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
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- 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 the 'Buying real estate' Category
Tips on Buying in a Tight Market
June 17th, 2011 Categories: Buying real estate
The press is still talking about the market overheating. The fact is, in many 
areas, purchasers are having to compete for great homes. Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.
- Get prequalified for a mortgage. You’ll be able to make a firm commitment to buy and make your offer more desirable to the seller.
- Stay in close touch with your real estate sales associate to find out first about new listings that come on the market. And be ready to go see a house as soon as it goes on the market.
- Scout out new listings yourself. Look at Internet sites, newspaper ads, and drive by the neighborhood frequently. Maybe you’ll see a brand-new “for sale” sign before anyone else.
- Be ready to make a decision. Spend lots of time in advance deciding what you must have so you won’t be unsure when you have the chance to make an offer.
- Bid competitively. You may not want to start out offering the absolute highest price you can afford, but don’t try to go too low to get a deal. In a tight market, you’ll lose out.
- Keep conditions to a minimum. Restrictions such as needing to sell your home before you move or wanting to delay the closing until a certain date can make your offer unappealing. In a tight market, you’ll probably be able to sell your house rapidly. Or talk to your lender about getting a bridge loan to cover both mortgages for a short period.
- Don’t get caught in a buying frenzy. Just because there’s competition doesn’t mean you should just buy anything. And even though you want to make your offer attractive, don’t neglect inspections that help ensure that your house is sound.
| Currently No Comments »
A Housing Market Conditions Remain Healthy in September
October 7th, 2010 Categories: Ajax, Buying real estate, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Selling real estate, Whitby
October 5, 2010 — Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010. This represented a 23 per cent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four per cent compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said Toronto Real Estate Board President Bill Johnston.
The average price for September transactions was $427,329– up five per cent compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657.
“Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.”
Median Price
In September, the median price was $360,325, from the $347,000 recorded during September of 2009.
| Currently No Comments »
GTA REALTORS® Report Mid-Month Resale Housing Figures
September 20th, 2010 Categories: Ajax, Buying real estate, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Selling real estate, Whitby
TORONTO, September 16, 2010 †Greater Toronto REALTORS® reported 2,623 sales through the Multiple Listing Service® (MLS®) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009. Year-to-date sales amounted to 65,455, representing a six per cent increase compared to 2009.
“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,†said Toronto Real Estate Board President Bill Johnston.
“It is important to note that year-to-date sales remain above the number reported through the same period last year,†added Johnston.
The average price for September mid-month transactions was $412,367 – up five percent compared to the average of $393,818 recorded during the first 14 days of September 2009.
“Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture,†said Jason Mercer, TREB’s Senior Manager of Market Analysis.
| Currently No Comments »
Homeownership Offers Financial Security
August 27th, 2010 Categories: Area interest, Buying real estate
With the press telling the country that the housing market seems to have stalled in July, some people are asking if homeownership is still a good investment option. The US real estate market has painfully demonstrated that no one can guarantee that the house prices will continue to climb year after year.
Is the Canadian housing market any different?
We have not experienced the drop in equity that our neighbours have endured. Any guarantees that we won’t? The pundits agree that it is not likely to happen here. It seems, though, that the age of double digit price increase has gone.
Should we give up on homeownership as a way to build wealth? Value appreciation is only one benefit to homeownership. In the past, the dream of owning your own home was also considered a tidy tax-free way of building a nest egg. Not by dramatic price increases, but by paying down the principal of your mortgage to own it free and clear. It is a way to save money.
Consider that, according to a study by harris Decima for Scotiabank, almost one third of Canadians don’t have a savings plan even though, they want one–94 percent said that they would feel better if they had a financial safety net. Homeownership can offer you that.
Consider it “forced savings.” Whether house prices rise substantially or not, at the end of the day, buying a home, and paying down the mortgage will give you a tidy nest of financial security–and a place to hang your hat.
How about it?
| Currently No Comments »
Home Scene: Where memories are made
May 31st, 2010 Categories: Area interest, Buying real estate
After laughing at Shrek in 3D Sunday evening, I relaxed in bed with a book. I could hear Jeremy talking to someone on line with his new PS3 game in the living room. The girls had been tucked into bed: Kailey tired after a soccer tournament and Grace after 3 hours of homework and the movie.
There was a quiet knock on the door and Nancy calls Grace to come in. She immediately stretches her arms out to welcome our baby into them. Grace sees scary people whenever she closes her eyes. My wife reminds her that Shrek wasn’t scary and that maybe we shouldn’t be watching scary shows on television. Grace tells us a story about how a couple of years ago, Jeremy made her watch Grunge on television and it still scares her. He made you, my wife comments. He sat on me.
