Real Estate Blog : page 10

Toronto Real Estate Market: Is It a Buyer's or Seller's Market Right Now?

Buying or selling a home is always an exciting yet stressful process, but it can feel very different depending on the current market conditions. Currently, the Toronto real estate market is tilted towards sellers, but this doesn't mean that there aren't any great deals out there. No matter if you'd like to sell or purchase your home, a competent real estate agent can help you to make the best decision possible.

Is the Toronto Real Estate Market a Buyer's or Seller's Market?

In 2021, the real estate market in the Toronto area is still a seller's market, with relatively few listings available and high demand. It is estimated that the price of properties will increase by around 6% throughout the year as people continue to immigrate to Canada. The luxury market remains intact despite the Coronavirus pandemic and the fact that many people no longer need to live in the city centre.

Condominiums are seeing the greatest rise in prices, although some people are selling their downtown apartments and moving further out of the city. Many industry professionals estimate that the number of days properties remain on the market is likely to either remain the same or decrease further.

Tips for Sellers

If you're looking to sell your home in the Toronto area, this is good news for you. You are likely to get a great price, and you won't have to wait long to find the ideal buyer for your property. Despite this, the selling process can be taxing, and you might benefit from professional help. By hiring real estate agents with lots of experience in the local area, you can benefit from all their knowledge without spending hours researching the market.

You can gain access to the most up-to-date pricing strategies, so you'll sell your house for the best possible price. Even more importantly, you won't have to do your own marketing, which is often one of the most challenging parts of the process. Your agent already has a large network of potential buyers in place, and they also have access to listing services and databases you otherwise wouldn't be able to make use of.

Tips for Buyers

Buyers have a harder time than sellers at the moment because they're competing against many other people who also want to move to the area, but that doesn't mean that there aren't great deals available. No matter what kind of property you're looking for, you'll be able to find your dream home if you remain persistent. Because of the current challenges in the market, it's even more important for buyers to have the assistance of professional real estate agents.

From determining what you want to pre-qualifying for a loan to finding your dream home, a great professional can help you with every step of the buying process. In addition to making your purchase easy for you, your agent will also negotiate on your behalf and double-check that everything is well with the inspection and the property. This can save you a lot of hassle later on.

Although the real estate market in Toronto is currently in favour of sellers, buyers can also get a good deal by working with experienced real estate agents. Get in touch with us at GTA Selling in Toronto, Ontario to find out more about how we can make the process easy and successful for you.

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4 Qualities to Look for When Purchasing Etobicoke Real Estate

Whether it's your first home or if you're a seasoned house buyer, purchasing a new property in the Etobicoke area is an exciting venture. In order to make the best of this opportunity, you'll have to keep several factors in mind. The most important things to look out for will be a neighbourhood that's suitable for your needs, a property that meets all of your criteria, and a real estate agent who will help you to get the best Etobicoke real estate deal possible.

4 Qualities to Look for When Purchasing Etobicoke Real Estate

1. A Neighborhood that Fits Your Needs

Etobicoke is a great area, so you're sure to find exactly what you're looking for. Before starting your search and reaching out to a real estate agent, make a list of the qualities that are most important to you and then have a look at all of the different areas to see which ones might be the best fit. This will help you to narrow down the search and allow your estate agent to present you with more suitable properties right away.

You might be looking for a neighbourhood that offers excellent recreational activities and an ample amount of green space, in which case the Kingsway or Islington Village could be a good fit. If you have children and would like to live in a good school district, you might go for Sunnylea or Humber Valley Village, both of which have excellent educational facilities nearby.

2. A Suitable Property

Once you know where you want to live, you need to also think about what type of property is most suitable for your needs. Check some listings in the local area and have a look at prices so you get an idea of what you'll be able to afford. Then, you can draw up a detailed list of essential and desired features. Again, this will make your real estate agent's job easier because they will be able to show you only those properties that might be of interest to you.

3. A Helpful Real Estate Agent

Finally, you'll need to reach out to a competent professional who knows the local area very well. Try to find a real estate agent who has lots of experience in Etobicoke, as they will be most aware of the market, price fluctuations, and local trends.

You can also check out the reviews and past client testimonials in order to find the firm that has the best reputation in its local community. Don't hesitate to reach out and ask all of your questions because a competent real estate agent will be more than happy to help you out.

Finding a great deal in Etobicoke doesn't have to be hard, particularly if you have a highly skilled real estate agent at your side. They will help you to select neighbourhoods that have all the qualities you desire and show you some homes that could suit your needs. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com to book an appointment with us. Our talented team will be happy to show you around the best properties currently available.

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Essential Analytics - June 2021

Overview of Greater Toronto Area housing market activity during May 2021.

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PROPERTY CRUSH

One of our current listings. Rarely offered 4 season beach front cottage on the worlds longest freshwater beach.

