I recently attended a group discussion at the Toronto Real Estate Board, headed by Jason Mercer, TREB's Senior Manager of Market Analysis, entitled "The Market According to Mercer". None of us have a crystal ball, including the economists, bankers and real estate agents, but what Jason Mercer had us consider is past history, affordability, prices, sales, resales and the new home and rental markets.
Based on statistics from the Toronto Real Estate Board and Statistics Canada, some interesting facts emerged.
Is the current real price level of a home in the GTA cause for concern? The issue is not the level of real price now, but rather how high it was two decades ago. The real estate market peaked in 1988, with the average home price around $400,000, the same as 2010. Income on the other hand has increased from the 1988 level of of approx. $50,000 per household to approx. $100,000 combined family income in 2010. When comparing price to income, buying a home in today's market is actually more affordable. Mortgage rates are as low as they were in 1951, with interest payments and % of disposable income dedicated to mortgage interest less of a burden in 2010 then they were in 1990, and relatively flat from 1996, with a small spike in 2007. When the bank qualifies a home purchaser for a mortgage, they consider the GDS (Gross Debt Service), i.e. the cost of carrying a mortgage including principle and interest, plus some utilities. This amount should not exceed 32% of your gross income. When we look at real estate history , prices from 1986 to 1995 with, with a small spike in 2007, a mortgage on the average priced home was not affordable.(This is one of the reasons that we saw so many "power of sale" listings during that same period).
Another very important factor to consider is the Canadian economy--it continues to grow, albeit very slowly. In the Bank of Canada Business Outlook Survery of Autumn 2010, when business owners were asked about sales volume expected increases over the next 12 months, 55% of them expected greater sales volume with another 20% expecting about the same growth that they had experienced in 2010.
What are mortgage deliquency rates like compared to the U.S? If you compare stats from the U.S. Federal Reserve Board and the Canadian Bankers Association, the differential is staggering! Since 2007 to the present, U.S. rates have steadily risen to above 10%, whereas Canada has remained very close to .05%.
Unemployment is another key factor. The GTA Unemployment rate, from Statistics Canada (historic) and TREB (forecast) will not decline to "normal" for 2+ years. We currently stand at approx. 9% with a forecast of 8% (normal) for 2012.
The "Market" is confident that the Bank of Canada will keep inflation in check and interest rates will increase more slowly than originally expected.
So where does Jason Mercer see the Toronto Real Estate Board average GTA selling price going into 2011 and 2012? The average selling price will have room to grow, but at a much slower pace, with 3% the average growth rate vs. 8% in 2010. New listings in the GTA will grow, but at a moderate pace. The "Market" will remain balanced, but tight enough to promote price growth. The new home market, mainly high-rise or condo market has seen good growth and has remained resilient. 71% of the high-rise builders co-operate with TREB members in selling GTA condos (as per RealNet Canada), so your trusted Real Estate Professional can help you with your purchase. Condos remain affordable housing for end users and great investment properties. CMHC stats show that there are less vacant units in condo buildings vs. "purpose built" apartment buildings, since, in general, they are newer with more modern finishes and amenities. Rental rates continue to grow, with 1+1 and 2 bedroom units continuing to be very desirable.
Where do you fit into "the Market"?
*Currently renting? Rental prices continue to rise. If you have a job, or if you have RRSP savings, or have saved enough for a downpayment, consider buying. Home ownership is affordable.
*Up-sizing? The gap between your current home to a larger property is shrinking. Affordability is the key, so this may be the right time for you. Find out what "price differential" you can comfortably afford.
*First-time Buyers? Low mortgage rates and a "balanced" market are key factors to consider. If you qualify for a mortgage, the time is right for you to be buying.
*Investors? Rental rates to continue to rise and there are many new and "nearly new" condo buildings ready for you to purchase. If you have a downpayment the tenant will be paying most of your mortgage.
*Down sizing? After selling your current home and getting something smaller or less expensive , you will probably have money left for an investment condo--something to consider.
This may be the right time for a consultation about your real estate future. Feel free to email Gitta at gitta@gittalevi.com, or call Gitta directly at 416-587-8222. I'm never too busy to answer your questions or help you decide what would be the best "market" for you.
