Neighbourhood Crimes - FREE REPORT

Hi Everyone,

Recently while showing homes I have had an increase in buyers asking me, is this a good neighbourhood?  I certainly do my best to educate my buyers on the neighbourhood but have found this site to be extremely helpful.  www.CrimeReports.com .

I would highly recommend anyone living in a neighbourhood to check it out once in a while and see what is going on around your home.

Just thought I would share it as I found it quite interesting.  Have a great March Break everyone !!

November Market Minutes :)

Hello Website Friends !!!

Well the TREB stats are out.  The market is still moving .. SLOWLY but moving.   Sales prices are about 2% above the sale prices in October 2016 but sales are down 26.7% from the month before.   

I watched this video/link on Global yesterday :  RICHMOND HILL WOMAN CAUGHT IN HOUSE SQUEEZE.

I am sorry, this is getting ridiculous... everyone was warned that the prices were going up too quickly and the bidding wars were getting dangerously high and that buying FIRM with no inspections or conditions was a slippery slope and people still wanted to buy buy buy.  Now when it is not going up leaps and bounds,  they are upset with mortgage brokers and realtors.   I warned people at the beginning of the year.  I was good with people selling that weren't buying in that frenzy to cash in and get out.  I told BUYERS to wait.  Don't buy now.   It didn't help my pay cheque but it was the honest thing to do.  NOW and in the next six months, we are going to see another slight drop in prices and then we will be balanced out. 

I think if you have sold your home and/or are a first time buyer, NOW is the time to get out there.  So many people NEED to sell because they are caught in a mess,  like this woman in the video and will take a lower price than listed just to get out of the mess they are in.    If you are selling right now, you need to make sure you working with a solid agent who knows the market and has great exposure on the web because that is where the buyers are going or my WEBSITE of course, because it is always up to date.. :)

So the new market watch is below for any of you that are interested in looking at it.

Market Report for October 2017 - Residential Resale from Michelle Makos

With the new mortgage lending rules changing January 1st, people are looking to buy now, especially those buying with 20% down who will have to qualify for higher rates.  It is believe it will effect about 20% of their buying power BUT on the flip side, I have heard that you can qualify through Trust Companies and Credit Unions and they are not subject to those qualificaiton rules... so this may be a loophole in the new rules... or they may change it before .. who knows.

All I know is use a professional Realtor who will advise you of the market and help guide you to make informed decisions.   Anyone who has worked with me will testify to that.  I would rather see us walk away, than over pay or get in a mess.  The stress and aggravation are not worth it.  I have been there.   1989/90 and I wouldn't wish it on anyone.  So learn from my mistakes.. :)   Have a great November everyone and if you have any questions or know of anyone moving or looking to buy, I am always happy to help.

Cheers !!
Michelle
Your Friend In Real Estate
ROYAL HERITAGE REALTY LTD.
Broker
416-300-3004

Great Things Never Came From Staying in Comfort Zones

Happy Long Weekend My Fellow Friends and Followers,

I just wanted to update you all on the dreaded July numbers and throw a little light into the dim picture the media has painted.  First of all, SALES were down 40.4 % from the same time last July (2016)... Sales NOT prices.  I have heard so much confusion and misinformation.  The sky is NOT falling in on real estate.  In fact, July and August have ALWAYS been the slowest time in real estate and with the added regulations that came about in April it just made it worse.... so yes the numbers are down for the 3rd consecutive month and I would guess August will be about the same..... BUT
look to September to see a nice hiccup in the  market.

I think we are just balancing out right now.   Prices are still up from the same time last July by maybe 5% but we saw huge growth in 2016 so anything now looks bad and the press has a way of spinning things to sensationalize them.  So if you are thinking on buying or selling, don't be discouraged.  Opportunity may be knocking.... I would say September after the long weekend you will see a more balanced and happy market.  Buyers will be able to have their conditions and Sellers will still make money .. maybe not at the 2016/early 2017 prices but let's face it, those prices were beyond ridiculous.  Anything that goes up that fast, was not normal.  I believe it was all due to lack of inventory.  Now we have a surplus of inventory and the Buyers seem to be waiting?  What are you waiting for?  Interest rates are still amazing, house prices are coming down to what they were a year or more ago and you have CHOICE, which you didn't have as much of before ...