That could be true, and Grace is scared and tired, and so are we. Nancy offers to have her sleep with Kailey (she has a big bed). She gets Grace a favorite stuffed animal. Kailey rolls over and asks what’s going on. Grace is going to sleep with you; she’s scared. Okay.
We relax back in bed with the ceiling fan cooling our skin.
That’s home.
Want one? Call me.
| Currently 1 Comment »
Canadian Real Estate Association says “Canada’s hot resale housing market starting to cool”
May 28th, 2010 Categories: Buying real estate, Real Estate News, Selling real estate
(OTTAWA – May 17, 2010) Home sales activity in Canada came up short of the record for the month of April and new listings continued to climb, according to statistics released by The Canadian Real Estate Association (CREA).
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
| Currently No Comments »
The Limitations of a Home Inspection
April 22nd, 2010 Categories: Buying real estate, Home Inspection
The Home Inspection Defined
A general home inspection is a visual inspection for system and major accessible component defects and safety issues. The inspection is not technically exhaustive. A “general home inspection” and a “home inspection” are the same thing.
A home inspection is designed to reflect, as accurately as possible, the visible condition of the home at the time of the inspection. Conditions at a home for sale can change radically in only a day or two, so a home inspection is not meant to guarantee what condition a home will be in when the transaction closes. It’s not uncommon for conditions to change between the time of the inspection and the closing date.
Above:Â an overloaded outlet with no cover
It’s a Visual Inspection
A “visual†inspection means that a home inspection report is limited to describing conditions in those parts of a home that an inspector can see during the inspection. Obviously, parts of the home that are permanently hidden by wall, ceiling and floor coverings are excluded, but so are parts of the home that were inaccessible during the inspection for some other reason. Some reasons might include lack of an access point, such as a door or hatch, or a locked access point, or because an occupant’s belongings blocked access, or because of dangerous or unsanitary conditions.
There can be many more reasons. The point is that if an inspector can’t see a portion of the home, the inspector can’t assume responsibility for ensuring that a safe and proper condition exists or that systems are operating properly in that hidden space.
Safety
Safety can be a matter of perception. Some conditions, such as exposed electrical wiring, are obviously unsafe. Other conditions, such as the presence of mold, aren’t as clear-cut.
In the example of the possible existence of mold, it’s difficult to accurately call it out during a general home inspection because mold sometimes grows in places where it can’t be readily seen, such as inside walls, making its discovery beyond the scope of the inspection. Also, the dangers to human health are from the inhalation of spores from indoor air.
Most people with healthy immune systems have little or no problem with inhaling spores. A few people whose immune systems are compromised by lung disease, asthma or allergies can develop serious or even fatal fungal infections from mold spore levels that wouldn’t affect most people. Every home has mold and mold colonies can grow very quickly, given the right conditions. Mold can be a safety concern, but it often isn’t. The dangers represented by mold are a controversial subject. Other potential safety issues also fall into this category.
Above:Â the cutting torch and gutter system of roof drainage management
System Defects
Although the majority of the inspection is visual, the InterNACHI Standards of Practice do require inspectors to operate space and water heating equipment, and air-conditioning equipment, if it can be done without damaging the equipment.
Inspectors will also examine the major accessible components of certain systems as required by the Standards of Practice. Furnace air filters are one example.
A home inspection is not technically exhaustive, meaning that systems or components will not be disassembled as part of the inspection. For example, an inspector will not partially disassemble a furnace to more accurately check the condition of the heat exchanger. Inspectors typically disclaim heat exchangers.
Hazardous Materials
Asbestos, mold, lead, water purity, and other environmental issues or potential hazards typically require a specialist inspection, and may additionally require laboratory analysis.
Home Inspectors are Generalists
Home inspectors are not experts in every home system but are generalists trained to recognize evidence of potential problems in the different home systems and their major components. Inspectors need to know when a problem is serious enough to recommend a specialist inspection. Recommendations are often made for a qualified contractor, such as a plumber or electrician, and sometimes for a structural engineer.
Above:Â the result of subfloor movement
Inspector Qualifications
Very few home inspectors have been in the inspection industry for their entire working lives. According to an InterNACHI poll, about half the home inspectors have a background in the building trades. Those with a construction background started with a general idea of the systems and components that they might find installed, as well as how those systems age and fail.
This doesn’t mean that inspectors with a background in something other than the building trades are not qualified – only that they started in the inspection industry at a relative disadvantage. Building the skills and developing the judgment to consistently recognize and interpret evidence correctly and make appropriate recommendations are things that can be improved with practice and continuing education.
Above:Â improper electrical splice
Managing Expectations
Part of a home inspector’s job is to manage the expectations of their client. This is especially true when a client has never dealt with a home inspector before. Explaining the limitations of a home inspection to a client will help them develop realistic expectations concerning what to expect from a home inspection report, and what lies beyond the scope of the inspection.
