Tag Archives: Are You Fit To Buy In Newcastle

Fitting Into Today’s Housing Market

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Today’s ever-rising real estate prices often mean one of two things for buyers — they must either increase their budget, or downsize their housing expectations.

The Canada Mortgage and Housing Corporation (CMHC) reports that the construction of single-detached homes fell between 2012 and 2016. The lower inventory, coupled with increased demand, resulted in a rise in prices for this housing type. In many cases the result is that buyers who initially planned for a single-family house will be settling into condos, while some would-be condo buyers may have to reassess how to fit their lives into even more compact footage.

Looking at condo construction, the CMHC notes that although there might be a slight decline in condo starts this year, there will be a rebound in condo construction next year due to increased demand for more affordable housing.

In the meantime, residents moving into more “cozy” condos need to be creative about how they fit into their smaller spaces. Luckily, furniture manufacturers are responding to the demand for space-efficient solutions and designing options specifically for today’s condos. Furniture that flips up, slides out and folds down can now be cleverly concealed to fit into any space.

Don’t automatically dismiss a condo with great features, a reasonable price and other plusses because you think it’s too small. Today’s options make it easier than ever to complete your condo with clever space solutions that fit all your needs!

Call today to find out about the many condo configurations available in today’s market.

Home buyers optimistic about GTA real estate market, research finds

A recent poll for the Ontario Real Estate Association shows that half of buyers expect to purchase a detached home.

Home buyers remain optimistic despite the average price for a detached home climbing to $1.3 million in Toronto this fall.

TORSTAR NEWS SERVICE

Home buyers remain optimistic despite the average price for a detached home climbing to $1.3 million in Toronto this fall.

High prices and tighter lending conditions aren’t dampening consumers’ optimism and enthusiasm for real estate in the Toronto region, where half of homebuyers still expect to purchase that most expensive and elusive asset, a detached home.

Even as the price of the average Toronto area detached home climbed to about $1 million this fall ($1.3 million in Toronto), half of buyers in the region say that’s the kind of house they expect to purchase, according to the Ontario Real Estate Association (OREA) Ontario Home Ownership Index being released Tuesday.

“People are optimistic about the housing market in 2017. We actually see an increase in people who are looking to buy and an increase in the number looking to sell a home,” said OREA CEO Tim Hudak.

The index is based on research conducted twice a year by Ipsos Reid to gauge Ontarian’s perceptions of the real estate market and the economy. Overall, the index rose two points to 131.

It shows that 49 per cent of Toronto area residents expect their city’s real estate market will be stronger in the coming year, compared to 46 per cent this year.

Twenty-two per cent of survey respondents said they expected to buy a semi-detached home and 19 per cent were in the market for a condo, a drop from last year when 26 per cent identified that housing choice.

“It’s part of life that we, as human beings like to have a little bit of space when you’re raising a family … You’re really seeing the increase in prices are among the detached and semi-detached homes because people at some time in their lives, they often want a little bit of space for their garden or to kick the soccer ball around with their daughter,” Hudak said.

But changes from government are impacting some buyer attitudes.

“There is a sentiment too among first-time home buyers that some will be forced to put off a decision or look at a smaller-valued home because of the recent changes on mortgage insurance and the stress test,” he said.

Hudak, former leader of the Ontario Progressive Conservative Party, praised the Liberal government for doubling the first-time buyer rebate on the provincial land transfer tax to $4,000 on homes up to $300,000.

That’s the range most buyers outside of Toronto are considering and it’s still helpful for Toronto consumers too, he said.

“We’re hopeful the city will match that instead of clawing it back. I remain optimistic about that,” said Hudak, referring to a recent city manager’s report that suggested Toronto could raise some badly needed revenue by harmonizing its land transfer charge — the only such municipal tax — with the province.

As vigorous as the market has been in 2016, with prices up about 20 per cent year-over-year, half of Toronto area residents say they expect it will be even stronger next year, according to the Ipsos data.

In the City of Toronto, 52 per cent of respondents said the current residential real estate market is favourable. That was up 10 index points from last year’s survey. Residents in the 905-area communities were even more favourably disposed to their real estate picture, at 57 per cent. That was down, however, seven points from last year.

More than half of survey respondents saw real estate conditions as favourable.

