- If there is a successful sale
- if there is a mutual release and
- if there is a court order
Saturday, February 07, 2009
What happens if a buyer does not close on a real estate sale?
Friday, February 06, 2009
Price reductions In Mississauga to sell current listings
I've had 3 listings that have been on the market for just over a month and although we are receiving showings, we've now had to reduce the prices to be price leaders in order to sell.
Mortgage Interest Rates drop slightly in the GTA
If you need a contact to obtain these types of rates, please send me an email.
Thank you,
Mark
TERM | POSTED | Attainable RATES* |
6 Month | 5.20% | 5.20% |
1 Year | 5.00% | 3.89% |
2 Year | 5.75% | 4.44% |
3 Year | 5.75% | 3.75% |
4 Year | 5.69% | 4.29% |
5 Year | 5.79% | 4.37% |
7 Year | 7.00% | 5.90% |
10 Year | 7.35% | 6.05% |
Variable Rate | 3.75% | |
Prime Rate | 3.00% |
* Rates may vary and are subject to change without notice.
Rates Last Updated: Thursday, February 05, 2009
Where is the Mississauga real estate market heading?
Thursday, February 05, 2009
TREB report on Rental Market in GTA
Highlights are:
- there were 3433 rental transactions in the last quarter, a 30% increase over the same period in 2007
- condominium apartments make up the bulk of rental dwellings in downtown Toronto and downtown Mississauga
West Area
• Transactions rose 30% to 837 units, due in part to listings near Mississauga City Center.
• 699 condominium apartments were rented, up 33 percent. Average rents trended upward in two out of four categories (one and three bedroom units). Two bedroom rents fell marginally to an average of $1,611 per month.
• The West districts remained TREB’s most active area for townhouse rentals, with 138 leased over the past four months. Two-bedroom units rented for an average of $1,502 per month, down two percent. Three-bedroom units rented for an average of $1,555 per month, down one percent from last year.
The full release is below
Thank you,
Mark
Between September 1, 2008 and December 31, 2008, Toronto Real Estate Board (TREB) Members reported 3,433 rented condominium apartments and townhouses in the Greater Toronto Area.
This represented a 30 per cent increase over the 2,635 transactions recorded during the same time frame in 2007. A good part of this increase likely came from rental listings in newly completed condominium apartment buildings containing investor-owned units.
"The increasing strength of the rental market combined with low interest rates and reasonable home prices mean that now could be an excellent time to purchase an investment property," said Maureen O'Neill, President, Toronto Real Estate Board.
"Given the demand for rental units, tenants can cover some of the owner's operating costs for an investment property, while property owners look forward to a healthy return in the market value in the long term."
Condominium apartment rents on an annual basis rose for one, two, and three bedroom types during the September to December period. Two bedroom units, for example, rose two per cent to $1,895 per month.
"Investor-owned condominium apartments have become an increasingly important component of the GTA rental market," according to Jason Mercer, Senior Manager Market Analysis.
"Very few purpose-built rental apartments have been completed in the GTA over the past few years. Many renters searching for apartments with modern finishings and amenities have been attracted to rental condominium apartments listed by TREB Members on the TorontoMLS system."
---------------------------------------------------------------------------
Total Av. Rent Av. Rent Av. Rent Av. Rent
Condo Apt. Bachelor 1-Bedroom 2-Bedroom 3-Bedroom
Units
Rented
---------------------------------------------------------------------------
Sept-Dec 2,404 $1,232 $1,451 $1,858 $2,011
'07
---------------------------------------------------------------------------
Sept-Dec 3,152 $1,194 $1,485 $1,895 $2,056
'08
---------------------------------------------------------------------------
% Change +31% -3% +2% +2% +2%
---------------------------------------------------------------------------
Source: Toronto Real Estate Board
---------------------------------------------------------------------------
- Interest Rates
- Power of Sale Properties
- Price Trends
- or Search the MLS and more at my website
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com
- Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
- On-Line Real Estate Newsletter sign up
- See seasonal housing patterns
TREB and GTA Resale Housing Market-Transactions and Prices in January
Summary:
- Average sales prices dropped to 343,632 compared to 361,415 down about 5% compared to previous month
- Number of transactions in January were 2670 compared to 5075 for January of 2008, down about 53%
This is the complete press release from TREB today
I hope this finds you happy and healthy,
Mark
GTA REALTORS® Report 2,670 Resale Housing Transactions in January
TORONTO - February 5, 2009 -- TREB Members reported 2,670 sales in January from the 5,075 sales reported in the first month of 2008. Of these, 1,106 transactions took place in the City of Toronto compared to 2,128 in January 2008. In the surrounding “905” area, 1,564 sales were recorded, from 2,947 last year.
