Summer holds on......

Well even if summer is almost over........... should we consider a house with a pool and a hot tub!?

YES! .. but first let me state my bias. My family and I enjoyed one for almost 17 years and if I can handle a pool most any one can. ( OK me, a helpful neighbour and the "teenage kids!)

I recently listed a property house with the pool and compared the "costs" of running a pool with a house without one. Personal usage will of course dictate the actual cost of operating a pool, but it is not a large some of money. Utility costs compare about 8 percent higher and the ongoing costs of replacing liners ( about every 15 years) pool heaters ( about every 12 years) pool pumps ( about every 10 years) and solar blanket (about every 3 years).....over the 17 years I enjoyed a pool it was less money than renting a decent cottage for a week.. and we had months of enjoyment.

"Stay"cations come in and out of style.. but spending time with your kids, grand kids...family and friends is always in style. Many nights we sat with our feet in the pool just hanging out poolside.. or maybe dinner overlooking the pool. It is an expensive undertaking to put in a pool.. tens of thousands and I am not saying it isn't worth it for those who choose to install one. BUT to buy a property where one already there, very affordable....truly enjoyable and I am grateful for the previous owners who did where we bought!

Not for every one for sure but if you thinks it's too much work for most it is NOT. Automated chlorinators, creepy crawlers and barracudas ( brand name for automatic pool cleaners) and competent pool companies for opening and closings if you aren't handy... make pool ownership a wonderful thing.

I am just sayin...

Spring! FINALLY !!!

Yes it has been a long winter... spring slow to arrive and almost suddenly Mothers Day weekend and its officially spring. The grass that wasn't there 10 days ago needs cutting.. garden centres are flourishing, dandelions are popping up almost welcomed ( almost) and the true sign spring is here.

THE REAL ESTATE SPRING MARKET is thriving.......... No signs of the last two years of recession talk as MULTIPLE OFFERS are the name of the game. As we went around the office meeting last week one agent told of the 14 offers that had been registered on a single detached home. It was listed at the appraised price and sold tens of thousands of dollars over asking. The next agent said he had 4 offers on his listing, a residential 4 bedroom property ...... again sold thousands of dollars over the asking price. The next agent meekly said... we only had two offers!....hummph.



GREAT news for the sellers .... what about the buyers?

What do you do when you really, really want the house you just saw?

KNOW YOUR NUMBERS......

The Internet has changed how we all look and find out information about what is for sale on the open market today, but you had better know your numbers before you attempt to jump into what is common today.. BIDDING WARS. The best way is to have a realtor who has the truth about what a house sold for not just the asking price. It is not uncommon for a house today to be on the market a mere week and have agents and public ask two questions.

1.WHATS wrong with the house?

2. WHEN are the sellers REDUCING THE PRICE?

And truthfully it is even more common to see just that happen. Today's market calls for a savvy realtor who can provide crucial information prior to an offer going forward on your behalf. You may loose out on one.... It seems you see one you might like and its SOLD before you get to see it - because when you are actively looking for a home and you begin the process most everything looks good on paper.. ( OK on the Internet!)

Wide angle shots, "staged" homes... cropped photos (so that UGLY one next door doesn't show) .. all make for great photos but maybe not the greatest find. I repeat you can't SMELL WHAT A HOUSE IS LIKE from the Internet... and in the rare case that is a GOOD thing.
Your realtor will sit down and go over all the details of the most recent sales of COMPARABLE homes that have sold. The homes make look similar but upgrades, improvements, general condition, appliances, even which side of the street a property is located on EFFECTS the selling price. Recently one property I was showing was a long crescent and a train ran behind the homes on the other side of the street. We are all now grateful for the advances in GOOGLE earth so you can see a many things on the Internet before you start.


4.KNOW your numbers and know your limit. THERE WILL ALWAYS BE ANOTHER ONE.

Just like the saying ... you'll know the right one when you see it, If you are qualified by a mortgage lender and not just filled out a form on line, if you have your down payment accessible if you have worked out your budget on what you WANT to afford not just what you can afford... take the advice of your realtor.. make an intelligent bid... know about required conditions and GO FOR IT !

