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Displaying blog entries 1-10 of 36

Do Open Houses Still Help to Sell Homes?

by Claire Franceschetti
Technology has changed the way property is bought and sold. Over 90% of buyers use the internet to start the search for a new investment property or to check out the competition before deciding to list a property for sale. Keeping up to date with new marketing tools is crucial, and a major part of my role as a selling Realtor. 

But buying and selling property is still very much a people business and I believe there are valuable opportunities for investors, sellers and Realtors to connect at open houses.

When you start your hunt for a new investment property, you may need to collect ideas of what you want. Listings online or on paper only tell you so much. Getting a sense of a property's space is one important aspect, but so too is the neighbourhood.

If there is an open house in the neighbourhood in which you want to buy, I recommend that my buyers attend. Even if you don’t love that particular house, it's an opportunity to see what your budget will buy in the area and to question the real estate agent about the local scene and amenities. If you are lucky, you may even overhear comments from other attendees about the property, neighbours and neighbourhood.

Doing research on the many housing styles, neighbourhoods, and by questioning several real estate agents in the area will also help you better define your needs and housing wish list when it’s time for you to put in an offer.  

Open houses have been a corner stone of selling property for many, many years. It’s a tested and true methods of selling a home and meeting potential buyers. I have met a wide variety of people during open houses – from the nosy neighbours and open house junkies to first-time buyers and some who later became my new clients.

The "looky-loo" type of house buyer does exist at open houses. But that shouldn't be used by agents as an excuse against open houses and that shouldn't deter investors from going to an open house to learn more about the property and the neighbourhood.

There may be people who are just attending an open house  to pass the time, but for every one of those types, in my experience, there are more attendees who are genuinely looking for a new property or for ways to improve their own before listing it for sale.

Adapting sales strategies to meet the changing demands of the online market is one aspect of real estate success, but so is connecting with people. Open houses are a great way to do that because you never know when you’re going to walk into your next investment property.

July TREB Video Update!

by Claire Franceschetti

Good News! Steady growth in market for the balance of 2013 is still projected for the Toronto real estate market. 

June Market Watch Update...Watch this Video!

by Claire Franceschetti

Sales down, but prices continue to increase. Prices up 5% because the supply of homes for sale has decreased. Competition is still high among buyers, and this trend is projected to continue. 

Toronto Real Estate Update for May 2013

by Claire Franceschetti

Here's what's happening with Real Estate in our market. 

 

Attn Buyers: Get Ready for Closing Day!!!

by Claire Franceschetti

Closing day for a home buying family is a new beginning in many ways.  If you're not prepared, it can also be extremely stressful. 

 

Here are 10 helpful hints, to make your closing day a success story.

  1. Know in advance how much money you will need to bring in on closing.  Buyers need to understand the balance owing on closing will not only include what is stated in their purchase agreement, but will also include land transfer tax, legal fees, disbursements and any closing adjustments.  Have this discussion with your lawyer well in advance of closing to ensure that you have sufficient funds available. If you are using funds from your RRSP to complete the purchase, make sure you start the process at least one month before closing so that the funds will be available.

  2. Make sure your lender has completed their appraisal well in advance of closing.  If their appraisal indicates that your home is not worth as much as you paid for it, then they may advance a lesser amount than you are expecting on closing.

  3. Arrange insurance coverage well in advance.  Your insurance company will have to conduct a separate inspection on your home before agreeing to provide insurance.  If the home has out-dated wiring, it may result in a much higher insurance premium.  Make sure you have completed this well in advance of closing.

  4. The agreement provides that you may not be given possession of the property until 6 pm.  Most closings take place later in the day.  Do not plan to arrive at the home earlier or else you may end up paying more to your movers.

  5. If you are selling your home and buying at the same time, you should consider buying your home a few days before your sale.  Your bank should be able to provide you with a bridge loan to complete your purchase, so you only pay interest for a few days, until you complete the sale of your existing home.  This will give you time to clean, paint and prepare your new home before moving in. Those who attempt to sell and buy on the same date invariably have damages done to their home and their furniture as a result of being rushed with their moves.

  6. If your seller is going to remove any chandeliers prior to closing, make sure that they replace any light fixture with a cheaper version, to make sure you have light in the home when you move in.  Bring extra light bulbs with you as some sellers have been known to remove all light bulbs.

