Open House or Not To Open House?

Ok so here goes !!!  

This may not make me many fans in the business but I for one, do NOT believe

Open Houses are for the benefit of the Seller to sell their home, nor are they in their best interest.  Over the years of doing Open Houses, I can tell you that I have spent countless wasted hours sitting in people's homes waiting for the front door to open.  But if you are selling, think about this.... you are letting complete strangers walk through your home (and yes, the Realtor will try and get a phone number and identification for security purposes).. but we are by NO MEANS policing it.

Most agents ask for the information to try and find a buyer who isn't working with an agent to sell them something else.

Many of the people coming through your home at an Open House, are unqualified and/or unrepresented.  Some are nosy neighbours, some are professional "Open Housers" that love walking through strangers home for decorating ideas and some are just driving by and stop to check it out.

I can tell you, if I was selling my HOME, I wouldn't have one.  I would want only qualified buyers coming through with their agent.  What is the point of kicking you out of your home on a Sunday afternoon, so someone can use your home as an office to try and find some new business .. because for the most part that is what they are doing. 

If someone is genuinely interested in buying your home, or viewing it, they will call their agent or the Listing agent (who will ask the appropriate questions).  I would rather have  10 qualified showings than 30 people going through my home that are unqualified and mostly just nosy.

Also there is a security issue.  Homeowners are told not to leave out expensive belongings etc.,  but you never know.  Not only the issue with people stealing or  removing something that isn't theirs but also for the agent sitting in your home alone.  There have been numerous issues where an agent was put in a situation where they shouldn't have because of being in a home all alone.

I am not discounting agents that do them.  Some love them and want to do them and try very hard but for the most part, I think sellers make agents think it is a way of earning their money.  I can tell you that I can spend two hours on the internet at home in my office, promoting and marketing your home to potential buyers way better than sitting in your kitchen waiting for the door to open and then do you know what many of them say walking in???  "How Much is This House?"  Well if you don't even know the price, clearly you are not interested really ... Come on.

I can't tell you how many times I have been asked doing an Open House..."if I buy through you will I get a deal?"  The answer is NO.  You won't get a deal.  I am working for the Seller and if you want a good deal, go find yourself an agent to bring your offer and let's see who comes out on top !

I work for my clients the same way I would want someone to represent me.  They are hiring you with their biggest investment.  Treat it that way.  It is an HONOUR when someone chooses you to sell their home.  Be Honourable !!!  Give them the service they deserve that puts their mind at ease and SERVE them !!!

I know some agents will be annoyed or think I am wrong or they sell a lot of homes by double ending them because they work Open Houses and good for you but to me, my reputation is what I pride myself on.  You can agree with it or not but no one will doubt when they are working with me that I am putting their INTEREST before money and before transactions and awards.

If Mr. Seller doesn't want an Open House, trust me, he isn't missing out on anything.  I also am the same way with signs   Many of my listings do not have signs.  Signs are for agents advertising themselves.  If someone wanted a home on that street, they would be looking at the internet or social media or the newspaper etc.  Signs to me don't sell houses !   Signs get calls from neighbours.  :)  Most of my homes have sold without signs.  Sure it doesn't give me name recognition but it gives me happy clients who want some PRIVACY !  ... The whole neighbourhood doesn't need to know they are selling.  :)

Ok that is my thoughts this chilly Sunday afternoon.  Have a great day and remember, I am always here for a question or to answers any of your real estate needs !

Cheers,
Michelle Makos
Broker/Owner
Royal Heritage Realty Ltd.

P.S - If you are an agent who puts out signs everywhere, please do us all a favour and pick them up when your Open House is OVER, it makes us all look bad !!!  Especially when I drive by on a Saturday night and see your Open House sign still up from Saturday.  Really?   Great impression !

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.

MARKET UPDATE - MID JUNE 2017 - WHERE DID ALL THE BUYERS GO?

I just wanted to give you a quick update.  The market is saturated with listings. 1:10 ratio.   So currently in Pickering, we are sitting with 232 Freehold Active Listings and in the past 7 days, 28 have sold.  What does that tell you?  Buyers choice !!!  They can negotiate and they have so much choice they can be picky !!!   This is where a good negotiator working on your side can save you thousands of dollars.  The same scenario  is happening in Ajax with 323 active listings and only 20 SOLD... and Whitby has a whooping 370 Active Listings and only 39 have SOLD.