Sunday, November 7, 2010
Thursday, August 26, 2010
Buyer Confusion in Today's GTA Real Estate Market
How can today's Real Estate Buyers not be confused! The Globe and Mail's "Report on Business", of Aug. 26th, 2010, features an article by Sunny Freeman entitled "Home Sales drop 25% as prices climb". Read the heading alone, you will be gripped by fear--fear that if you're buying in today's real estate market you'll be sorry. But if you go on to actually read the article, you'll find the Canadian home prices are still on the rise even as sales fall and demand peters out.
Home sales fell by 25% since the peak at the beginning of the year, when there was very little real estate inventory , and more buyers than properties to buy. As more homes became available, and mortgage requirements became tighter, the "multiple offers" scenario decreased. But, according to a study by the Conference Board of Canada, Canadian home prices are still on the rise, a trend that is likely to continue, said conference board associate director, Michael Burt.
According to Michael Burt, "most of the costs associated with home ownership, such as mortgage costs and insurance, are outstripping inflation and income growth". "As a result, housing affordability in Canada, which has been deteriorating over the past decade, will continue to decline during the next two years."
Sales in the GTA for July were down 30% from 2009, but prices were essentially flat. As more resale houses come onto the market and fewer buyers compete for homes, the GTA housing market is at a "crossroads", between a balanced market and one that favours buyers. Some economists predict that the real estate market could move further toward a buyers market, which could lead to a deceleration of price increases, or a price drop.
Seasonally-adjusted homes sales in the GTA fell 8.2% in June from the previous month, and shrunk 19.7% compared to June of 2009, according to the Canadian Real Estate Association. However, the average Canadian home price sat at $342,662 compared to $326,689 in 2009. Real Estate sales activity this year is up 5.6%, compared to the first seven months of 2009.
Confused! Who wouldn't be! The best advice that I could give anyone wanting to buy a home or condo in the GTA is , if you're working and can afford home ownership, go for it! No one really knows what's ahead for us--no one economist, no one realtor, and certainly not the media. If you compare home ownership with any other investment that you can make in today's GTA marketplace, real estate has traditionally out performed them all. And besides, instead of paying your landlord's mortgage, you will be paying your own and have a HOME to show for it.
If you are considering home ownership is today's GTA marketplace, and would like the consultation of a REAL ESTATE PROFESSIONAL, feel free to contact Gitta Levi directly at 416-587-8222, or email gitta@gittalevi.com.
Home sales fell by 25% since the peak at the beginning of the year, when there was very little real estate inventory , and more buyers than properties to buy. As more homes became available, and mortgage requirements became tighter, the "multiple offers" scenario decreased. But, according to a study by the Conference Board of Canada, Canadian home prices are still on the rise, a trend that is likely to continue, said conference board associate director, Michael Burt.
According to Michael Burt, "most of the costs associated with home ownership, such as mortgage costs and insurance, are outstripping inflation and income growth". "As a result, housing affordability in Canada, which has been deteriorating over the past decade, will continue to decline during the next two years."
Sales in the GTA for July were down 30% from 2009, but prices were essentially flat. As more resale houses come onto the market and fewer buyers compete for homes, the GTA housing market is at a "crossroads", between a balanced market and one that favours buyers. Some economists predict that the real estate market could move further toward a buyers market, which could lead to a deceleration of price increases, or a price drop.
Seasonally-adjusted homes sales in the GTA fell 8.2% in June from the previous month, and shrunk 19.7% compared to June of 2009, according to the Canadian Real Estate Association. However, the average Canadian home price sat at $342,662 compared to $326,689 in 2009. Real Estate sales activity this year is up 5.6%, compared to the first seven months of 2009.
Confused! Who wouldn't be! The best advice that I could give anyone wanting to buy a home or condo in the GTA is , if you're working and can afford home ownership, go for it! No one really knows what's ahead for us--no one economist, no one realtor, and certainly not the media. If you compare home ownership with any other investment that you can make in today's GTA marketplace, real estate has traditionally out performed them all. And besides, instead of paying your landlord's mortgage, you will be paying your own and have a HOME to show for it.
If you are considering home ownership is today's GTA marketplace, and would like the consultation of a REAL ESTATE PROFESSIONAL, feel free to contact Gitta Levi directly at 416-587-8222, or email gitta@gittalevi.com.
Friday, August 13, 2010
The REAL World and You! The THORNHILL Seller.
by Gitta Levi, Broker, Century 21 Heritage Group, Thornhill, Ontario
Rantings of late, from the Competition Bureau and it's proponents, seemed to have died down for the time being. At least, the media isn't bombarding us on a daily basis, with talks of computerized services which can take the place of the "normal" Thornhill Realtor, and do just as good a job at selling your home.