This is ,for most people, the biggest single investment you will ever make in your lives. It is where we raise our kids.. nurture our dreams and arrive safely to.... at the end of some very long days! It is not worth owning.. (strange words from a realtor) if you really can't afford it ... if you really are just settling... if you haven't done your homework! (pun intended)

In Hot markets like this, Realtors can guide you through the process. It is what most of love about real estate. It is a whirlwind right now... but its worth it to arrive a the right house at the right price .... aka......... HOME.

SNOW ...rain... hail... Cold spring but a HOT MARKET OUT THERE!

Well it is true to the predictions from most inside the industry and out,report that the Bank of Canada did not have any dramatic surprises up its’ sleeve on Tuesday, as rates were held again. The experts are saying "In fact, it looks as though we may be well into the summer before the rate hike that has long been speculated about, actually materializes." THE EXPERTS AT THE TORONTO REAL ESTATE BOARD "GTA REALTORS® RELEASE MID‐MONTH RESALE HOUSING FIGURES TORONTO, APRIL 18, 2011 ‐‐ Greater Toronto REALTORS® reported 4,444 sales during the first two weeks of April 2011 – a three per cent decrease compared to the first two weeks of April 2010. said TREB President Bill Johnston. The average selling price for firm deals reported through the first two weeks of April was $483,165, representing a 12 per cent increase over the average price of $430,271 reported during the same period last year. “The number of homes listed for sale so far in 2011 has been below expectations. Market conditions have tightened, resulting in increased competition between home buyers and accelerating rates of average price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “The strong rate of price growth reported for the first two weeks of April should entice more households to list their homes for sale. This would result in more balanced market conditions and more moderate rates of price growth,” continued Mercer. LONG story short... SUPPLY still down..... DEMAND STILL HIGH. Typically this is a big listing time of the year and ironically or factually, warmer spring weather - MORE houses to choose from. IF you are thinking about selling....long bets have you favoured to list with a longer closing... get the cash in your hand and to shopping for your new house! First timers...rates stable.. supply increasing... KNOW your numbers and then GO GET YOUR NEW HOUSE.....stop paying someone elses mortgage.

As I sit here at my desk, our office admin ladies are going crazy with "Multiple OFFERS!"arriving via fax, on three different properties on MLS. We have not see this activity since last year and then, it really was spurred on by the HST fears. This year it seems the lack of suitable homes to choose from is causing buyers to jump in and face the dreaded "bidding war'. Ironically the prices which are definitely on the rise are not seeming to be 10's of thousands over the asking price... but some are! WHAT DOES THIS MEAN FOR THE BUYER.. THE FIRST TIME BUYER ESPECIALLY?? This is the ever present reminder that right now.. today yes it is a sellers market...but TOMORROW? Experts talk about the mortgage rate hike predicted Tuesday, April 12th, 2011 Interest Rates will they go up or not? A recent Property Wire.ca article sums it up by saying "Up, down or nowhere at all." Once again, we are approaching another Interest Rate announcement by the Bank of Canada- this coming Tuesday, April 12. While we have no crystal ball, there are a number of factors present from which we can draw speculative expectation. The problem is that some of them are contradictory- and while in the past, some of these predictors could have meant a sure bet in any direction, the situation in which the Canadian economy is not typical. Also, we find ourselves right in the middle of a Federal Election campaign. If history is any guide, rates will remain unchanged, as the country technically is in a state of political instability- and the BOC has traditionally stepped into a less active role when Canadians are preparing to head to the polls. On the other hand, last week, many of the major banks raised some mortgage rates marginally- which is typically done in advance of an anticipated rate hike. It’s about striking a balance. Many springs .. in fact MOST spring markets come quickly and settle down fairly quickly when supply and demand balance each other out. Is the rising interest rate a concern? Absolutely.. but is it PANIC time.. no Experts suggest people are setting their budgets and if anything lowering their expectations not wanting to be swallowed in the ever growing sea of debt. Filled up your gas tank lately? Ouch!! Not going to stop driving my car anytime soon but it is a reminder that costs are up, jobs are still not plentiful, amortizations for the average mortgage just went up about $100.00 a month and few are getting raises to compensate. Just as it is getting sunny and warm the market is heating up. KNOW your budget.. know your costs...know the type of housing you want...find a trusted professionals mortage and realtors.. and get good advice BEFORE you shop! As wise people tell us... this too shall pass... but we all need a little help and advice till it does.

