I am a truly passionate Realtor who tends to say what I think. Some call it flair, some call it energy, some call it crazy. However you see it, I see it as a passion for what I do and I love informing people on or about real estate in GTA and Durham Region. I am the Broker Owner of Royal Heritage Realty with over 290 Realtors under our banner. You won't find another Realtor out there who will work harder and smarter for you and your best interests.
There is less competition Winter prospects are more serious buyers Your home looks better during the holidays One of the highest percentages of "listings sold" to "listings taken" occur during this time of year You may receive more money for your home now, because you have less competition Throughout the holiday season, you may restrict showings during your personal family events Buyers have more time to look at homes during the holidays, especially during vacations January is traditionally the biggest transfer month - and you must be on the market to capture that market By selling now, you can have a delayed closing or extended occupancy until the beginning of the following year if you want to
When you sell during the winter you have an opportunity to buy during the spring, when many homes are on the market You may have fewer actual showings, but more qualified and motivated prospects Corporate transferees, who need to buy a home now, can't wait till spring
Michelle Makos, Realtor
ROYAL HERITAGE REALTY INC. BrokerageCell: 416-300-3004Phone: (905) 831-2222Visit me on the web at www.Homes4Sale-Durham.com
Don't miss this fantastic opportunity to own in the heart of Ajax... This well maintained family home is a 3+1 Bdrm with Renovated Bathrooms, New Appliances, Family Room with Fireplace and so much more. Minutes to Hwy, Rec Centre, Shopping and Schools.. No disappointments here.. Spotless and ready to move in. Hitting MLS on Tuesday .. Contact your agent today to book your showing before it is gone.. Listing price $569,900
OPEN HOUSE - Saturday and Sunday December 3rd and 4th - 2:00 pm to 4:00 pm. Pop by and say Hi :)
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
Posted above is the excerpt from the recent CBC Marketplace episode which aired Friday November 4th. Not only was I shocked to see such actions but truly disheartened. Most of the agents I work with are true professionals and work very hard for their clients.
I personally have NEVER double ended a deal. These agents that are depicted on this video should be penalized. I would ask that their licence be revoked but I don't have that power ! RECO is the governing body over Realtors™ in Ontario. I know that many agents are outraged and will be holding RECO to the highest standards to punish these people... it is stealing ! Plain and simple.
I know for now we will all be painted with the same tainted brush for a while but I can assure you, there are good ethical agents out there, just as in every profession. CBC had an agenda going in... they were aware of a small percentage of agents that were doing this and searched them out at their Open Houses. It is not like they randomly just popped into a few Open Houses, it was methodical. Now I am by no means discounting this behaviour whatsoever... NEVER !
But it is one sided reporting because I can show you thousands of Realtors™ who watched that episode and were outraged by the picture painted by them. Please remember in every profession, there are good and evil.
Many of us work hard to show our worth and value and work long hours tirelessly to please our clients. No one sees that side of it in this video, nor do they see the agents that have cleaned houses, missed their children's school plays skipped out early from social functions, painted, cut grass, moved furniture, paid for garbage removal out of their own pocket and/or missing chattels on closing. Those agents are worth their weight in gold and if you find one of those, hang to them. We all are not the same.
As for what went on in that video, it clearly was Toronto and not Durham Region and I am not saying it doesn't happen in Durham either but I was totally shocked by it. Shame on those agents and they will be found out... even now, agents are recognizing voices and tattoos etc.
As for the Buyer that lost his Dream Home, I truly apologize that this happened. The agent that double ended did not do his clients any justice by double ending it. His duty was to obtain the most money for his Seller, not himself. Shame on him too !
So I guess I just want to say that please don't paint us all with the same brush. We are not all bad. I do think there is a culture out there that thinks if they use the Selling Agent they are going to get a better deal ! I actually wrote a blog about this months ago... and I made it perfectly clear then, that this does not happen. I work for the Seller !!! You are best advised to have your own Buyer Agent WHO represents your best interest... and who is a fire cracker ! LOL... No client of mine would submit an offer and I not know if it was presented to the Seller ???... I would be parked in their driveway saying "What the hell is going on here?" Be strong ! Pick your representation wisely ! The buyers commission comes out of the Selling price, it does't cost the Buyer a thing to have someone they TRUST in their corner...
So as I close my rant for today, I say this ... I am embarassed by the actions of those agents in the video but I can assure you - that is NOT THE NORM... I have heels higher than these guys standards !!! LOL
Keep your head up everyone, ask questions and if you want any real estate advise, reach out anytime. You don't have to use me but I certainly answer your questions to the best of my ability based on our relationship.
As for Multiple Representation - I don't know that I can say we should have it... because how do you avoid a Brokerage with 4,000 agents, if a Selling Agent and Buyer Agent are from the same Brokerage but miles apart (may not even have met) - how can we say they shouldn't be allowed to do a deal together.. but I do think agents double ending their own deals should be put to a HALT... all these bidding wars and crazy market conditions have caused some of this... it is WIN at all costs ! So guys, let's try and remember, it is great to WIN but at what COST... YOUR REPUTATION !!
Have a great week everyone and keep your heads high and in my case, your heels higher ! Cheers !
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Just an update for the July Housing Prices according to the Durham Real Estate Association. Steady increases from May and June... August will be released this week and I will post a side by side comparison for everyone to see. August generally is a slower month as many people are doing last minute vacations and getting ready for back to school. Anxiously awaiting the results.
Fall market will be here soon. 2nd busiest time of year to SELL your home. If you are thinking of making a move, let's talk. Start 2017 in a new home. Also Bank of Canada to address interest rate this week. Rumours show that they will remain the same with no increase. I will keep you posted on that too.
Have a great Labour Day everyone and stay safe. Don't drink and drive. Cheers. Your friend in real estate, Michelle
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.