The online Ipsos survey of 1,003 Ontario residents for OREA was conducted between Oct. 27 and 31. It is considered accurate within 3.5 per cent 19 times out of 20.

Buyer and seller perceptions

18%

Toronto area residents who said they planned to purchase a home in the next two years — up from 15% last year. That compares to 14% of Ontarians who said they would likely buy in the next two years — a seven index point increase over last year.

19%

Toronto area respondents who plan to sell a home in the next two years, up from 14% last year.

82%

Likely home buyers in Ontario who believe their local economy is good. 76% of those likely to sell their homes say the same.

45%

Ontario first-time buyers who say they will need to keep saving for a 20% down payment to meet the government’s more rigorous mortgage requirements.

20%

First-time buyers who say they have to postpone their purchase because of the new lending rules.

34%

First-time buyers who will look for a less expensive home in the same city.

 

Ipsos for the Ontario Real Estate Association Ontario Home Ownership Index

Thinking About Moving in 2017?

Time For A Fresh Start?

PhotoThe New Year is within sight. If your New Year’s resolution is to make a housing move in 2017, now’s the time to start working on it!

Current homeowners need to know that because of a lack of housing inventory in many areas, their home may sell faster and perhaps for more money than they expect. But as all real estate is local, you’ll want to get the latest updates on sales activity in your immediate area to get the best understanding of what to expect for your own real estate activities.

“National sales and price trends continue to be heavily influenced by a handful of places in Ontario and British Columbia and mask significant variations in local housing market trends and conditions across Canada,” notes Canadian Real Estate Association (CREA) President Cliff Iverson.

CREA Chief Economist Gregory Klump gave an example from this summer’s real estate activity in western Canada: “Home sales continued to trend lower while price gains further accelerated in the Lower Mainland of British Columbia.” He added, “This suggests that sales are being reined in by a lack of inventory and a further deterioration in affordability.” Successful real estate transactions require the steady guidance of an experienced real estate sales professional. Please call today so we can review your current housing situation in relation to your plans for 2017.

Handy Man Special!

13 Graham Court. Newcastle

$280,000

Great 3 Bedroom Bungalow located in the Quaint Town of Newcastle. Home is situated on a Quiet, Family – Friendly Court. Large Pie shaped lot, and Detached Garage. Home needs some TLC, but has Great Bones. Has Newer Shingles, Gas furnace, Original Hardwood Floors in Bedrooms.  For More Information Please Contact The Mash Team…905-430-6655.

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5 Walk-Through Surprises and How to Avoid Them

A house may look one way when it is decorated and furnished, but once vacated, bumps and bruises may show that could cause a wrench in the closing. Here are five common issues that arise during a walk-through and how to handle them.

The following is a guest post from Cara Ameer, an agent with Coldwell Banker Vanguard Realty in Ponte Vedra Beach, Florida.

You’ve survived the inspection and loan approval process. You are almost to the closing table and ready to sign on the dotted line, but before you arrive, there is one last hurdle to climb known as “the walkthrough.” Whether you are a buyer or seller, this process can be nerve-wracking – as a buyer, you may be thinking: Will the house will still look how I thought it did? Will everything be empty and in good condition? And as a seller, you could be worried whether the buyer will be satisfied with what they see, and what if they raise concerns?

First, it is important to understand what a walkthrough is as well as its purpose.

A walkthrough is when a buyer walks through the property either the day prior or on the way to closing to ensure all is in substantially the same condition as it was before.

You may think this is a quick process that should take no more than 10-15 minutes at the most, but it is the buyer’s last look at the house before making what is likely the single largest purchase in their life. They will be closely scrutinizing everything. Additionally, because in all likelihood this is their first time seeing the house completely empty, this could raise some issues not previously seen.

A house may look one way when it is decorated and furnished, but once vacated, bumps and bruises may show that could cause a wrench in the closing. Here are five common issues that arise during a walkthrough and how to handle them:

1. Flooring – discolorations on wood or carpet. This happens as a result of furniture and rug placement over long periods of time, coupled with sunlight that could cause fading or discoloration of the exposed flooring around it. The buyer doesn’t initially see this, as a seller’s belongings are never moved for showings or inspections. Consequently, on a walkthrough of a vacant house, this could result in visibly noticeable variations in the floor finish as well stains, particularly on carpet. As a seller, you may have forgotten about some stains that are on the carpet where furniture and/or area rugs have sat on top of it for years.

