Some Interesting Real Estate InfoBits

Check out this inspirational slide show by Collin Powel !!
 
My January/February 2011 Real Estate Newsletter is hot off the press. Check it out.
 
Did you know…..
 
* As of January 17 the Federal Government changed the mortgage financing rules ……again…….for mortgages with less than 20% down payment ( Government insured mortgages). The changes include:
 
a) Reducing the maximum amortization period to 30 years from 35 years.
b) Lowering the maximum amount one can borrow in refinancing their mortgages to 85%, from 90%, of the value of their homes.
c) Withdrawing government insurance on lines of credit secured by homes, such as home equity lines of credit.
 
The changes to amortization rates and refinancing rules will come into force on March 18,2011. The change on the withdrawal of government insurance backing on home equity lines of credit will take effect on April 18.
 
Your mortgage must be arranged and signed by March 17 to use a 35 year amortization even if you already have a mortgage preapproval in place.
 
Are you ready to speak with one of our Mortgage Specialists?
 
* Our Market Experience Tours of homes and condos  are a terrific way to gain market knowledge. Sellers fear educated Buyers.
Have you seen the interiors of the houses or condos in your preferred purchase area? It is important that you do .
 
* As of 2006 , almost a third of all homeowners in Vancouver were condo dwellers. Toronto, Calgary and Edmonton are not far behind.
 
* On the resale market , condos represent 1 in every 3 houses sold in the G.T.A. The condo lifestyle has gained a foothold with younger, hipper audiences who want to be close to shops, restaurants and entertainment.
 
* Where do the buyers come from for all the new condo buildings in downtown Toronto?Asia and the Middle East….and these investors typically pay cash.
 
* According to the National Association of Realtors the top 9 out of 10 projects around the house that give sellers the most bang for their buck are exterior projects to enhance curb appeal. Buyers are hit hard by first impressions. The number one project is a new steel entry door that returns 102.% of the cost. I just installed a new door on my house. What a difference!!
 
* The four C’s of home preparation when you are preparing your home for sale are: clean, clutter, curb appeal and colour.
 
* You can now learn about the home buying process from the comfort of your own home? Check out our new home buyer workshop video series.
 
* Understanding each step of the mortgage process is key to ensuring the biggest investment of your life is the right one for you. Be prepared and get the facts . Know your credit score, learn key mortgage terminology, save for your down payment, know your personal budget and talk to a mortgage professional.
 
Are you ready for your Buyer Planning Session ?
 
Please contact me direct at 416-520-6746 or David@TorontoRealEstate.ca 

Home Buyer Video Series

Do you want to avoid making the most common and the most expensive home buying mistakes?

 Life can be very busy. However learning as much as you can about the home buying process if you are planning to purchase within the next 6-9 months is crucial!

 Our Team has developed a fantastic online video series to help you.

 In just a few hours you’ll be getting up from your couch feeling confident, knowing exactly how to begin your home search and having a clear vision of how the entire home buying process comes together. You’ll also be able to download the complete home buyer’s handbook, including handy fill-in forms and charts to guide you through a smooth, hassle-free home-buying process.

 Please register HERE .

 I am confidant that you will become a more educated and a more confidant Toronto Home Buyer after watching all 6 episodes.

 Please contact me direct at 416-520-6746 or David@TorontoRealEstate.ca

Sales Strong in November

 TREB Marketwatch November 2010Greater Toronto Realtors reported 6,510 sales through MLS in November 2010. This represented a 13% decrease compared to the 7,446 sales recorded in November 2009. Through the first 11 months of this year , sales amounted to 81,894- down 2% compared to the same time period in 2009.

” The GTA resale market has tightened since the summer. Healthy market conditions continued to support growth in the average selling price,” said Toronto Real Estate Board President Bill Johnston.

” Sales through the first 11 months of the year were down only marginally compared to the same time last year. We remain on track for one of the best years on record under the current TREB market area,” continued Johnson.

The average price for November transactions was $438,030- up 5% compared to the average of $389,495 reported in November 2009. The average selling price for the first 11 months of the year was $431,346 compared to $389,495 in the first 11 months of 2009-up 10.7%

” The average selling price in the GTA is affordable. A household earning the average income can comfortably cover the mortgage payments on an averaged priced home. Expect the average selling price to grow at a moderate pace over the next year,” said Jason Mercer TREB’s Senior Manager of Market Analysis.

Condominium apartments accounted for 26.4% of total sales in the the GTA while detached homes accounted for 45.6% of the total sales.

Other notable statistics include the average days on the market for November at 33 days compared to 26 days the same time last year. The sales-to-listings ratio for November was 41.1% which is classified as a seller’s market . A ratio from 24%-28% is considered a balanced market.  Active listings were up by 14% from the same time last year.

Sellers are looking for market value for their property . I prepare a comparative market analysis (CMA) for all of my clients prior to submitting an offer to determine the property’s market value range.

Real estate is very neighbourhood specific and even very street specific in some areas. The numbers as reported above are GTA averages. Results in one neighbourhood or on one street does not indicate that all other neighbourhoods or streets are experiencing the same results. We are still seeing multiple offers in some areas for the best homes.

Check out this woderful Story of kindness. Truly touching…

Lets meet for a NO OBLIGATION Buyer Planning Session.  FREE Knowledge is power in your planning  Click Here

Please contact me direct at 416-520-6746 or David@TorontoRealEstate.ca