Many people ask why house prices seem to be going down.
One correlative reason is that the buying frenzy that proceeded HST has evaporate and the market is now undergoing a market correction.
What that means is that overpriced listings are no longer finding as many buyers who are wiiling to overpay for whatever reason and because we are in a Buyers Market charcterized by more Sellers than Buyers, listings now have to, in most cases, be priced more competitively to sell.
How do I know if I can qualify for a mortgage?
Speak to your personal bank or speak with a Realtor or Mortgage Broker as they will help you determine whether or not you can qualify.
Is it a good time to sell?
House prices are going up and there are plenty of buyers looking for new homes.
With that being said, it is still a Buyers Market which means there are more Sellers/Listings than Buyers so Buyers have both a wealth of options and the negotiating power in most cases (competitive bids being the exception).
As mentioned above the most sought after properties in all price ranges are still encountering multiple bid situations so the market is hot enough and has enough motivated Buyers to create these situations.
Another thing you must take into account is while your house price is going up so are the prices of houses you may wish to move up/move down to; this is a much more critical consideration if your house is older than 15 years and has no considerable upgrades.
Obviously there are pockets of the GTA that are insulated from having to worry about when/if it is a good time to sell, but these are things to consider when making your own decision.
With that being said, it is still a Buyers Market which means there are more Sellers/Listings than Buyers so Buyers have both a wealth of options and the negotiating power in most cases (competitive bids being the exception).
As mentioned above the most sought after properties in all price ranges are still encountering multiple bid situations so the market is hot enough and has enough motivated Buyers to create these situations.
Another thing you must take into account is while your house price is going up so are the prices of houses you may wish to move up/move down to; this is a much more critical consideration if your house is older than 15 years and has no considerable upgrades.
Obviously there are pockets of the GTA that are insulated from having to worry about when/if it is a good time to sell, but these are things to consider when making your own decision.
How much are closing costs?
Generally closing costs amount to about 1.5% of sale price.
This is a general rule of thumb and actual closing costs may be higher or lower.
This is a general rule of thumb and actual closing costs may be higher or lower.
HST is here, what does it mean to you?
HST will not be added to the total purchase price, but only to closing costs and salesperson commission.
On new homes everything over $400,000 will be eligible to be taxed with HST
On new homes everything over $400,000 will be eligible to be taxed with HST
Picking a home inspector
Picking the right home inspector is often a daunting task.
Rather than looking for the best rates you are much better off using someone your Realtor knows and trusts....if she is unwilling to give you a direct referral(s) than call around and ask your Realtor to help you interview them.
I can't count the amount of times that Sellers have complained to me that thier Home Inspector missed one or multiple things when doing their inspection.
Rather than looking for the best rates you are much better off using someone your Realtor knows and trusts....if she is unwilling to give you a direct referral(s) than call around and ask your Realtor to help you interview them.
I can't count the amount of times that Sellers have complained to me that thier Home Inspector missed one or multiple things when doing their inspection.
Discriminative Buying Practices
In today's market many individuals like to buy houses from their own culture, whether it be the Realtor they work with or the house they buy
Numerous parties inquire as to the descent of the owners for properties they are interested in. Now while this is private information, this is a legitimate consideration for many people when buying a property as they have their own subjective list of which cultures they would like to buy from or would not like to buy from. Its amazing to think things like this actually happen in a city as cosmopolitan and progressive as Toronto but it is a harsh reality that many Agents/Realtors have dealt with.
The most popular/favourable owner descent is Italian (due to the meticulous care many give their homes), the least popular is East Indian (due to the use of cooking spices and incense).
While there is no way to combat prospective Buyers personal stereotypes and prejudices, it is reccomended that you take this information into account when cooking during your listing period. If you cook something with a strong aroma, find something pleasent to mask the odour; baking is suggested. You also want to give the house a thorough cleaning to ensure no lingering odours which may turn off some otherwise interested Buyers.
Numerous parties inquire as to the descent of the owners for properties they are interested in. Now while this is private information, this is a legitimate consideration for many people when buying a property as they have their own subjective list of which cultures they would like to buy from or would not like to buy from. Its amazing to think things like this actually happen in a city as cosmopolitan and progressive as Toronto but it is a harsh reality that many Agents/Realtors have dealt with.
The most popular/favourable owner descent is Italian (due to the meticulous care many give their homes), the least popular is East Indian (due to the use of cooking spices and incense).
While there is no way to combat prospective Buyers personal stereotypes and prejudices, it is reccomended that you take this information into account when cooking during your listing period. If you cook something with a strong aroma, find something pleasent to mask the odour; baking is suggested. You also want to give the house a thorough cleaning to ensure no lingering odours which may turn off some otherwise interested Buyers.
