Third Consecutive Interest Rate Hike

Predictions Ring True! Third Consecutive Interest Rate Hike.


With the increase to 1 percent for the overnight rate, the Bank Rate is correspondingly 1.25 percent, and the deposit rate is .75 percent.

Financial conditions in Canada have tightened modestly since April, with the changing monetary policy measures, but overall still remains highly stimulative from a global perspective. This increase is consistent with the previously stated objective of achieving a 2 percent inflation target by next year. The global economy and Canadian economic indicators are what drove today’s decision to increase the rate. Canada’s economic recovery is expected to be more gradual that the July Monetary Policy Report had suggested, although the dynamics of inflation have remained fairly consistent.

The Bank of Canada’s second quarter projections were slightly more optimistic than how economic activity panned out, however consumption and investment has evolved in line with targeted expectations. Accomodative credit conditions due primarily to sharp declines in global bond yields in recent weeks support the expectation that consumption growth will remain solid and business investment in Canada will rise strongly.

The global recovery is still uneven, but is moving forward. Economically speaking, the recovery is showing stronger activity in emerging markets compared to some advanced markets. Latest indicators suggest a more subtle recovery in the short term for the U.S. as high unemployment rates hold back the recovery in private demand.

Any further reduction in monetary policy stimulus will need to be weighed carefully after three consecutive rate increases, considering the forward-looking uncertainty which is so rare to our national and global economic forecasting.

Dear Potential Sellers;

Thank you so much for thinking of me. I am looking forward to our meeting so that I can review with you the results of my extensive market analysis, my aggressive buyer-centric marketing plan for your home, and to do what I can to help you prepare your home for a listing in this crazy market.

During the course of our meeting, which will take about an hour I have only one request of you. PLEASE do not say "Well, we don't really HAVE to sell right now" as a way to justify over-pricing your home. If you truly do not HAVE to sell right now, the smartest thing you can do is to NOT SELL RIGHT NOW. Stay in your home, and call me again 90 to 120 days before you NEED to sell.

This is not the market to dip your toe into the water, putting another listing that just won't sell in an already over-crowded market
This is not the time to overprice your home with the idea that you can always drop the price later (you either won't do it at all - or you'll do it too late)
Such a strategy will ruin your negotiating position
Every buyer who WAS in the market for a home like yours will have bought something else.
So, when you finally NEED to sell, your only potential buyers are the new ones coming into the market...and they will see you as DESPERATE to sell, because you've been on the market forever

You called me because of my reputation. Following this strategy will RUIN my reputation.
I work hard to build a good working relationship with my clients at the start of the listing. This strategy will jeopardize that relationship, as you will rightly blame me that no interested buyers are coming to view your home.

And honestly, the blame IS MINE if I let you follow this course of action
As your Agent - I want to be on your side, helping you to achieve your goals. IF your goal is to sell your home for the best price and on the best terms, then we (as a team) need to pay attention to the data and think of PRICE as a marketing position. Your Listing Price represents greater than 80% of the marketing battle! The other 20% is curb appeal, staging, and effectively exposing your home to the buyers and their agents who are looking for homes (online, print, MLS, networks...).

Finding Your Realtor

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 905-831-9500 or 416-300-3004 or email at michelle.makos@rogers.blackberry.net

1200 The Esplanade, PH #13 $275,000.00

Well I have another great listing. Perfect home for a young executive or empty nester ! A penthouse condo in the Tridel buildings in Pickering. Designer Decor !!!! Includes 2 underground parking spots, a nice view from your balcony, all the amenities, hardwood floors, all appliances and a corner unit !!!

It is sure to sell !!!! If you want to see it, please don't hesitate to contact me and I will make arrangements to give you a private tour !!!

Just call me directly on my cell at 416-300-3004.

And yes July 1st, it coming closer (happens to be my birthday) lol .... and the HST is soon to come into place. Buyers are looking to close the last week in June to avoid any additional costs due to the tax. If you are thinking of buying and need a hand, call me, I will do my best to find you your dream home !

Have a nice day.......looks like rain here but the grass needs it !!!! Always look on the bright side !!

Take care and visit my website for updates on the Durham Real Estate market.

Cheers

Michelle

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

Waterfront Community - 27 Eastport Drive

27 Eastport Drive

Michelle Makos has another great listing at Port Union and Lawrence. Seeing Is Believing. Live Your Dream Of Living By The Lake This Summer. All Brick, 3 Bdrm., W/O To Fully Fenced Backyard/Patio. Style You'll Love At A Price You Can Afford. Move-In Condition. Located In Prestigious Port Union Village. Lots Of Living Space. All Elfs, Fridge, Stove, Washer, Dryer, B/I D/W, All Window Coverings, Hwt(R), Gb&E, C A/C.

This home is a stones throw to the lake and is priced to sell. For a private viewing call me at 416-300-3004 or go to my website for more information, virtual tour, etc.

This one won't last long !!!

If you are thinking on selling your home, now is the time. Inventory is low and top dollar is being paid for most homes. Call me to see how much your home is worth !!!!

8 Slader Heights, Ajax - SOLD

Well, what can I say, it sold in the first day !!!