The GTA housing market has not been immune to the economic slowdown in Canada. Some potential home buyers were less-certain about their positioning in the economy over the past year. Until the economy rebounds, and along with it consumer confidence, the number of existing home sales will be more moderate in comparison to the average over the last ten years.
Home prices also moderated in January. The average MLS selling price dipped to $343,632. The average price was $364,415 in the City of Toronto, from $404,202 in 2008. In the surrounding regions (“905” area code), the average price was $328,935 from $352,965 last year. Buyers have experienced more choice in the existing home marketplace. Lower selling prices have resulted.
It should be noted that the GTA housing market has followed the broader economic slowdown, but was not a cause of the downturn. Home prices remained affordable throughout the new millennium. The average family can still qualify for a mortgage on the average priced home. This remains the case today. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold.
Median Price
The median price in January was $303,000 from the $319,000 recorded during January of 2008.
- Interest Rates
- Power of Sale Properties
- Price Trends
- or Search the MLS and more at my website
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com
- Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
- On-Line Real Estate Newsletter sign up
- See seasonal housing patterns
Positivity, your key to success! - 4.39% 5 year fixed!
Good afternoon,
As you may now be aware, the Bank of Canada dropped their rate by 50 basis points yesterday bringing the prime rate down to 3.00%, which lenders are quickly matching.
This is the lowest the prime rate has been in history, which adds to the opportunity homebuyers have to purchase new property in this market, and for existing homeowners to refinance their existing mortgages. Lenders have already begun lowering their 5 year fixed rates to as low as 4.39%!
These new rates could be enough to change a homebuyers attitude and potentially spark them into taking action. By keeping your attitude positive, you put out a positive vibe which is picked up on by everyone speak with, particularly your clients.
When people around you pick up on your positive vibrations, they will be more inclined to make the that buying decision.
A great way to maintain a positive attitude is to set aside an hour a day to read books on success, which can do wonders for your thinking patterns.
Some books I highly recommend include:
- Think and Grow Rich by Napoleon Hill,
- Think Big and Kick Ass by Donald Trump
- Secrets of the Millionaire mind by T. Harv Ecker
- The Power of Now by Eckhart Tolle
- Awaken the Giant Within by Anthony Robbins
Another great program is "Six Minutes to Success". This program is produced by Bob Proctor who you may know from the documentary 'The Secret'. If you have not seen 'The Secret' I highly recommend purchasing the DVD.
There is great opportunity out there, so let's take advantage of it! Now IS the best time to buy house! The lowest 5 year fixed rate again is 4.39% and the lowest variable is 3.80% (prime + 0.8%).
- Interest Rates
- Power of Sale Properties
- Price Trends
- or Search the MLS and more at my website
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com
- Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
- On-Line Real Estate Newsletter sign up
- See seasonal housing patterns
Saturday, January 24, 2009
10 Questions to ask your realtor
I think that every buyer and seller should ask these questions to their prospective agent, you'd be surprised at the answers that you will get!
All the best!
Mark
10 Questions to Ask a Real Estate Agent - How to Interview an Agent
By Elizabeth Weintraub, About.com
Smart consumers interview potential real estate agents before deciding on whom to hire. Just as you are sizing up the potential for a good fit, rest assured that the real estate agent will likely be interviewing you, too. Be wary of agents who don't ask you questions and probe for your motivation. You wouldn't work with just any agent off the street, and good agents are just as selective about their clients, too. Caution: Don't interview agents from the same company! Ask your Scotiabank Mortgage Specialist to introduce you to a Scotiabank Key Partner Realtor.
