Depending on the value of your home, the cost of doing little or no preparation before you sell can cost you upwards of $100,000.00

A recent survey by Kijiji Canada reveals that Canadians do not do “what’s necessary to sell their homes”.

Their survey showed:

Nearly three-quarters (72 per cent) of those who believe decluttering is important didn’t actually purge their home of many items before selling.

Potential loss if above work is not done:  $20,000 to $40,000

A large majority (86 per cent) of those who believe conducting renovations is important before selling a home didn’t do any when selling their home.

Potential loss if above work is not done:  $40,000 to $100,000

A large majority (86 per cent) believe staging is important, but 61% of those who think it’s important didn’t do it.

Potential loss if above work is not done:  $15,000 to $50,000

Above figures are based on a home valued at $800,000

Janette Ewen is a staging specialist, and she says “Getting important pre-sale preparations done when selling a home can often be a challenge simply due to personal finances and time restraints.”Pre-sale home improvements usually come down to time and money”.

Today’s homebuyers come better prepared than in the past.  They simply have more information available through the internet.  These buyers have little time available and will generally look at homes in a move-in-condition.

If your home needs work, such as decluttering, fixing leaky faucets or staging, you are well advised to have all these things done before opening the door to potential buyers.

Toronto Home Owners Lose Thousands of Dollars, Survey – Real Estate in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

The Beauchamps lived in their London, Ontario home for six years and during that time they renovated the basement which they used as a playroom and as a guest room.

They sold their home in 2007 and their basement flooded one week before the closing of the sale to Adam and Yogi Soboczynski.

The Beauchamps fix the problem and because their basement had never flooded before they decided not to pass this information to the buyers.

Basement floods again

The problem arose a week later when the basement flooded again and it cost the new owners $20,000 to have it fixed.

The matter ended up in court.

The buyers hired an engineer who testified that flooding had probably occurred during the previous seven years, based on his findings.

Who is a more credible witness, the engineer or the sellers’  relatives?

As a defense, the Beauchamps brought some of their relatives to testify. They had stayed in the basement and there was never any indication of water problems. The Beauchamps had filled a Seller Property Information Statement (SPIS) but the form was not attached to the accepted offer.

The judge preferred the evidence of the relatives over the engineers’ report. He agreed the flooding was a one-off incident and did not have to be disclosed to the buyers.

Important lessons for would-be sellers!

• Disclose all problems you know about. If you are not sure, err on the side of disclosure.

• If you as a seller sign a Seller Property Information Statement, to be safe, do not attach it to the agreement of purchase and sale.  That way, you will be protected if you made a mistake in completing it.

Lessons for home-buyers

• Do not rely on the SPIS because it is not supposed to be a warranty; it is just to be used for information purposes.

• If something matters, always include it in your Agreement of Purchase and Sale. As a home buyer you should never rely on verbal promises or advertisements.

Court Sides with Sellers Who Did Not Disclose Their Basement Had Flooded – Real Estate in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

A few Toronto condo developers and some bank economists are concerned about the possibility of foreign investors retreating from the real estate market.

Foreign investors have been a major force in both the Vancouver and Toronto condo markets for several years. However, there is a growing fear that the jittery financial markets may send most of them running for the exit doors.

Exodus of foreign buyers can impact the Toronto real estate market.

That kind of change could have a serious impact on the Toronto real estate market.

Aside from the economic impact that this loss of investment may have, some economists believe that it may have a greater psychological impact on the Toronto housing market, plunging home prices.

Rental rates are not increasing as fast as condo prices making it more difficult for these investor-landlords to pay their mortgages and forcing many of them to sell their units.

Is the Toronto condo market likely to crash?

The Wall Street journal has compared Toronto’s condo boom to Miami, where thousands of foreign investors created a bubble that has caused the real estate market to crash.

What is the value of your Toronto home today?

Give us a few details about your home and we will send you an accurate opinion based on the most recent comparable home sales in your neighbourhood.

Mass Exodus of Foreign Buyers Could Ravage Toronto Real Estate is a post from: Toronto Real Estate-Toronto Homes For Sale

Enjoy your visit to this sun-filled North Toronto home at 124A Melrose Avenue.

Built in 1993, it has since had an extensive interior rebuild by the current owners, with meticulous attention to detail, using the highest standard of materials and workmanship.

This light-filled contemporary home features high ceilings and spacious design.

Its three levels comprise 2350 sq feet on the main and second floors, and an additional 900 sq feet in the lower level, affording ample flexibility.

The lower level boasts its own private entrance and is perfect as a home theatre, teen retreat, or guest suite with surround sound and a cozy fireplace.

The professionally landscaped perennial rear garden is ideal for relaxing with family or for quiet entertaining.

Situated on a tree-lined street between Yonge Street and Avenue Road, you are merely a short stroll to shops, boutiques, great dining and a quick drive to highway 401.

Extras include subzero refrigerator, Thermador double oven and 4-burner gas cook top, Aeg dishwasher, all stainless steel.

Maytag washer and dryer, all window blinds and shutters, second bedroom ceiling fans, professionally installed surround sound wiring and in wall S + W speakers.