The market is hot !!! I actually sold 4 homes this week alone. If you are thinking on selling, don't wait until later, do it now !!! There is no inventory out there and everything nice is selling fast !!

Call me today for a free home evaluation. Now is the time.

Have a great week and it looks like Spring is on its way !!! :)

Cheers
Michelle

New Listing - 8 Slader Heights, Ajax

Hi Everyone,

Another week has gone by and what a week it has been. Listed 290 Whitevale and it is sold conditional. Listed 145 Wilkins Crescent in Courtice, it is sold conditional. Listed 50 Boardwalk Way in Markham, it is sold conditional. Listed a real beauty today.

8 Slader Heights in Ajax !!!

Rare Opportunity For This Stunning Monarch Built Coppercreek Model! Open Concept *Bungalow* 6 Years New. Expansive Ceiling Heights, Main Floor Laundry, Gourmet Kitchen, California Shutters, Pot Lights, Closet Organizers, Builder Finished Lower Level. Over 2,400 Sq. Living Space. Must Be Seen To Be Appreciated !!!

If you want more information go to my website or call me directly at 416-300-3004.

If you are thinking of selling, let me tell you, the market is HOT !!! Especially in Durham Region. Inventory is low !!!! We need new listings, so if you are waiting for the Spring, DON'T !!!!

Now is the time. For a free home evaluation, call me today !!! I will help you maximize your equity and get top exposure and price for your home.

Have a great weekend !

Cheers

Michelle

290 Whitevale Road, Whitevale

New Listing - 290 Whitevale Road

Well Spring is fast approaching and the market is heating up !!! Listings are selling in multiples all over Durham and surrounding areas. Inventory is low and it is basically a Sellers market right now. I am sure the tables will turn in April when everyone decides to list and the market is saturated with listings but for now, Sellers are having the time of their lives. Quick sales, top dollar and no waiting .....

I have a great buy right now, it is 290 Whitevale Road. Listed for $379,900. Assessed in 2008 for $405,000.

Rare Find! Spacious Brick Bungalow Overlooking Greenbelt And Duffins Creek In Historic Whitevale.
Mostly New Windows, Kitchen W/Lg Pantry, New Oil Tank, Roof ('02), Fin. Bsmt W/3 Pc Bath & Woodstove.
Property Features A 2-Storey Workshop/Studio/Drive Shed W/60 Amp Svce. *Close To 401 & 407*
Huge 2 Storey Dble Garage/Workshop, Ideal For Self Employed/Hobbyist.
Fully Fenced Property, Crown Mouldings, Water Softner, Wood Stove, Hardwood Under Bdlm, Additional Wood Stove In Bsmt. Exclude: Washer And Dryer.

Check out the link and the virtual tour !!!

Should you have any questions or wish to view this property, call me at 905-831-9500.

I will keep you posted on what it sells for !!!!

New Listing - 63 Westray Cres W

Don't miss this great opportunity to get in on my new listing at 63 Westray Cres. in North Ajax. This property is a 3 bdrm, 3 bath, 1654 Sq. Ft. Semi built by Tribute Homes. It is the Energy Star "Churchill Model" and is priced to sell.

Virtual Tour Link: http://www.homesandland.com/ListingTour.cfm?ListingId=14523027

For a private viewing, call me at 905-619-9500.

Here is a virtual tour link:

I know this one won't last long. Offers being accepted on January 22nd, 2010.

Have a great week everyone and I will keep you posted of any new listings I get or important real estate information.

Cheers,

Michelle

Happy 2010

Happy New Year everyone !!!! We have a clean slate and a fresh start to what I think is going to be a brilliant year in real estate. The market is healthy, sales are up and interest rates are still low. What more could a buyer or seller ask for !

I do see the interest rates slowing increasing over the course of the this year, so if you are still sitting on the fence, now is definitely the time to bite the bullet and get searching for that home of your dreams.

If you are considering selling, I foresee a Spring market with a lot of inventory. If timing really isn't a major issue in your decision, consider selling sooner rather than later because you will have less competition and who knows what the interest rates will be down the road and how they will effect the house prices.

Some interesting tidbits, you might want to keep in mind:

The non-refundable Home Renovation Tax Credit (HRTC) is based on eligible expenses for work performed or goods acquired after January 27, 2009, and before February 1, 2010, in respect of an eligible dwelling, pursuant to an agreement entered into after January 27, 2009.
I have attached the link for more information here:
http://www.cra-arc.gc.ca/nwsrm/txtps/2009/tt091103-eng.html

As far as Land Transfer Taxes, please find a link to a calculator to help you figure it out below:
http://www.torontorealestateboard.com/LTT_splash/ltt_calculator.htm

Latest Market Watch (December 2009) released from the Toronto Real Estate Board is also an interesting read if you are considering making a move.
http://www.torontorealestateboard.com/consumer_info/market_news/mw2009/pdf/mw0912.pdf

And don't forget, if you have any real estate questions that you need an answer to, please don't hesitate to email me at michelle.makos@rogers.com and I will do my best to get it answered for you quickly and efficiently.

On that note, have the best year yet and I look forward to working with you in the future.
Cheers
Michelle