Giving Your Home a Facelift before the Open House

Preparing for an open house requires even the smallest of issues to be fixed, from broken light switches to leaky faucets. Once again this is when a good realtor becomes essential to the selling process as they will guide the seller through the process of maintenance. In order to make these improvements it is advisable that the seller have about a month’s time to address the issues. It certainly doesn’t hurt the seller to know what the potential problems might be before they list.

The improvement process should begin with curb appeal. Curb appeal refers to how appealing the property looks from the street, therefore fixing any exterior cracks or chipping paint is crucial to improving the chances of selling. If curb appeal is at a serious disadvantage, landscaping, can improve chances drastically by making the property look more appealing. It is always good to advise with your Mississauga realtor about other fixtures that will add value.

The interior process begins with the most obvious aspects of a home; floors and walls. Repainting the walls may be an option as it is a highly effective, low cost way of face-lifting the home. Neutral paint colors can make homes look cozy and inviting. If the floors are hard-wood, sanding will give them a new-like shine. Likewise, replacing tarnished tiles and carpets, making sure everything is stain free will improve the seller’s chances of finding a new owner.

The interior process also requires modernity if some items are obviously old and obsolete, such as light fixtures, appliances, mirrors, and cabinets. A part from appliances, the rest can be low-cost fixes which make the house more appealing and potentially of greater value. All of these things can shift the buyers desire to buy the home as these small repairs add up. The less work the buyer has to do, the better. A realtor will help the seller identify what needs refinishing and what needs replacing. If this is the case, then a realtor ought to be able to provide professionals to aid you in the process. Last but certainly not least, well positioned furniture that compliments the interior space will give the buyer confidence that they are getting a great deal. You don’t need a house full of furniture if the home is vacant, however a few strategically placed pieces can give a buyer perspective.

Things to Look For When Selecting Listing Agent

The listing agent prepares the home to be put on the market; they determine the listing price, market the property and negotiate the sale. Evidently the work they do is essential to the home selling experience, therefore it is important to select the right person for the job, not just someone you know with a real estate license or a colleague’s friend. Much like looking for a job, it is important for the seller to meet several realtors and interview them, just to make sure they are the right fit for you.

When looking for the right Milton realtor it is important to select someone who is realistic, not the realtor who simply recommends the highest listing price. This individual needs to be someone you can communicate with naturally, someone who has experience working in your neighborhood, someone who creates a marketing plan appealing not only to those interested, but people who can actually afford the property. A good realtor will help the seller make their home more appealing without having to spend a fortune on improvements. If you are being referred to a realtor by a friend or colleague, ask them how readily available the realtor was to picking up their phone calls and answering all their questions. It’s important to know whether the realtor calmed any fears swiftly or not as their job is to provide support and advice to the home seller.

There are a number of questions a potential seller can ask a realtor at their first interview. It is absolutely essential for the seller to know whether or not the realtor is part of the National Associated of Realtors. Knowing the realtor’s sales numbers will help provide confidence for the sellers as well as knowing what price range the realtor is usually dealing with. Ideally, you want a realtor whose listing price average is close to the value of your home. A few other questions a seller may ask are the following; what was the average difference between final purchase price and listing price? Ask the realtor to tell you their marketing plan for your home, do you have an opinion on the condition of my home and what can be improved at a cost effective price? Are there contractors or moving companies you can recommend? How often are you available for me to ask questions once my home is on the market? And finally, can you provide me with consistent feedback and updates?

The Appraisal Process

The purchase offer for a home depends on several factors; financing, inspection, and appraisal. If the buyer is eligible for the loan and the prospective home passes inspection, then the only thing left is the appraisal. The appraisal is essential for mortgage lenders as the new potential home becomes collateral for the loan money, the home is the fundamental asset at stake. In a worst case scenario, if the buyer experiences financial difficulties and fails to keep up with mortgage payments they can lose the home and it would then be the lenders job to sell the property. Evidently, the appraisal is crucial here as the property must appraise for the full sales price in order for the buyer to receive an adequate loan.

