Each month Derek posts a link to a comprehensive report of sales actitivy, sorted by region and by housing type (condo, townhouses, semis, detached...). Note (for all you Georgetown folks) that Halton Hills is known as "W27", in the West District of the GTA.
Details at: http://www.callderek.ca/pdfMarketWatch/2010_07.pdf
Call Derek if you have any real estate questions!
CallDerek.ca
Georgetown Ontario Real Estate. Derek Dunphy, REALTOR®
Tuesday, August 24, 2010
Tuesday, July 6, 2010
To remedy this situation, I am offering a new FREE service which will provide you with the most up-to-date list of Power of Sale/Foreclosure listings in the price range and area that interests you.
Simply follow this link to a new section of my website... The information comes with no obligation, just keep me in mind for all your real estate needs. Power of Sale and Foreclosure Information
Derek Dunphy
Sales Representative
Johnson Associates Real Estate Ltd., Brokerage
(905)877-5165
Derek@CallDerek.ca
Friday, May 14, 2010
What they sold for...
Every month the Toronto Real Estate Board (which hosts the MLS service most of the entire Greater Toronto Area) puts out a quick chart to illustrate what houses are selling for. In April of 2010, 28% of the units sold were in the $300K to $400K range.
For more detailed information, check out the Latest Market Statistics section of my website: http://CallDerek.ca
For more detailed information, check out the Latest Market Statistics section of my website: http://CallDerek.ca
Saturday, April 24, 2010
Are you competing to with other buyers to get the house you want? If so, you should read this:
Competing Offers
In certain market conditions (like the Georgetown Area Market in Spring 2010), consumers may find that more than one buyer is interested in a property. This is a competing offer situation and creates unique conditions in a real estate transaction. Both sellers and buyers need to consider how to respond when presented with a competing offer situation. Working closely with your real estate broker or salesperson will ensure that you understand the process.
In Ontario, the seller's real estate broker or salesperson is required to disclose the number of competing offers to all buyers who have submitted a written offer. However, the terms and conditions of each offer are confidential to the seller and their broker or salesperson.
Working with a Real Estate Broker or Salesperson
The seller's real estate broker or salesperson represents the interests of the seller in the transaction. The decisions about how offers are presented and responded to, as well as which offer is accepted, are made by the seller.
The buyer's real estate broker or salesperson represents the interests of the buyer in the transaction. The buyer makes the final decisions related to their offer, including the important decision of whether or not they want to participate in a competing offer situation.
In some situations, the real estate broker or salesperson will represent the interests of both seller and buyer or multiple buyers. Consumers should seek guidance from their real estate broker or salesperson if this situation arises.
Tips for Buyers
In a competing offer situation, buyers may be tempted to offer more for the property than they planned to and/or remove conditions from offers that are intended to protect them.
Before participating in a competing offer situation, buyers should consider factors such as:
Offer Price
How much can the buyer afford to offer for the property and how much is the property worth? A high offer could enhance the buyer's chance of success. However, it may not be the best long-term financial decision for the buyer. A competing offer situation does not necessarily mean that a property will sell for more than the asking price. Similarly, an offer that meets or exceeds the asking price will not guarantee that a buyer's offer is accepted.
Financing
Buyers should be aware that pre-qualifying for a mortgage does not safely eliminate the need for a financing condition in an offer.
Home Inspection
In competing offer situations, it can be tempting not to include a clause in an offer that makes it conditional on a home inspection. While your offer might be more acceptable to the seller, you may later learn that there are property defects, required repairs or needed upgrades that you weren't aware of. In some cases, this can be expensive in the short or long-term. Foregoing a home inspection is a significant risk that a buyer needs to carefully consider.
Tips for Sellers
A seller facing competing offers has to consider how they want to deal with the situation. The seller can decide to: accept the best offer; negotiate with one buyer and reject all other offers; negotiate with one buyer and advise other buyers that their offers are being set aside while the seller negotiates; or reject all offers.
Even in a competing offer situation, buyers have other options and may choose not to continue to participate. A seller may attempt to negotiate only to find out that it was the best offer the buyer could present. In the meantime, other buyers have found new properties they are interested in.
The seller's real estate broker or salesperson can provide advice and guidance, ensuring that the obligations and the options available are understood.
Note: Information provided courtesy of the Real Estate Concil of Ontario (RECO).