When a home buyer is interviewing inspectors, the buyer should ask about how the inspector handles special safety concerns.
Disclaimers are portions of an inspection agreement or report in which an inspector notifies the client that the inspector will not accept the responsibility for confirming the condition of a portion of the home or of a particular system or component.
Creating realistic expectations in a client’s mind will help prevent misunderstandings and promote smooth real estate transactions.
Borrowed from International Association of Certified Home Inspectors
| Currently No Comments »
In The News
April 6th, 2010 Categories: Buying real estate, Real Estate News, Selling real estate
In Keeping Matters Current this morning, they highlighted that it matters what you read when it comes to understanding the real estate market.
I can’t present this any better:
Whenever a market is evolving rapidly, the most difficult thing to do is keep up with the changes. A home seller or a home buyer in today’s real estate market must make sure that they understand what is happening and why it is happening. They can then guarantee that they are making an informed decision in regard to what is best for themselves and their families.
The Goal
Keeping abreast of what is happening in today’s real estate market is no easy task. You may feel that you are doing a good job of staying on top of market fluctuations. You may read all the pertinent data and stories from all the best media sources. However, it is not just having the information but also being able to analyze the information that truly matters. And that is not easy.
The Challenge
Let’s look at two headlines from last week and a quote from each article: Â
Home Price Index Edges Up – Wall Street Journal 3/30/2010
The seasonally adjusted (prices) increased 0.3% in January from a month earlier, the eighth consecutive monthly increase. … The report “indicates that the worst of the declines are behind us and we can at least move forward from here,†said Adam York, an economist with Wells Fargo Securities.
Home Price Dip Extends to 4th Month – CNN Money 3/30/2010
After a five-month run-up in home prices starting last spring, prices have now fallen for four consecutive months … The market seems to have pulled the rug out from under housing industry hopes for a sustained early recovery.
I purposely left out to which report each article was referring in order to make a point. Each article was using as the foundation of their headline and story the SAME REPORT – the S&P/Case-Shiller Home Price Index of 20 cities.
So here we have the Wall Street Journal and CNN Money reporting on the same exact news but coming up with widely opposite conclusions. One used the month-over-month numbers and one used the year-over-year numbers. Will most people understand the nuances and be able to determine what they mean?
The Solution
In today’s market, whether you are buying or selling, you need a dedicated professional to help you analyze the preponderance of information available.
You need someone that is willing to take the time to understand what is happening and why it is happening. They must also be willing to sit down and simply and effectively explain what it means to you and your family.
As Dave Ramsey, the personal finance guru, said:
“When getting help with money, whether it is insurance, real estate or investments you should always look for someone with the heart of a teacher, not the heart of a salesman. About eighty five percent (85%) of the people in the financial world know how to sell and tell you what to do. They don’t know how to teach you what you are doing. Stay away from them.â€
| Currently No Comments »
One Good Reason To Buy That Home Now
March 24th, 2010 Categories: Buying real estate, Mortgage
There are any number of reasons that a realtor will give you to buy a home now. And looking back over the past year, if you had listened, your home could be worth up to 10% more than you paid for it last spring.
This spring things aren’t much different, except mortgage interest rates have never been so low.
There are now whispers about the possibility of interest rates going up. And quite honestly, there is no where else for them to go. When that happens affordability comes into question.
The following table shows you how a 1% increase in interest rates will dramatically change your monthly costs, or decrease the value of the house you can buy.
Interest rates will be going up. Will you be ready?
| Currently 1 Comment »
8 Tips to Guide for Your Home Search
March 14th, 2010 Categories: Buying real estate
1. Research before you look. Decide what features you most want to have in a home, what neighborhoods you prefer, and how much you’d be willing to spend each month for housing.
2. Be realistic. It’s OK to be picky, but don’t be unrealistic with your expectations. There’s no such thing as a perfect home. Use your list of priorities as a guide to evaluate each property.
3. Get your finances in order. Review your credit report and be sure you have enough money to cover your down payment and closing costs. Then, talk to a lender and get prequalified for a mortgage. This will save you the heartache later of falling in love with a house you can’t afford.
4. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion, but be ready to make the final decision on your own.
5. Decide your moving timeline. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area? All of these factors will help you determine when you should move.
6. Think long term. Are you looking for a starter house with plans to move up in a few years, or do you hope to stay in this home for a longer period? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that will best suit you.
7. Insist on a home inspection. If possible, get a warranty from the seller to cover defects for one year.
8. Get help from a REALTOR®. Hire a real estate professional who specializes in the area you are looking in and will represent you. Unlike the listing agent, whose first duty is to the seller, a buyer’s representative is working only for you. Buyer’s reps are usually paid out of the seller’s commission payment.
| Currently No Comments »