Spring market is it here yet?

The spring market is almost here and the prices are hedging up. Mortgage rates are staying low but the experts give us some figures to crunch.....

The new rules as of Friday will make the maximum payback period 30 years — resulting in somewhat higher regular payments than with the 35-year amortization that has been the choice of about 30 per cent of home buyers.

"The rule changes will increase the monthly payment on a $300,000 mortgage at four per cent interest by $105 — but will also reduce total interest paid by $42,288 over the life of a mortgage because it's repaid five years sooner.
Dropping the amortization to 30 years will cut buyers' maximum possible purchase price by six to seven per cent. That means someone who qualifies for a $300,000 mortgage could afford a home that's about $18,000 $21,000 less expensive."
“When you reduce amortization, it increases your mortgage payment for the same purchase price, so if you have people near the edge of affordability, forcing them into a shorter amortization means they won't qualify for as much house,” says Robert McLister, a mortgage planner and editor of the Canadian Mortgage Trends website.
“It means that you'll have to find a cheaper house or you'll have to move a little further out of the city.” McLister says first-time owners should re-examine their monthly cash flow before deciding whether now is the time to enter the market.


As the market bounces back.. can you save as fast as the market moves up. Like most markets pre spring fever... there is a notable shortage of listings on the open market. Supply and demand says the lower the supply the higher the demand .. and prices.


THIS IS THE TIME YOU NEED TRUSTED EXPERIENCE AND ADVICE. I have had clients call me and say.. well I went on the Internet and I can borrow 400,000. BUT at what cost....costs.. hidden, added to or deferred. With CMHC insurance fees tacked onto your mortgage and higher rates on cash back mortgages even with annual 5 percent increases.. ... some first time buyers are finding it hard to build any equity ... and LIVE too.


Yes it is a good time to buy... if you know all the options... carefully examine the costs. Yes it would be nice to stop paying someone elses mortgage and start building your equity.

February Freeze but MARKETS WARMING NICELY!

Is it time to jump in?????






The Toronto Real Estate board is off to a "Good Start to 2011". The board reported 4,337 transactions through the TorontoMLS® system in January 2011. This result was 13 per cent lower than the record result reported in January 2010.


(TRANSLATED.... THE OVERALL MARKET IS NOT AS BUSY AS WERE LAST YEAR BUT DEFINATELY GETTING BUSIER.)


"While off the record pace experienced a year ago, the GTA resale market has started the year on a solid footing. Home buyers in Toronto and surrounding areas continue to benefit from a diversity of housing types for sale at many different price points," said TREB President.

( TRANSLATED.. " THERE ARE FEWER PROPERTIES SELLING AND THERE ARE LESS HOMES FOR SALE... INVENTORY OF CHOICE.. LOW!)

The average selling price for January 2011 sales was $427,037, representing an increase of over four per cent compared to the average of $409,058 reported in January 2010. "The average selling price is expected to grow at a moderate pace in 2011. Growth rates in the three to five per cent range will be sustainable from an affordability perspective," said Jason Mercer, TREB's Senior Manager of Market Analysis. In January, the median price was $360,000, from the $350,000 recorded during January of 2010.

( TRANSLATED..."THE PRICES ARE UP FROM LAST YEAR AND EXPECTED TO MODERATELY CONTINUE TO RISE ).. AKA..RECOVERING ECONOMY AND PRICES ARE HEADING UP .


We in the industry stare at our computers like a woman in front of a semi full closet declaring "I have nothing to wear!" We as agents are imploring anxious buyers to be a bit patient because the inventory is low. Intelligently priced homes are selling literally in days and we are beginning to see multiple offers again. Certainly not the bidding wars of months gone by but if you see a property that you like.. don't take two weeks to decide. Chances are it will be gone.



SO age old question ... " IS THIS A GOOD TIME TO SELL...

IS THIS A GOOD TIME TO BUY?"