This week I read this quote "Be fearful when others are greedy and greedy when others are fearful" ~ Warren Buffett AND how true is that statement.   Right now, people are running scared like the sky is falling in real estate, the bubble is popping etc and in fact, a smart person would be seeing that as an opportunity to get in the market.  No one ever looked back in history and said "Gee I wish I never bought that house"... whether it was in the peak in the market or the bust.... because real estate is not only an investment but it is YOUR HOME.   My goodness, no one is losing money if they bought in 2016 .. because chances are they aren't selling it... for a while and when they do, they will be just fine.  It is more the speculators who come in and buy homes and flip them and want to profit from it... not people like you and I who buy real estate for our home, our children's home and future retirement.

So please stop letting people scare you about real estate.  Yes it is slow, always is SLOW.  Yes, prices are down considerably from February and March and April of 2017 and I am glad they are.  The prices were going up too fast and buyers weren't given the opportunity to even have a second look or a proper inspection.   So YAY to a real estate slow down but I can guarantee you that the market will be healthy and strong in September ... once the dog days of summer have passed... not to mention the rain - the weather this summer has been awful and people aren't out looking at home in the rain.  They just aren't.

So if you are looking to buy, keep looking... you're timing is awesome and if you are thinking of selling, I would wait until after the long weekend in September and then reach out and let's talk about what we need to do to sell your home.  I still recommend people sell before they buy in this market and have always preferred people do that but the past 3 years that hasn't been the case... because you couldn't buy anything without firm offers in competition.  Those days are gone hopefully for a while.

Now let's breathe a little easier that the real estate mania has finally settled down and we buy and sell with more realistic and beneficial goals than before.  I am attaching the Durham Region stats for July and you will see the numbers are still good.  The days on market are more but the sale prices are still good... in comparison to 10 years ago, they are great !  So people need to stop being so negative and look at this as a great time to buy in real estate.

Have a great long weekend everyone... and hopefully we get some nice weather.   If you have any questions about the market, your home or any listings, please don't hesitate to reach out.

Please remember if you are buying and selling in the SAME MARKET ~ the conditions won't effect you.  It is when you are buying in one market and selling in another that you may get caught, this generally happens with long closings but if you buy and sell within 90 days, you are going to be find.  What you save on the buy will be the difference you may "think" you have lost on the sell.

In 10 years from now, we look back on these prices and laugh and say, "Man I wish I bought more real estate"... just like we have all been saying the past year and half I am sure !!!  I think we all know the housing plan put in place, spooked a few buyers and the interest rate hike didn't help but the deals are out there and ones that are shopping now, are going to look back and say, "I am so glad I did"... between now and the end of 2017, you will see some great opportunity.  Be ready for them.

Cheers to that !
Michelle Makos
Direct Line - 416-300-3004
Broker/Owner
Royal Heritage Realty Ltd.

Have a Walk Away Number !

Hey everyone,

Just thought I would give you a quick update with what is happening in the market out here.   Buyers are completely frustrated and so are the agents.  The prices are going up every day.  This weekend a house in Whitby listed for 7 something sold for over ONE MILLION dollars... Complete craziness.

So I guess what I am trying to say is work with someone you trust.   Don't get talked into some of this nonsense.  There will be another house... be informed and be ready ... but don't be stupid.

AND... don't put in conditional offers .. chances are you are going to lose (at least out here anyway) and you are only boosting up the prices because the other firm offer, isn't being told yours is conditional.  They just see another offer and then jack their offer up another 10K to beat you and yours wasn't even in the running.

So please use good judgment.   Have a walk away number !  Don't get sucked into the emotional roller coaster .. be smart !   Yes the house prices are on the rise and yes you are going to pay top dollar but you don't have to be reckless.   Stay calm, listen to your Realtor and follow their lead.  They are working for you. They know the market.  They want YOU to win as much as YOU do.  They don't earn a living either when they lose.  They are writing offers and and losing all the time.  Imagine if someone said to you, go to work and if you win you get paid (not right away mind you but in a couple months when the deal is closed) or go to work and do your best with what you have and lose and don't get paid... and keep doing it, week in and week out... for FREE.  So please understand not all Realtors are making tons of money like the media portray.  We have a lot of great agents that are working 10 times harder and making ZERO !!

So let's all work together, quit blaming each other or the Seller or the agent.  It is just a crazy time in real estate and hopefully we get some more inventory so this crazy pace slows down and people can negotiate again... like the good ole days !

