Home Prices are Surging in Toronto

home-prices-are-surging-in-torontoIf you are looking to buy a home in Toronto, then you have most definitely noticed some pretty hefty price tags. Home prices are on a dramatic rise throughout Toronto, particularly in the Greater Toronto Area. There are several elements that have contributed to this increase (20% to be exact, since 2016).

Despite efforts from the government to slow down this upswing, the prices continue to rise. In the Greater Toronto Area, the average price for a home is around $730, 472. This is an increase of roughly twenty percent from the year prior.

Experts are baffled and are scrambling for a definitive reason to explain this trend. One of the more prominent theories being put forth is the notion that all of these skyrocketing home prices come down to euphoric speculation. Ultimately, the general consensus is that many different factors can be playing into the current state of Toronto’s real estate market. The new mortgage rules that have been put forth by Ottawa, Donald Trump’s stance on trading with Canada –All of these reasons could have contributed to the current state of the market in the Greater Toronto Area. Some even speculate that the potential of a trade war with China is contributing to the chaos that has created the Toronto real estate market in its current form.

Finally, some argue that the prices can be traced to the increase of demand, particularly in terms of its relationship to the decrease in supply—more people are searching for homes than the market can supply.

Source: http://www.doitwithsam.com/blog/54-home-prices-are-surging-in-toronto.html

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Toronto Home Sells for 1 Million Over Asking Price

toronto-home-sells-for1-million-over-asking-priceWhile prices for homes sold in the Greater Toronto Area were twenty percent higher this past December when compared with the figures for the previous December, one home in particular sold for an astronomical amount of money. A split-level home that is located at 19 Talwood Drive in the Lawrence Avenue East/Don Mills Road area went for an astonishing one million dollars beyond the initial asking price. This is just one example of the way home prices in this region have been skyrocketing in recent years, but there is no question that it is one of the most significant.

The home was initially listed at 1.4 million. It would eventually be sold for 2.6 million. It features three bedrooms, three bathrooms, a garage, and a swimming pool. It occupies approximately half-an-acre of land, and it is located in close proximity to trails and a park. After sitting on the market for about a week, it received more than fifteen offers. The home was intentionally priced low, in order to create a bidding war. This is a common tactic when it comes to selling homes.

While the tactic can easily backfire, Toronto-based real estate attorney Bob Aaron believes the tactic proved to be particularly useful in this case, since there are so few listings. It is because of the low volume of available homes that such a tactic can prove to be successful for the seller and agent alike. It is also believed that the current condition of Toronto’s real estate market is unlikely to change in the near future.

Source: http://www.doitwithsam.com/blog/53-toronto-home-sells-for-1-million-over-asking-price.html

Proof of Toronto’s Super-Hot Real Estate Market

proof-of-torontos-super-hot-real-estate-marketA Toronto home sold for $400,000 above the listing price in December. Selling a home in Canada in the winter, with snow on the ground, should not be this easy or successful. This is blaring evidence of the over-heated Toronto real estate market.

Open House Visitors

“The Star,” Canada’s largest news source, calls the Toronto area real estate market “frenzied,” as listed homes are selling for above asking prices, but this example borders on excessive. Three recent “open houses” saw around 800 visitors.

The sellers received 50 offers in advance of the “offer presentation” date. Obviously, among the open house visitors were some serious buyers. The timing was right, as there is a shortage of “house for sale” listings during the Holiday Season.

There were so many visitors during the open houses, many people had trouble finding their shoes left in the foyer.

The Financial Statistics

This home was underpriced at $699,900, but, it was dated, as the sellers did no rehab or updates. The home, just north of Toronto, finally sold for $1.1 million, $400,000 over the asking price.

This was an estate sale and purposely priced at a below-market level to facilitate a rapid sale. Renovations would not be finished before springtime, which would bring more competition if the market did not “cool off.” Anticipating many visitors, the broker scheduled open houses from one to five PM in the afternoon for both a Saturday and Sunday.

There were so many visitors, the broker had to get help from other agents. Even with the extra help, the lead broker had to ration time both days, limiting agents and visitors to three-minute conversations.

The Sizzling Toronto Real Estate Market

During the open houses, the real estate agent commented that “it looked like a rock concert on the street.” Recently, it’s been common that homes for sale are sold for more than the asking price.

The Toronto-Ontario market has been hot, like the overheated real estate market in the US prior to the recent recession. “Supply and demand 101” also plays a role. When inventory (number of houses for sale) is low and demand remains constant, prices rise. Although this case is extreme, it’s still a good example of supply and demand theory at work.

However, it’s still rare for a house that is not “staged” for sale, with torn wallpaper, used carpets, and an older kitchen to sell for over $1 million. As an estate sale, the home was already stripped of its contents, showing all its 2,670 square feet and its flaws. The home’s condition seemingly didn’t matter to the eventual buyer.

