Is it a buyer’s or a seller’s market?
When there are lots of people looking for homes but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. When there are more homes for sale and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice.
How quickly do you need to sell your home?
In a seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale.
Do home sales get frostbite?
It’s true. Winter sales tend to be slower, and Spring sales are more brisk. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider. If you’re also buying a home. In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market.
Buy first or sell first?
The eternal question. Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional’ on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. If you find your new dream home before you’ve even started to sell your old one. Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home.
Wednesday, February 18, 2009
Should I Buy or Should I Rent?
Buy or Rent
With today’s low rates, mortgage payments are often less than monthly rent payments, making home ownership more attractive than ever. Instead of using your hard-earned cash to pay the landlord’s mortgage, you can use the rent money to buy a home of your own.
Buying a home makes sound financial sense, but the benefits extend much farther. Here are some facts to consider when you start wondering why buying is better than renting.
• If you are 35 now and just buying your first home, you’ll be mortgage free when you are 60 and sitting comfortably on a considerable asset. It could mean financial independence as a senior, and the opportunity to enjoy your golden years.
• It’s highly likely your investment will appreciate considerably in 25 years. Don’t buy now with the intention of making a quick fortune, though; think of home-buying as a sound, long-term investment.
• Buying a house is a very effective way of saving regularly for 25 years. Even if you never buy into another retirement savings or investment plan, you are effectively putting money away for the future when you buy a home.
• Owning a home of your own means you can set down roots, get to know your community and involve yourself in it. Kids can make friends in the neighborhood, many of whom will probably go to the same school and be involved in similar recreational groups.
• Discover the pride of home ownership. You can fix up the place to suit your particular needs. Knock out that cupboard under the stairs. Put a darkroom or woodworking room in your basement. Try those fancy paints or finishes. Put murals on the wall. Build a deck. Create the kitchen you’ve always dreamed of. You can enjoy the touches you put into your home for as long as you want, and then you can change them again.
• If you are planning to borrow money from a bank or other financial institution, owning your own home is a definite plus when it comes time to negotiate.
• If you pay $750 a month for a rental unit and never face a rent increase, after 25 years you will have paid a total of $225,000 - and have nothing to show for it. If, like most people, you face an annual rent increase of, say, five per cent, you will have paid out $430,000 to a landlord.
• You may not need as much money as you think to get into the home market. Qualified buyers can buy a house with as little as five per cent down these days through the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance plan.
• With many kinds of investments, you have to pay a capital gains tax on money you make. You don’t have to pay that tax when the value of your house goes up. This means you can keep more of the money your investment earns.
With today’s low rates, mortgage payments are often less than monthly rent payments, making home ownership more attractive than ever. Instead of using your hard-earned cash to pay the landlord’s mortgage, you can use the rent money to buy a home of your own.
Buying a home makes sound financial sense, but the benefits extend much farther. Here are some facts to consider when you start wondering why buying is better than renting.
• If you are 35 now and just buying your first home, you’ll be mortgage free when you are 60 and sitting comfortably on a considerable asset. It could mean financial independence as a senior, and the opportunity to enjoy your golden years.
• It’s highly likely your investment will appreciate considerably in 25 years. Don’t buy now with the intention of making a quick fortune, though; think of home-buying as a sound, long-term investment.
• Buying a house is a very effective way of saving regularly for 25 years. Even if you never buy into another retirement savings or investment plan, you are effectively putting money away for the future when you buy a home.
• Owning a home of your own means you can set down roots, get to know your community and involve yourself in it. Kids can make friends in the neighborhood, many of whom will probably go to the same school and be involved in similar recreational groups.
• Discover the pride of home ownership. You can fix up the place to suit your particular needs. Knock out that cupboard under the stairs. Put a darkroom or woodworking room in your basement. Try those fancy paints or finishes. Put murals on the wall. Build a deck. Create the kitchen you’ve always dreamed of. You can enjoy the touches you put into your home for as long as you want, and then you can change them again.
• If you are planning to borrow money from a bank or other financial institution, owning your own home is a definite plus when it comes time to negotiate.
• If you pay $750 a month for a rental unit and never face a rent increase, after 25 years you will have paid a total of $225,000 - and have nothing to show for it. If, like most people, you face an annual rent increase of, say, five per cent, you will have paid out $430,000 to a landlord.