Seldom is the spring market quiet and the law of supply and demand is a good indicator. If you are waiting for prices to continue downward.... monthly stats revel that prices are up 4 percent from last year. The number of active listings is at a four year low.. and interest rates still hovering a record low rates. Have there been some belt tightening adjustments definitely. IS THIS A GOOD TIME TO SELL.........YES... but.. and there is always a but.... Take a long enough closing or you will be in the anxious position of looking for that right property! First time buyers.... jump in... the water is warming.. and so is the market. Interest rates historically are held lower pre rsp deadlines ... so JUMP IN... carefully cautiously..and with a little help from your friends.

Having sold my property with all conditions removed and the bright red sold sign waiving in the winter breezes for about 19 days now ....my family friends and fellow realtors ask.....
DID YOU FIND A NEW PLACE?



......... Flash back 30 years and my first child, was overdue by two weeks, it was the hottest August on record, and people would ask...DID YOU HAVE THE BABY YET?
Finding the right home is the same kind of process...hard as you may want it to happen NOW... finding the right house takes time.... but hopefully a lot less pain! Even your realtor and their team of seasoned professionals, will have some challenges no doubt. Do you find a perfect place first and buy before you sell (scared of owning two homes)? We are often asked do we sell first and then end up feeling somewhat homeless as we search. Or if you go the somewhat safe route and can find a seller to accept a conditional offer... you find the right home and hope your home sells quickly. Downside is you are bargaining on a promise. Mr. Seller I promise to buy your home if and when mine sells... and as Dr Phil asks "hows that workin for yah?"
Living this challenge the past three weeks, I am reminded that being in this position is one of the reasons we need realtors and all their support systems. Our job is to be "the Project" manager and work out all the fine details. The discomfort in any situation often comes from the "unknown fear" ...of what may or could or SHOULD happen and often not what does happen. Contingencies and trusted guidance is what counts.
I like many of the buyers and sellers out there right now; I am watching a very tight listing market... fewer properties for sale and some good activity in the buying end. Buyers are stepping right into the market as prices edge their way up... indicators are its going to be a good market... not an explosion and not an implosion.... rates will hold steady and the newest CMHC tighter rules... actually VERY well received.
SO should you be in the position of wanting to sell right now at minus 18 degrees? ...YES the market is moving!! People are buying and selling and although the inventory is low... days on the market is also low... properties that are priced intellegiently are selling! There will be more out there very very soon... HONEST
Keep you posted as I remain... as many of you... Looking for that perfect next home.

January 2011... The "Market" is off and running

Was Christmas really almost a month ago??..Blink and it will be February... BLINK ...March Break...!

The real estate market is always supposed to be heating up as the weather cools to COLD and this year is no different. This year, however, my perspective has been changed.....just a touch. I sold my property between the normally quiet Christmas and New Years time frame. I am now a HOMELESS person.. ok?.. not really... not yet!

After just over a year of freehold townhouse living, the SNOW and the distance got to me. I listed and sold my property fairly quickly. The CONDO lifestyle suddenly seemed the perfect solution.

27 years ago we bought our first condo townhouse and LOVED it.....the people, the parks, the "community" feeling and it was an amazing start. After living in two such townhouses, we moved our family into our first detached 3 bedroom home.. a few years later a larger detached home with 4 bedrooms, a double car garage and an inground pool! BLINK.. kids are through university.. married , MOVED OUT.. lol .. and townhouse seemed just the right fit again. Empty Nester I was.. forward I went!

After cutting grass and shovelling snow for just over a year, the three bedroom, three baths, double tandem driveway ,wrap around porch, full basement, quiet crescent, fabulous family home.. wasn't the right fit....for me. The snow got to me and the buyers were glad it did. A marvelous young couple, searching for the "detached house feeling "but in the price range of a townhome, put in their offer and it was accepted. With baby in tow, these buyers purchased this home they claimed was just the right fit for them.

So off I go in search of the perfect condo. As I have found in life ,the perfect property is about as elusive as the perfect mate ... but there are a few close contenders. My closing is in 29 days.. ( but who's counting) and the spring market is almost here. In the market, we see that the inventory growing every day.....the search is on.

Keep posted ... but I have warned family and friends..." Don't leave your guest room empty... I may be calling".......... we'll see.

Signed your MOST sympathetic realtor...

~~The one who is looking for the perfect next property... just like you!~~

Yours truly,

Dale

(Still packing!)