| Recent Blog Posts by CENTURY 21 Today Realty Ltd. | ||
Mandatory Septic Inspections in Wainfleet
The Township of Wainfleet has implemented a mandatory septic system inspection program for the Lakeshore area which has been under a “Boil Water Advisory”.
The program’s purpose is to:
Identify hazards with malfunctioning or insufficient septic systems,
“Monitor ‘at risk’ areas”,
“Prevent pollution to groundwater”, and
“Restore ...
Posted by Eugene Pilato
on May 3, 2012
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One of the Most Asked Buyer Questions…
…is “How long has the home been on the market?”
Here are some of the reasons for asking, especially on homes with extended market times.
Generally, the longer a home has been on the market, the less confident the buyer is about the home’s value and the less attention it gets. In contrast, a newer listing garners lots of interest from buyers and their agents. ...
Posted by Eugene Pilato
on May 2, 2012
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Market Update to April 30,2012
The following is a Market Update on the 12-month average sale price in the Niagara Region per city.
To Apr. 30/12
Average Sale Price
%'age
By Area
2012
2011
Change
12-Month Average
Fort Erie
$201,839
$180,034
12.1%
Fonthill/Pelham
$318,684
$315,604
1.0%
Niagara ...
Posted by Eugene Pilato
on May 2, 2012
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Are You a Buyer Customer or a Client?Under Ontario regulations, if you are buying or selling, real estate salespeople are required to inform you of the available types of services that can be offered as soon as practically possible.
The Agency Relationship and Your Options
Salespeople are further obligated to obtain a written acknowledgement that the various services have been explained and disclosed. For this purpose salespeople ...
Posted by Eugene Pilato
on April 5, 2012
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The Power of DistractionHome buying is very much a process of elimination
Home buyers often eliminate homes they call on once they receive more information. It’s too small or too big; it’s too much, lacks a 3rd bedroom or can have any number of other reasons to remove the listing as a possible to look at.
The Internet Can Help Clarify Buying Choices
Searching the Internet can devour hours of time. Yet the ...
Posted by Eugene Pilato
on April 5, 2012
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Property Moguls Wanted in Realopolis!Go to www.propertymogul.ca
And start playing today
Property Mogul is a FUN, FREE Online Game Launched by Century 21 Canada that’s designed to educate Canadians about real estate investment.
You are Assigned a CENTURY 21 Avatar. Through location-matching technology, each player is assigned a CENTURY 21 Avatar, a virtual representation of an existing real life salesperson from our local offices. ...
Posted by Eugene Pilato
on April 5, 2012
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What’s a reasonable time to own a home?On average homeowners sell their home within seven years of buying and that’s increasing. A number of sellers fall short of this average. Some sell within one to two years of buying for various need-based reasons, such as:
Financial stress due to illness, job loss or being too stretched,
They dislike like the neighbourhood once there,
The house turns out to be too small or too large.
Job ...
Posted by Eugene Pilato
on March 7, 2012
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Interesting Seller Data from NARFrom the 2011 NAR Profile of Home Buyers and Sellers
Length of Homeownership
Sellers owned their homes for a median of 9 years. Sellers above 45 owned for upwards of 10 years and those 65 to 74 sold after 14 years. Medium tenure in a home was 6 years in 2007.
Median Sale to List Price vs. Market Time
Overall, sellers sold their homes for 95 percent of list price, within a median market time ...
Posted by Eugene Pilato
on March 7, 2012
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Clarifying the Holdover in a ListingWhat is the “Holdover Provision” in a listing?
With this clause the seller agrees to pay commission for a certain period of time after the listing expires (the holdover period), if he sells to a buyer who was shown or introduced to the property during the listing period.
This clause also addresses a second possibility. What if the listing expires and the seller wants to list the home ...
Posted by Eugene Pilato
on March 7, 2012
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Thinking of Buying a New Home In 2012?5 Important Things to Know About HST Rebates When Buying a New Home
1. All new homes are subject to HST in Ontario.
2. Does the Price Include HST Net of Rebates? In most new home purchases, the Builder will include the HST in the purchase price net of applicable HST rebates. In this respect the builder has credited the qualifying rebates to the buyer by way of a reduction in the transaction ...
Posted by Eugene Pilato
on December 28, 2011
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Did You Know a HELOC is Mortgage?57% of people with a Line of Credit Don’t
Before a property goes on the market, it’s essential to assess the seller’s equity or ownership interest in a property. This is calculated by taking the property’s value and subtracting mortgages, penalties and other registered liens. If the amount of debt against the property exceeds the sale price, the seller may not be able to transfer ...
Posted by Eugene Pilato
on December 28, 2011
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Highlights from NAR’s 2011 Buyer ProfileThe primary reason for buying a home, cited by 27% of recent buyers, was simply the desire to own their own home. Job change and relocation was 2nd, while the desire to be closer to family and friends was 3rd.
A detached, single-family home remains the primary choice for the majority (about 77%) of home buyers.
Choice of neighbourhood varies considerably, yet the top three factors influencing ...
Posted by Eugene Pilato
on December 28, 2011
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What’s the Most Important Aspect to a Real Estate Sale?What is most important to a Real Estate Sale?