The appraisal process begins with the mortgage lender selecting an appraiser to inspect the property, which runs the buyer a cost of $300-$400. The Consumer Financial Bureau erected a new rule, requiring that the mortgage lender delivers a copy of the appraisal to the buyer as soon as they receive it or at least three days before the buyer’s closing. The appraisal is contingent on all the factors your Caledon realtor uses for comparative market analysis, square feet, bedrooms, garage, location, etc. The home will then be compared with the rest of the market and then a fair valuation will be determined. It is crucial for the buyer and their realtor to review the appraisal report in order to ensure it was conducted fairly.

The appraisal is supposed to operate as consumer protection for the buyer; it is supposed to encourage fair market activity. There are instances where the appraisal determined a property is actually above the purchase price, which means the buyer is not only saving money, but gaining equity as well. The appraisal really protects the buyer if the property is determined as having lesser value than purchase price, which gives the buyer an opportunity to withdraw from the deal and save money. If the buyer decides to purchase the home despite this appraisal or simply waives the appraisal, a few more options open up; i) challenge the appraisal with the help of your realtor, ii) pay for a second appraisal, iii) negotiate with the seller, iv) ask the seller to finance the gap between appraisal and sales price if the appraisal determines the home is in fact more expensive.

Offering More than the Listing Price

A potential buyer is told to make an offer on a home that is greater than the asking price because there are other interested buyers. The buyer does not feel comfortable with the situation and is not sure if what they are being told is factual, or whether the real estate agent is simply trying to accumulate larger commission. The relationship between buyer and agent must be one of openness and frankness; they must be able to trust one another. In this particular situation, the buyer ought to let their realtor know how they feel about the situation and then evaluate their options based on their level of satisfaction with the realtor’s explanations. In the case that the buyer is unsatisfied, there are a few options; i) check the buyer-agent agreement to see how the contract can be ended in order for you to find a new agent, ii) speak to the agent’s broker, as they may be able to clarify the situation or find an agent who will be representative of your interests.
In most cases, realtors and this also applies to Georgetown real estate will not encourage buyers to make higher offers on homes unless they are certain that the home is worthy and the buyers can afford it. It is not within the Realtor’s interest to be overly commission hungry or selfish as it puts their career in jeopardy. Reputation is everything in the real-estate industry and realtors rely on referrals to expand their business. Likewise, realtors are unlikely to lie about multiple potential buyers as the property may not appraise for the sales price.
It may well be the case that the listing agent, not the buyer’s agent, is the one lying to obtain larger commission. Once again, it is the realtor’s job to figure out what is really going on with the listing agent or their broker. Most agents, of all different positions in real estate, do their best to establish good rapport with others in the industry as they are likely to do business again.
Putting the agent aside, there are three considerations one must take into account if they decide to make an offer above the list price: i) you have to be comfortable with the mortgage payments, ii) you must decide whether or not you have your heart set on the house without getting caught up in the bidding wars, and iii) if you decide to submit an offer above listing price, speak to your realtor about handling the appraisal contingency.

Managing the Home Seller’s Counteroffer

After identifying the home you want to buy the first step is submitting a purchase offer. Likewise, the seller can either accept the offer provided or they can suggest a counteroffer. The reasons for a counteroffer will stem from a number of external factors which may include the following; skewed markets which may be in beneficial to buyers or sellers, amount of time the home has been on the market, how keen the sellers are to move, and whether or not the purchase offer satisfies the sellers expectation. These factors listed above can influence the sellers desire to respond with a counteroffer, and more likely than not, the counteroffer usually demands a higher price or larger deposit to purchase the home. There are a few other reasons sellers may respond with a counter offer which can include, a different closing date, changes in contingencies, and the exclusions of particular fees. It’s important to note that the counteroffer has an expiry date and if not met, the offer becomes void and the seller can accept new offers. It is always best to advise with your Toronto Realtor about the best way to go handle the counteroffer.