• You may not need as much money as you think to get into the home market. Qualified buyers can buy a house with as little as five per cent down these days through the Canada Mortgage and Housing Corporation (CMHC) mortgage insurance plan.
• With many kinds of investments, you have to pay a capital gains tax on money you make. You don’t have to pay that tax when the value of your house goes up. This means you can keep more of the money your investment earns.
Monday, February 16, 2009
Thinking of Buying a Home? Here are 5 things you should not do before buying a home
Five Things You Should Not Do Before Buying a Home
Here a few things that you should NOT do for at least 6-8 months before buying a house.
1. Do not make any Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewelry, furniture and electronics. All that can wait until you're settled in your new home. When you make a major purchase, you’re limiting the amount of money available for your down payment.
2. Do Not Move Your Money Around
When a Broker reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last 6 or 8 months on any of your liquid assets. This includes checking accounts, savings accounts, certificates of deposit, stock statements, mutual funds, and even your company pension or retirement accounts.
3. Do Not Make Large Investments
If you've come across a new stock in which you'd like to invest or if it's a great
time to buy, wait it out till you’ve finalized your home finances.
4.Do Not Change Your Bank
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved.
This will save you hours of headaches and frustration.
5. Do Not Change Job Unless Absolutely Necessary
Try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up. If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady
income of pay checks from a single employer. This looks much better on a loan application than a long list of recent employers.
Here a few things that you should NOT do for at least 6-8 months before buying a house.
1. Do not make any Major Purchases
If you're buying a home, don't invest in any major purchases. Cars, weddings, jewelry, furniture and electronics. All that can wait until you're settled in your new home. When you make a major purchase, you’re limiting the amount of money available for your down payment.
2. Do Not Move Your Money Around
When a Broker reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last 6 or 8 months on any of your liquid assets. This includes checking accounts, savings accounts, certificates of deposit, stock statements, mutual funds, and even your company pension or retirement accounts.
3. Do Not Make Large Investments
If you've come across a new stock in which you'd like to invest or if it's a great
time to buy, wait it out till you’ve finalized your home finances.
4.Do Not Change Your Bank
Changing banks is always a hectic ordeal, so don't do it before buying a home. You'll have to provide information about previous accounts that are now closed, and therefore inaccessible. If you're fed up with your bank and want to change, tough it out a little longer and switch after your mortgage is approved.
This will save you hours of headaches and frustration.
5. Do Not Change Job Unless Absolutely Necessary
Try not to change jobs. Your employment is a key factor in the mortgage approval process, and if you can't show steady employment, you might be denied. Of course, you can't help matters if you've just been laid off or an opportunity presents itself that you can't pass up. If you're going to change jobs before buying a home, wait another six months before going ahead with the real estate transaction. This gives you an opportunity to establish employment and to show a steady
income of pay checks from a single employer. This looks much better on a loan application than a long list of recent employers.
Wednesday, February 4, 2009
Article "The Monitor Chronicle" By Bram Eisenthal
Chronicle, Bram Eisenthal
Anita Benabou Rozenblat will go to great lengths to please a client. This house, the one with the very clean walk, is listed in Côte St. Luc
BY BRAM EISENTHAL
It snowed last week, boy, did it snow. But I did a little digging underneath that blanket of white the next morning and came up with a gem of a story. Her name is Anita Benabou Rozenblat and some of you may know her as the designer behind the Mosskito fashion line. If you’re a Shopping Channel or TVA Quebec viewer, you likely encountered her fashions. Perhaps you’re wearing something Mosskito this very moment.
A funny thing happened to her, however, during her dalliance with fashionable fame: she left it all behind and moved on to newer, uncertain pastures. Benabou Rozenblat became a real estate agent. Why? “I’ve been in sales for 17 years,” said the 40-something woman who looks a lot like a model, truth be known. “I did the designer thing for a long time and had success with it, but it was time for a new challenge. And, basically, sales isn’t about items, it’s about people.
“It doesn’t matter to me what I’m selling, as long as I have one-on-one dealings with people and that we’re both happy at the end.” Listening to her talk, a person with over a decade in sales previously myself, I had no doubt that her energy and professionalism would launch her into the top of her field. I was ready to buy a property from her myself!