But when you are ready to make an offer, be careful.  Don't get caught up in the winning of it.  Have a WALK AWAY number... Play until you hit it and then throw in a towel.  It is just crazy what some of these houses are selling for and I wonder how many people are waking up the next morning sick thinking what they just paid for that house !!   It is supposed to be a special time, buying a home ~ not a game.   Surround yourself with professionals that know the market and understand how to play the game ~ because right now it is a game !

Don't get so invested in a home that you can't walk away.   It's bricks and mortar. Another one will come out tomorrow and probably better than the last..... Slow and steady wins the race.  Be patient.  Do you homework.  Get pre-approved.  Be informed and work with someone you trust to direct you to the finish line !

That being said, enjoy your evening.  Super Bowl Sunday !!!   If I can ever help or answer a question, don't be shy.  I am always here to help.   Hang on to your hat though, I think we are in for quite the ride ... :)

Cheers to that my friend !
Signing off, your real estate friend,

Michelle xo

Buying in 2017

Happy 2017 everyone... just a quick message as the website has had many visitors over the past two weeks and I don't want anyone to get discouraged.  The listings have been few and far between over the holidays as most sellers are waiting for "normal" to return to the workplace and kids to be back at school etc.   Today, TREB released the market stats for December 2016 and it showed continued rise in prices and the second consecutive "record breaking" year in real estate.

So here is my advice, if you are looking to buy, stay on top of the listings you receive or if you see one and I didn't send it and want info, just ask me and I will find out what I can.   I think we are going to have another crazy year as far as prices.   I do not think the foreign market is going to affect Toronto or Durham like it did Vancouver, as a matter of fact, Toronto Real Estate Board took a poll with agents and only 5% felt the buyers were international.  This is strictly lack of inventory.

Prices rose over 20% last year which is a phenomenal return on your investment... and for many it was beyond 20%, especially in Durham Region where our prices were the most affordable.  So don't get discouraged, keep checking back and you will see more and more listings coming out over the next few weeks and by end of February, we will be in a FULL SWING OF THE BEGINNING of SPRING market.   Most people buy to close end of June when kids finish school.. so keep that in mind.  If you are more flexible in your closing, the better your odds of winning.  We need good strong offers, with as little conditions (actually NO CONDITIONS) as possible so have your pre-approvals done in advance and I can give you a couple mortgage brokers to contact if you want that done... I find mortgage brokers USUALLY give you better rates than your bank 90% of the time.

As far as home inspections go, most offers will need to be firm but now that most sellers are holding offers, I do have inspectors that will do a quick walk through with you prior to putting in your offer,  if you have concerns about anything and want to go in firm during the offer process, so that you can put your mind at ease.   Just remember, buying is usually BEST OFFER wins and it can save you a lot of headaches if you have an experienced agent who is protecting YOUR best interests and not the sellers.... it's a lot of money - make sure you are represented at the table !

As always, I look forward to hearing from you and I will be at the Market Outlook on January 31st,  with Chief Economists and CEO's from BILD and other real estate associations and will send you an update on what they predict.  So for now, hang on and get ready for another crazy year.... You are in good hands and Happy House Hunting !

Your Friend in Real Estate.

High Ratio Borrower Eligibility and Criteria - What Buyers Need to Know

Hi Everyone,

Since all the new rules for financing have changed, I thought I would give you a quick outline of how a high ratio mortgage would work and what you need to qualify.

First of all, at least one borrower must have a minimum credit score of 600.  Your credit history must be good with established credit history, reasonable monthly payments and amount of debt vs income, # of credit cards.

A newcomer to Canada can buy with 5% down payment, foreign credit history and alternative sources of income.

If you trying to mortgage a 1 to 2 unit owner occupied property - you require 5% down minimum.   If you are buying a 3 to 4 unit owner occupied property - you require 10%  down.   The maximum purchase price for an insurance mortgage is $1,000,000.    Please note these properties MUST be owner occupied and not investment properties.

All properties that go through CMHC must be suitable for year round occupancy.

Lenders must approve property first if a mobile home, log home, remediated grow home, UFFI or "Fixer Upper"... so know that these homes are much harder to finance.

CMHC either auto approves based on the information or sends to an Underwriter for further review.  If there is anything "special": about the property, that should be told to the appraiser prior to viewing the property.

