Some good news for single family homes.
At the end of May, and compared to last year, the market has shown continued improvement for single family residential homes in the region.
The following displays Regional increases:
Listings are up by 11%...Sales are up by about 27%...The sales to listing ratio is at 47% regionally, up 17% overall.
There are notable differences in all categories ...
Posted by Eugene Pilato
on June 21, 2010
“What insurance concerns have we experienced lately?”
In answering this question REALTORS® mentioned some of the usual risk assessments insurance companies ask for:
Some knob and tube wiring the insurer wanted replaced,
A 20-plus year old furnace requiring a report of fitness,
A licensed approval of a home’s aluminum wiring.
The most discussed topic turned ...
Posted by Eugene Pilato
on May 7, 2010
Only 8% of buyers paid all out cash for their home purchase according to the 2009 NAR Profile of Buyers and Sellers. This statistic represents cash buyers who successfully closed on their purchase…which suggests that about 92% of buyers require some amount of mortgage financing.
This begs the question:
How many buyers make cash offers that Sellers accept and fail to close?
It seldom happens ...
Posted by Eugene Pilato
on May 7, 2010
Some very good news for single family homes.
Over all, as at the end of April, and compared to the same time last year, the market has shown a clear improvement for single family residential homes in the region.
The following displays Regional average increases:
Listings are up by 10.4%...Sales are up by about 32%...The average sale price is up by 4.7%...The sales to listing ratio is at 46% ...
Posted by Eugene Pilato
on May 7, 2010
1: First-time homebuyer's tax credit: A $5,000 tax credit offers up to $750 in tax savings for first-time buyers to help with closing costs on a home purchased after January 27, 2009.
2: Home Buyers' Program: You now can take up to $25,000 out of your RRSPs to buy a first home and pay no taxes, up from $20,000. That’s up to $50,000 for eligible couples.
3: Home Renovation Tax Credit—for ...
Posted by Eugene Pilato
on May 3, 2010
Does a Vacancy Permit mean that you need permission to give up occupancy of your home? Well, not exactly.
It’s a term used by insurance companies for limited though costly coverage when a home is left vacant. So what is a vacant home? Insurance companies define a vacant home as one in which the owners have moved out and have no plans of returning. REALTORS® come across this often. ...
Posted by Eugene Pilato
on April 5, 2010
Today people move every 7 years on average. And a great many, for one reason or another, sell much sooner.
To more likely achieve a good financial return, and a larger downpayment on the next purchase, a good selling strategy is to keep a home for at least 5 years, if possible.
In spite of the market’s recent struggles, the average sale price in our region has appreciated by about 4.9% ...
Posted by Eugene Pilato
on March 27, 2010
Most home sales close successfully. And most REALTORS® and Lawyers will work closely to prevent any 11th hour hitches.
Once in a blue moon, however, a scenario similar to the following crops up.
You’ve decided to move and so listed your home for sale. After a number of showings, you negotiate an accepted offer on the condition that your buyer obtains mortgage financing. Within days ...
Posted by Eugene Pilato
on March 27, 2010
Mortgage Changes and Clarification
To clarify any confusion, YES you can still buy a home with a 5% downpayment; this has not changed. As well, lenders continue to offer the 5% cash-back option.
The 3 New Rules to Insured Mortgages follow:
90% Maximum Refinancing Prior to the modifications, you could refinance and withdraw up to a maximum of 95% of the equity in your existing home. With ...
Posted by Eugene Pilato
on March 27, 2010
Insurance Claims: According to the J.D. Power and Associates 2009 study, only about 6% of homeowners per year file a home insurance claim.
WETT Certification and Insurance: If your home has a wood-burning fireplace, insert or stove--in short, any type of wood-burning system—chances are insurance company will want a WETT Certification, otherwise they will not provide homeowner insurance. ...
Posted by Eugene Pilato
on February 4, 2010