Frank Steinhausen, Broker
FSteinhausen@REMAX.net
RE/MAX Rouge River Realty Ltd., Brokerage
Phone 905-428-6533
Fax 905-668-1850
Categories
- Real Estate News
- Home staging
- neighbourhood
- Neighbourhood fun
- Green Building
- Home Inspection
- Pickering Village
- Real Estate
- Real estate investment
- Buying real estate
- Selling real estate
- Ajax
- Pickering
- Whitby
- Oshawa
- Durham Region
- Area interest
- Mortgage
Archives
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
Blogroll
Realosophy - Pickering Schools, Home Prices and Neighbourhood Photos
Realosophy - Ajax Schools, Home Prices and Neighbourhood Photos
Realosophy - Whitby Schools, Home Prices and Neighbourhood Photos
Realosophy - Oshawa Schools, Home Prices and Neighbourhood Photos
Archive for November, 2009
Determining The Market Value of Your Home
November 25th, 2009 Categories: Selling real estate
There has been a fair amount of press lately about the possibility of the housing market currently experiencing a bubble. The Toronto Real Estate Board recently stated that prices were up 10% over last year. The US, and in some areas of Canada, prices are falling or stable. I often stress that your housing market is local, and you need to look at specifics to see what is happening to the market price of your home.
The New York Times wrote
Even in the best of times, it’s hard for individuals to objectively value their homes, which often reflect their sense of self and personal style. Making things even more difficult has been general market inactivity lately, if not paralysis, which has provided little in the way of pricing guidance. But by using online resources, investigating neighbourhood trends, consulting real estate experts and perhaps even asking the opinions of brutally honest friends, homeowners can arrive at a reasonably accurate appraisal even in these uncertain times.
Although we are not experiencing the paralysis in our market, we do have uncertainty regarding how long this increase will last, what is going to happen to the economy, and so on.
Putting all factors in the mix, makes the sale of a house complex and downright tricky to negotiate for both the buyer and the seller.
Being inside the real estate market, I look at a couple of different things when I am looking at setting the listing price of a home for sale.
I look at price changes. I look at the price that the person paid for the home when they bought it all those years ago. Using statistics that I have collected, I can look at the change in house prices in general, in that area, over the period between the purchase and the potential sale. It will give me a ball park to look at for the price.
I also look at the tax assessment price. I look at other homes in the area that have sold and compare their assessed value to the sale price. I use the same ratio to get an approximation for current value on the home that I am working up.
The last area to look is comparable sales. In most areas, I find homes that have sold recently that are similar to the home in question. It can be considered that the last price is close to the market price.
Buyer agents can do the same research when helping their clients to select an offer price. Buyers, in general, are not going to spend a lot more than other buyers who bought in the area. We also need to consider that the banks look at comparable homes when they are deciding on how big a mortgage they will allow the buyer to carry on any particular home.
Looking at all of this information, the homeowner and I will set a price that is our best guess for what buyers will be willing to pay. Sometimes, we need to make adjustments to the list price to find the true market value.
The bottom line is that the only time we know the true market value of your home is when you accept an offer from a willing buyer. That price is your market value.
| Currently Comments Off
GTA REALTORS® Report Mid-Month Resale Housing Market Figures
November 19th, 2009 Categories: Area interest, Buying real estate, Real Estate News, Selling real estate
TORONTO, November 18, 2009 - In the first two weeks of November, Greater Toronto REALTORS® reported 3,666 sales – up 84 per cent compared to the first two weeks of November 2008. The average price for these transactions was up 10 per cent year-overyear to $415,066.
Increased interest in ownership housing has been widespread throughout the GTA and across all housing types,” said Toronto Real Estate Board President Tom Lebour. “However, it is important to point out that we are now making comparisons to the fall of 2008 when we experienced a marked decline in sales and average price”
Year-to-date sales, at 78,233 are up 11 per cent compared to 2008. Average price, at $393,180, is up by three per cent.
“Sales and average price in the GTA this winter will be well above levels reported throughout the fourth quarter of 2008 and the first quarter of 2009,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis.
| Currently Comments Off
In Flanders Fields
November 11th, 2009 Categories: Area interest
In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place; and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below.We are the dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved, and were loved, and now we lie
In Flanders fields.Take up our quarrel with the foe:
To you from failing hands we throw
The torch; be yours to hold it high.
If ye break faith with us who die
We shall not sleep, though poppies grow
In Flanders fields.
| Currently No Comments »
TREB Reports Strong Growth in October MLS Transactions
November 5th, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
November 4, 2009 — In October 2009, Greater Toronto REALTORS® reported 8,476 sales, up 64 per cent from October 2008. The average price for October transactions was $423,559 – up by 20 per cent compared to the same month last year.