Sun, sand, surf.and amazing sunsets!

132 Shore Lane, Wasaga Beach, Ontario Canada

List: $1,499,000

Listed by: Nancy Pierce and Dave Duncan, Salespersons, Re/Max Professionals Inc., Brokerage

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Bidding War Tips

This year has been full of challenges but, who could have predicted the crazy real estate bidding wars. The GTA saw record breaking prices that overflowed to the suburbs and cottage country. This “seller’s market” left some buyers, such as first-time home buyers on the sidelines.

However, there are some strategies that can be employed to help you get the home you want.

Here are some tips that we advise our clients to consider to get the desired result - a house!

1) Know your budget and stick to it. It’s very important to get mortgage pre-approval prior to searching for your dream home. The bank will advise you as to what you can afford from the standpoint of financing. If you have been saving for some time you may have a substantial down payment which will help with mortgage financing. Currently, mortgage rates are low which is beneficial to buyers. You must also consider your lifestyle and how much of your income you are prepared to contribute towards carrying your mortgage.

2) Engage a knowledgeable real estate agent or Team. A good agent will know the market conditions, will communicate with you at all times and negotiate on your behalf. He, she or the team will provide references for mortgage brokers so you can obtain pre-approval which may make a difference to the seller if other bidders do not have a pre-approval form to show. Your agent will also advise you on the value of the home you are interested in so you will be an educated buyer. These services are typically provided at no cost to the buyer.

3) Consider waiving conditions in your offer. Offers typically contain conditions involving financing and inspection. In bidding wars most sellers and their agents are looking for unconditional “clean” offers. However, there is risk involved in waiving those conditions. Financing pre-approval is not an absolute guarantee of financing. Final approval is contingent on the home being appraised to ensure that it has sufficient value to protect the financier’s interest. Financing should only be waived if you have other options available to purchase the home if pre-approved financing falls through. Also, if you really want to compete for the home you may want to consider doing a “pre-offer” inspection - a home inspection that’s done before the set offer day. This inspection will cost you some money, but it will let you know the condition of the home so you can either buy with confidence, budget your bid to reflect repairs, or walk away!

4) Have your deposit cheque in hand. Although it’s not a guarantee to success, this will show the seller that you are serious and you may end up with a firm sale that day.

5) If possible, make a personal connection with the seller. This works with some sellers as they may want to know who is going to own and love their “family” home. Write a letter about your family and how much you love the home and neighbourhood and slip in a family photo. There is no guarantee but, we have seen this strategy work when bidding is close.

Bidding wars are stressful for all parties involved. Dave and I have experience on both sides. We’ve strategized with our sellers to get top dollar for their home and we’ve strategized with our buyers to win their dream home away from the competition for a price within their budget.

Call us at 416-985-1486 and we can help you navigate the world of real estate.

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5 Things to Avoid When Buying a House in Toronto

Buying a house in Toronto is an exciting yet challenging journey. The Toronto housing market is growing exponentially, and finding the right house or condominium requires taking many important steps before you sign. For this reason, potential homeowners need to avoid common mistakes when making their first purchase. Once you learn how to navigate the Toronto housing market, you'll find many great opportunities for your new home.

1. Shopping for a Home Beyond Your Budget

Many people are thrilled at the prospect of homeownership and often aim for houses and condominiums that exceed their budget. It's important to assess your financial situation, considering all sources of income and monthly expenses, to determine the amount you can afford. You can calculate the approximate mortgage you qualify for, so you have a figure to work with during your search. In some cases, houses may be underpriced, which is important to keep in mind because they may be set up for bidding wars.

2. Skipping the Home Inspection

A home inspection is an essential step in evaluating your house. It provides you with a diagnosis that highlights any potential issues that need your attention or may go wrong in the future. It's an important step that you shouldn't skip, as it can save you from making some significant mistakes. When you receive the inspection report, it's vital to review it carefully and ask questions for clarifications of any repairs and related expenses required.

3. Making an Offer Without Your Mortgage Approval

Once you are set to buy a new home, you must receive a mortgage approval before proceeding. This commitment ensures your financing won't fall through when you find the perfect house. To apply for a mortgage, your bank or financial lender will check your credit, employment, and ability to make a downpayment to determine if you qualify and for which amount.

4. Searching for a Home Only in Specific Neighborhoods

You may have a specific neighbourhood or part of the city where you want to live when you look for a home. Toronto offers many fantastic neighbourhoods, and the price of homes varies considerably, making location flexibility ideal. Choosing a nearby area close to your preferred neighbourhood can mean the difference between a house out of your price range or an affordable home within your budget.

5. Not Budgeting for House Repairs

Many homeowners underestimate the number of repairs they'll need once they buy their home. While your home inspection will provide details on the significant areas that need attention, you'll be surprised how many small, routine repairs and maintenance you need to consider for your home. Setting up a budget for utilities, appliance repairs, and the unexpected is important.