Many of these people on the market right now have bought FIRM in March and beginning of April and are starting to panic.  They NEED to sell in order to close on the purchase they made.  Thank God I don't have any clients in this situation.  I had a feeling this was going to happen and now it has.  It is a desperate situation for many people out there... and it is unfortunate.  

BUT if they do not sell, they will not CLOSE on their purchase and in turn that 
will result in lawsuits galore.   The Sellers will sue the Buyers for not closing but it isn't just for the deposit, it will be for damages.   Damages can include penalties and the difference in the sale price if they have to resell the property and it sells for considerably less.  Unfortunately this is starting to happen now with June closing and many July closings where the homes are still on the market and not sold.

If you are thinking on buying an investment property or a first time buyer, this is the optimal time to find a good deal.  If you are looking to move and sell and buy, I highly recommend you sell first as it may not sell at all... and if you were looking to just list to "cash in", although the prices are still high, the days of multiple offers and no conditions (financing or inspections) are gone... That ship has sailed in Durham Region for now.  Let's see what the new stats say for Mid June when they are released.

And on a brighter side, I want to wish all the Dads out there, a Very Happy Father's Day and if you aren't a Dad, have a great day and enjoy the weekend. Take care and I will keep you posted.  Remember, if you want to know a sold or have a question, reach out and if you know anyone looking to buy or sell, do your research.  Use a Professional.     Have a great evening !!!

And Just Like That !!

I just thought I would update everyone on what I see going on... especially in Durham Region.   It would appear that everyone who wanted to sell their home, waited until after Easter weekend and it seems that the we are now saturated with listings.

By looking at the listings and the sold listings it would appear the ratio is about 10:1... meaning for every 10 homes listed, ONE  home sells within a week.  Is this bad?  Not necessarily.  This just has not been the norm for so long that people are panicking.

Let's not panic.   The Buyers now have great opportunity to purchase homes without the bidding wars and without paying crazy over asking prices.  They may even be able to get a home inspection.  Those days were unheard of a few months ago.. hell, even a few weeks ago.

But it has definitely shifted and Realtors need to face the reality that the Sellers are no longer in the driving seat.....The BUYERS are... but many of the buyers were frustrated and didn't want to play anymore and have retreated.  It is time to revive those buyers because opportunity is knocking right now.  There are some sellers who are just hoping to cash in while the prices were at an all time high, and it is pretty safe to say, I think they may be a few weeks to late.  But there are also sellers out there who have bought in March and early April and MUST sell their home in order to close on the purchase.  This is where things get tricky.

Do they have options?   There are always options.   If you are in that position, you need to stay in close contact with your Realtor and get sound advice.  It isn't as easy as saying "keep my deposit".   If you think that, you are mistaken.   If you bought firm, you signed a legal contract.   If you are nearing your closing date, you need to discuss your options.... extend your closing to give you more time, if possible.   See if the Seller you bought from will take back a mortgage for you, if not, call on family to help you come up with funds to close the deal or speak to a mortgage broker about private funds.  But DO SOMETHING... don't wait until the 9th hour... nothing can be done a day before closing.  Deal with it sooner rather than later.

I was one of those people that bought in 1989 and my back up property didn't sell and what a nerve wrecking time it was.  I speak from experience.  Work with a Realtor that knows what they are doing.  I didn't and it took me years to recover from poor representation.   Have a plan of action.. what if... ask questions.

People that think they just lose their deposit are dreaming... that rarely is all they lose.   So be informed.   But if you are a buyer out there, the market is your playground right now.  With the market full of listings, you are able to shop til you drop.   What are you waiting for?   There are deals out there to be had.   You just need to find them.  I think this summer is going to be a great time to capitalize on some great deals.

Just know - the market is quiet.  You may have noticed all the "FOR SALE" signs out there and the SOLD riders are not going up like they used to.  This is becoming more balanced.  Agents can now really negotiate on your behalf.  If you have older children living at home, this may be the time for them to grab something.  There are homes out there selling for UNDER asking now.

Homes are being listed at the price they are expected to get and not silly under value prices and encouraging bidding wars.  Those days are slowly disappearing. This is good news for buyers.