1. How Long Have You Been in the Business? The standard joke is there's nothing wrong with a new agent that a little experience won't fix. But that's not to say that freshly licensed agents aren't valuable. Much depends on whether they have access to competent mentors and the level of their training. Newer agents tend to have more time to concentrate on you. Some agents with 20 years of experience repeat their first year over and over. Other 20-year agents learn something new every year.
2. What is Your Average List-Price-to-Sales-Price Ratio? Knowing the agent's average ratio speaks volumes. Excluding sizzling seller's markets, a good buyer's agent should be able to negotiate a sales price that is lower than list price for buyers. A competent listing agent should hold a track record for negotiating sales prices that are very close to list prices. Therefore, listing agents should have higher ratios closer to 100%. Buyer's agent ratios should fall below 99%.
3. What is Your Best Marketing Plan or Strategy for My Needs? As a buyer, you will need to know: How will you search for my new home?; How many homes will I likely see before I find a home I want to buy?; Will I be competing against other buyers?; How do you handle multiple offers?; Do you present offers yourself? As a seller, you will need to know: Specifically, how will you sell my home?; What is your direct mail campaign?; Where and how often do you advertise?; Will you show me a sample flyer?; How do you market online?
4. Will You Please Provide References? Everybody has references. Even new agents have references from previous employers. Ask to see them. Ask if any of the individuals providing references are related to the agent. Ask if you can call the references with additional questions.
5. What Are the Top Three Things That Separate You From Your Competition? A good agent won't hesitate to answer this question and will be ready to fire off why he/she is best suited for the job. Everyone has their own standards, but most consumers say they are looking for agents who say they are: Honest and trustworthy; Assertive; Excellent negotiators; Available by phone or e-mail; Good communicators; Friendly; Analytical; Able to maintain a good sense of humour under trying circumstances.
6. May I Review Documents Beforehand That I Will Be Asked to Sign? A sign of a good real estate agent is a professional who makes forms available to you for preview before you are required to sign them. If at all possible, ask for these documents upfront. As a buyer, ask for copies of the following: Buyer's Broker Agreement (is it exclusive or non-exclusive?); Agency Disclosures; Purchase Agreement; Buyer Disclosures. As a seller, ask to see: Agency Disclosure; Listing Agreement; Seller Disclosures.
7. How Will You Help Me Find Other Professionals? Let the real estate agent explain to you who he/she works with and why he/she chooses these professionals. Your agent should be able to supply you with a written list of referring vendors such as mortgage brokers, home inspectors and title companies. Ask for an explanation if you see the term "affiliated" because it could mean that the agent and his/her broker are receiving compensation from one or all of vendors, and you could be paying a premium for the service.
8. How Much Do You Charge? Don't ask if the fee is negotiable. All real estate fees are negotiable. Typically, real estate agents charge a percentage, from 1% to 4% to represent one side of a transaction: a seller or a buyer. A listing agent may charge, for example, 3.5% for him/herself and another 3.5% for the buyer's agent, for a total of 7%.
9. What Kind of Guarantee Do You Offer? If you sign a listing or buying agreement with the agent and later find that you are unhappy with the arrangement, will the agent let you cancel the agreement? Will the agent stand behind his/her service to you? What is his/her company's policy about cancelled agreements? Has anybody ever cancelled an agreement with him/her before?
10. What Haven't I Asked You That I Need to Know? Pay close attention to how the real estate agent answers this question because there is always something you need to know, always. You want an agent to take his/her time with you - to make sure you feel comfortable and secure with his/her knowledge and experience. He/She should know how to listen and how to counsel you, how to ask the right questions to find out what he/she needs to know to better serve you.
Friday, January 23, 2009
5 financial strategies to bolster your bottom line in uncertain times
Scotiabank offers Canadians five financial strategies to bolster their bottom line in uncertain times
TORONTO, Dec. 29 /CNW/ - With holiday shopping and gift giving behind us and the New Year just ahead, now is the perfect time for people to take stock of their financial situation. While current economic conditions are challenging many Canadians to re-think their budget, Scotiabank has some practical suggestions to help households shore up their financial position.
1. Don't panic or make emotional decisions. One way to avoid the trap of leaping before you look and making financial or investment decisions you'll regret in the long run, is to manage stress by paying attention to your physical and emotional fitness. If you don't have a financial plan, now is the time to get one that emphasizes debt management andmap out your short and long term goals. Focusing on those goals will help you maintain perspective.
