being prequalified.
    This step will make your purchase easier - take the time to speak to a lender.
    Their specific questions in regard to income, debt, etc., will  help you determine the price range
    you can afford.  It is an essential step to homeownership.

2) Limiting your search to open houses, ads or the internet.
    Many homes listed in magazines or on the internet have already been sold.  Your best course
    of action is to contact a Re/Max Realtor.  They have up-to-date information that is unavailable
    to the general public and are the best resource to help you find the home you want.

3) Choosing a Real Estate Sales Representative who is not committed to forming a strong
     business relationship with you.
     Making a connection with the right Realtor is crucial.  Choose a professional who is dedicated
     to serving your needs - before, during and after the sale.

4) Thinking that there is only one perfect house out there.
     Buying a home is a process of elimination, not selection.  New properties arrive on the market daily,
     so be open to all possibilities.  Ask your Realtor for a comparative market analysis.  This compares
     similar homes that have recently sold, or are still for sale.

5) Not considering long-term needs.
    It is important to think ahead.  Will the home suit your needs 2-5 years from now?

6) Not having a home inspection.
     Trying to save money today can end up costing you tomorrow.  A qualified home inspector will detect
     issues that many buyers can overlook.

7) Not examining insurance issues.
     Advice from an insurance agent can provide you with answers to any concerns you may have.  You
     might be looking at a home with knob and tube wiring, etc.  Purchase adequate insurance.  Get a
     quote.

8) Not buying mortgage insurance.
     Except in the case where you may have enough life insurance to pay off the mortgage in case of death,
     mortgage insurance is likely the best coverage.  Make sure that both spouses are covered.

9) Not knowing total costs involved.
     Ask your Realtor or Lender up-front, for an estimate of closing costs:  Land Transfer Tax; Legal Fees;
     Appraisal Fees and Canada Mortgage And Housing Corporation (CMHC) insurance cost (in the case of
     a High Ratio Mortgage).

10)Not following through on due diligence.
      Buyers should make a list of any major concerns they have regarding schools; neighbourhood;
      powerlines; environmental conditions etc.  Ask the important questions before you make an offer
      on a home.  Be diligent, so that you can have confidence in your purchase.

Monday 16 January 2012

Market Watch - Second-Best Year on Record for Sales

January 5, 2012 - Greater Toronto REALTORS reported 4,718 transactions through the TorontoMLS system in December 2011.  The December result capped off the second-best year on record under the current Toronto Real Estate Board (TREB) boundaries.  Total sales for 2011 amounted to 89,347 - up four per cent in comparison to 2010.

"Low borrowing costs kept Buyers confident in their ability to comfortably cover their mortgage payments along with major housing costs," said TREB President Richard Silver.  "If Buyers had not been constrained by a shortage of listings over the past 12 months, we would have been flirting with a new sales record in the Greater Toronto Area," added Silver.

The average selling price in December was $451,436 - up four (4) per cent compared to December 2010.  For all of 2011, the average selling price was $465,412, an increase of eight (8) per cent in comparison to the average of $431,276 in 2010.

Months if inventory remained below the pre-recession norm in 2011.  Very tight market conditions meant substantial competition between Buyers and strong upward pressure on selling prices," said Jason Mercer, TREB's Senior Manager of Market Analysis.

TREB's baseline forecast for 2012 is for an average price of $485,000, representing a more moderate four (4) per cent annual rate of price growth.  This baseline view is subject to a heightened degree of risk given the uncertain global economic outlook," continued Mercer.

Monday 2 January 2012

HAPPY NEW YEAR!!!!!

Happy New Year to Everyone.  Hope the holidays were enjoyable and that we all got an apportunity to spend with our families and friends.  Times have changed so much over the years.  I remember when  I was a teenager, my home was always full of family over the Christmas holidays.  My immediate family consisted of five siblings, their spouses, my parents and 12 nieces and nephews. 
Guess who always had to clean up and do the dishes on Christmas day?? And we had no dishwasher at the time!  Whew!! It took me over an hour to get that done. 
Looking back, I'll do it over and over again if I had to.  All in all, it was precious time spent with my family and the memories will always stay with me.  My husband and I miss those times terribly whenever we spend the holidays here in Canada.  Most of our family lives in Trinidad and so we miss out on a lot of the family gatherings and fun.  We are grateful, though, because we get to go back almost every year.  And sometimes for Christmas also. 
Let us celebrate and ring in the New Year with gratitude.  Gratitude for even the smallest gifts that we are blessed with.   Things which, if we didn't have, would make our lifes  more difficult and trying.  But most of all, let's be grateful for opening our eyes each day and being able to welcome the new day with all the beautiful opportunities it brings to us.  Time is always of the essence, and life is what we "will it to be".
Have an amazing 2012, filled with good health, happiness and prosperity.

Radha Diaram