Appraisals are to confirm the lending value for insurance purposes only.  All high ratio mortgages are government insured and even if the appraisal comes in different that the selling price, it does not mean the home is not mortgage worthy .... it is just extremely important to work with a reputable real estate agent who works with reputable mortgage brokers - as this makes all the difference in the world when it comes to smooth transactions and closings.

If your appraisal comes in lower than the purchase price, that may change the mortgage amount which in turn could cost result in you getting private funding for additional funds but working with a professional realtor can help and assist in the issues should they arise... and understand, this is only a real factor when you are using a small down payment to purchase as the Government does not want to mortgage a home that is inflated and should the market shift and your home is worth less than the mortgage amount, what protection is there for the Banks and Govt... hence why they do this.. look what happened in the U.S. with no money down purchases and a bad real estate market !  Chaos.  At least in Canada they are very careful with how far of a debt load they will let people take on.

So I hope this sheds a little light on the new changes and I recommend everyone takes the time every few months to just run an Equifax report to check your credit score.  It is important for your financial future.  You can go to www.equifax.ca ... and if you need information on re-financing, mortgages, home buying or selling, I would be happy to assist you and point you in the direction of true professionals that can make your home ownership and investment dreams a reality !!   On that note, have a great weekend ... and thanks for taking the time to read this !  Cheers !

Michelle Makos
Royal Heritage Realty
Vice President/Sales Representative
Direct Line 416-300-3004
Website:  www.MichelleMakos.com

It's the Wild Wild West Out There

I have to say the market is going full steam ahead.   Was in multiples last night again for a client.  Once again we did not improve high enough to win BUT at some point, integrity has to prevail.   How much is too much ???   I seems to me the prices are moving way too high, too fast.

People say Realtors are making a killing this year.  Well as a partner in a

brokerage with over 100 agents, I can tell you firsthand, they are working ten times harder to put one deal together.   The market is lacking inventory and the buyers are at the mercy of the seller.  Agents are showing and writing offers that go no where and are back at it the next day trying again.    

In the heat of the bidding war, when do you say, "Ok, I think we need to walk".  I think I have said it several times this month... LOL... because I just feel like the home does not have that value attached to it.  If I wouldn't feel comfortable paying that for the house or selling it to my kids for that price, I certainly cannot advise my buyer to pay that.

At some point, you have to say, "It's your call" to them and let them decide how much is too much.  

Has Durham Region been undervalued for too long and we are just paying catch up to York Region and GTA?   Are we now just being seen as the closest pocket to Toronto that is affordable?   I would like to think so because nothing else seems to justify this huge spike in prices.

In 2006 a detached home in Pickering the average price was $344 approx.  In 2016 the average price for a detached home in Pickering is close to $700K... so you have a 100% increase in value in 10 years.   Prices have doubled for conversation sake.  

If only we knew then what we know now !  :)   So do you think in 10 more years, the average house in Pickering will be 1.4M.... Hey it doesn't sound so crazy anymore !

Will the market slow down?   I hope it balances out.  A market like this is a slippery slope.  When it is balanced, people can have home inspections, negotiate sale prices etc.   Right now, it is the Wild West out there.  Seems like common sense is out the window and it is just "pick a number" ...

Agents need maybe to list higher to stop all the multiple offers.  That might put the brakes to this... Who knows... But at least I know I can sleep at night because I am not letting my clients pay some of these ridiculous prices.....

Happy House Hunting Everyone..... May the best offer win !  

No Additional Land Transfer Tax Outside Toronto

After petitions and marches, they have listened.  The government WILL NOT be adding the additional land transfer tax to the 905 area code and beyond.  This is great news for home buyers.  We are hoping there is no political spin on this and this is the end of it.



Read more here:
No additional Land Transfer Tax outside Toronto

Holding Offers - Who is REALLY Benefiting??

Ok here goes !!!  Being a full-time professional Realtor, I can honestly say that I have an equal amount of Buyers and Sellers this year, so this is being written with no pull one way or the other,  BUT in my experience, it has become apparent that holding offers is very prevalent.   My concern is this ... as a Buyer Agent - Is it not hard to keep your client motivated to participate in what I call a "goat rodeo"?????....They see the house, they love it and then you tell them, "Great, we have to wait until Monday night:"   Do they lose interest?  Do they talk themselves out of it?   Are they eager to participate in Multiple Offer situations?   I would have to say NO.