Commissions are being challenged. What could your Thornhill Realtor possibly do for you to warrant the $$$ they get? You're right to think that way, if putting a sign on the lawn and downloading your listing to MLS is all you think your professional Thornhill Realtor does for you! But the reality of the job is very different.
In the REAL world, a professional Thornhill Realtor spends time reviewing all the activity in your Thornhill neighbourhood-what's been listed, what's sold, so that they can see the "market trends". The Thornhill Real Estate market literally changes on a daily basis, and a professional has to be up to date, because they're selling your most valuable asset. There may be viewings booked to see other properties, open houses to attend, interaction with the Thornhill realtors whose listings you're competing with, as well as calls to agents who have shown your property for feedback. Once your Thornhill agent has all this, then time is spent reporting back to you, the Seller, so that you're not left in a vacuum .
The internet is a very important tool, so your Thornhill home has to be prepared for showings, either through a stager, or in my case, myself, so that the most important features of the home will be highlighted. A professional photographer is hired to "showcase" your Thornhill home in photos and virtual tours, which are then downloaded to a variety of websites to ensure maximum exposure for your real estate.
The day is filled with calls and emails-prospective buyers from all the marketing efforts, other agents with questions about the property, financing queries, dealing with "tire kickers" and probing to see if they can really afford your home. And if you have family problems, or financial problems, or just need some "hand holding", your Realtor is there for you, because selling real estate is a personal, "people" service, with no set hours in the day, or weeks in the month.
And if that isn't enough, in the Thornhill Realtor's "spare time" they attend seminars and courses to improve their professional knowledge and marketing skills, because it's the marketing that gets the offer.
Offer day-how exciting! Once an offer is "registered" , your professional Thornhill Realtor goes to work in calling all the Agents who have shown your property, to let them know that there's an offer and see if they can solicit another offer for you-the more , the better. Your Thornhill Agent is working for you and wants to get you the best price possible. Even if you only receive one offer, it's the Agent's negotiating skills that help you with the bottom line-what you Net in your pocket, once the sale is completed!
After you have "sold" the Thornhill property, there are usually conditions which have to be satisfied, i.e. financing, home inspection or status certificate. Your Agent is the one that is in charge of making sure these conditions are all met, and that all the paperwork is received, liasing with your Solicitor and Bank, as well as making sure that the certified deposit cheque is received. Up until closing date, the Thornhill Agent is still representing you, and deals with numerous calls , more paperwork, emails, etc.
When everything is complete, your Thornhill Realtor receives a small percentage of the sale, and you reap the financial benefits of having dealt with a professional. Can a computer service replace all this? I don't think so, because this is, and will remain, a "people" business.
If you want to reap the benefits of a THORNHILL REAL ESTATE PROFESSIONAL , then call GITTA LEVI , BROKER, CENTURY 21 HERITAGE GROUP, Thornhill at 416-587-8222 (direct line), or 905-764-7111 x 1226 (office), or email Gitta at gitta@gittalevi.com. I'm never too busy for you!
Rantings of late, from the Competition Bureau and it's proponents, seemed to have died down for the time being. At least, the media isn't bombarding us on a daily basis, with talks of computerized services which can take the place of the "normal" Thornhill Realtor, and do just as good a job at selling your home.
Commissions are being challenged. What could your Thornhill Realtor possibly do for you to warrant the $$$ they get? You're right to think that way, if putting a sign on the lawn and downloading your listing to MLS is all you think your professional Thornhill Realtor does for you! But the reality of the job is very different.
In the REAL world, a professional Thornhill Realtor spends time reviewing all the activity in your Thornhill neighbourhood-what's been listed, what's sold, so that they can see the "market trends". The Thornhill Real Estate market literally changes on a daily basis, and a professional has to be up to date, because they're selling your most valuable asset. There may be viewings booked to see other properties, open houses to attend, interaction with the Thornhill realtors whose listings you're competing with, as well as calls to agents who have shown your property for feedback. Once your Thornhill agent has all this, then time is spent reporting back to you, the Seller, so that you're not left in a vacuum .
The internet is a very important tool, so your Thornhill home has to be prepared for showings, either through a stager, or in my case, myself, so that the most important features of the home will be highlighted. A professional photographer is hired to "showcase" your Thornhill home in photos and virtual tours, which are then downloaded to a variety of websites to ensure maximum exposure for your real estate.