On top of all the uncertainty, we are also seeing some Buyer Remorse out there.   Buyers who haven't closed yet on their deals and now seeing all the choice out there are feeling they overpaid. This is always going to happen if you are caught when the market is shifting.   Timing is everything and no one has a crystal ball.   All I can say to that is, I am sure in 10 years from now, you won't regret your purchase because real estate is one thing, if you buy it and hold it long enough, you will NEVER lose.   So hold on to your hats and get ready for a wild ride.

If you are looking to purchase a home or sell a home, work with someone you trust and is working in your best interest.   This too shall pass but for now, it is definitely been a fast turnaround.  Scary for some and opportunity for others.

Keeping it real in real estate !
Your friend
Michelle Makos
Broker/Manager - Royal Heritage Realty Ltd.,
Direct:  416-300-3004

Average Selling Prices for November 2016

Well as we wait to see what the December numbers are, here are the November numbers released from the Durham Region Association of Realtors. The numbers speak for themselves.

  

I will be sure to post the year end numbers for 2016 as soon as they are released.

At this time I would like to wish everyone a happy, healthy and prosperous New Year.   Looks like it is going to be another crazy year in real estate.  Please remember if you have any real estate related questions, buying, selling, investing, no matter how big or small, reach out, I would be only to happy to help.

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

GET READY.... ON YOUR MARK.... GO (Latest Market Update)

Well here we are, .. last few weeks of August and I am sure you are seeing articles about market is slowing down, CREA (Canadian Real Estate Association) announcing less sales in July, blah blah blah.... Well if there is one thing I know for sure ... it is this !   The real estate market will NOT slow down in September and October... they are essentially our second busiest time of the year.  July and August are ALWAYS quieter months... Families take a break from looking because kids out of school, cottages to go to, summer holidays planned, not to mention many Agents have made a huge chunk of their income in Spring market and don't work as hard in July and August and spend time with their family.

So the after September long weekend... get ready for a multitude of listings... and the buyers will be back !   Anyone thinking of listing their home right now, would be crazy not to wait until after the long weekend in September.  Every year, after the kids go back to school in September, the agents are buzzing around the office, on the internet and making their calls. It is basically get back to work before the snow flies... and they HUSTLE.

So if you have been waiting for that Dream Home to hit the market and haven't seen it yet, don't be discouraged... it is coming !   If you are contemplating listing your home, remember that the last two weeks in August are usually slow and your best bet is to wait until after the Labour Day Weekend !

As for prices.... I get asked this all the time... what do I think will happen?  I wish I

knew... but for now, the prices are not coming down.  Everything is selling at record high pricing and until the supply meets the demand or the Bank of Canada increases interest rates, I don't see any change... unless the Government steps in like they did in Vancouver to try and slow down the foreign investing... but from what I see ... in the trenches, especially in Durham Region, there hasn't been a lot of foreign investing.  York Region, yes a little.... Toronto, yes a little more... but nothing like what Vancouver has seen.  Will they come to Ontario and do the same here seeing as we don't have the added tax?   Maybe !   All the more reason if you are thinking of buying or selling a home, the next quarter would be a great time to capture this crazy market....

I have had people ask me, should I sell and rent and take advantage of these high prices?   My answer would be a plain and simple NO.... no one knows what the future holds... What if you sell and rent and next year these prices continue?  Could that risky move price you right out of the market?  Quite possibly.  If you are going to sell and want to maximize your profits, I would recommend buying something else... even a property further away, or for less money and pocket some if you need it, but don't take yourself out of the market... this is just my personal opinion of course.

I post articles on my Google Page every day about the market and also on Twitter... mostly real estate related... and they feed on to some of my websites..  but at the end of the day, I see September and October being stellar months in real estate, so brace yourselves and enjoy the ride !   If you are thinking of selling or buying, please feel free to reach out and I would be happy to meet with you and discuss the next steps and how I can help you.

Last year I thought, it can't continue and it has... and I could kick myself for not buying a few investment properties back then but live and learn.   Prices have more than doubled in 10 years... you will never go wrong in real estate... even if there is slowdown, you ride it out and wait for the next wave... it will come !  It always does !   Don't keep waiting if you are thinking of buying, every month you wait, the prices are going higher and higher... if you are serious, get your pre-approval for your mortgage done and if you don't have a Mortgage Broker, I can assist you with a Mobile Mortgage Broker who will come to you, give you the best rates and take of you... once that is done, find a Realtor you can trust and work with (like myself !) and let's get the process started... 

