Did you know… Banks can only finance the Appraised Value or the Offer Value, whichever is lesser of the two? The appraisal method of determining value for residential real estate is the Comparison Approach, and appraisers use the same database of information as REALTORS to determine property values. Appraisers determine value based on what Buyers are willing to pay for a property ...
Posted by Szabolcs Pall
on February 7, 2012
Location, location, location is simply no longer enough.
You need to start thinking about Timing when trying to get the most out of your investment.
Of course location and size of the home will always be at the top of anyone’s list when assigning value to a property, that’s likely never going to change. But another important factor these days is price. ...
Posted by Szabolcs Pall
on February 6, 2012
CMHC warns on household debt
Christine Dobby Dec 29, 2011 – 1:24 PM ET | Last Updated: Dec 29, 2011 4:52 PM ET
REUTERS/Mike Cassese
Residential mortgages remain the largest component of Canadian household debt, but personal lines of credit are growing at double-digit rates and stood at more than 25% of household debt held by chartered banks in 2010, according to a report ...
Posted by Szabolcs Pall
on January 5, 2012
Mortgage pre-qualification vs. pre-approval
by RateHub.ca What's the difference between a mortgage pre-qualification and mortgage pre-approval? Often used interchangeably, these do not mean the same thing.
Mortgage jargon is tricky territory to navigate and the terms "pre-qualification" and "pre-approval" are no exception. Don't make ...
Posted by Szabolcs Pall
on January 5, 2012
Smooth sailing for home sales in September Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board's Multiple Listing Service® system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160. Of those sales, 280 were in the condominium property class, while 922 were in the residential ...
Posted by Szabolcs Pall
on October 5, 2011
Above-average home sales in August
Members of the Ottawa Real Estate Board sold 1,329 residential properties in August through the Board's Multiple Listing Service® system compared with 1,099 in August 2010, an increase of 20.9 per cent. The five-year average for August sales is 1,225. Of those sales, 285 were in the condominium property class, while 1,044 were in the residential property class. ...
Posted by Szabolcs Pall
on September 7, 2011
Thinking of selling privately?
Did you know a private sale is not as straight forward as it sounds? Buyers that see a home for sale ‘by the owner’ often see a bargain. The problem for the seller is that the buyer thinks they, and not you are entitled to the savings in real estate fees. With this mindset, a lowball offer is usually the result and any perceived “savings” ...
Posted by Szabolcs Pall
on July 6, 2011
Why buying from the Listing Agent is not a good idea
If you are a Buyer, is it better to buy from the Listing Agent (L/A), rather than using your own realtor? Sure the thought has crossed our minds, the agent will be happy to double-end at a reduced fee, the seller will net the same amount, sounds great, doesn't it? Except when you break down the transaction, you quickly realize that ...
Posted by Szabolcs Pall
on July 6, 2011
Did you know… some freehold townhomes carry a monthly fee? This ‘association’ fee usually covers a snow removal contract and can vary depending on the size of the complex. It can sometimes add up to a substantial amount, without reaping the added benefits of owning a condo townhome. So be sure to ask if what you’re buying is condo or freehold!
See CMHC's ...
Posted by Szabolcs Pall
on June 21, 2011
April sales return to pre-HST levels
Members of the Ottawa Real Estate Board sold 1,536 residential properties in April through the Board's Multiple Listing Service® system compared with 1,814 in April 2010, a decrease of 15.3 per cent. The five-year average for home sales in April is 1,612. Of those sales, 316 were in the condominium property class, while 1,220 were in the residential ...
Posted by Szabolcs Pall
on May 5, 2011