The day is filled with calls and emails-prospective buyers from all the marketing efforts, other agents with questions about the property, financing queries, dealing with "tire kickers" and probing to see if they can really afford your home. And if you have family problems, or financial problems, or just need some "hand holding", your Realtor is there for you, because selling real estate is a personal, "people" service, with no set hours in the day, or weeks in the month.
And if that isn't enough, in the Thornhill Realtor's "spare time" they attend seminars and courses to improve their professional knowledge and marketing skills, because it's the marketing that gets the offer.
Offer day-how exciting! Once an offer is "registered" , your professional Thornhill Realtor goes to work in calling all the Agents who have shown your property, to let them know that there's an offer and see if they can solicit another offer for you-the more , the better. Your Thornhill Agent is working for you and wants to get you the best price possible. Even if you only receive one offer, it's the Agent's negotiating skills that help you with the bottom line-what you Net in your pocket, once the sale is completed!
After you have "sold" the Thornhill property, there are usually conditions which have to be satisfied, i.e. financing, home inspection or status certificate. Your Agent is the one that is in charge of making sure these conditions are all met, and that all the paperwork is received, liasing with your Solicitor and Bank, as well as making sure that the certified deposit cheque is received. Up until closing date, the Thornhill Agent is still representing you, and deals with numerous calls , more paperwork, emails, etc.
When everything is complete, your Thornhill Realtor receives a small percentage of the sale, and you reap the financial benefits of having dealt with a professional. Can a computer service replace all this? I don't think so, because this is, and will remain, a "people" business.
If you want to reap the benefits of a THORNHILL REAL ESTATE PROFESSIONAL , then call GITTA LEVI , BROKER, CENTURY 21 HERITAGE GROUP, Thornhill at 416-587-8222 (direct line), or 905-764-7111 x 1226 (office), or email Gitta at gitta@gittalevi.com. I'm never too busy for you!
Saturday, June 26, 2010
Century 21 Air Miles Reward Program --details from Gitta Levi
Century 21 is the only real estate company to be associated with the Air Miles Reward Miles programme.
How does this programme work for you when buying or selling your home with me?
Century 21 is the only real estate company to be associated with the Air Miles Reward Miles programme.
How does this programme work for you when buying or selling your home with me? For every thousand dollars of the sale price when you buy in the GTA, Greater Toronto Area Real Estate, including North Toronto, Thornhill, Richmond Hill and Newmarket, I will purchase two air miles, i.e. if your home sells for $575,000 your reward will be 1150 air miles ---a round trip ticket to New York! This is my "house warming" gift to you, and my way of saying "thanks for the business"!
Other Rewards are also available. They include Gift Certificates. Some of the most popular of these are:
Alamo Rent a Car------------------325 reward miles for Canada, and 425 for the U.S.
Best Western Travel card----------- 375 reward miles
Fairmont Hot Springs Resort-----------1,200 reward miles
Hilton Family Canada Gift Certificate-----400 reward miles
Starwood Hotels and Resorts Worldwide---700 reward miles
How does this programme work for you when buying or selling your home with me?
Century 21 is the only real estate company to be associated with the Air Miles Reward Miles programme.
How does this programme work for you when buying or selling your home with me? For every thousand dollars of the sale price when you buy in the GTA, Greater Toronto Area Real Estate, including North Toronto, Thornhill, Richmond Hill and Newmarket, I will purchase two air miles, i.e. if your home sells for $575,000 your reward will be 1150 air miles ---a round trip ticket to New York! This is my "house warming" gift to you, and my way of saying "thanks for the business"!
Other Rewards are also available. They include Gift Certificates. Some of the most popular of these are:
Alamo Rent a Car------------------325 reward miles for Canada, and 425 for the U.S.
Best Western Travel card----------- 375 reward miles
Fairmont Hot Springs Resort-----------1,200 reward miles
Hilton Family Canada Gift Certificate-----400 reward miles
Starwood Hotels and Resorts Worldwide---700 reward miles
10 STEP PROGRAMME TO BUYING A HOME IN THE NORTH TORONTO COMMUNITY OF THORNHILL
1. Get a pre-approval
In the hot North Toronto Thornhill real estate market, pre-approved home buyers get preferential treatment when negotiating home purchases. Why? Because pre-approved buyers are financially qualified to purchase the North Toronto Thornhill home, and are considered more serious than buyers who are not. Nothing feels worse than finding the ideal North Toronto Thornhill real estate in the perfect area, and then not being able to get the financing to close the deal. A pre-approval will provide as a reality check prior to mapping out your life in a detached house, semi, townhouse, condominium or luxury home that you cannot afford.
