Multiple Offers – Durham Market

Well I cannot believe the prices some of these homes are selling for?   Please, please, please make sure when you are purchasing a home to use a LOCAL agent … they know the neighbourhoods and the comparables.   When you use an agent who is from another area, they don’t.   People are paying ridiculously high prices for homes which in my humble opinion aren’t worth it.

I understand there is a shortage of listings but does that mean Buyers are to be pressured into paying some of 

these crazy prices… I say NO !!  I have told my clients on many occasions, walk away !

People are going in firm on homes that clearly have issues with no inspection conditions.  I have been in numerous houses and after inspections found mould in the attics, faulty wiring, etc.   Make sure you know what you are getting into and that your agent knows the age of the property etc.  

It is great to win in multiple offers and see your happy Buyer’s face but make sure you are doing it for the right reasons.   I always say, “If I meet you at the local grocery store or park, I don’t want to run and hide because I feel you overpaid.”   People hire Realtors to protect their interest and from some of the shananigans I have seen lately, I have to wonder.

If you are a Seller, this clearly won’t mean much other than you are going to get TOP dollar for your home right now.  But if you are Buyer, choose wisely.   Choose someone who knows the market and is diligently working on your behalf to protect your interests and your money.  

Ok my rant is over … just looking at some of the sales the past few weeks and shaking my head. I hope the market continues to stay strong but if it doesn’t, I hope you have a lot of equity in some of these homes because if the market drops … they won’t even be able to sell them and get their initial downpayment out of them.

All I am saying is GET REPRESENTATION that you TRUST.  Yes it is great to win but at what cost 

Good luck to all the buyers out there and to all the sellers… who are getting top dollar for their homes.  If you are thinking of selling – TRUST ME, now is the time to sell.  I have never seen a market so busy and desperate for listings.

To your success !!!  

If you have any real estate questions, please feel free to call me or email me … I love what I do and will be only too happy to answer them.  Cheers !!!

Thinking on Buying Your First Home?

Getting Your Foot in the Door.

Like many would-be first time homeowners, you may be wondering how you can possibly afford to buy your first home. Even if you think you can’t afford a home, these saving tips and financing strategies can take you there sooner than you think and turn you from a renter into an owner.

Develop a plan for saving

The first priority for you should be to develop a culture of saving. This not only helps you in budgeting and planning for the future, but also to satisfy banks and other lending institutions that you have a clear commitment to save.

Start an automatic saving plan

Saving for a down payment can be a financial challenge but it’s a step forward to owning your dream home. Make saving automatic by setting up an automatic savings plan at your bank to regularly move a specific amount of money directly from your chequing account to a savings account. You’ll be surprised at how much you can save and how quickly the “pay yourself first” approach adds up.

Borrow from yourself

The federal government’s Home Buyer’s Plan (HBP) lets you borrow from your Registered Retirement Savings Plan (RRSP) to help purchase your first home. You and your partner can each withdraw up to $20,000, provided it’s not locked-in and the money has been in the RRSP for at least 90 days. You have to repay the loan in installments over the next 15 years to avoid a tax hit.

Take a holiday from tax

If you open a new Tax-Free Savings Account (TFSA), you won’t pay any tax on earnings, which will help you compound your savings. You can contribute up to $5,000 a year to a TFSA, and save for anything you like, tax-free.

Review your mortgage options

Once you make the decision to purchase a property, the next choice is the type of loan to suit your budget. The two most common types of loans are the variable interest rate loan and the fixed interest rate loan.

You can now choose to pay back your mortgage over 25 years, instead of the traditional 20-year amortization period. This means you will pay more interest over the long term, but you can reduce monthly payments to get into your starter home. You can always change this later, once your income rises and you can pay your mortgage down faster.

Get into a starter house

Try to be as flexible as possible when choosing your first home. Unless you are status conscious, your first home doesn’t necessarily have to be your dream home. You could settle for a starter home, which you can afford with a small down payment and easy mortgage installments. There are plenty of lower-priced houses out there in need of repair, with some “Do-It-Yourself” projects where you can add more value to the house. Just be careful not to buy a place where the cost of repairs will eat up any profits you might make when you sell.

In just a few years you will build enough equity in your starter home to make it easier for you to sell and move into to your dream home.

Buying your first home is an exciting process. After all, your home could be the largest asset you’ll ever own. Being able to finance most of its cost will take a load off your back in the future.