Handling the Counteroffer

The buyers desire to own a particular home will influence how the counteroffer is handled. In response to the sellers counteroffer, the buyer has three options; accepting, rejecting, or providing their own counteroffer. If the buyer chooses to respond to a counteroffer it must stay within the confines of their preapproved mortgage and the house must appraise in order for the value to be equal or greater than sale price. Since there are usually a number of conditions within the counteroffer, it becomes necessary for the buyer to consult their realtor. The buyer may not agree with the entirety of the counteroffer, but there may be specific parts of it that can be accepted and that’s when consulting a realtor comes into play. The realtor can assist in molding an offer that is acceptable for both parties, because once an offer is accepted by the seller, the buyer is then obligated to go through with the deal. In the case that the seller does not respond to an offer and the buyer is still interested, a counteroffer can be made within a week. At this stage of home buying, realtors can be a great resource as they can make clear the sellers’ motives and help create a fair deal.

Home search: With or Without a Real Estate Agent?

Once you have been pre-qualified for a mortgage you are ready to start your home search. However, before you start, consider if you will hire a real estate agent or you will go at it alone. There are positives and negatives to both sides of the table which will be discussed below.

Many first time buyers will probably benefit a great deal from opting to use an agent.  The agent will provide a lot of information that first time buyers may have not even considered important. Furthermore, agents have access to MLS databases which allow them to give you a wide spectrum of homes that you are interested in. Also by hiring a real estate agent, buyers get a professional opinion about the real worth of the Brampton houses for sale they are interested in. This prevents buyers from paying too much.  Some may be skeptical of the agent’s valuation considering that they get paid commission, therefore it is in their interest to jack up the price as high as possible. However, this is not the case because even a $10,000 increase in the home price will only be a $300 gain for the agent, not much of an incentive. The agent will also help the buyer in the negotiating process by recommending the price that they should offer and the maximum price that they should agree to. Also, the agent will walk you through the contract, letting you know about all the important things to look out for such as closing costs and other well hidden information. Although there are many positives to hiring a real estate agent, there are also advantages to not hiring one.

If you choose to home search alone, the biggest advantage is that you may be able to negotiate a price that is 3% lower than the stated sales price, since the seller will not have to pay commission to the your (buyer’s)  agent. It is important to note that you will not benefit from this advantage if you do not know how to negotiate and if you put no effort into finding a home that is listed as ‘for sale by owner’.  As for the MLS data, some cities may have this service online for free to the entire public, but you will still waste time looking up houses in the data base and you will also need to be capable of professionally estimating the value for each house you are interested in.

When considering the above advantages and disadvantages of hiring an agent, it really comes down to how confident you are in yourself and your knowledge of the real estate market.

Selling Real Estates in Markham

The real estates market in Markham is changing every week, based on the lack of opportunities for buyers. Usually, the spring is the busiest period for real estates, but this year, the cold weather that lasted until the middle of April, kept the sellers away from the agencies. This is why the market suffered because of lack of options. When summer started, the few people that had a house for sale in Markham managed to sell it for a good price, and this is why the interest of other sellers appeared. Besides the residential developers that always have something to sell, there are also the individuals that have the most interesting properties: old houses that are part of the local patrimony, which give a certain statute to the owner. one way or the other, the real estate market currently has some good offers for buyers.

 

The increased demand gives sellers many options. those could find several buyers at the same time, so those could start a bidding war that would take the price a lit higher. The average price for the Markham real estate has climbed to 550 000$, which is definitely a lot compared with other places in Toronto, but it is still interesting.

 

After a boring 2012, in which sellers only weighted their options, and after a quiet spring that was so confusing for all the market participants, the market regained its ascending trend, and it seems like it will remain this way for a while. During this time, buyers had the chance to raise some more money that can be used as down payments for mortgages. As long as they have a bigger advance at their disposal, they can get bigger loans, which mean bigger prices for homes! Try to avoid this price spiral by buying fast, and by signing the contract as soon as you have agreed with the seller.