2. Meeting with your Century 21 North Toronto Thornhill agent for a home buyer's consultation
Also a very important step in the process, this is when you and your North Toronto Thornhill agent prepares each other for exactly what to expect along the way. The following points should be covered and fully understood during this meeting:
Exactly what your needs are (number of bedrooms, baths, etc.), in which areas you're looking, what price range you are comfortable with, and what your time line is. It takes generally takes 30 to 45 days from purchase to closing.
How often you are available to look and what you expect from your Century 21 North Toronto Thornhill agent in terms of availability and communication (e-mail, phone updates either daily or weekly).
Your Century 21 North Toronto Thornhill agent should give you copies of all the paperwork you will be expected to sign throughout the process and briefly explain what each form is for.
Your agent should explain buyer brokerage vs. seller's representation, and you should sign a buyer broker agreement.
3. Look at North Toronto Thornhill properties
This is the fun part. It is important to limit the number of North Toronto Thornhill homes you're looking at in a day. If you look at too many houses, they begin to run together, and you can't remember one from another. It's a good idea to use a checklist form to help you track the properties you have seen. It is also helpful to actually begin to narrow down the real estate after each visit. For example, if house #3 was better than house #2, immediately eliminate house #2. Remember, communication with your Century 21 North Toronto Thornhill agent is crucial. It's important to let your Century 21 agent know which houses you like and why, as well as which properties you don't like and why. Sometimes it takes going out and looking one time before you and your Century 21 North Toronto Thornhill agent really have a good grip on exactly what you're looking for. Call Gitta Levi , and have her do the research on any advertised real estate that looks interesting to you. That's what agents get paid for. If you should become interested in a for-sale-by- owner, ask Gitta Levi to contact the seller before you do, to see if he/she will cooperate (pay a commission) with a buyers' agent.
4. Select a North Toronto Thornhill home
Once you've narrowed your search down to one or two North Toronto Thornhill homes that you really like, Gitta Levi will do whatever research necessary to help you make your decision, but the decision will ultimately be yours. And surprisingly enough, it's going to be a pretty easy decision to make. Buyers are welcome to call the local chambers of commerce for any statistics in which they might be interested. Local zoning and planning offices are a good source for future road plans, etc. Once you've selected one home to focus on, Century 21's Gitta Levi will do a comparative market analysis on that property. This involves determining "fair market value" by looking at what other buyers were willing to pay for real estate similar to yours in the same neighborhood or area.
5. Making an offer & negotiation
When making an offer on a property, it is important to decide ahead of time how much you are willing to pay at what terms for the North Toronto Thornhill detached house, townhouse, luxury home or condominium. You already know what fair market value is. Now you have to decide what price you will offer; how much deposit you will offer; what personal property you wish to have convey (everything is negotiable); when you plan to close; and what inspections you plan to have conducted.
When negotiating with any seller, it's best to remember not to take anything personally. Also, try to put yourself in the seller's shoes. Figure out what's not negotiable to you, and be willing to give a little on the things that are negotiable. Gitta Levi of Century 21 Heritage Group will be able to give you tons of advice about how to structure your offer. Once your offer has been presented, the seller will either accept your offer outright, reject your offer outright, or counter your offer. The counter process can go back and forth many times. It's important for all parties to keep their cool and focus on the goal.
6. Get inspections & remove conditions
If, as part of your offer, you asked for time to be allowed to have inspections conducted on the property, you should have written what is called a conditional offer. Offers can be conditional upon financing, inspections, the receipt of acceptable condo status certificates, the sale of property, and many other conditions. It is important that all deadlines be met and that all conditions are removed exactly the way the contract describes. Gitta Levi of Century 21 will be responsible for making sure this is done correctly.
7. Select a notary
If you do not have an attorney already then Gitta Levi of Thornhill's Century 21 office can help you find one that specializes in real estate transactions at a very reasonable price.
8. Walk-through
Most sales agreements will give the buyer the right to one pre-closing inspection. This is your last chance to find any problems and have the North Toronto Thornhill real estate seller correct them. Read the contract carefully, but most contracts read that all electrical systems, plumbing, appliances, heating, and air conditioning need to be in working order at the time of closing. These are the items you're checking for at walk-through of the North Toronto Thornhill real estate that you're buying.