On that note, if you aren't on my free StreetMatch set up, you should be.  It is easy and will notify you when a home in the vicinity of your house goes for sale... it is good to stay on top of the prices.  Also, if you ever want to know what it SOLD for, simply text, email or call me and I will send you the SOLD price... which usually is higher than the LIST price... the link to do this if you haven't already is http://www.househunting-durham.com/images/landing/streetmatch/index.asp

All the listings on my website are removed once SOLD.  If you favourite one and don't 
see it anymore, chances are it is sold.  If you  want to know what it sold for, just let me know.  I am always here.  If you need real estate advice, have questions or just are curious as to what to do... real estate is my passion and it isn't necessarily about selling you a home, it is about building relationships and trust so that when that time comes, you have someone you are comfortable with ... then we make the MAGIC happen !

Cheers to that my house hunting Friends... Stay safe and Enjoy the rest of the Summer.

Selling Your Home in this Market

Well we all know the market has been busy the last few months and April is no different.  This week I listed a property in North Oshawa.  A nice detached home with single car garage... for $399,900.   To give you some idea, the week prior to this listing a home exactly the same listed for $399,900 the week before and sold for $440,000.

So I hold offers from a Thursday to Tuesday.... during that time another home on the street lists for $399,900 and doesn't hold offers and has a walk out basement as well... it sells in one day for $460,000....during the weekend, I get two bully offers which I recommend to my clients not to take and to stick with the game place and let me do my thing.   They agree and said, do your thing !

Tuesday morning comes and another home on the street hits the market at $399,900 as well.   Tuesday night comes and we end up with 12 offers... I do my job and my clients end up getting $480,000 Firm.   The house that went up the same day sells that night for $360K with a bully offer.

The moral of this story is ... stick to the game plan.  Bully offers are not always the best offer you are going to get.  Hire a professional that knows how to deal with multiple offers and get your Sellers the most money possible.  In this case, my sellers were the clear winners.  They obtained the highest price on the street at $380,000     They are thrilled, as am I.

It pays to market the property properly and have it get its maximum exposure and then play on this market with confidence.  The stronger the agent, the better the outcome.

Don't settle for less than you deserve.  Hire someone who knows their market and has integrity.  They will bring value to your home.  So in less than a month, the same street had all 4 houses come out at $399,900 and one sold for $440, one for $460 and one for $450 and then OURS for $480K..... the HIGHEST AMOUNT ON THE STREET.

If you or anyone you know is thinking on selling and would like to meet and discuss the best approach to take in this market, I would love to speak with them and do an in house evaluation.   It's fast and full of market information.  Make the call - it just make make you an additional $20 to $30K and what phone call isn't worth that !

On that note, Happy Selling everyone... have a great day !

1252 Ashgrove Crescent - Oshawa Home For Sale

*** OPEN HOUSE ***

Sunday April 3rd, 2 to 4 pm

1252 Ashgrove Crescent, Oshawa

Fabulous 3 Bdrm Home.  No Neighbours Behind.

Professionally Finished Basement, Designer Decor

Eat In Kitchen w/ W/O to fenced Backyard

Access to Garage

For more information,

Michelle Makos

Royal Hertiage Realty

Direct Line 416-300-3004

It's a Sellers Market Out There !

Well folks, here we are approaching Easter weekend and the market is insane.  Buyers are fighting to win their Dream Home in multiples almost every night of the week.  Many people think that this is only happening in Toronto and I can tell you that is simply not true.  Durham Region real estate is a hot commodity right now.

Recently had on home in Ajax, 21 offers and sold almost 120K over asking.  Is

Welcome to Multiple Offers !

that unusual?   Not right now.  It seems to be becoming the norm.  But how far will it go?   We need inventory to balance this market out.   Yes, interest rates are low.  The demand is high but the supply just doesn't seem to be there.  A minute a home is listed, it seems to sell within a week or less.

Agents are waiving inspections and financing conditions just to WIN.   If you are the listing agent or the Seller, this is great times but if you are on the other side, it can be rather frustrating.   People ask me all the time, "will this continue?" and the trust to the question is, I simply don't know.   I don't see it slowing down any time soon.

We are getting buyers from Overseas, buyers from Toronto who can now sell their house there for $1M and move to Durham and buy for less money but not necessarily buy down in size.  It is driving our house prices through the roof.