Have a question?  Please don’t hesitate to contact me.  I would be happy to answer it or assist you in finding an answer.  Buying your first home is an exciting process.   Happy House Hunting !

Getting Your Foot in the Door (First Time Buyers)

Getting Your Foot in the Door.

Like many would-be homeowners, you may be wondering how you can possibly afford to buy your first home. Even if you think you can’t afford a home, these saving tips and financing strategies can take you there sooner than you think and turn you from a renter into an owner.

Develop a culture of saving

The first priority for you should be to develop a culture of saving. This not only helps you in budgeting and planning for the future, but also to satisfy banks and other lending institutions that you have a clear commitment to save.

Start an automatic saving plan

Saving for a down payment can be a financial challenge but it’s a step forward to owning your dream home. Make saving automatic by setting up an automatic savings plan at your bank to regularly move a specific amount of money directly from your chequing account to a savings account. You’ll be surprised at how much you can save and how quickly the “pay yourself first” approach adds up.

Borrow from yourself

The federal government’s Home Buyer’s Plan (HBP) lets you borrow from your Registered Retirement Savings Plan (RRSP) to help purchase your first home. You and your partner can each withdraw up to $20,000, provided it’s not locked-in and the money has been in the RRSP for at least 90 days. You have to repay the loan in installments over the next 15 years to avoid a tax hit.

Take a holiday from tax

If you open a new Tax-Free Savings Account (TFSA), you won’t pay any tax on earnings, which will help you compound your savings. You can contribute up to $5,000 a year to a TFSA, and save for anything you like, tax-free.

Review your mortgage options

Once you make the decision to purchase a property, the next choice is the type of loan to suit your budget. The two most common types of loans are the variable interest rate loan and the fixed interest rate loan.

You can now choose to pay back your mortgage over 25 or 30 years, instead of the traditional 20-year amortization period. This means you will pay more interest over the long term, but you can reduce monthly payments to get into your starter home. You can always change this later, once your income rises and you can pay your mortgage down faster.

Get into a starter house

Try to be as flexible as possible when choosing your first home. Unless you are status conscious, your first home doesn’t necessarily have to be your dream home. You could settle for a starter home, which you can afford with a small down payment and easy mortgage installments. There are plenty of lower-priced houses out there in need of repair, with some “Do-It-Yourself” projects where you can add more value to the house. Just be careful not to buy a place where the cost of repairs will eat up any profits you might make when you sell.

In just a few years you will build enough equity in your starter home to make it easier for you to sell and move into to your dream home.

Buying your first home is an exciting process. After all, your home could be the largest asset you’ll ever own. Being able to finance most of its cost will take a load off your back in the future.

Looking for a Pickering Townhouse?

The Wharf at the Bottom of Liverpool

As many of you know – Townhouses continue to gain in popularity across the GTA  and the same is true for the Pickering area.   Pickering townhouses offer first-time buyers an affordable entry point into the real estate market.   However, not all Pickering townhouses are entry-level units. There are more and more luxury townhouses available which is appealing to a larger audience, particularly empty nesters.  If you don’t want to maintain the outside, there are maintenance companies that can do that.  Freehold or Condo Townhomes are really appealing to many different walks of life.

Are you searching for the townhouse of your dreams in Pickering, Ontario? The Canada-wide Multiple Listings Service® (mls.ca) can take days before the newest townhouses for sale, properties, and other real estate listings in Pickering appear…why not use www.Homes4Sale-Durham.com to see them first?!

Using my Preferred Buyer MLS® Email Notification Program, you can search a huge inventory of MLS® property listings and view information about homes that are currently available not only in the Pickering area, but in any region of Durham and most of all it is free to sign up for and these new listings are emailed to you as they match your search criteria.

Based on your criteria, I can quickly locate townhouses complete with pictures and descriptions. You’ll be notified as new townhouses come on the market daily by email, allowing you to see the hottest new Pickering real estate listings first, before they’re sold or appear on MLS!

It takes a skilled real estate professional to help both buyers and sellers to make the right decision. Michelle Makos is a RE/MAX real estate professional with years of experience and knowledge to help you in the find you next townhouse.

If you have any questions about any of the Pickering townhouses you find here please feel free to contact Michelle Makos. She will be happy to give you more information or to book a viewing. If you do not find what you are looking for please visit the Find Your Dream Home section. By filling-out the form, Pickering townhouses that match your criteria will be sent to your promptly.

I promise you to make your Pickering townhouse purchase a wonderful experience.  I look forward to it.