Selling the old Mississauga house before buying the new one?

Selling the old Mississauga house before buying the new one?

 

Mississauga is a cosmopolitan community of Canada, a combination of young families and immigrants with the traditional families that live in this city for centuries. Even if the older houses from Downtown Mississauga are considered as great places to live, some of the owners of those houses want to find cheaper and newer homes in one of the new residential areas of Mississauga. However, it is important to make a plan, and to establish when you want to move. You have the option to sell the old house and then to buy the new one, or to buy the new house before selling the old one if you are thinking of investing into Mississauga real estate and are looking for a good return on your investment.

 

The majority of sellers don’t have this option, as they need the money from selling the old house before buying the new one. However, some people with strong financial possibilities prefer to buy the new house and then to sell the old one. this is the best method, as this way, you don’t have to be worried about not having a place to stay for a while.

 

Selling a house lasts a while. If the buyer needs a credit from the bank, you can sign a pre-contract, and to solicit an advance sum. While the buyer talks with the bank, you can use the advance money to buy the new house, or at least to sign a pre-contract for a house. this way, when you will need to move from the old one, you can move directly in the new house!

 

If you have the money to buy the new house, you should do this before selling the old one. this means a huge financial effort, but it is the safest thing to do. Some banks will approve you a credit to buy the new house even if you have not sold the old one, especially if you bring the old one as warranty, and this is an option to consider.

Real Estate in Whitby

Whitby is a fast growing community, where people have a high life standard, and where the real estate market is well anchored in traditions. Even if there are many apartments in this city, the majority of real estates put for sale on the market is formed by houses in nice neighborhoods, with a yard and will all the required facilities. The average buyer of those houses is the young family from large metropolitan areas, which is looking for a place to settle. If you want to increase your chances to find a good price for your house, you should follow the next plan when comparing homes for sale in Whitby to other areas.

 

Call a real estate agent. Because of the experience of a professional, you can obtain important details about the market, about the average price, but most importantly, you can establish the best price that you can get for your house. The real estate agent can even make some previsions for the next period, which would help you to determine the right time to sell. Maybe a new mall is about to be built in your area, and this means that you can sell with a better price in a few months. The real estate agent can also suggest you some modifications, which would give a better aspect to your house.

 

Think like a buyer. Pay attention to all the details in your home, and see what you would not like. Maybe you need to change a light switch, or maybe you need to clean the ducts. Every aspect makes the difference, and the small details could translate in thousands of dollars in your advantage. The buyers will always look for flaws and problems to negotiate a smaller price, and you will have to eliminate all their reasons.

 

Try to be flexible during negotiations. Try to highlight the advantages of your house, but don’t hide the disadvantages. Sometimes, being honest is the best method to get the right price.

 

Professional advice about buying and selling real estate

If you want to buy a house in Ajax, you will need to have some patience, and especially money. In a fast growing community such as this one, the sellers dictate the market, so you will have to make comparisons, to know exactly what happen on the market, and to act fast when you find something that is of interest. The money is only the first of your problem, and once you have solved this, you will have to establish the small details of buying a home.

 

First, you will have to decide what kind of house you are looking for. The older houses from the historical center of the city are the most expensive ones, because of their tradition and their importance for the city. A family that owns such a house would only want to sell for founded reasons. It is important for buyers to talk about those reasons. Maybe the respective family just got bored of this city and they want a change, but there are some hidden reasons for some sellers, such as the fact that the house is ruined, and they would need a lot of money to renew it.

 

The new houses situated in the residential modern areas of the city are great for new families. Some houses for sale in Ajax can be bought directly from the developers, avoiding a real estate agent that is costly. If you want to buy a house in such residential areas, you can surely find some families that already bought houses there. The person that presents you the house will only talk about the advantages of the respective house. If you want to know the downside, take a long walk on the streets of your future neighborhood and ask people on the streets about the respective area, about the advantages and disadvantages, and about how happy they are for buying a house in that complex.