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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.
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MPAC analyzes property sales in your community to establish your property's assessed value. Five major features usually account for 85% of the value: location; lot dimension; living area; age of structure and quality of construction. Other features that could affect value include: number of bathrooms; fireplaces; finished basements; garages, pools and site features. Check out the MPAC website for more info.
Are you ready2move? 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! Are you ready2move? 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...
Are you ready2move? Here are 4 stats that make sense and every REALTOR® should be able to tell you right off the bat!
1) Days on Market. This information can be used to inform the customer how long homes are sitting on the market. The better you price the product, the faster you can expect to move it. Don't make the mistake of pricing too high, as the house will sit on the market and become stale. Even price reductions may not achieve the desired result, and both parties will eventually become frustrated with the process. 2) Sold-to-Ask. Show your clients what the market conditions allow them to expect. Buyers need these stats as proof that offering way less than asking price simply will not work (provided that the home is priced right to begin with). In today's market place, expect this number to be in the 95% range. 3) Homes Sold at 100% or More. Helps your client be realistic, and open to offers, while telling buyers, that some homes do receive 100% of asking price, and they need to be prepared to increase their initial offer if countered. 4) Units Sold. The most obvious statistic of the 4, but only if you can tailor it to the area in question. Cambridge stats are ok, but North Hespeler, East Galt or Preston are even more useful to your clients. Especially if you narrow it further by only including the type of home to be considered. Not much use including condo sales in your stats, when your clients are in a single detached home. MLS has these statistics, and your REALTOR® should have these stats. Check out my "June 2009 Housing Market Update" to see what's happening in the Cambridge area. If you want to know the numbers for your specific part of town, just call my direct line or send an email to reach me. Are you ready2move? |
AuthorBuying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D Archives
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