I think the important thing to focus on here is know your market.  Buyers should have an agent from the market they are buying in.  It doesn't matter where you buy but make sure you agent knows the area, schools, market values, past sales, etc.

This is important.  Your agent when you are a Buyer is there to PROTECT your

interests.   Please keep this in mind as I see Buyers going to Open Houses now and thinking if they use the Listing Agent, they will get a deal... NEWS FLASH - there are no deals right now !!!   This is a strong market... Highest and Best Offer wins... but at least if you have your own Agent you know they are working in your best interests.

If they tell you, that's high enough - listen !   Don't buy with your emotions.  Listen to reason.   We have been doing this a long time.  

Back in 1989/1990 a similar market happened, interest rates were higher (12 to 14%) and home prices were much more reasonable but it corrected itself in a matter of weeks.   It took years for those homes to rally back to the prices Buyers paid for them.

I am not trying to scare anyone out of buying real estate.  It is your biggest and best investment.  I am just trying to educate both Buyers and Sellers.  If you are thinking of selling and are sitting on the fence, don't wait too long... you never know what can happen and if you are buying now, use an experience agent who knows your market you are buying.  Just because they are your family or a friend, that doesn't necessarily mean they know what works in that particular neighbourhood.

I can honestly say, from what I have seen lately, the offer price needs to be at least 5 to 10K for each offer over asking FIRM to win.   So it depends on how many offers and which neighbourhood and price point you are buying in.

The good news is ... we have a healthy real estate market right now which is good for the economy.   Good luck in your home search and play your poker hand right.  Keep your cards close to your chest.  Share your numbers with your agent so you can strategize together the best way to attack the situation and come out on the winning side.  

Have a wonderful holiday weekend everyone and happy house hunting !!! 

Disclosure – what do sellers and salespeople need to disclose?

This is an excellent video if you are thinking of selling your home !  What needs to be disclosed to avoid legal action... it is called "cover your a$$"   Mark Weisleder is a fantastic real estate lawyer...



Having a Professional Realtor will help avoid issues later.  They know the rules.

For more information about selling your home, I would be happy to meet with you.  Call me at 905-831-2222 or direct at 416-300-3004.  Real Estate is my passion.  You won't be disappointed.  Cheers !

** SOLD OVER ASKING ** 5 Days on the Market

Thinking of Selling Your Home?

Fall market is soon upon us.  Prices are up and inventory is low.  This is a great time to sell.  Be in a new home for Christmas.  

The market is strong, interest rates are low.  This is a great time to list your home and get top dollar.  With professional photographs, virtual tour, internet exposure and fool proof marketing plan that will get you maximum exposure on your largest investment.

I would be happy to meet with you and go over the best marketing/pricing strategy to obtain top dollar for your home.  No obligation. Call today !

April has been crazy !!! May is looking to be the same.

The real estate market in April was INSANE to say the least.  Multiple offers were the norm.  Homes selling at record prices and Buyers seeing their dream homes stolen out of reach because of increased selling prices and bidding wars.

If you are considering buying or selling right now, I cannot stress the importance of finding a Realtor that is experienced and local.  You will have a better chance of maximizing your leverage with a full time experienced local agent.

Sellers should get pre-inspection reports so they can get multiple offers but FIRM without conditions.  It saves any apprehension later after the fact.  For a few hundred dollars, you can give a copy to Buyers agent so they adjust their price and conditions in a multiple offer situation.

I have had two listings this past month sell for 108% of asking price, one sold conditional on sale of Buyers property, two first buyers winning in multiples going over asking and firm, and two selling at 100% of asking price.

If you home is priced correctly, it will sell - get a proper photographer that is professional with a wide angle lens that can show the true potential of your property.  I see some many rotten photos out there.  C'mon guys, you are professional, show your value !!!   My clients are treated no different that I, myself would expect to be treated when selling the biggest investment of my life,

It comes back to you by way of referrals.   Trust me.   So with that said, if you thinking of selling or buying, do your homework... find an agent whom you can trust and work with .. who understands your needs, your wants and who will work to maximize your investing dollars !

Have a super weekend everyone !   Real Estate is booming.  Best investment you will EVER make.   Cheers !

Open Houses - Do they sell your home?

Open Houses ~ Do you think they sell your home or do you think Realtors use

them to find clients?

I may be stepping on some toes here but I, personally do NOT think doing Open Houses sell your home.   Not that I won't do them if a client wants them but I can think of many reason why they are a waste.

