Sunday, October 26, 2008

Choosing someone to represent you

Shopping for a real estate representative is somewhat like shopping for a car in my opinion. Realiable, always working, and there when you need it! Did you buy your car because of the incentive from the dealer, what happens after when you need service? Is that dealer there for you? Much is the same in real estate.
Just because the deal is done, doesn't mean you should be without someone to talk to. What about Tarion warranty, or re-sale, how about finding out more information on the property, and most importantly DAY OF CLOSING!
Were you offered a "free home inspection" or "Home Staging"? Are you being offered "great service before, during and after the sale as well"? With the free home inspection, is it with the inspector of your choice? Check the fine print, because maybe it's not. What about the home staging. Maybe you will have a conflict with the stager...can you use whomever you wish?

Sure there is value in a home inspection (approx $300-$400) but does the home inspection tell you the MLS stats, or what the neighbor is like down the street or go that extra mile to provide just as important information?

Basically what I am saying is, that no matter who you choose, do your homework on what services will be provide for you, period.

Saturday, October 25, 2008

The "NEW" Market

So the hype, the fear, the anxiety...what does it all mean?

Everyone is asking the same question, what should I do?

Well if you ask a Real Estate guru such as Donald Trump, he'll tell ya things like "Be fearful when others are greedy. Be Greedy when others are fearful", meaning now is the time to by as many are fearful.

Prices are down, inventory is high and that equals buyers having the opportunity in many cases to purchase what they want, close to the price they want. Quite a difference over last year, where you bought it because it was all that was available at the time.

Think about it now, prices are down over last year in many markets. Many prices have reduced to a point where they are at their lowest possible price. Now is the time to buy.

Will the prices drop futher? Of course that depends on the market(none of us have a crystal ball) Again, most homes are priced where the seller can afford to let them go. We are not in a forclosure market like in the states, so really there are not many firesales/power of sales here!

Should I wait to see if the prices go down further? Read the paragraph above again. Now ask yourself this, "What usually happens to housing prices in the spring"? That's right, they go up. Can you afford to wait for the prices to go up?

We are in an area where the economy is still level. More employers are moving to town, Bruce Power is still strong and should remain that way for many many years for the most part. Canadian real estate markets are far-better positioned than their American counterparts for a good number of reasons.
1) interest rates remain favourable
2) we have less debt personally than the US per person
3) The Canadian banking system is one of the best and strongest in the world. And the govement jumped on Canadian mortgage rules before havoc starts, not after the fact like in the US.

Real estate has peaks and valleys, and compared to last year(2007) of course we are in a bit of a valley but that is because last year was a tremendous record year.

The time couldn't be better even for Sellers that want to "move-up".