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.
Well there you have it my friends !! Anyone who bought in 2006 is in a good position as far as real estate. The increase is 264% increase... Talk about crazy !
So can this continue into 2017... we will have to wait and see but TD Bank has increased their mortgage rates and I am sure more will follow. Something has to slow this down.. if you are thinking of selling, now is the time.. but also consider where will you buy? That is a key factor... and in a market where everything is selling within days, I would recommend buying first and then listing your home unless you have alternate living arrangements.
Also a good time for anyone looking to borrow, instead of paying 19.9% on balances on credit cards, consider using the new equity in your home for a PLOC registered against your property and that way you will pay Prime + which is a lot lower than 19%.. unless you can pay your balances off on your credit card in full every month.. which is what I highly recommend.
For those who would like to check their credit score .. you can go to www.borrowell.com and get a free Equifax credit score and it won't affect your credit score either. I highly recommend everyone keep an eye on what their score is as it affects your borrowing power and the interest rates you will get.
I also want to take this time to wish you all a very Happy Holiday Season and I look forward to working with you, now or in the future and if you have any real estate questions, don't be afraid to ask !
Cheers my real estate friends ! Let's hope 2017 is a fantastic year for all of us with continued good health and happiness.
If you have friends or family looking for make a move in a New Year, please don't hesitate to pass along my name, I would be only to happy to help !
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
