Real Estate Curve

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Archive for the ‘First Time Buyers’ Category

Aug-26-2011

August 26 Market Update

Here is a great link to the steady market predictions by CREA upto 2012

http://www.canadianrealestatemagazine.ca/news/item/748-prices-and-sales-will-remain-stable-through-2012-crea

Posted under Buyer, First Time Buyers, Seller
Jun-12-2011

Mississauga June 2011 Market Update

Houses are flying off the market like hot bread.
Buyers are getting angry with multiple offers.
Sellers are happy for a sellers market, they will sell high, but majority of the time, they still got to buy, remember (You sell high you buy high)

June 2011

Posted under Buyer, First Time Buyers, News, Seller
Jun-12-2011

Mortgage Rates for JUNE 2011 in the Greater Toronto Area

Terms Bank Rates Our Rates
6 Month 4.45% 4.40%
1 YEAR 3.60% 2.64%
2 YEARS 3.95% 3.30%
3 YEARS 4.25% 3.52%
4 YEARS 4.89% 3.54%
5 YEARS 5.39% 3.69%
7 YEARS 6.29% 4.79%
10 YEARS 6.65% 4.99%

Rates are subject to change without notice. *OAC E&OE

Prime Rate is 3.00%

Variable rate mortgages from as low as Prime – .80%

Rates based from Dominion Lending Centres Prestige

Posted under Buyer, First Time Buyers
May-3-2011

Mortgage Rates May 2011 GTA

Here is a list of rate you can expect from most mortgage brokers in the greater Toronto area

Terms Bank Rates Our Rates
6 Month 4.45% 4.40%
1 YEAR 3.70% 2.64%
2 YEARS 4.05% 3.40%
3 YEARS 4.55% 3.62%
4 YEARS 5.19% 3.79%
5 YEARS 5.69% 4.09%
7 YEARS 6.49% 4.79%
10 YEARS 6.85% 4.99%

Rates are subject to change without notice. *OAC E&OE

Prime Rate is 3.00%

Variable rate mortgages from as low as Prime – .75%

Posted under Buyer, First Time Buyers, News
Apr-22-2011

Mortgage rate for the greator Toronto area as of April 19 2011

Terms Bank Rates Our Rates
6 Month 4.45% 4.40%
1 YEAR 3.70% 2.64%
2 YEARS 4.05% 3.40%
3 YEARS 4.55% 3.62%
4 YEARS 5.19% 3.79%
5 YEARS 5.69% 4.19%
7 YEARS 6.49% 4.79%
10 YEARS 6.85% 4.99%

Rates are subject to change without notice. *OAC E&OE
Prime Rate is 3.00%

Variable rate mortgages from as low as Prime – .75%

Posted under Buyer, First Time Buyers, News
Apr-22-2011

7 Ways to pay off your mortgage faster

here is a link to the 7 most effective ways to pay off your mortgage

Posted under Buyer, First Time Buyers, Seller
Mar-31-2011

Mortgage rates March 2011 GTA

Current mortgage rate you can get from a mortgage broker

Variable 5 year closed 2.2%—2.5%
1 year — 2.44%
2 year — 2.99%
3 year — 2.90%
4 year — 3.79%
5 year — 3.64%

Mortgage rate to change without notice.

Posted under Buyer, First Time Buyers, Seller
Mar-31-2011

Do you need a mortgage and home insurance?

Almost everyone who wishes to purchase their first real estate property needs a mortgage. If you have the cash great, you will not need a mortgage and may not get house insurance; but not getting house insurance will keep you up at night. What will happen to the biggest asset in case of a house fire, a house insurance will cover the cost of (fires, floods, etc). Be wise and protect yourself and your biggest asset get house insurance. Banks require you to get an insurance before you close on your property in order for them to give you the mortgage. Be smart get the right amount of insurance for the right amount of mortgage and the value of the property.

Posted under First Time Buyers, News
Jan-6-2010

Greator Toronto Real Estate Market Statistics

Last month(December 2009) there has been roughly -47% Active listings compared to 2008.

The amount of real estate sales in (December 2009) was at a high of +115%, highest in the last 4 years.

What does this mean, is that there aren’t that many active listings and people are still buying real estate in Toronto, Mississauga and the greater Toronto area more then ever.

What will happen in the future for Ontario real estate when the HST will start in July?
I personally think that sellers will want to sell their properties before hand to avoid additional costs. What I mean is that on a average home worth $400,000 a seller will have to pay $1600 more in taxes on commission when the HST will be in effect. Therefore a lot of people will want to save that money and sell/close before hand to avoid the additional cost.

Posted under Buyer, First Time Buyers, Seller
Dec-1-2009

Mississauga Angry Buyers and Multiple Offers!!!