So now you have Buyers who are disengaged with the process.  They think we are holding them hostage and agents are over selling the properties and then saying, you need to go firm to win.   Is this really representing their best interest?

Then you have the flip side.  The Seller who thinks this is the way to do it.  List a bit lower than last sale and let people pay higher than asking and sell it in a weekend.   Sounds like the Listing Agent wins in that case and really would have to wonder if the Seller would not have gotten that price regardless if it was just priced at "market value" and let the offers come in as they are viewed and if a multiple offer situation occurs, so be it but don't force it.

I guess it depends on what side of the fence you are on.  I am not saying I don't hold offers ~ because now, most Sellers want that ... BUT ... even as a Listing Agent, if you get an offer priced way over asking and is firm, are you not a little worried at if it will appraise?   Just me speaking out loud here.  

I have walked away from offers when the prices seemed so inflated ~ I advise my Buyer "let's wait"... because honestly, "this house isn't worth it".... and I guess maybe that comes from having experience and knowing the homes in the Durham Region.   These crazy bidding wars usually are from out of the area agents coming into Durham Region and truly I have to wonder if they even know where the Durham/York Pipeline is or if they know about the Whites Road extension and so on.

So the bottom line, no matter whether you are a Seller or a Buyer, choose an agent you feel comfortable with, who KNOWS your neighbourhood and will REPRESENT YOUR BEST INTERESTS.

Happy House Hunting to  All and to all a Good Night !  :)

New CMHC Insurance Premiums effective May 1st.

New CMHC Rules from Michelle Makos

I work hard for clients!! Clients always come first! THANK YOU for your business and your referrals/testimonials

We can't recommend Michelle enough! We were new to Durham region and found Michelle online. After speaking to her once on the phone, we just knew she would be a perfect realtor for us. She's friendly, approachable and made us first time homebuyers feel comfortable, even with our million questions!

Always readily available, she was there to help us every step of the way. We looked at MANY houses from Whitby to Ajax to Pickering and Michelle was always patient and kind, reassuring us that our house would come along. Once we found our house, Michelle wrote up our contract and the very next day we met with the sellers and finalized the deal. 

We couldn't be more happy with our house and with our experience with Michelle. She was a pleasure to work with and we can & will recommend her to friends & family!

Thinking of moving? READ THIS !



Looking for a home?

Most people are familiar with hiring a real estate agent to sell a home, but fewer are aware that as buyers, they are also able to hire an agent to work diligently, protect their interests and find the best possible property for the best possible price. Many people assume that the best person to call when interested in a property is the listing agent, when this is not the case!


Buyers often approach the task of finding a new home by calling the number on “For Sale” signs, searching real estate magazines & newspaper ads and using web sites such as MLS.ca. What they may not realize is that by contacting the listing agent directly (the name on the “For Sale” sign or the ad), they are actually calling the agent who’s first and foremost responsibility is to protect the interests of the seller!

This is not to say that listing agents are not to be trusted – they are licensed professionals and are obligated to work with a buyer in a fair, honest and ethical manner as their customer, but they do not necessarily owe buyers the fiduciary duty that they owe their client, the seller. Without a signed Buyer Agency Agreement, anything that you disclose to the listing agent about your budget, motivation or otherwise, can and will be used to benefit the position of the seller during negotiations.

What is a buyer to do? Hire your own Buyer Agent! You can interview potential buyer agents and choose the one who you feel will work the hardest for you, has the best track record, and whom you feel comfortable with. Furthermore, a buyer agent’s services are almost always paid out of the gross commission that the seller has paid to their listing brokerage!

When you have found the sales representative that you want to work with, you will sign a contract called a “Buyer Agency Agreement” which legally obligates your agent to provide you fiduciary duty, confidentiality and to protect your interests and motivations. In return, you agree to work solely with your agent for the time period stated therein, and allow them to collect their commission from the sale of the property that you purchase.

Once you have chosen your Buyer Agent, you will be in a much better position to find the best property for you. Many listings are sold before the “For Sale” sign ever goes up and there is a time lag between realtor’s MLS and the public MLS website, so your Buyer Agent is able to notify you about a hot listing before it hits the public portals. Once your agent understands your preferences, they will also keep their eyes open for you as they inspect properties daily. Remember that during the day, while you’re at work, your agent will be out inspecting and comparing properties to find you the perfect fit! In addition to helping you find a property, a good agent will also be able to help you with things such as mortgage pre-approvals, lawyers, insurance, and home inspector referrals.