More useful information is available at http://CallDerek.ca
In certain market conditions (like the Georgetown Area Market in Spring 2010), consumers may find that more than one buyer is interested in a property. This is a competing offer situation and creates unique conditions in a real estate transaction. Both sellers and buyers need to consider how to respond when presented with a competing offer situation. Working closely with your real estate broker or salesperson will ensure that you understand the process.
In Ontario, the seller's real estate broker or salesperson is required to disclose the number of competing offers to all buyers who have submitted a written offer. However, the terms and conditions of each offer are confidential to the seller and their broker or salesperson.
Working with a Real Estate Broker or Salesperson
The seller's real estate broker or salesperson represents the interests of the seller in the transaction. The decisions about how offers are presented and responded to, as well as which offer is accepted, are made by the seller.
The buyer's real estate broker or salesperson represents the interests of the buyer in the transaction. The buyer makes the final decisions related to their offer, including the important decision of whether or not they want to participate in a competing offer situation.
In some situations, the real estate broker or salesperson will represent the interests of both seller and buyer or multiple buyers. Consumers should seek guidance from their real estate broker or salesperson if this situation arises.
Tips for Buyers
In a competing offer situation, buyers may be tempted to offer more for the property than they planned to and/or remove conditions from offers that are intended to protect them.
Before participating in a competing offer situation, buyers should consider factors such as:
Offer Price
How much can the buyer afford to offer for the property and how much is the property worth? A high offer could enhance the buyer's chance of success. However, it may not be the best long-term financial decision for the buyer. A competing offer situation does not necessarily mean that a property will sell for more than the asking price. Similarly, an offer that meets or exceeds the asking price will not guarantee that a buyer's offer is accepted.
Financing
Buyers should be aware that pre-qualifying for a mortgage does not safely eliminate the need for a financing condition in an offer.
Home Inspection
In competing offer situations, it can be tempting not to include a clause in an offer that makes it conditional on a home inspection. While your offer might be more acceptable to the seller, you may later learn that there are property defects, required repairs or needed upgrades that you weren't aware of. In some cases, this can be expensive in the short or long-term. Foregoing a home inspection is a significant risk that a buyer needs to carefully consider.
Tips for Sellers
A seller facing competing offers has to consider how they want to deal with the situation. The seller can decide to: accept the best offer; negotiate with one buyer and reject all other offers; negotiate with one buyer and advise other buyers that their offers are being set aside while the seller negotiates; or reject all offers.
Even in a competing offer situation, buyers have other options and may choose not to continue to participate. A seller may attempt to negotiate only to find out that it was the best offer the buyer could present. In the meantime, other buyers have found new properties they are interested in.
The seller's real estate broker or salesperson can provide advice and guidance, ensuring that the obligations and the options available are understood.
Note: Information provided courtesy of the Real Estate Concil of Ontario (RECO).
More useful information is available at http://CallDerek.ca
Sunday, March 21, 2010
Thursday, March 18, 2010
ATTN: Variable Rate Mortgagors... It may be time to lock in!
Attention Georgetown Ontario Real Estate Blog followers:
There seems to be a lot of speculation about interest rates and where they are going over the last few weeks... If you are currently on a variable rate mortgage, I would strongly consider calling your mortgage advisor and asking them about their opinion on locking-in today!
As always, I suggest you call a mortgage broker to get the most competitive rate available (even if you take that rate to your bank and ask them to match)! This morning the lowest posted rate available for a 5-year fixed mortgage was 3.94%; and at least one mortgage broker has advertised 3.69%. For the most current rates available, see the "Mortgage Information" section of my website: CLICK HERE to go to my website!.
There seems to be a lot of speculation about interest rates and where they are going over the last few weeks... If you are currently on a variable rate mortgage, I would strongly consider calling your mortgage advisor and asking them about their opinion on locking-in today!
As always, I suggest you call a mortgage broker to get the most competitive rate available (even if you take that rate to your bank and ask them to match)! This morning the lowest posted rate available for a 5-year fixed mortgage was 3.94%; and at least one mortgage broker has advertised 3.69%. For the most current rates available, see the "Mortgage Information" section of my website: CLICK HERE to go to my website!.
Tuesday, March 9, 2010
Spring 2010 Newsletter
Written by me, for you... My Spring 2010 Newsletter is now online. Enjoy!
Spring 2010 Newsletter - CLICK HERE
Comments and Questions are appreciated.
Spring 2010 Newsletter - CLICK HERE
Comments and Questions are appreciated.
Subscribe to:
Posts (Atom)