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Before putting your house on the market, check any areas of your home that have had furniture and/or rugs sitting on top of floor surfaces. If there is discoloration, consult with a wood flooring specialist on how to address, call in carpet cleaners or consider possibly replacing/repairing the flooring in question before going on the market. Note any issues upfront to establish condition at the time the home goes on the market to a buyer and on a seller’s disclosure so as to avoid any surprises later on.

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2. Walls — Once the artwork and flat screen TVs comes down, the walls are often left with nail holes, brackets and possibly discoloration where objects were previously hung. While it may seem premature when an offer is received to even think about dismantling the house, discuss with your agent a plan for “spackle management” when finalizing contract terms. Better to deal with this upfront vs. trying to figure out what to do right before closing because nothing was mentioned in the contract. Setting realistic expectations at the outset as to what you as a seller will do, such as spackling, will hopefully avoid a buyer’s request for you to repaint walls entirely. It may be that the buyer likes the existing placement for artwork and your television and will want these areas left as you had them.

3. Leftovers – While these are always appreciated after a good Sunday dinner, your left over house stuff is not always wanted or needed by the buyer of your home. Moving always brings a “don’t know what to do with pile.” It may be a stray chair, file cabinet, old lawn hose or other various odds and ends. Don’t assume the new owner will be glad to have these items. Check with the buyer first, if they don’t want them, play it safe and have them removed BEFORE the final walkthrough.

4. Garbage – Speaking of removal, don’t leave garbage cans full of trash for the new owner to take out. The buyer has enough to deal with as far as coordinating movers, getting utilities turned on, waiting for the cable guy and all that goes along with setting up a new home. This is usually a surprise not discovered until the walkthrough or their first trip to the house as the new owner. A pile of trash either in the garage or on the driveway is not a closing gift that should be left behind.

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5. Mover Damage – With a moving crew transporting furniture and boxes out of your house, the opportunity exists for unintended damage to occur. Drywall dings, nicks, scratches or gauges can be left, often not discovered until a buyer does their walkthrough, or of course right after they go to the house after closing. Once the movers are finished, do your own “move-out” walkthrough with them to check for any damage. Discuss with your movers ahead of time the plan for handling any damage and have a trusted repair person on standby to take care of any issues should they occur.

The Halves Vs. The Have-Nots

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Today’s rising rents have prompted many a renter to contemplate the prospect of buying a property and putting their rent money into a mortgage instead, but the high price of buying real estate is often impossible for the solo buyer. So what to do? Some homeowner hopefuls enter into buy-sharing arrangements, where they split the property purchase with a friend or family member.

Co-owning a home can make an otherwise impossible dream a reality, but you and your co-buyer have to be prepared to continuously communicate with each other on a number of different levels. Here are just a few points to start the conversation:

  • Is the home purchase being split 50/50, with all expenses divided evenly between the two of you?
  • Are just one, or both of you going live in the home, or is to be just an investment property?
  • Are you looking for a move-in-ready property, or a fixer-upper?
  • If you buy a property that needs work, is this something you will do yourselves or will you hire tradespeople? Do you have the skills, time and budget to renovate?

Your first priority should be to secure independent legal advice. While you and your buddy get along and share the same dreams now, never lose sight of the fact that buying a home together is a long-term business deal, subject to legal obligations and responsibilities. Once you confirm your co-ownership agreement and sign the necessary paperwork, then you’ll be ready to move forward!

62 Lakeview Drive, Newcastle – $375,000

COMMUTER’S DELIGHT!

 

Get a jump on the market as well as jump in the Pool! The good life is certain in this 3+1 bedroom, all brick home with 16′ x 32′ in-ground pool.  Features include: Hardwood flooring on main level, large master with triple closet, new electrical panel, newer vinyl windows and steel doors, freshly painted thru-out, separate back door entrance that leads to a finished basement large laundry area & storage area, plus 4th bedroom and huge recreation room. Huge 60′ x 184′ lot complete with 2 garden sheds. Too good to last at $375,000.

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Welcome Home!
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Large Family Room
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Gleaming Hardwood Floors
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Large Windows
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Dining Room
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Built- Ins
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Kitchen

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2nd Bedroom
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3rd Bedroom

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Master
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Triple Closet
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Main bath
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Enjoy your own Pool
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Large Yard