Since when did we go into bidding wars in Mississauga, once in a while before but now it seems each good listing has a bidding war. Buyers are becoming angry and feel the pressure to buy. First time buyers are shocked and feel extreme pressure from their agents as well.
Banks are appraising the properties and wonder where are the sale prices coming from. Well its easy, in a bidding war the final price comes from the person who is willing to pay the most for the house.
People now is Mississauga are even buying real estate without inspections, what’s next?
Houses selling in 1-4 days, others over listed are staying on the market or getting low ball offers.
The majority of the activity is coming from the 300-500K homes.

Stay tuned for the next update…

Posted under Buyer, First Time Buyers, News, Seller
Nov-2-2009

Mississauga Real Estate Inventory Update As Well As GTA

Through out the last few weeks, the market in all parts of Mississauga specifically in Meadowvale, Clarkson, Port Credit Real Estate has been moving like hot cakes. If the property is rennovated or not but priced right, it will sell quick. People are not being that picky as they use to be due to the lack of extreme LOW inventory.
Have you been looking for a house, did you find one, were there mulitple offers on it or even worst did it sell before you could take a look at it? These are all the symptoms which buyers are experiencing currently in Mississauga Real Estate and through out the GTA.

As of November 2, the inventory of Mississauga and the GTA is extremly low, ATTENTION SELLERS IT IS YOUR MARKET!!!

Posted under Buyer, First Time Buyers, News
Jun-15-2009

Gta’s housing inventory is low of good homes and buyers are looking and…

In the greater Toronto area, the demand for housing is high. The inventory is low, well at least with good houses, let me explain. If there are 10 houses for sale in a specific area 3 house are good houses, meaning they are priced at market value and are valued what the vendors are asking for. The other 7 are either over priced or just in too of a bad shape to sell it for the asking price and the vendors don’t realize it. It is a shock to first time buyers but good homes sell for close to asking price with in 1-5 days on the market, so do youself a favour and get yourself an agent and don’t miss out, before the good ones are gone. If a house goes on the market go out and see it the same day, if you like it put an reasonable offer the same day and don’t insult the vendor with a low ball offer.

Cheers

Posted under Buyer, First Time Buyers, Seller
Apr-2-2009

Statistics Of Changing Your Home

The statistics show that an average family will change their home every 3-5 years. Now in most cases this is true, but there are exceptions. For example, you get married buy your first condo, live there 2 years have 1 or 2 kids, the condo gets smaller you have to get a bigger living space(most likely a house) After the next 3-5 years the kids get bigger, you need more room, one for each child or even a older parent to help them out, so what now, you sell and buy bigger. Once you get older (kids move out)you don’t need that big house and you down size. Now this case doesn’t apply to all people there is tons families that live in a house for over 10, 20 or even 30 years, but the statistics show 3-5 years an average a family changes their home.
People change for many reasons they slowly move up to that Dream Home, over many moves/years. Buying your dream homes won’t happen on your first home purchase, well unless you got the cash or win the lottery. Just though this could be useful to know.

Posted under Buyer, First Time Buyers, Moving, News, Seller
Apr-2-2009

Open House Anyone? Are you ready to buy?

What is everyone’s though on open houses?
Do the people that come to the open houses are they the nosy neighbors?
Are the people going to open houses serious about buying?
If you ask me, if I want to buy a house I go to an agent, what are the chances going to an open house and it beign the one you will buy? Come on realistically slim.
From what I noticed either people are sent by their lazy agents to open houses, because they don’t feel like showing homes which have open houses schedules, or its people that are in the “maybe” stage of thinking to buy a house. Now don’t get me wrong there is cases that people walked into a home fell in love with it, put an offer and purchased that home, but it doesn’t happen that often.
What are your though?

Posted under Buyer, First Time Buyers, Seller
Mar-16-2009

First Time Buyers Take Charge Of The Real Estate Curve

As an agent in the GTA I have noticed that even with the real estate curve down we are getting more and more activity each and every day. Well not exactly as 2007 but we are getting more first time buyers interest in the market and the prices. From what I see the houses which are in a demand area are not drastically affected by this market slow down. If a house is listed in a hot area it will sell and it will sell fast. Homes which are run down and over priced are feeling the affect of the buyers market, specifically first time buyers. What people don’t realize which have homes and want to upgrade to a bigger one is that if they lose 10% on their current home they will get that 10% off a more expensive home which they are planning on buying, with this 10% off the more expensive home they will infact save even more. People just need to sit down and do some basic math. 10% off a $300,000 home is $30,000 and 10% off a $500,000 home is $50,000, with this your clearly save $20,000 for buying in a recession year, think about it.
Right now there is about 10:1 Ratio of homes to buyers, when the curve will go up with will be 1:10 ration of homes to buyers even with the prices down, you will then still compete for that low priced home and most likely over pay for it by 10-20% because the market will become hot again. Look what started happening in between 2000-2007, crazy market, up up up with the prices.

Posted under First Time Buyers