One of the most important steps you'll take in life is investing in a new home, making it important to avoid common first-time buyer mistakes. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com for top industry knowledge, experience, and connections to get you the best results. You'll have access to all the expertise you need, from marketing to home inspectors, referrals to mortgage brokers, home staging and more.

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Essential Analytics - May 2021

Overview of Greater Toronto Area housing market activity during April 2021.

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PROPERTY CRUSH

Having lived in Thorncrest Village for 22 years we are partial to this property. It's rare to find a prime building lot 100x180 in Princess Anne Manor. We think it's a bit pricey but, who knows in this market!

It's close to prime schools and enjoys a private clubhouse with tennis, swimming and social events.

Call us to be one of the first to see this property.

10 Pheasant Lane - Toronto

List: $3,750,000

Listed by: Ricky Ristic, Salesperson, Royal LePage Signature Realty, Brokerage

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Toronto Real Estate in 2021: Is Now a Good Time to Refinance?

If you are considering refinancing, there are a number of things that will impact your decision. Mortgage payments are one of most people's largest monthly expenses, and refinancing can make these more manageable. Refinancing can also be beneficial if you are financially stable but worry about the future. The following information will help you determine if now is a good time for you to refinance your Toronto real estate.

Lower Monthly Payments

If your primary concern is that you will not be able to sustain your current mortgage payments, refinancing can help you adjust the amount to a lower monthly payment. This would mean increasing the length of your loan term, and it will take you longer to pay it off completely. However, there may be lower interest rates available now that you can take advantage of in order to save money along the way.

Improved Credit Score

Monthly payments, though difficult to maintain, provide a benefit as you go. In paying your mortgage on time every month, you are improving your credit score. Your credit score is always taken into consideration when a loan is being refinanced. If you have been diligent about paying your mortgage in the past, you may already qualify for a lower interest rate.

Stable Fixed Rates

An adjustable-rate mortgage might have required lower payments at the beginning of the loan and therefore appeared to be a better choice. However, if you discover that interest rates are lower now, securing a fixed-rate mortgage will allow you to have a predictable monthly payment. This can be a relief when the economy is going through times of uncertainty.

Equity for Immediate Expenses

If you have been paying a mortgage for several years, you have built up equity. The two ways you are able to use this equity as money now are by taking out a home equity loan or cash-out refinancing.

A home equity loan is a second loan that allows you to borrow back some of the money that you previously paid towards your home. It does not affect your current mortgage but is paid back as an additional monthly payment. Cash-out refinancing is different because it takes your mortgage and replaces it with a larger loan. This amount will be used to first pay off your original mortgage and then pay you the rest in cash.

Increase Equity in Toronto Real Estate

Real estate in Toronto is a valuable commodity and will be for the foreseeable future. Refinancing to build equity faster can be beneficial to your economic security in the long haul. By choosing to refinance in order to make larger monthly payments, you will reduce the number of years it will take to pay off your loan. Look for an opportunity to secure a lower interest rate and start building the equity you have in real estate faster while saving yourself money in the long run.

Refinancing is always a big decision, but it holds the potential for benefits in the immediate future and further down the road. Mortgage professionals are available for further assistance, and GTA Selling can help you with a referral. Call Nancy at 416-985-1486 or Dave at 416-894-4079 at GTASelling.com.

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FAKE ESTATE

Welcome too my rant! Tune in for my occasional take on what’s going on in the world of real estate and beyond. We seem to be living in a surreal world of make believe.

In real estate we stage homes to sell. Sellers believe staging helps sell their homes and buyers get a better vibe about a staged home. This is true to a point. We encourage our buyers to see beyond the neutral greys and Home Sense appeal that they are buying into because that is not what they are actually purchasing. They are purchasing a neighbourhood, number of bedrooms or bathrooms, school district, a garage and most importantly these days, a home office. That Home Sense decor will not be there when buyers move in! And, a wall can be painted!

Our sellers are advised to do 3 things 1) declutter 2) declutter 3) declutter. A home free of clutter gives potential buyers their first impression of the living space that is a very important feature of any home. Once decluttered, we can stage areas we feel need an added touch, be it a piece of art, a floor lamp or a pop of colour with some flowers in order to showcase it’s finest features.

We deal with it all and we’ve heard it all. We could write a book! We recently showed a home to clients who commented, “it hasn’t been painted”. It had been recently painted (I could smell the fresh paint through my mask). It just hadn’t been painted Benjamin Moore silver satin grey!

I long for the buyers who appreciate something different, something with charm and character. Admittedly, I love the modern clean lines of newer homes but, at times I do feel like screaming, “put down that decor magazine, think about what YOU like and be brave enough to buy it”!

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