REAL Estate Nuggets
8 Shadlock St, Suite 7 L3S3K9 Markham, ON, Canada

The Reality of the Real Estate Market. 1. Picture A - There are 22 Condos in the Scarborough Town Centre with around 5000 units and only 7 condo units For Sale! 2. Picture B - Over 2500 houses in the Morningside Heights neighbourhood I live in. Today there are 0 houses for sale! So if you are thinking of buying... 1. Become Mortgage Approved not just a bank-preapproval. 2. Look at houses that are listed for less then your maximum approval. 3. Make your best offer, over and over again and listen to the expertise of your REALTOR.

Real Estate Market Update: 1.Listing Shortage 2.Prices will keep rising! 3.First-Time Buyers (buy a condo) if you can! Even a pre-construction condo!... Recommendations: Looking to upgrade home? Buy first then Sell! Seniors looking to downsize? If you renovate, paint, stage and have the means to do so, you'll get a much, much more for your house! Ask me for a Free Market Analysis! New Canadians: Only Scotia bank still offers a generous mortgage terms to help you buy with 35% to 50% (no questions asked) mortgages. Mortgages: Rules have changed! Much harder to get! Rates vary considerably (up to 0.5%) and only a Mortgage Specialist at a bank or Mortgage broker can do a through analysis to figure it out for you! Don't just go talk to your banks financial advisor, talk to a mortgage specialist and get them to approve you!

As a listing agent, don't forget to confirm with the co-operating agent that financing has indeed been firmed up by there Buyers a few days later. Especially when Buyers are making firm offers and getting mortgages is harder. You would be surprised to learn about the number of deals that fall apart because Buyers can't get financing. With so many new agents out there, and many agents not up to date with mortgage financing, it's better to be safe than sorry later. Many ag...ents aren't even aware that they should advise their Buyers not to purchase furniture, cars, etc. on credit. As a Buyer, you might be approved today, but banks have up to a hour before lending you the money to pull your credit history again and reject you if your financial obligations have changed. Purchasing on credit reduces what they'll lend you. So be safe and protect yourself and maintain financial balance. Often times, multiple closings hinge on you closing the deal causing a wave of failed transactions that's no good for anyone. So if you are buying and selling... make sure "financing" is taken care of, because this is the most important step in the process! Let your neighbors and friends know. See more

When you work with a REALTOR ... you have two options. You can be a Customer or a Client. When you list your house for sale you automatically become a client and your REALTOR owes you the attached fiduciary duties. Now as a Buyer you have 2 options. This should be explained to you using an "incomplete" form called "Working With A Realtor". If you trust the person you are working with and know they have your "back" then you sign a Buyer Representation Agreement and be their ...Client. If you don't trust them, or you just want to put an offer on a property with an agent (which I don't recommend), then you can be a customer. See the chart to know your rights as a Buyer or Seller. If you have any issues with your REALTOR I recommend the following: First try to resolve it by talking to them directly. 2. Talk to their Broker of Record / Manager 3. If neither works go to www.RECO.on.ca and file a complaint with the governing body that licenses REALTORS. Bottom line: Don't just hire the person that sends out the most flyers in your neighbourhood, or is plastered on buses, benches and garbage bins. Interview a few or ask for a trusted referral. For listing a house, contracts have to be a minimum of 2 months to be on the Toronto MLS. However, Buyer Representation contracts can be for however long you want. For 1 property, for 1 day, a week, 6 months, etc. So if you are working with someone new, you can always sign a shorter contract and see how well you get along. Anyways, look for someone who'll answer your phone and replies honestly every time. No BS. Even if they don't know, they'll tell you and find you the answers. Cheers in your next home purchase and sale. PS. Call or message me if you have any questions or need a trusted referral outside of the GTA. See more