You are also checking for any other items the seller previously agreed to fix or replace. If anything is found to be defective or missing, you have several options: The North Toronto Thornhill real estate seller can remedy the problem prior to closing; the seller can credit you the amount of money it would take to hire someone to remedy the problem; or the seller can promise to correct the problem and place into escrow with the attorney the amount of money you will need to pay someone else if the seller does not perform as promised.
On new-home real estate purchases in the North Toronto community of Thornhill, the process is a little different. The builder will generally do a walk-through with you approximately one to two weeks prior to closing, resulting in a "punch-out list." Hopefully, they will get everything on the punch-out list completed prior to settlement. If not, most new-home contracts allow the builder to complete whatever minor items have been noted in a "reasonable" period of time.
9. Closing on your North Toronto Thornhill real estate
This is the day you "sign your life away," as most clients say. Not really. You will be signing all of the mortgage documentation, which can seem never-ending. The lawyer conducting the settlement should be able to explain every document to you in a satisfactory manner. Do not ever feel intimidated. If you don't understand, don't sign. Your lawyer will help your understand everything. If you like, you can request blank copies of the documents you will be signing in advance so that you can carefully review them. You will have to present whatever down payment and closing-cost funds you were expected to pay. This check must be certified; personal cheques usually are not accepted.
10. Moving day
This is the last and probably the hardest step in the North Toronto Thornhill real estate home-buying process. A little bit of planning and forethought, though, will make for a much smoother move. You will want to make arrangements with a moving company as soon as you can. Call at least two in order to get competitive quotes. They will usually ask to come to your home, condo or townhouse to get an idea of how much they will be moving and the distance they will need to travel. Be sure to change your address with the post office, your banks, and any creditors at least 30 days in advance. To avoid late payments, it's a good idea to actually call and verify receipt of the address change whenever possible. Call to order your utility hook-ups approximately 10 days prior to your move. Be aware that some utility companies will keep you on the phone for a long time.
In the hot North Toronto Thornhill real estate market, pre-approved home buyers get preferential treatment when negotiating home purchases. Why? Because pre-approved buyers are financially qualified to purchase the North Toronto Thornhill home, and are considered more serious than buyers who are not. Nothing feels worse than finding the ideal North Toronto Thornhill real estate in the perfect area, and then not being able to get the financing to close the deal. A pre-approval will provide as a reality check prior to mapping out your life in a detached house, semi, townhouse, condominium or luxury home that you cannot afford.
2. Meeting with your Century 21 North Toronto Thornhill agent for a home buyer's consultation
Also a very important step in the process, this is when you and your North Toronto Thornhill agent prepares each other for exactly what to expect along the way. The following points should be covered and fully understood during this meeting:
Exactly what your needs are (number of bedrooms, baths, etc.), in which areas you're looking, what price range you are comfortable with, and what your time line is. It takes generally takes 30 to 45 days from purchase to closing.
How often you are available to look and what you expect from your Century 21 North Toronto Thornhill agent in terms of availability and communication (e-mail, phone updates either daily or weekly).
Your Century 21 North Toronto Thornhill agent should give you copies of all the paperwork you will be expected to sign throughout the process and briefly explain what each form is for.
Your agent should explain buyer brokerage vs. seller's representation, and you should sign a buyer broker agreement.
3. Look at North Toronto Thornhill properties
This is the fun part. It is important to limit the number of North Toronto Thornhill homes you're looking at in a day. If you look at too many houses, they begin to run together, and you can't remember one from another. It's a good idea to use a checklist form to help you track the properties you have seen. It is also helpful to actually begin to narrow down the real estate after each visit. For example, if house #3 was better than house #2, immediately eliminate house #2. Remember, communication with your Century 21 North Toronto Thornhill agent is crucial. It's important to let your Century 21 agent know which houses you like and why, as well as which properties you don't like and why. Sometimes it takes going out and looking one time before you and your Century 21 North Toronto Thornhill agent really have a good grip on exactly what you're looking for. Call Gitta Levi , and have her do the research on any advertised real estate that looks interesting to you. That's what agents get paid for. If you should become interested in a for-sale-by- owner, ask Gitta Levi to contact the seller before you do, to see if he/she will cooperate (pay a commission) with a buyers' agent.