Buying a home can be an intimidating task. Hiring a Buyer Agent to guide you through this process is one of the best ways to ensure that you will be prepared to make a confident and informed decision when the time comes to place your offer.

For more information, please call Michelle Makos at 905-831-3300 or 416-300-3004 or email at michelle.makos@rogers.com

Home Buying Trends 2013-2014

Recognizing Potential Major Expenses

Let me help you !

Recognizing potential major expenses in a new home When you see a new home you like on the market, it's easy to get distracted by all the features you love – the wrap-around backyard deck or the spacious rec room with plenty of space for entertaining. You just need to make sure that in all that excitement you don’t overlook any expensive maintenance issues that could be just around the corner. Nothing lasts forever. The major components of every home – from the furnace to the roof shingles – need to be replaced eventually. 

Knowing when such maintenance issues are likely to arise can help you make a smarter decision about the home you're considering.  How do you do that?


When viewing a property, ask for the age of the major components of the home, such as the roof shingles, furnace, air conditioner, water heater, and appliances. Roof shingles may look merely weathered in spots – and you might think they have years of service left – when, in fact, they're due to be
replaced in a year.

Also pay close attention to the backyard deck, fencing, flooring, and windows. Do any of those components look aged, worn, and in need of repair or replacement sometime soon?

Finally, don't forget to check the kitchen and bathrooms. Sinks, faucets, bathtubs, showers, and cabinetry have a life-span of about 10-15 years.  Of course, there are things you can't see, such as wiring, plumbing, venting, and other components of a property that may require maintenance soon.

That's why it's so important to make any offer to purchase a home conditional on passing an inspection by a qualified home inspector.  Want more ideas on buying the right home for you? Call today

How to Not Pay Too Much For Your Home

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it’s an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family’s needs now, and in the future.

Each of these decisions often involves money. When you consider all that money represents, you’ll want to ensure that you don’t pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, you’ll be closer to finding your ideal home.

1. Before you shop, develop a needs vs. wants list

Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it’s nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home.

That’s why it’s a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially.

With such a list in your hands, you’re less likely to be caught up in the excitement of the pursuit. You’ll have a good idea of what you want, within you price range, and if you can afford those additional items.

2. Get pre-approved prior to shopping

Visit your financial or lending institution prior to home buying. Quickly, you’ll know the amount of mortgage you’ll receive. Be sure to get a mortgage commitment in writing. Most importantly, you’ll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You’ll have less negotiating power if you have to wait for mortgage approval.

Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you’ll be one step closer to purchasing your home.

I have 18 MORE THINGS TO CONSIDER... If you would like a copy of them, email me and I would be happy to send them.
Then get yourself a good respectable local FULL TIME Realtor to help with your purchase and you are almost there !  Give me a call, I would love to help fulfill your home ownership dreams and save you money too !  Have a super day !  Cheers, xo

What Every Home Buyer Should Read !

WHAT BUYERS NEED TO KNOW !

Most people are familiar with hiring a real estate agent to sell a home, but fewer are aware that as buyers, they are also able to hire an agent to work diligently, protect their interests and find the best possible property for the best possible price. Many people assume that the best person to call when interested in a property is the listing agent, when this is not the case!
Buyers often approach the task of finding a new home by calling the number on “For Sale” signs, searching real estate magazines & newspaper ads and using web sites such as Realtor.ca. What they may not realize is that by contacting the listing agent directly (the name on the “For Sale” sign or the ad), they are actually calling the agent who’s first and foremost responsibility is to protect the interests of the seller!

This is not to say that you cannot buy a home from a listing agent .... they are licensed professionals and are obligated to work with a buyer in a fair, honest and ethical manner as their customer, but they do not necessarily owe buyers the fiduciary duty that they owe their client, the seller. Without a signed Buyer Agency Agreement, anything that you disclose to the listing agent about your budget, motivation or otherwise, can and will be used to benefit the position of the seller during negotiations.

What is a buyer to do?

Hire your own Buyer Agent! You can interview potential buyer agents and choose the one who you feel will work the hardest for you, has the best track record, and whom you feel comfortable with. Furthermore, a buyer agent’s services are almost always paid out of the gross commission that the seller has paid to their listing brokerage!