Many would say location and they would be close to correct
You see, location certainly falls within the top influences to a successful home sale. Yet one could have a highly desirable location and still not attract a buyer to the home. Oh the home could attract a large number of people to open houses and might garner oodles of positive comments, but ...
Posted by Eugene Pilato
on December 14, 2011
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Realizing Home Ownership by New CanadiansThe Dream of Home Ownership
Ever since Maria and Robert Sanchez immigrated to Canada, they dreamed of owning their own home. To that end they scrimped and saved their money so they could have a downpayment. Their REALTOR® now set them up with a mortgage broker to see what they qualified for.
From Maximum Price to Making an Offer
On reviewing their income, credit and savings, the mortgage ...
Posted by Eugene Pilato
on December 14, 2011
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How’s the Market to November 30, 2011Market Overview of Single Family Homes to Nov. 30, 2011
The number of listings for single family homes is down by -2% in the Niagara Region.
Regionally, sales are down by -4.3% YTD compared 2010. November sales were up 373 vs. 341 for the month of Oct.
To Nov. 30-11
Average Sale Price
%'age
Area
2011
2010
Change
12-Month Average
NOL ...
Posted by Eugene Pilato
on December 14, 2011
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Misunderstanding Mortgage Approval Can Be CostlyA Lender uses a two-step process to approve a mortgage:
First they qualify and approve the buyer based on credit worthiness, employment, income and other criteria);
Second they qualify and approve the property (based on location, condition and purchase price as it relates to value, as well as other factors.
In most cases, the mortgage lender verifies the price paid through a certified property ...
Posted by Eugene Pilato
on December 14, 2011
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Reduce Risk when Holding a 2nd MortgageA 2nd Mortgage Can Attract More Buyers There are times when a home seller will entertain holding a second mortgage as an incentive to attract more buyers.
However, here is an important but often overlooked aspect of deciding to hold a 2nd mortgage. The 1st mortgage lender will want to insure that the payments for both the 1st and 2nd mortgage fall within the buyer’s ability to pay. If not, ...
Posted by Eugene Pilato
on December 14, 2011
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A Resistant Seller and the Accepting BuyersWhat happens when two inspectors disagree?
The buyers’ licensed inspector reported that the septic tile bed was deficient. The buyers asked that the cost to correct, about $5,000, be taken off the purchase price.
The seller flinched and argued that his septic system worked fine. To prove his point the seller engaged another inspector who declared the septic tank in good working order.
After ...
Posted by Eugene Pilato
on December 14, 2011
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First Impressions and Selling a Home?Are first impressions important to selling a home?
I remember reading the following from somewhere:
“In a television commercial, we’re told the sale is made or lost in the first 3 or 4 seconds. In a print ad, tests have shown, 75% of the buying decisions are made at the headline alone. In a sales presentation, data have shown us, the sale is made or lost in the first three minutes.” ...
Posted by Eugene Pilato
on December 14, 2011
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You Take Your Memories With YouFor months her friends urged her to make the phone call. When Theresa finally did, she asked the REALTOR® to stop by her house that afternoon. She was tearful as she explained her situation.
“I’ve lived in this home for over 45 years. My husband and I raised our two children here, and since Harold passed away 5 years ago, I’ve tried keeping the place up by myself. I’m ...
Posted by Eugene Pilato
on December 14, 2011
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Location’s Impact on Lifestyle and ValueYou’ve heard the question, “What are the 3 most important elements of buying a home?”
The response: “Location, Location, Location.”
There is no denying: location is critical to home buying. That’s because where you live can be important to how you live, how it affects your happiness and quality of life and how it affects your financial and emotional wellbeing. ...
Posted by Eugene Pilato
on December 14, 2011
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Market Conditions to October 31, 2011The number of listings for single family homes is down by -2.5% in the Niagara Region.
Regionally sales are down by -4.8% YTD compared 2010. Oct. sales were 341 compared to 424 for the month of Sept.
To Oct. 31-11
Average Sale Price
%'age
Area
2011
2010
Change
12-Month
NOL
$450,107
$435,527
3.3%
Niag. ...
Posted by Eugene Pilato
on November 2, 2011
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How to Get a 17% Return or More in Real EstateInvesting in real estate deserves another good look.
People typically invest in three areas:
Stocks,
Bank products, and
Real Estate
It’s no secret. Today the stock market is on a roller coaster ride and interest on bank deposits is at an all time low. As well, people are somewhat apprehensive about real estate.
Yet Canadians are either investing or thinking seriously about investing ...
Posted by Eugene Pilato
on November 2, 2011
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The Internet is Great…A Buyer Agent is BetterThe Internet--a Valuable Search Tool but….
The Internet helps buyers in the information gathering, home search and elimination process. People can search the internet in the comfort of their homes without having to talk to a REALTOR®. Though It has become an indispensable tool, allowing for more information and pictures on listings, it is still an ad.
Arguably, little can beat the commentary ...
Posted by Eugene Pilato
on November 2, 2011
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Is There a Difference between Buyer Reps?Some real estate salespeople would have you believe they all perform the same services. Yet the differences in approach, skills and even attitude are many. They can have a big impact on your home buying experience.
1. First there is the question of mindset. In the revealing book, Mindset, by Carol S. Dweck, Ph.D., she points out that people develop a fixed or a growth mindset in varying degrees, ...
Posted by Eugene Pilato
on August 3, 2011
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