The one question we seem to be hearing over and over again is, "How's the Market?"
It's a great question, given that market conditions play an important role in property prices, competition and average selling times.
The market can typically fluctuate within three types of market conditions:
1. A Seller's Market,
2. A Buyer's Market, and
3. A Normal or Balanced Market
One Way to Determine ...
Posted by Eugene Pilato
on November 11, 2008
As of October 15, 2008, the government no longer allows insured mortgages with nothing down
The government has tightened up lending rules with the elimination of 0 Down Payment and a 40 year amortization on home purchases. Now, as it used to be, a CMHC Insured Mortgage requires a minimum down payment of 5%--a back to the future policy change.
Yet 0 Down purchases are still possible with the ...
Posted by Eugene Pilato
on November 11, 2008
1. The amount of mortgage and closing costs:If the owner purchased with little or nothing down or refinanced during a peak market, a market shift can create an upside down situation. The market price won't be enough to cover the mortgage and closing costs. Selling to cover these costs amounts to wishful thinking.
2. The money spent on upgrades: A seller ...
Posted by Eugene Pilato
on October 14, 2008
City
Jan. 1 to Sept. 30
Avge List
Avge Sale
Sale to List Price %
Sale Price Change
Avge Days on Market
No. of Sales
Fort Erie
2008
$186,647
$178,541
96%
5.18%
92 days
449
2007
$177,490
$169,751
96%
95 days
466
Niag-on-the Lake
2008
$427,392
$403,299
94%
...
Posted by Eugene Pilato
on October 14, 2008
MLS Sales Stats from January 2008 to June 27th, 2008 for Urban, Detached Homes, All Styles
Averages by City
City
Average List Price
Average Sale Price
%Sale/List Price
Days on Market
No. of Sales
Niag-on-the-Lake
$418,355
$400,483
96%
91 Days
83
Niagara Falls
$206,818
$199,978
97%
62 Days
453
Fort ...
Posted by Eugene Pilato
on July 1, 2008
The number of listings for 2008...6543 compared to 6462 for 2007: up 1%.
The number of Sales for 2008...2727compared to 3041 for 2007-down 10%.
The Total Sales Dollar Volume of $573,538,287 down 8% from 2007.
The number of expired Listings was 1686 compared to 1686 for 2007-down 0%.
Average Sale for Niagara Region: $210,603 vs. $202,727 in 2007--up 3.88%.
(Source MLS Statistics Report, Niagara ...
Posted by Eugene Pilato
on June 25, 2008
When you apply for insurance, companies will look at both the home to be insured and the person applying.
1. Insurance companies consider a home's age and condition, including the electrical system, plumbing, heating, oil tanks and structural components. They will also want to know if the home is owner occupied, rented or left vacant.
2. Insurance companies also look at the individual applying ...
Posted by Eugene Pilato
on June 11, 2008
1-Maintain Your Credit Rating. Few people realize that though they have been approved for a mortgage and the mortgage condition is removed, the lender will do a second credit check about two weeks prior to the closing date. If the buyer's credit rating has gone down, then the mortgage company may decide not to forward the funds to close the deal. Buyers are well advised not to do anything that might ...
Posted by Eugene Pilato
on June 11, 2008
Recently, two different couples voiced their disappointment over an appraisal done on their homes for a mortgage.
One man explained: "Five years ago, we arranged a mortgage to buy our home. A few weeks ago we received a call from the bank's mortgage representative. She said that we needed an appraisal. She was retiring and the bank wanted the appraisal on file, something she did not do when we purchased. ...
Posted by Eugene Pilato
on June 11, 2008
When you buy a home, the Offer to Purchase allows for you to submit a deposit in one of 3 ways:
--with the Offer, --within 24 hours from the offer being accepted or--as otherwise described.Let's say your Offer calls for you to give a deposit within 24 hours of acceptance. Other Offer provisions state:
1. "Upon Acceptance shall mean that the Buyer is required to deliver the deposit...within 24 ...
Posted by Eugene Pilato
on June 9, 2008