The housing market is still hot in Montreal, especially in the West End communities that Benabou Rozenblat services: Côte St. Luc, Hampstead and Westmount. It’s a good time to be in real estate, but it isn’t an easy ride. “I studied really hard to get my license, 240 hours on many Tuesday and Thursday nights and weekends,” she admitted. “It was a grind for me, especially the math. But I emerged into a world that features a new generation of realtors’ reps who are in synch with the younger married buyers we see today, but who can also mesh with the seniors who are selling and changing their surroundings. I am equally comfortable working on behalf of both demographic groups.”
Israeli-born, Benabou Rozenblat is trilingual, speaking English, French and Hebrew, but more importantly, the relationships she establishes become friendships. “Honesty is everything and making a buck is secondary,” she said. “When you hire an agent, you
are doing one of the most important things you will ever do, so make sure you know that person inside and out. Interview several … never choose an agent impulsively. I just listed a house in Côte St. Luc, after which the client was so happy with her
decision, she gave me a facial. It’s a rough job, but someone has to do it,” she said with a laugh.
She treats her clients and their houses with respect and looks down on gimmicky techniques. “Selling is hard work and there’s no easy way to succeed,” she said. I asked her about a recent newspaper article about an agent who treats homes like commodities to be auctioned. “I find that disrespectful, frankly. Unless it’s a bank repossession, you don’t treat a home that casually. For most people, it’s a highly personal, sacred part of one’s life. Would you auction your business … or your dog?”
Benabou Rozenblat also finds homes for clients relocating to Montreal from out of town. To reach her,call her cell 24/7 at 514-502-6627. You can also e-mail her at anitarozenblat@hotmail.com, or check out her blog at www.anitarozenblat.blogspot.com.">www.anitarozenblat.blogspot.com.">www.anitarozenblat.blogspot.com.
Bram Eisenthal's Articles can be found at The Monitor
Anita Benabou Rozenblat will go to great lengths to please a client. This house, the one with the very clean walk, is listed in Côte St. Luc
BY BRAM EISENTHAL
It snowed last week, boy, did it snow. But I did a little digging underneath that blanket of white the next morning and came up with a gem of a story. Her name is Anita Benabou Rozenblat and some of you may know her as the designer behind the Mosskito fashion line. If you’re a Shopping Channel or TVA Quebec viewer, you likely encountered her fashions. Perhaps you’re wearing something Mosskito this very moment.
A funny thing happened to her, however, during her dalliance with fashionable fame: she left it all behind and moved on to newer, uncertain pastures. Benabou Rozenblat became a real estate agent. Why? “I’ve been in sales for 17 years,” said the 40-something woman who looks a lot like a model, truth be known. “I did the designer thing for a long time and had success with it, but it was time for a new challenge. And, basically, sales isn’t about items, it’s about people.
“It doesn’t matter to me what I’m selling, as long as I have one-on-one dealings with people and that we’re both happy at the end.” Listening to her talk, a person with over a decade in sales previously myself, I had no doubt that her energy and professionalism would launch her into the top of her field. I was ready to buy a property from her myself!
The housing market is still hot in Montreal, especially in the West End communities that Benabou Rozenblat services: Côte St. Luc, Hampstead and Westmount. It’s a good time to be in real estate, but it isn’t an easy ride. “I studied really hard to get my license, 240 hours on many Tuesday and Thursday nights and weekends,” she admitted. “It was a grind for me, especially the math. But I emerged into a world that features a new generation of realtors’ reps who are in synch with the younger married buyers we see today, but who can also mesh with the seniors who are selling and changing their surroundings. I am equally comfortable working on behalf of both demographic groups.”
Israeli-born, Benabou Rozenblat is trilingual, speaking English, French and Hebrew, but more importantly, the relationships she establishes become friendships. “Honesty is everything and making a buck is secondary,” she said. “When you hire an agent, you
are doing one of the most important things you will ever do, so make sure you know that person inside and out. Interview several … never choose an agent impulsively. I just listed a house in Côte St. Luc, after which the client was so happy with her
decision, she gave me a facial. It’s a rough job, but someone has to do it,” she said with a laugh.
She treats her clients and their houses with respect and looks down on gimmicky techniques. “Selling is hard work and there’s no easy way to succeed,” she said. I asked her about a recent newspaper article about an agent who treats homes like commodities to be auctioned. “I find that disrespectful, frankly. Unless it’s a bank repossession, you don’t treat a home that casually. For most people, it’s a highly personal, sacred part of one’s life. Would you auction your business … or your dog?”