Source: http://www.doitwithsam.com/blog/52-proof-of-toronto-s-super-hot-real-estate-market.html

Self-Made Millionaire Tells Millennials To Buy Homes

self-made-millionaire-tells-millennials-to-buy-homesDavid Bach has set himself distinctly apart from those who tell you that buying a home is one of the most problematic, ultimately pointless decisions an individual can make. While many have described the process of buying, owning, and even selling a home as an absolute nightmare, the self-made millionaire Bach is taking a different approach.

More than ever before, the self-made American millionaire wants people, particularly Millennials, to reconsider their stance on the concept of owning a house.

Should Millennials Buy Homes?

With the housing market for the United States continuing to exist on what seems like a profoundly slippery slope, more individuals than ever before are rallying against the potential, arguably significant, factors to owning a home. David Bach on the other hand believes the opposite. It is his opinion that Millennials are making a serious mistake in failing to prioritize owning a home.

Describing the act as an “escalator to wealth”, Bach makes several compelling arguments. In the first place, he argues that without the financial security foundation of owning a home, the potential for achieving meaningful wealth is almost non-existent. Bach makes it clear that average homeowners tend to have thirty-eight times the wealth of someone who is renting.

The self-made millionaire elaborated, claiming that his most recent successful investments involved homes. Bach would attribute his recent successes to simply living. He bought and sold a home in New York during an opportune moment in time. He then went on to do the same for a home in San Francisco. The end result, he has claimed in interviews, has been the chance to increase his wealth by millions and millions.

Bach continues to believe that since an individual needs to find a place to live for the rest of their life, they may as well consider the potential investment value of a home. Bach encourages individuals who are on the fence about the subject to consider the long-term. A renter can sink tens of thousands of dollars, even millions, into renting a series of homes or apartments, over the course of their lives.

Remember a Golden Rule: At the end of the day, your home payment should not consume more than thirty percent of the money you take home each month. Bach also adds that if an individual is buying a home for the first time, they may want to settle in certain regards. He argues that most people are not going to get the dream homes they have always wanted. At least in the beginning, it might not be worth the time and energy to try. Bach also advises those who are interested to really do their research on the subject. This would certainly include crunching the numbers and exploring all options.

Source: http://www.doitwithsam.com/blog/51-self-made-millionaire-tells-millennials-to-buy-homes.html

Real-time Snaplistings for Real Estate

real-time-snaplistings-for-real-estateIn New York, there’s now a brand new way of finding an apartment. You can use Snaplistings, which is a new account on Snapchat being used by real estate agents to show off listings. More and more users are turning to the popular app to find high-profile agents and their listed property.

Meet the Creators of the App

Michael Hoffman and Dolly Meckler are the creative minds behind Snaplistings. Meckler says that the photos of a refurbished patio and kitchen at a friend’s house aroused some interest. The short clip, featuring a tour of the kitchen and house, was shared on her personal Snapchat account and before long, there were several queries about it. This was the birth of Snaplistings.

Then, research and collaboration with Hoffman led to the innovation. Part of the work for the duo involved using word of mouth to seek out well-known real estate agents. They meanwhile created castings to feature established real estate agents.

The benefit of this account is that realtors can now reach a much more vast audience. It’s also convenient since so many are used to the functions of Snapchat and are familiar with the app. The results are impressive for the agents. They are not only receiving Direct Messages (DMs), but their followers are also reaching out via email when looking for a property and requesting to view it. Many realtors are of the opinion that this new innovation is changing the face of real estate.

Real-time Feedback

Whilst the agents work in the field, Hoffman and Meckler share real-time information on things like the ideal places to head to next or how they can better present their expertise as well as their personality. They’re basically the producers behind the scenes of Snaplistings. They ensure that realtors have properties that resonates with their audience.

The duo has succeeded in combining affordability and entertainment. For agents, every deal counts. This means that there are leads to follow which have been created by Snaplistings. With this new innovation, real estate is just a tap away. Many have even called it “real estate voyeurism.”

A call to action was posted by the duo inviting people to recommend interested agents to join Snaplistings. There are already plans to sell the idea countrywide in 2017. Who knows, maybe it’ll even make it’s way to Toronto!

Source: http://www.doitwithsam.com/blog/50-real-time-snaplistings-for-real-estate.html

The Benefits of Hiring a Realtor

the-benefits-of-hiring-a-realtorArе уоu рlаnning оn buying оr ѕеlling a hоuѕе? Why nоt hirе a real estate agent? Hiring an аgеnt comes with a number оf bеnеfitѕ whiсh inсludе:

Eduсаtiоn аnd Exреriеnсе

Whеn уоu hirе an аgеnt уоu don’t have to wоrrу about the details regarding the buying or selling process bесаuѕе thе agent will handle all transactions for you.