When you have found the sales representative that you want to work with, you will sign a contract called a “Buyer Agency Agreement” which legally obligates your agent to provide you fiduciary duty, confidentiality and to protect your interests and motivations. In return, you agree to work solely with your agent for the time period stated therein, and allow them to collect their commission from the sale of the property that you purchase.

Once you have chosen your Buyer Agent, you will be in a much better position to find the best property for you. Many listings are sold before the “For Sale” sign ever goes up and there is a time lag between realtor’s MLS and the public MLS website, so your Buyer Agent is able to notify you about a hot listing before it hits the public portals. Once your agent understands your preferences, they will also keep their eyes open for you as they inspect properties daily. Remember that during the day, while you’re at work, your agent will be out inspecting and comparing properties to find you the perfect fit! In addition to helping you find a property, a good agent will also be able to help you with things such as mortgage pre-approvals, lawyers, insurance, and home inspector referrals.

Buying a home can be an intimidating task. Hiring a Buyer Agent to guide you through this process is one of the best ways to ensure that you will be prepared to make a confident and informed decision when the time comes to place your offer.

For more information, please call Michelle Makos at 905-831-3300 or 416-300-3004 or email at michelle.makos@rogers.com

Fees Associated When Buying a Home

When you purchase a home, there are various fees in addition to your mortgage that you’re responsible for. An unexpected bill's the last thing you want when you go to pick up your keys. Closing costs will vary depending on individual circumstances but here’s a brief summary:

Title Insurance - Assures title to the property. Costs usually range from $200 to $400.

Legal Fees - Vary depending on the complexity of your situation but could cost up to $1,000.

Mortgage Insurance & Appraisal - Prepare yourself by speaking with your lender so you’re aware of all the upfront costs associated with your mortgage.

Taxes/Fees - Depending on your situation, there could be various transfer fees and taxes to pay that could range from hundreds to thousands of dollars.There are also some expenses that you'll want to keep in mind after you receive your keys (often referred to as post closing costs) which could include:

Moving Costs - Factor in the costs of a moving and/or packing company. If you decide to move yourself, don’t forget the cost of the rental truck.

Connection Fees - You may have to pay for hook ups at your new place which could include electricity, gas, cable TV, telephone, Internet, etc.

Renovations and Repairs - It’s a good idea to set some money aside for potential repairs that may arise. Home ownership is all about expecting the unexpected!

Miscellaneous - Costs could include such things as having the locks changed, decorating, window coverings, appliances, etc.

This summary is by no means all inclusive as closing costs vary from situation to situation but they usually represent somewhere between 2 - 4% of the purchase price.

It's best to discuss your circumstances with your Realtor for a more accurate estimate. Buying a home can be an emotional roller coaster but you'll enjoy a smoother, less stressful ride if you're aware of what lies ahead.

If you are looking for someone to help walk you through the process and take care of your real estate needs, please call me at 905-619-9500 or visit http://www.michellemakos.com/ today.

P.S. - Rates are going up so lock in your rate today..... it will save you $$$$ in the long run.

Have an awesome day !

Cheers

Michelle

What the heck?

Well here we are in the first week of February and all the media has to say is about how bad the ecomony is and the recession will be long lived and BLAH BLAH BLAH !!!! I personally am off to my best start ever and last week sold a listing on the very first day it went out on TREB with TWO, not ONE, but TWO offers within 24 hours. So what is all the whining about !!!! :)

I think no matter what the media has to say, there will always be people out there looking to capitalize on the extremely low interest rates and great prices. On the other hand, if you are thinking of moving up in this market, THIS IS the time. When the market rebounds, you can make a killing on some of these homes.

Yes I know that sounds mean but the bottom line is, real estate is safer than ANY investment you can make. I am sure you have all heard how your parents bought their homes for $16,000 and worked for pennies etc., we now those houses (some of them anyways) are worth 300 to 400K. Where on earth would you get that return on your money ..... NO WHERE .... except maybe a lottery !!! : )

So lets stop thinking its the end of the world and capitalize on this. It is simple. Any way you look at it, there are deals to be found, money to be made and money to be saved. The market isn't dead. The market is what we make it !!!!

Good or bad, people will always want real estate either for investments purposes or security in their futures and now is the time to BUY !!!!!

If I can be of any assistance to anyone, please feel free to call my cell at 416-300-3004 and I would be happy to provide you with a no obligation home evaluation or discuss what is available out there to buy and get out of paying rent and someone else's mortgage !!!

The Spring market is around the corner !!!!!