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Posts tagged with: agent

The Benefits of Signing a Buyer Representation Agreement

January 7, 2011 - Updated: January 7, 2011

Great video from TREB on the benefits of signing a Buyer Representation Agreement!

Tagged with: rights protection obligation contract toronto vaughan real estate salesperson agent buyers buyer representation agreement

The Housing Year in Review

January 7, 2011 - Updated: January 7, 2011

Greater Toronto REALTORS® reported 4,395 existing home sales for the month of December, bringing the 2010 total to 86,170 – down by one per cent compared to 2009.

“Market conditions were anything but uniform in 2010. We went from super-charged sales activity during the first four months of the year, to a marked drop-off in transactions in the summer and then in the fall saw sales climb back to levels that are sustainable over the longer term,” said TREB President Bill Johnston.

“New Federal Government-mandated mortgage lending guidelines, higher borrowing costs and misconceptions about the HST caused a pause in home buying in the summer. As it became clear that the HST was not applicable to the sale price of an existing home and buyers realized that home ownership remained affordable, market conditions improved,” continued Johnston.

The average home selling price in 2010 was $431,463 – up nine per cent in comparison to the 2009 average selling price of $395,460. In December, the average annual rate of price growth was five per cent.

“At the outset of 2010, we were experiencing annual rates of price growth at or near 20 per cent. This
was the result of extremely tight market conditions coupled with the fact that we were comparing prices to the trough of the recession at the beginning of 2009,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

“Balanced market conditions in the second half of 2010 resulted in more moderate home price appreciation,” continued Mercer. “Expect the average selling price to grow at or below five per cent in 2011. With this type of growth, mortgage carrying costs for the average priced home in the GTA will remain affordable for a household earning an average income.”

Home sales in the GTA were spread across a number of different housing types in 2010. Detached homes accounted for 49 per cent of total sales. Condominium apartments accounted for an additional 25 per cent per cent of sales. Other housing types including townhomes and semi-detached houses accounted for the final 26 per cent. In some areas like TREB’s central districts the mix was quite different, with condominium apartments accounting for 61 per cent of total sales.

“Ownership housing is available in a diversity of types and price points across the GTA, allowing plenty of choice for first time buyers and experienced home buyers alike. This housing diversity is one factor that continues to make the GTA a popular choice for households and businesses,” concluded Johnston.

** Provided By: The Toronto Real Estate Board - Jan 6, 2011

Tagged with: market real estate mortgage rates salesperson agent toronto vaughan detached condo affordability hst

A Bump in the Road

October 2, 2010 - Updated: October 2, 2010

When working with Buyers, it is truly important that they be pre-approved for a mortgage before their search for a home begins.  Having a pre-approved mortgage amount makes the search for a new home much easier and less time-consuming because you will have a price range in mind during the shopping process.  We have mortgage professionals on our team that we refer from time to time, however - what are some of the challenges that come up when a Buyer is working with their own bank or mortgage broker?

A few months ago we came across a hiccup in one such situation.  We received a referral for a young couple who were looking to buy their first home.  At our original appointment, we asked if they had been pre-approved - they assured us that yes they were subject to certain conditions with their own mortgage broker.  We proceeded to work with the Buyers, taking them out to see homes and found a property that they wanted to call home.  During the conditional period after acceptance of the offer, we received a call from our clients who were in a panic - their mortgage broker would not give them their financing due to the location and certain features of the property.

Under time constraints, we put them in touch with our in-house mortgage broker who was able to get them their financing with an A-Lender (within 24 hours), and also saved them about $8,000 in extra fees that they were paying to their original mortgage broker who had placed them with a B-Lender.  Needless to say, we had some very happy clients on our hands.

In closing, a little caution in reading the fine print and understanding conditions goes a long way.  We are here from start to finish so let us be part of your team.

Tagged with: mortgage prequalified broker troubles buyer seller agent

Contact Me

Mary Nacarato & Mandy Coz Sales Representatives
RE/MAX Premier Inc., Brokerage Independently owned and operated
9100 Jane Street
Vaughan, ON   L4K 0A4

Phone: 416-987-8000Mobile: 416-451-0177Fax: 416-987-8001
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