  7. Pack your valuables and important documents separately and take them with you personally to your new home. Do not put these into a box while you are packing everything else as you will likely need some of these papers when you visit your lawyer just before closing, and may not be able to find them.

  8. Arrange a pre-closing inspection of all appliances, heating, plumbing and electrical systems as close as possible to closing, to make sure that everything the seller promised will be given to you on closing. Try and make sure that the seller removes all junk from the basement and garage prior to your inspection, so that nothing is hidden from view.

  9. Inform all utility, newspaper, cable, phone, alarm system and internet suppliers of your upcoming move, in advance of closing. You may have to provide security deposits for hydro or gas accounts at your new home before service is provided. After closing, inform any credit card companies, doctors’ offices, and government departments such as for example your driver’s license. Consider preparing and sending “just moved “cards, with all of your new information, for your friends, relatives and service providers.

  10. Check all appliances and home systems as soon as you move in.  Most agreements say that the seller warrants that everything will be working on closing, not one week after closing.  If there are any problems, you need to notify the seller immediately after you move in, to be able to bring a claim later for repairs.

     

Real Estate Update: What Happened in March?

by Claire Franceschetti

Here's a brief word from the Toronto Real Estate Board's chief economist about what's happening with Toronto's real estate market.  

Overall, the number of sales have decreased about 17% over last year, but the average price continues to increase. Click on this link for more details!

 

TREB Video: Home Prices Projected to Increase 3-4% this year

by Claire Franceschetti

Here is Jason Mercer's take on the upcoming Spring Market. Overall, the Toronto Real Estate Board projects more sustainable growth in and around the 3-4% range for prices this year.

Take a look at February's summary:

 

"Claire, How's the Market?"

by Claire Franceschetti

 

Real Estate Market Still Healthy!

Well, I just did my monthly review of the February sales numbers for the Toronto Real Estate Board today. The numbers in general, are still very strong in the GTA. 

Sales have dipped slightly compared to 2012. In February 2013 there were 5,759 sales reported on TREB which is lower by 15% off the 6,809 reported in February. Last year February had 29 days so there was an extra day of sales

Inventory has gone UP year over year.  The are 15,969 homes for sale on TREB which is up by almost 10% over February last year. With 15,969 homes for sale and 5,759 sales in February, this gives us a 2.8 months supply of inventory. Generally speaking we are still in what is considered a “Sellers Market”. There are of course some areas and price ranges that are really hot and others are more balanced. What’s interesting is that the number of new listings coming on the market has slowed down this February over last. I’ll keep an eye on this as we’ve been dealing with a tight inventory supply and it’s been a welcome relief to have a few more homes on the market.

What’s going to happen? My opinion hasn’t changed at all. Sales will remain healthy and prices will increase slightly over the year. With the increased inventory in many areas, buyers will have more choices and so sellers will need to be careful to price their homes right. As far as I’m concerned, these are perfect market conditions right now.

Who do you listen to? There is so much confusion out there with mixed messages being reported. If  want to get a clearer picture, please give me a call. And remember, if you know anyone who needs help with real estate and is looking for an agent, I have a good one in mind!

Newest Kleinburg Exclusive Listing: 175 Donhill Cres.

by Claire Franceschetti

 

Please enjoy my latest Kleinburg Listing. This beautiful, mature property is only being offered Exclusively. If you would like to see it, please give me a call!

And remember, just like these sellers, if I sell you home, I will move your for Free! Please check out the Move for Free tab for more details.

Enjoy!

Trouble with Home Appraisals

by Claire Franceschetti

In recent months, the major banks in our market have begun to tighten their lending rules. It follows too that with the market coming into balance, banks are now seeing a greater level of risk in granting mortgages because the values of homes may not continue to appreciate at the record braking rates of yesterday.

With a balanced or declining market, banks can be left holding mortgages for homes that were appraised too highly. As a result, they are trending towards "In Person" appraisals over the standard, quick automated appraisal of yester years.

Here's the bank's perspective on their changing method of home appraisals. 

If you are refinancing expect a home visit by an appraiser. It's the reality of today's uncertain market.

Displaying blog entries 1-10 of 36

Contact Information

Photo of Claire Franceschetti Real Estate
Claire Franceschetti
Right At Home Realty Inc.
190 Marycroft Ave.
Vaughan ON L4L5Y2
Direct: 416-918-6325
Office: 416-391-3232
Fax: Fax: 416-987-8001