“Strong sales growth has occurred across many property classes – from price ranges that would attract first-time buyers to luxury properties selling for over one million dollars,” said TREB President Tom Lebour. “The highest rate of sales growth in October was experienced for properties selling for over $750,000 dollars. In contrast, luxury home sales declined at an above-average rate last year.”
Year-to-date sales, at 74,721, were up nine per cent compared to the first ten months of 2008. Average price, at $392,264 was up by almost three per cent.
“After a short dip in the winter, the average home price in the GTA has rebounded because sales have been high relative to listings,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Watch for listings to rebound in 2010 as home owners react to the strong sales and price growth experienced in the latter half of this year.”
Median Price
In October, the median price was $357,000, from the $312,000 recorded during October of 2008.
| Currently No Comments »
12 Reason Why Use A Realtor
November 3rd, 2009 Categories: Real Estate News, Selling real estate
I would be remiss if I did not present my opinion on the news this week that reports that real estate commissions could be cut, so says the Toronto Star:
It was reported across Canada that the MLS system needs to be opened up to give consumers more options.
As a realtor, I know that my services are valuable to consumers. There have always been options where you can do it yourself.
Let’s look at why you would use a Realtor:
Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $200,000. If you had a $200,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $200,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a Realtor.
But if you’re still not convinced of the value of a Realtor, here are a dozen more reasons to use one:
1. Your Realtor can help you determine your buying power — that is, your financial reserves plus your borrowing capacity. If you give a Realtor some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders — banks and mortgage companies — offer limited choices.
2. Your Realtor has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties. Sometimes, a realtor knows about properties that are coning available or would be available, for the right buyer.
3. Your Realtor can assist you in the selection process by providing objective information about each property. Agents who are Realtor have access to a variety of informational resources. Realtor can provide local community information on utilities, zoning. schools, etc. There are two things you’ll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?
4. Your Realtor can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.
5. Your Realtor provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your Realtor can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Realtor, title company or attorney can help you resolve issues that might cause problems at a later date.
6. Your Realtor can help you in understanding different financing options and in identifying qualified lenders.
7. Your Realtor can guide you through the closing process and make sure everything flows together smoothly.
8. When selling your home, your Realtor can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
9. Your Realtor markets your property to other real estate agents and the public. Often, your Realtor can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your Realtor markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your Realtor acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The Realtor Code of Ethics requires Realtor to utilize these cooperative relationships when they benefit their clients.
10. Your Realtor will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. Studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your Realtor, you do not have to allow strangers into your home. Realtor will generally pre-screen and accompany qualified prospects through your property.
11. Your Realtor can help you objectively evaluate every buyer’s proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing — a lot of possible pitfalls. Your Realtor can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
12. Your Realtor can help close the sale of your home. Between the initial sales agreement and closing, questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your Realtor is the best person to objectively help you resolve these issues and move the transaction to closing.
http://www.realtor.com/basics/allabout/realtors/why.asp
The MLS is just one tool that I use to sell you home. Let me show you the value I bring to the table and you can decide.rr
| Currently No Comments »
Housing Activity to Strengthen in 2010
November 2nd, 2009 Categories: Buying real estate, Real Estate News, Selling real estate
OTTAWA, November 2, 2009 — Housing starts have started to recover and are expected to continue to improve in the second half of 2009. Starts are expected to reach 141,900 for the year and will increase to 164,900 for 2010, according to Canada Mortgage and Housing Corporation’s (CMHC) fourth quarter Housing Market Outlook, Canada Edition* report.
“We expect housing markets across Canada to strengthen leading into and over the course of 2010 as economic conditions improve”, said Bob Dugan, Chief Economist for CMHC.
“Demand for existing homes has rebounded since the beginning of the year. In addition, lower inventory levels characterize both the new and existing home markets. As a result, stronger housing demand will be reflected in higher levels of housing starts in 2010”, said Mr. Dugan.
The strong pace of MLS® 1 sales seen in the second and third quarters of this year reflects, in part, activity that was delayed in the previous two quarters and is not likely to be sustained. The level of sales is expected to move back closer in line with anticipated economic conditions. As a result, existing home sales, as measured by the Multiple Listing Service (MLS®), will reach 441,300 units in 2009 and increase to 445,150 units in 2010. The average MLS® price is expected to be $312,950 in 2009 and $324,500 in 2010.
As Canada’s national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.
* The forecasts included in the Housing Market Outlook are based on information available as of October 1, 2009. Where applicable, forecast ranges are also presented in order to reflect economic uncertainty.
1 The term MLS® stands for Multiple Listing Service and is a registered trademark of the Canadian Real Estate Association (CREA). Data are for 10 provinces.
Information on this release:
Charles Sauriol
CMHC
Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca
| Currently Comments Off