How to Handle Multiple Offers On Your Toronto Home

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We've been hearing a lot of questions about multiple offer situations because the market has been heating up lately, so today we're going to walk you through what you can do to come out on top.

We're currently still in a strong seller's market in Toronto with an absorption rate of 58.5%, and this tells how many homes are up for sale compared to how many homes have sold. A neutral market would have a 25% absorption rate, which means 1 out of every 4 homes will sell in a month. 

If you're a buyer, you will need a skilled Realtor to help you write a strong offer. Sellers will be focusing on price, deposit, closing date, extras, conditions, and terms. For most sellers, price is the most important factor, but the other five factors can be equally important depending on the needs of the sellers.

Sometimes you can make a stronger offer by removing conditions from the offer, or sometimes writing a personal letter to the seller can help. This can help the seller relate to who you are as a person, and it may help to put a face to your name. Let them know why you want the home and how great a homeowner you would be for the property. 

Now, as a seller it's important to make sure that your home is clean, staged, marketed well, and you should also have a pre-listing property inspection performed. Staging your home can actually increase the value by 5%, and a pre-listing inspection will give buyers the peace of mind they desire when buying a home. 

If you get multiple offers in the first few days, don't jump on it too quickly. If the offer is above the market value, I would suggest hopping on it. Overall, the offer that is most convenient for you is the one that you should choose. 

If you have any questions about these things or if you would like assistance with real estate in Toronto, please don't hesitate to contact me.

Multiple Offers from the Buyer's Perspective

Buying a home? Click here to search all homes on the MLS
Selling a home?  Click here for a free home value estimate. 
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Hey everybody and welcome back to our video blog! The spring market in Toronto is in full swing, and lately a lot of homes have been seeing multiple offers. If you are thinking of listing your home this spring or summer, it's likely you will get multiple offers too, and if you're buying, you are likely competing against multiple offers. We want you to be prepared for each situation, so today we are going to be discussing what do with multiple offers from a buyer's perspective. 

We see many people get serious about buying, then subsequently get intimidated by multiple offers. In the Toronto area, we are still feeling a very strong seller's market, with an absorption rate of 58%. To put that into perspective, a neutral market has about a 25% absorption rate. Interest rates are still at record lows, and there are many buyers out there competing in the market, partly due to a 7.5% decrease in inventory from this time last year. 

So, is the only way to win in a multiple offer situation by offering more money? Not necessarily. When you hire a skilled and knowledgeable Realtor, you will find that sellers really look at 6 different factors to determine which offer to accept. They are: price, deposit, closing date, extras, conditions, terms. For most sellers, the price is the most important, but when offers are deadlocked in price, the other 5 factors will determine who wins. 

When making an offer, one extra touch we recommend is writing a personal letter to the seller. Real estate transactions are unique because they are both a business and a personal transaction. When you let a seller know how you and your family will take care of their home, it can help.

If you have any questions for us, feel free to give us a call or send us an email. We look forward to talking with you soon!

How Much Do Toronto Homes Really Cost?

Buying a home? Click here to search all homes on the MLS 
Selling a home?  Click here for a free home value estimate. 
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Hello everyone, welcome back. Today we're talking about the latest headlines in Toronto that claim the average home in Toronto costs $1 million. Where are these statistics coming from? We're not quite sure, but we do want to provide you with the real average prices in different areas of Toronto, and it should help to explain how people are coming up with that figure.

In West Toronto, from Steeles down to the lake, the average price of a home is $534,157. The highest priced neighborhood in this area is Stonegate Queensway, with an average price of $778,000.
In East Toronto, from Victoria Park to Rouge River, the average price is $512,721. The highest priced neighborhood is South Riverdale, where the average home costs $709,754. 
Finally, in Central Toronto, with Differin to the west, and Victoria Park to the east, the average price is $757,272.

The highest priced neighborhood here is Lawrence Park North, where an average home costs $2,115,887.

We hope this puts a clear perspective on the recent news. While most areas in Toronto are priced well below the $1 million mark, there are neighborhoods, like Lawrence Park North, where the average price is so high, it brings up the averages of the other neighborhoods.

If you have any questions for us, we would be glad to help out. Give us a call or send us an email, and we will be in touch soon.

Some Common Misconceptions About Real Estate

 Buying a home? Click here to search all homes on the MLS 
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Many home buyers and sellers think that real estate agents only want to sell a home as soon as they possibly can, so that they can get paid sooner. While we can't speak for every agent out there, we can say that at the Aldo Udovicic sales team, we want to get you the best possible deal, but on your timeline.

We have a system that allows you to take up to a year to find the perfect property at the best price for your family. We are now selling homes to the 2nd generation of our clients, and our goal is to become your family's Realtor of choice. Your best interest is the only thought that comes into our head as we work with you to get your ideal home or investment property. 

If you are thinking about buying or selling, let us know. We have some helpful tools we'd like to share with you, and can't wait to tell you about them!

What's Happening with Mortgage Rates in Canada?

Buying a home? Click here to search all homes on the MLS
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Today I'll be speaking about what has been happening with the Canadian Mortgage Housing Corporation (CMHC), and what will be happening with our mortgage rates. 

I can remember in 1989 when interest rates were somewhere around 12-13%, and now in 2015 they're sitting at 2.75% for 5-year mortgages. 

This means that you have the opportunity to save $300-$500 a month, and thousands of dollars every year. These savings are phenomenal, and it's part of what has been driving the market. 

If you're selling your home and moving into another, you have the opportunity for a very financially successful transaction. The money you make selling your current home can be put towards your next one, lessening the financial blow of moving up into a bigger property. 

