Probably the number one question I get at open houses these days: is the market slowing down? And the answer to that depends on how you look at it. The number of sellers have certainly increased, but the buying pool I think for the most part has remained the same. It seems buyers no longer feel like if they miss out on something, they may not get another chance. I checked to see sales in Cambridge, this week June 5th through June 9th. There were 43 sales that week, and 79% of those sale were at, or above asking price (108% of list price). At first glance that seems like an indication that Sellers are still getting well over asking price in most of the cases. And you'd be right for drawing that conclusion. But when you examine the data from May 8th to 12th, we find 90% of the sales at or above asking price (110% of list price). We also know that inventory levels are increasing so all of this is to be expected. So have potential seller's missed the boat? Certainly not, but more so than a month ago, buyers have options and thus it's crucial that your list price be bang on. Do you have questions about pricing? How do you feel about the direction the market is heading? Comments are always welcomed.
For many people, the idea of letting someone live in your home for a definite period of time seems foreign. But others view it as an opportunity to knock a few grand off their mortgage, especially if circumstance has them relocating to another city for an extended period of time.
Most Lease terms are for a period of one year, but can also be for longer periods. As always, you should work with your Realtor® to arrange the necessary paperwork. Not only to ensure that your rights are well protected, but to ensure that once you accept an offer, the transaction closes in a timely manner. This allows you to look forward to your pending move knowing, that your single biggest asset is well protected and your mortgage $15K - $20K lighter.
What are some conditions to include in a Residential Lease Agreement? Send me an email at email@example.com to find out.
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The Ontario Ministry of Municipal Affairs and Housing has indicated that they are going to make buying a home even harder by giving every municipality province-wide the power to charge a Municipal Land Transfer Tax, a change that will double the land transfer taxes consumers have to pay on their next home. The Ontario Real Estate Association encourages all Ontarians to visit www.donttaxmydream.cato learn more about the negative impact of the Municipal Land Transfer Tax and stop this tax from spreading province-wide.
“If the municipal land transfer tax were to spread to Cambridge and North Dumfries and charged at a similar rate as Toronto, homebuyers would be forced to pay an additional $ 2,940.00 on the average priced home of $321,549.00 using 2014 statistics. It would also most double what they already pay in land transfer tax. Our buyers are already stretched - they can’t take another tax burden like the Municipal Land Transfer Tax.
Here is a true story, a lesson in fact, in the importance of working with a mortgage specialist to get an accurate picture of your present financial situation. It's not enough to sit down with your standard bank representative, and chat for 5 minutes about the key details of your income and expenses.
You need someone who asks all the pertinent questions, because this sort of investigative work is in your best interest. It can help protect you from the burden of taking on a loan that would stretch you to your last penny, and leave you unprotected should some unforeseen events arise. It can also prevent the awful situation of falling in love with a home; negotiating the price to something you are comfortable and happy with, only to find that you are unable to secure the necessary financing to complete the purchase.
These mistakes are completely avoidable and can lead to a more enjoyable experience, especially for first time home buyers.
Who else do you need? Call me now to learn how to build your complete team!
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Selection assistance? I also do that. The highest offer on table is not always the best offer, and I help you understand why. Consider an ESA inspection clause, that could cost you several thousand dollars in electrical repairs/updates, or a Sale of Buyers Property clause that could take your home off the market for several weeks. All of a sudden, the offer at a few thousand dollars below asking price is looking pretty good...
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Buying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D