4. Select a North Toronto Thornhill home
Once you've narrowed your search down to one or two North Toronto Thornhill homes that you really like, Gitta Levi will do whatever research necessary to help you make your decision, but the decision will ultimately be yours. And surprisingly enough, it's going to be a pretty easy decision to make. Buyers are welcome to call the local chambers of commerce for any statistics in which they might be interested. Local zoning and planning offices are a good source for future road plans, etc. Once you've selected one home to focus on, Century 21's Gitta Levi will do a comparative market analysis on that property. This involves determining "fair market value" by looking at what other buyers were willing to pay for real estate similar to yours in the same neighborhood or area.
5. Making an offer & negotiation
When making an offer on a property, it is important to decide ahead of time how much you are willing to pay at what terms for the North Toronto Thornhill detached house, townhouse, luxury home or condominium. You already know what fair market value is. Now you have to decide what price you will offer; how much deposit you will offer; what personal property you wish to have convey (everything is negotiable); when you plan to close; and what inspections you plan to have conducted.
When negotiating with any seller, it's best to remember not to take anything personally. Also, try to put yourself in the seller's shoes. Figure out what's not negotiable to you, and be willing to give a little on the things that are negotiable. Gitta Levi of Century 21 Heritage Group will be able to give you tons of advice about how to structure your offer. Once your offer has been presented, the seller will either accept your offer outright, reject your offer outright, or counter your offer. The counter process can go back and forth many times. It's important for all parties to keep their cool and focus on the goal.
6. Get inspections & remove conditions
If, as part of your offer, you asked for time to be allowed to have inspections conducted on the property, you should have written what is called a conditional offer. Offers can be conditional upon financing, inspections, the receipt of acceptable condo status certificates, the sale of property, and many other conditions. It is important that all deadlines be met and that all conditions are removed exactly the way the contract describes. Gitta Levi of Century 21 will be responsible for making sure this is done correctly.
7. Select a notary
If you do not have an attorney already then Gitta Levi of Thornhill's Century 21 office can help you find one that specializes in real estate transactions at a very reasonable price.
8. Walk-through
Most sales agreements will give the buyer the right to one pre-closing inspection. This is your last chance to find any problems and have the North Toronto Thornhill real estate seller correct them. Read the contract carefully, but most contracts read that all electrical systems, plumbing, appliances, heating, and air conditioning need to be in working order at the time of closing. These are the items you're checking for at walk-through of the North Toronto Thornhill real estate that you're buying.
You are also checking for any other items the seller previously agreed to fix or replace. If anything is found to be defective or missing, you have several options: The North Toronto Thornhill real estate seller can remedy the problem prior to closing; the seller can credit you the amount of money it would take to hire someone to remedy the problem; or the seller can promise to correct the problem and place into escrow with the attorney the amount of money you will need to pay someone else if the seller does not perform as promised.
On new-home real estate purchases in the North Toronto community of Thornhill, the process is a little different. The builder will generally do a walk-through with you approximately one to two weeks prior to closing, resulting in a "punch-out list." Hopefully, they will get everything on the punch-out list completed prior to settlement. If not, most new-home contracts allow the builder to complete whatever minor items have been noted in a "reasonable" period of time.
9. Closing on your North Toronto Thornhill real estate
This is the day you "sign your life away," as most clients say. Not really. You will be signing all of the mortgage documentation, which can seem never-ending. The lawyer conducting the settlement should be able to explain every document to you in a satisfactory manner. Do not ever feel intimidated. If you don't understand, don't sign. Your lawyer will help your understand everything. If you like, you can request blank copies of the documents you will be signing in advance so that you can carefully review them. You will have to present whatever down payment and closing-cost funds you were expected to pay. This check must be certified; personal cheques usually are not accepted.
10. Moving day
This is the last and probably the hardest step in the North Toronto Thornhill real estate home-buying process. A little bit of planning and forethought, though, will make for a much smoother move. You will want to make arrangements with a moving company as soon as you can. Call at least two in order to get competitive quotes. They will usually ask to come to your home, condo or townhouse to get an idea of how much they will be moving and the distance they will need to travel. Be sure to change your address with the post office, your banks, and any creditors at least 30 days in advance. To avoid late payments, it's a good idea to actually call and verify receipt of the address change whenever possible. Call to order your utility hook-ups approximately 10 days prior to your move. Be aware that some utility companies will keep you on the phone for a long time.
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