Most оf thе аgеntѕ are trаinеd on how to professionally handle the buying аnd ѕеlling of рrореrtiеѕ аnd at the ѕаmе timе, еnѕurе thаt уоu bеnеfit from it.

If уоu аrе selling a house the аgеnt will bе on your ѕidе tо ensure that уоu sell thе house at thе highеѕt price роѕѕiblе. On thе оthеr hаnd, if уоu are purchasing a home, thе agent will work with уоu to ensure thаt уоu pay a fair price.

Agеntѕ асt as Buffers

Real estate agents protect you frоm unnесеѕѕаrу stress. Fоr example, if you are buying a hоuѕе, thе agent will dеаl with thе seller’s agent thus saving you time to focus on other aspects of house-hunting.

If you аrе ѕеlling thе hоuѕе, thе аgеnt will рrоtесt уоu from those who are simply curious but aren’t serious buyers. Sinсе most agents аrе trained to idеntifу ѕеriоuѕ buyers, thеу will еаѕilу spot those who are just wasting your time, and hеlр sell your home quicker.

Priсе Guidance

Unlike whаt many реорlе bеliеvе, agents don’t ѕеlесt рriсеѕ fоr уоu аѕ a buуеr оr ѕеllеr. A gооd agent will guide уоu to сhооѕе thе right price. If уоu аrе a buуеr, thе agent will help you idеntifу flаwѕ in the hоuѕе ѕо thаt уоu саn buу it at a lоwеr рriсе. If уоu аrе a ѕеllеr, thе аgеnt will guidе уоu оn whаt tо dо in оrdеr to inсrеаѕе the house’s value.

Negotiation Skills

One оf thе mаjоr thingѕ thаt rеаl еѕtаtе аgеntѕ аrе taught iѕ hоw to negotiate. Since they аrе not the buyers or ѕеllеrѕ, thеу аrе аblе tо remove thеmѕеlvеѕ from the еmоtiоnаl аѕресt оf thе trаnѕасtiоn; thеrеfоrе, thеу ѕеll оr buу thе hоuѕе at thе right рriсе.

Hаndlе thе Pареrwоrk

The buуing аnd ѕеlling of hоuѕеѕ involves volumes оf paperwork that саn соnfuѕе you if уоu аrе nеw to the game. The paperwork is quite detail-oriented аnd mаking аnу miѕtаkе or оmiѕѕiоn саn соѕt you thоuѕаndѕ оf dоllаrѕ or еvеn lаnd you in соurt. Whеn уоu hire a rеаl estate agent уоu dоn’t have to wоrrу аbоut thе рареr wоrk as the agent will hаndlе it all fоr you.

Source: http://www.doitwithsam.com/blog/49-the-benefits-of-hiring-a-realtor.html

Investment in Accessible Homes Could Help Older Homeowners stay Independent Longer

investment-in-accessible-homesWheelchair ramps and other accessible design features are becoming a major factor to consider when investing in a home. They are replacing fireplaces, stainless steel appliances, and granite countertops.

Only two real estate agents in the province concentrate totally on listings without barriers. The number of people looking for barrier free homes often overwhelms them. Business is booming because more investors are searching for convenient and accessible homes.

The demand for properties that can be easily accessed has been predicted to continue rising, meaning that money spent to modify and make a home accessible will pay off as a worthy investment.

If you adore your living space, you will be willing to spend money on a professional to have it modified so that you can live there longer even in your last moments.

Making a home more accessible can also boost the chances of your home getting good returns and much faster it it’s done properly.

General designs can flawlessly blend into the property if it is not evident and institutional. Realtors often advise home sellers to remove alterations that they assume could deter buyers.

Buyers looking for such a property find it a daunting task and often say it is quite a challenge.

Getting a place that accommodates a wheelchair and other requirements is not easy. Some of these units do not even have lift facilities or even parking reserved for the elderly on wheelchairs.

There are few accessible units for sale or rent and you can search for up to a year to get a barrier-free unit in Scarborough that will meet your needs.

Developers should pay more attention to the older generation and make their properties accessible to accommodate the aging population.

Nobody wants to spend his or her remaining days in a care facility. It is advisable to build something that is adaptable as the body changes and needs change.

At some point, due to aging, everyone will experience some physical disability. Developers should therefore be implementing ways to help people live in their homes longer.

Accessible homes have gained an age over inaccessible homes as more people are looking to buy property that they can live in comfortably in their last years or even when faced with difficulty in mobility.  Investing in accessible homes will surely pay off as more people are looking to own property that they are comfortable in.

Source: http://www.doitwithsam.com/blog/47-investment-in-accessible-homes-could-help-older-homeowners-stay-independent-longer.html