Benabou Rozenblat also finds homes for clients relocating to Montreal from out of town. To reach her,call her cell 24/7 at 514-502-6627. You can also e-mail her at anitarozenblat@hotmail.com, or check out her blog at www.anitarozenblat.blogspot.com.">www.anitarozenblat.blogspot.com.">www.anitarozenblat.blogspot.com.
Bram Eisenthal's Articles can be found at The Monitor
Tuesday, February 3, 2009
Setting The Right Scene When Selling Your Home by Anita Benabou Rozenblat
You need to stage your house so people can imagine the lifestyle that comes with it. That way they can easily imagine themselves living there.
If you know how to bake,then go right ahead and make a couple of apple pies or hide a potpourri of the smell in the kitchen. Kitchen smells make a house feel friendly and inviting.
Do you have children? If you want to appeal to families buying, then have your kids and a couple friends playing in the yard to show the house is child friendly. A well-behaved dog would not hurt the image either.
If you aren't overwhelmed by people, a coffeepot in the kitchen or teapot ready to serve is another good idea. Anything that you can do to make your home seem friendly and inviting when someone comes in to look around will help your house sell more easily.
Soft music playing makes the buyer stay longer!
Create warmth and a welcoming home to all your visitor's.
Good Luck Everyone!!
If you know how to bake,then go right ahead and make a couple of apple pies or hide a potpourri of the smell in the kitchen. Kitchen smells make a house feel friendly and inviting.
Do you have children? If you want to appeal to families buying, then have your kids and a couple friends playing in the yard to show the house is child friendly. A well-behaved dog would not hurt the image either.
If you aren't overwhelmed by people, a coffeepot in the kitchen or teapot ready to serve is another good idea. Anything that you can do to make your home seem friendly and inviting when someone comes in to look around will help your house sell more easily.
Soft music playing makes the buyer stay longer!
Create warmth and a welcoming home to all your visitor's.
Good Luck Everyone!!
Ways to Make Your House Smell Good When Selling Your Property by Anita Benabou Rozenblat
Ways to Make Your House Smell Good
If you want a house to smell clean, you clean it. But what can you do to add a special touch that makes your house smell one step beyond clean? Use some common "scents," a little knowhow and a lot of creativity to make your house smell fantastic.
Use Your Good Scents
Many homeowners choose to use scented candles in their home. As the candle burns, the oils melt and create a wonderful smell throughout the entire room. Not only do these smell great, but certain scents can also be relaxing. Lavender, for instance, is commonly used in aromatherapy and is believed to be a calming scent. Vanilla, strawberry, cinnamon and even chocolate are also popular among homeowners who want to add a special touch to their home.
Good Enough to Eat
If you really want to make your home smell terrific, add a bowl of fresh fruit to the dining room table. Oranges, tangerines and apples will provide a colorful centerpiece and a scent that's simply yummy.
If you like to bake, there's nothing better than the smell of freshly baked cookies fresh out of the oven. Of course, if you don't feel up to baking every day, you can always use a chocolate scented candle instead.
Make Your Home Blossom
If you really want to add a terrific aroma to your home, place a vase of fresh cut flowers in your living/family room. A perfectly designed arrangement will act as a wonderful centerpiece, but will also fill the room with a wonderful smell. Roses are terrific for adding an unmistakable scent to any room, but many other flowers will prove to be just as nice.
Everyone "Nose" Potpourri
A potpourri mixture, which contains dried petals and spices, is typically placed in a bowl and used to add a wonderful scent to any room. A variety of mixtures are commonly found in any retailer's craft section or anywhere that scented candles are sold. Potpourri is low maintenance in that it requires nothing more than being placed in a bowl and situated in the room of your choice.
****When the smell runs out, place your potpourri in a plastic bag, add a few drops of rose oil, seal bag and open and place in a bowl within 24hrs.
Okay, one more surprise for all you serious sellers,
This is one of my favorite during the winter
1 apple sliced in half
2 teaspoons of cinnamon
2 cups water in a small pot, low heat
It'll make your home smell very inviting!!