2. Pay down debt. Start by tackling consumer debt such as higher rate department store and other credit cards. Inform yourself about interest rates and options, such as a consolidation loan, that will help you free up cash for other priorities such as investing or paying down your mortgage.
3. Reduce your discretionary spending so you can redirect more money to debt repayment or savings. Review your household budget to track how much money is coming in, what your fixed expenses are and identify things you're spending money on that you could live without. For example, pack your lunch rather than eating out every day, cut back on magazine subscriptions or visit the library more often rather than buying books all the time. Then consider setting up an automatic savings plan so that the money you're saving comes straight out of your bank account. Before long, chances are you won't even miss it.
4. Make an RRSP contribution and then use your refund to help manage competing financial priorities. The refund could be used to pay down high cost debt, make an extra mortgage payment, open a new Tax-Free Savings Account (TFSA) or contribute to your child's Registered Education Savings Plan (RESP). Borrowing to make an RRSP contribution makes good fiscal sense if you are confident that you can pay the loanback relatively quickly.
5. Position your investment portfolio for recovery - but diversify to manage risk. Remember that when markets are down, there are investment opportunities that can potentially benefit your portfolio in the long term. Be diversified with an appropriate mix of asset classes (equity, bonds and cash equivalents) that fit your risk tolerance, investment time horizon and income requirements. Stay in regular contact withyour financial advisor to ensure your portfolio is appropriately balanced to meet your needs, manage risk, and to offset market fluctuations.
Thursday, January 22, 2009
Mortgage Rate inside information!
The Prime lending rate, to consumers, has dropped to 3.00%.
Throughout the day yesterday, rate notices trickled in and below you'll find a recap of the best rates available this morning.....I'll keep you posted on any new changes.
There is aggressive pricing by some lenders - note the 1 yr rate of 3.99%.
Many clients anticipate further rate drops and are leaning towards variable rate mortgages.
Did you know....
- Lenders will allow variable rate mortgage clients to switch into a fixed rate mortgage during the term BUT the majority of lenders don't commit to offering their lowest rates when the borrower decides to convert to a fixed rate. Out of the many lenders I know about, only a few state this promise in writing.
- Mortgage interest is usually compounded on a semi-annual basis; however, several lenders use monthly compounding on their variable rate mortgage.....the interest cost is greater with monthly compounding. You need to know the difference in order to make an informed decision so make sure you ask!.
These are only 2 examples of the benefits clients get from working with an experienced mortgage specialists. I can put you in touch with a mortgage person who unlike a bank representative, is allowed to use many lenders which allows them to place you with the best mortgage solution. I sound like a mortgage broker, don't ?I! The bank rep won't point out the weaknesses in their product - it's the only one they have to sell. You will have choices and make sure you have all the information.
I'm always happy to hear from you, let me know if you have any questions or how I can help you!
All the Best!
Mark
MORTGAGE RATES
Best rates as of January 21, 2009
Prime Rate.........3.00%
Variable Rate......Prime plus .80%
1 yr fixed...........3.99%
3 yr fixed...........4.64%
4 yr fixed...........4.69%
5 yr fixed...........4.59% (over $500,000; otherwise 4.69%)
10 yr fixed..........6.45%
...other terms available; data subject to change without notice
- Interest Rates
- Power of Sale Properties
- Price Trends
- or Search the MLS and more at my website
Thank you for reading my blog and if there is anything else I can help you with please don't hesitate to contact me,
Mark
A. Mark Argentino
P. Eng. Broker
Specializing in Residential & Investment Real Estate
Thinking of Selling? Best Mortgage Rates Current Home Prices Search MLS
RE/MAX Realty Specialists Inc.
Providing Full-Time Professional Real Estate Services since 1987
( BUS 905-828-3434
›mark@mississauga4sale.com
8 Website : Mississauga4Sale.com
- Thinking of selling in the next 3 to 6 months? Would you like a Complimentary & Quick Over-The-Net Home Evaluation ?
- On-Line Real Estate Newsletter sign up
- See seasonal housing patterns