The majority of people coming into Open Houses ~ don't even know the price of the home walking in it.  The agent is trying to get a name and phone number/email to protect the privacy of the Seller and really, do we even know if they have a job?   What about security issues?  What about an agent in busy open house - can they properly monitor who and what is going on?  I have to wonder.

Open Houses are a personal preference.   Some people think agents should earn their money and sitting in their home for two hours on a weekend is showing you are working... but I personally could spend two hours being way more productive marketing your home online and locally than a two hour window of "Lookie Lou's".

I have seen many people walk up the driveway at Open Houses and they are either just running errands and nosy or they live on the street and want to compare what your home has with theirs... but honestly, in my personal opinion, the best showings are from agents that bring their clients through.  They have pre-approved them in most cases, given them the information from your listing and has a working rapport with them.

Opening your doors to strangers to walk in and out of your home to me, is not only dangerous but very rarely do homes sell from Open Houses... and the truth of the matter is, even if they have an agent and the agent sees there is an Open House, they will tell their client to pop in.  That is fine but even if they like it, would it not be in the buyer's best interest for THEIR agent to see the property... more often than not, they go back again with their own agent prior to doing up an offer.

So that is my take on Open Houses.   I believe there are all different reasons agents may like them but is it for their own business or for their clients??? 

And let's admit it, how many of us have been driving past a house and see there is an "Open House" and aren't in the market to buy a house but stop .. just because, we like the street or we want to dream or we want to see how it is decorated for ideas... LOL... :)    I can't say I haven't done it too....  

And truly in a market like this one, where inventory is low and listings are selling in days not weeks, are they really beneficial?   If you are considering selling your home in the next few months, remember Spring market starts in February, so list sooner rather than later.   If you would like a free home evaluation or even just a face to face chat about selling (no pressure), feel free to call me at 416-300-3004 (direct) or email me at michelle.makos@rogers.com and I would be happy to speak to you further.

Have an awesome weekend everyone and enjoy the 2015 Housing Market, it is going to be a good one... I can tell.    Cheers !  

Marketing Your Home For Sale

Many people think selling a house is putting a home on Realtor.ca and that's it. You couldn't be more wrong.  Homes that receive more showings, usually sell for higher prices and even over asking.  The only way to generate that is through a professional full time Realtor who will not only put your home on Realtor.ca but will also blast it all over the internet in various forms.  I have spent many years perfecting this and within 24 hours ~ your home will be on the front page of Google.

Keywords, meta tags, various website domains, blogs and google plus pages as well professional photographs and virtual tour along side placement on Real Estate Channel will up the exposure.

Yes for sale signs, will get sign calls and Open Houses will generate traffic but how many of those inquiries are viable leads.   People that go through Open Houses, don't even know the price and the agent doesn't even know if they have a job or a mortgage pre-approval.  The best leads are people that come through with a Realtor.

Good quality Feature Sheets are a great walk away for showings because buyers probably aren't just seeing your home and this way, they have something that showcases your house with links to websites and photos that will bring them back to their visit.

Selling your house can be a dreaded experience or it can be fun and quick with the right agent showing you the way.   Don't necessarily think that the cheapest agent is the best agent.   Your home is your biggest investment ~ invest in a proper agent that will represent your BEST interests and work to negotiate and maximize your equity.

If you are looking for a home evaluation, please let me meet you and show you what I can do for you.   The majority of Buyers are on the internet now, my sites are all Buyer friendly.   You will always be able to reach me and you will always be my first priority.   I treat my clients the same way I want to be treated.

So if you are thinking on selling, give me a call.  It may be your biggest investment yet.  Looking forward to hearing from you !  

And all the very best for a happy and prosperous 2015, whether you are moving or staying put.   Real Estate is my passion and also the biggest investment you can make ~ in your life and in your future.

Cheers to you ~
Michelle

Why sell with Michelle !

What SELL WITH Michelle Makos from Michelle Makos

Thank you OREA

Thinking on Selling !!!  Realtors HELP....

First Time Home Buyers - What they are looking for?

If you are thinking of selling, let me show you how I can help you ... and if you are a first time home buyer, let's get started.   Best investment you will ever make.

39 Rex Tooley - SOLD CONDITIONAL

ONE DAY ON THE MARKET AND SOLD CONDITIONAL !!

Need to sell your Home, call me... Let's get started