If you want a house to smell clean, you clean it. But what can you do to add a special touch that makes your house smell one step beyond clean? Use some common "scents," a little knowhow and a lot of creativity to make your house smell fantastic.
Use Your Good Scents
Many homeowners choose to use scented candles in their home. As the candle burns, the oils melt and create a wonderful smell throughout the entire room. Not only do these smell great, but certain scents can also be relaxing. Lavender, for instance, is commonly used in aromatherapy and is believed to be a calming scent. Vanilla, strawberry, cinnamon and even chocolate are also popular among homeowners who want to add a special touch to their home.
Good Enough to Eat
If you really want to make your home smell terrific, add a bowl of fresh fruit to the dining room table. Oranges, tangerines and apples will provide a colorful centerpiece and a scent that's simply yummy.
If you like to bake, there's nothing better than the smell of freshly baked cookies fresh out of the oven. Of course, if you don't feel up to baking every day, you can always use a chocolate scented candle instead.
Make Your Home Blossom
If you really want to add a terrific aroma to your home, place a vase of fresh cut flowers in your living/family room. A perfectly designed arrangement will act as a wonderful centerpiece, but will also fill the room with a wonderful smell. Roses are terrific for adding an unmistakable scent to any room, but many other flowers will prove to be just as nice.
Everyone "Nose" Potpourri
A potpourri mixture, which contains dried petals and spices, is typically placed in a bowl and used to add a wonderful scent to any room. A variety of mixtures are commonly found in any retailer's craft section or anywhere that scented candles are sold. Potpourri is low maintenance in that it requires nothing more than being placed in a bowl and situated in the room of your choice.
****When the smell runs out, place your potpourri in a plastic bag, add a few drops of rose oil, seal bag and open and place in a bowl within 24hrs.
Okay, one more surprise for all you serious sellers,
This is one of my favorite during the winter
1 apple sliced in half
2 teaspoons of cinnamon
2 cups water in a small pot, low heat
It'll make your home smell very inviting!!
Real Estate Question's and Answer's by Anita Benabou Rozenblat
Question:
What is the difference between List and Sales prices?
Answer:
The list price is the price tag put on a house in a real estate listing; it usually is only an estimate of what the seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.
Note:
A seller may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.
Question:
Is a low offer a good idea?
Answer:
While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer.
Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
Is the offer conditional upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.
* Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?
* Is the offer all cash, meaning the buyer has waived the financing? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with financing.
Question:
What is the best time to buy?
Answer:
Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are anxious to buy so they can move during summer vacation, before the new school year begins.
The market slows down in late summer before picking up again briefly in the fall. November and December have traditionlly been slow months, although some buyers look for bargains during this period if available.
Join my Question & Answer Group
E-Mail me directly at anitarozenblat@hotmail.com
Do You Know What Your Home Is Worth In Today's Market?
Free Home Evaluation's
What is the difference between List and Sales prices?
Answer:
The list price is the price tag put on a house in a real estate listing; it usually is only an estimate of what the seller would like to get for the property. The sales price is the amount a property actually sells for. It may be the same as the listing price, or higher or lower, depending on how accurately the property was originally priced and on market conditions.
Note:
A seller may need to adjust the listing price if there have been no offers within the first few months of the property's listing period.
Question:
Is a low offer a good idea?
Answer:
While your low offer in a normal market might be rejected immediately, in a buyer's market a motivated seller will either accept or make a counteroffer.
Full-price offers or above are more likely to be accepted by the seller. But there are other considerations involved:
Is the offer conditional upon anything, such as the sale of the buyer's current house? If so, a low offer, even at full price, may not be as attractive as an offer without that condition.
* Is the offer made on the house as is, or does the buyer want the seller to make some repairs or lower the price instead?
* Is the offer all cash, meaning the buyer has waived the financing? If so, then an offer at less than the asking price may be more attractive to the seller than a full-price offer with financing.
Question:
What is the best time to buy?
Answer:
Because many buyers prefer to move in the spring or summer, the market starts to heat up as early as February. Families with children are anxious to buy so they can move during summer vacation, before the new school year begins.
The market slows down in late summer before picking up again briefly in the fall. November and December have traditionlly been slow months, although some buyers look for bargains during this period if available.
Join my Question & Answer Group
E-Mail me directly at anitarozenblat@hotmail.com
Do You Know What Your Home Is Worth In Today's Market?
Free Home Evaluation's
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