If you're looking to purchase a home, I recommend that you go out and get Pre-approved for a mortgage loan. This will narrow down your home search and allow you to find a good home quickly. Now is a very good time to buy, and you can lock yourself into a very low interest rate. 

If you need any assistance buying, selling, or investing in Toronto real estate, please don't hesitate to contact me. Please consider me your #1 resource for real estate in Toronto!

Are You In Need of Real Estate Advice this Spring?

Buying a home? Click here to search all homes on the MLS
Selling a home?  Click here for a free home value estimate. 
Call us at (416) 438-2536 for a FREE home buying or selling consultation

I'm expecting a very busy spring market in Toronto, and today I want to offer you some advice. 

• Low interest rates in 2015 are going to spur a lot of first-time home buyers into our market. If you lock in a low rate right now, you would be in a very good situation for years to come. 
• The absorption rate is currently at 27%, which means that you have a 27% chance at getting the home  you want in Toronto. This rate has dropped from 50% in previous years, but 27% is a very good absorption rate for any real estate market. 
• Mortgage lending has not loosened the way that we have expected it to. However, we can find you good financing, with access to 40-50 different lenders. 

If you're interested in buying a home in Toronto this spring, please contact me and I would be happy to consult with you so that you can find a home that suits your needs. 

Are Conditions Right for Buying?

Buying a home? Click here to search all homes on the MLS
Selling a home?  Click here for a free home value estimate. 
Call us at (416) 438-2536 for a FREE home buying or selling consultation

The new year is finally here, and a lot of people have been asking us lately about what the real estate market is going to do in 2015. Today we want to answer that question, as well as the question of whether or not now is a good time for buying. 

In our market, prices have been rising steadily for quite a long time, and that should continue this year. People have been waiting many years for prices to stabilize in our area, but with interest rates remaining low, home appreciation should continue in 2015. 

If you have been renting and debating whether or not to buy a home, now is an opportune time to get in the market. Nobody knows what the future holds, but we do

know that if you are comfortable with the payment, you might as well be paying your own mortgage off instead of paying somebody else's by renting. 

If you have any questions, or would like to take a look at some homes, give us a call, send us an email, and check out our home search tool right here on the page!

How to Protect Yourself When Buying a Flipped Home in Toronto

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According to national reports, about 20% of homes are being bought by investors, often in cash. Typically, big funds buy up large numbers of homes with a plan to rent them out, but there are also local investors who buy homes to try to flip them.

If you've seen the many shows on HGTV and other home improvement channels, you know what kind of condition many of these homes are in before they're flipped. Because some of these homes are in such rough shape before they're renovated, it's best to approach them with caution.

Often, everything looks great on the surface of a flipped home. They have brand new kitchens and bathrooms, fresh coats of paint, and a manicured lawn. However, a simple glance at the house or a quick home inspection isn't going to tell you whether the electrical wiring is outdated, the plumbing is faulty, if there is asbestos in the attic, or the basement floods.

Because there are so many things that may cost you down the road, it's crucial to get a detailed home inspection by a reputable company that will be thorough and honest. We will sometimes even recommend an x-ray inspection of the home if we feel it's needed, as you can never be too safe when inspecting a flipped home.

No home is perfect, but you can ensure you find one that's close by getting a great home inspection and working with an agent who can help you negotiate key repairs before you move in. Doing so can be the difference between your dream home and a nightmare.

If you have any questions about buying or selling Toronto real estate, we're the team to call. We want to ensure your transaction goes as smooth as possible. Thanks, and we look forward to talking with you soon!

There is No Better Time to Make the Upgrade You've Always Wanted

If you're a prospective buyer in the Toronto area, Click here to search all homes on the MLS, or if you want to place your home on the market, don't hesitate to obtain a free home value estimate. If you have any questions, or need any preliminary information about the Toronto real estate market, feel free to contact us at (416) 438-2536

While skimming real estate news the other day, we found an article on CNN Money that might interest you. It reported that the average home built in North America was about 2,600 square feet - that's 500 square feet larger than the average home built 20 years ago. 

That's right, the average house being built today is bigger than at the peak years of the housing boom.

This means that now is an opportune time to put your home on the market and begin looking for the larger home you've always wanted. 

There are homes on the Toronto real estate market today with that extra bedroom, home office, or family room your family needs. If you want to move into that upgraded home this summer, you need to call an agent now so we can begin making preparations to market your current home. 

The first thing you need to do is check how much your Toronto home value, so you know how much you have available for a down payment. We would love to help you through the process. Give us a call or shoot us an email so we can start planning to get you into a bigger house as soon as possible!

Toronto Real Estate Update Summer 2014

Buying a home? Click here to search all homes on the MLS

Selling a home?  Click here for a free home value estimate. 

Call us at (416) 438-2536 for a FREE home buying or selling consultation

Toronto Real Estate Update Summer 2014

Before I get to all the exciting news about the Toronto real estate market, I would first like to share with you some exciting news from my own office. We have recently completed construction of our brand-new website. This is the most innovative real estate tool I have ever seen and will be very helpful to you. I'm very impressed not only with its utility and design, but its moxy as well.

Now on to the market update. We are in the midst of our busiest season of the year and the market is as hot as it has ever been. What does that mean to you? It means that now is the perfect time to act if you have been debating on purchasing a new home. Interest rates are projected to go up soon, which could prevent you from purchasing your ideal home.

Waiting even another year to enter the home buying market could result in you paying a 1.3% higher interest rate and another $40,000 on your home. That's an extra $500 a month on your home payment! In other words, you could buy a brand new car with the money you would be saving by purchasing now.

If you would like to get in touch with me for a FREE consultation about what your best option is in terms of purchasing a home, please give me a call or email and I can assist you today!