Want any additional information? Send us a note below

Modern Sun-Filled Home Available at 124A Melrose – Toronto Homes for Sale is a post from: Toronto Real Estate-Toronto Homes For Sale

If you are looking for seed money for your next ‘great idea’, the CBC’s Dragon’s Den might be your ticket to riches, fame and fortune. Five wealthy Canadian entrepreneurs will listen to your presentation and will make you an offer or send you packing.

Most every person who comes on the show has an ‘inflated idea’ of the value of their business.

The Dragons do not pull any punches and will either make the presenter a realistic offer or he goes home empty-handed.

When you are about to hire an agent to sell your home, you will discover that the good agents will let you know quickly if your price is overly ambitious.

Unlike the CBC’s Dragons, some agents will go along with you and list your home at your price.

Beware! These agents have a little intention of putting any effort into selling your home, and some are using your home as nothing more than bait to attract home buyers for other properly priced homes.

Have an accurate opinion of the value of your home delivered by email. No salesperson will call or visit.

Enter your home information in the form below.

Dragon’s Den and Selling Your Toronto Home – Toronto Real Estate is a post from: Toronto Real Estate-Toronto Homes For Sale

In spite of continued brisk home sales this year, it appears the Toronto real estate market has begun to lose momentum. The two major factors for the slowdown point to home buyer exhaustion, and the ever-growing financial threat caused by defaulting European countries and a stubborn U.S recession.

All real estate cycles come to an end
As in any other market, selling and buying opportunities come and go. In Toronto we have had a sellers market for more than 10 years!

That fact alone should be concern enough for anyone considering the sale of their home. However, Baby Boomers seem unfazed by all that is happening in the real estate market and we find that many are still patiently waiting for the right time to make their move.

Markets do not wait
Should we suddenly be faced with a painful downturn of our economy, home prices can easily drop by 10 to 15 percent, plus the real estate fees.

If your current home is worth $800,000 dollars, you stand to lose $80,000 to $120,000 in a few months.

This happened at the peak of the previous financial crisis in 2008.

Back in 1990, the drop in home prices was even more severe. Canadian home prices fell by as much as 33 percent. It took more than 13 years for home prices to increase to the same level they reached in 1989.

If moving is in your horizon, now is a good time for you to get most money for your Toronto home.

Not only are there many buyers waiting for that special home to come on the market; interest rates are still are historical lows.

Would you like to have a confidential discussion about your future housing needs?

Tell us a bit about your particular situation in the form below, and we will give you several options for you to consider.

Toronto Boomers – Cash in On the Last Home Sellers Market Now is a post from: Toronto Real Estate-Toronto Homes For Sale

Competition Bureau chief Melanie Aitken wants to get rid of everything that’s private information about your home.

It appears that this tireless warrior won’t stop at anything until she is done modelling the real estate industry to her liking.

In many cases there is little if any evidence that she speaks on behalf of the public majority about buying and selling homes.

Most of the changes she has demanded have been adopted by TREB and the Canadian Real Estate industry.

The most recent change implemented by the real estate industry, allowed any homeowner access to the MLS system, without having to pay a listing agent a fee in the event of the sale of that home.

Her latest mission to save Canadian consumers from the real estate industry is not only unreasonable but of questionable legality.

Not long ago, real estate consumers spoke with a single voice about wanting to keep all information regarding the sale price of their homes private. Those requests were turned into law and are found in the Personal Information Protection and Electronic Documents Act, PIPEDA for short.

Ms Aitken appears to want to ignore such law and make all home sale price information available to anyone with internet access.

We believe Ms. Aitken is on the wrong side of the issue and the real estate industry has not accepted her order to change the current situation.

If this issue remains unresolved, Ms. Aitken’s only alternative appears destined for a hearing at the Competition Tribunal, which has the power to impose a ruling or drop the case.

We are John Carr and Rosalin Smith-Carr at primetorontoneighbourhoods.com

Is this a good time to buy or to sell a home in Toronto? Send us your questions in the form below, and we will give you an accurate opinion based on your individual needs.

Thank you for visiting and if you are so inclined we welcome your comments.

Your Private Home Information is at Risk – Toronto Homes is a post from: Toronto Real Estate-Toronto Homes For Sale

Be careful when you go out tonight kids!

There are some really spooky homes out there.

Boooooooooooooooooooooo!

Make sure Frankenstein doesn’t get your treat.

Watch out for the headless knight on a horse.

Remember! Do not cross the black cat path or you may end up in the back of the hearse.

Have lots of fun and make sure to bring an adult with you.

Scariest Halloween Houses in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

According to new research commissioned by Kijiji Canada, “61 per cent of Canadians would consider selling their home on their own”. It goes without saying that the reason for going alone is to save the agent’s real estate commission.

If you needed change for a five dollar bill and I told you that you could have my three 2 dollar coins for your bill, would there be a cost to you?

Selling your own home is pretty much the same thing.

Your home is worth $500,000. Most agents in Ontario will charge a 5 percent fee of $25,000.

After paying your agent and not including any other miscellaneous fees, you will receive $475,000 for the sale of your home.

On paper, paying an agent that amount of money does not appeal to you, so you decide to try to sell your home on a For Sale by Owner basis.

The rational is that even after spending a few thousand dollars on a For Sale by Owner company that can ‘guide’ you through the selling process, plus lawyer fees, you’ll end up way ahead of the game.

What happens in reality though?

1. Buyers love going to see For Sale by Owner homes. They know they are not dealing with a professional and may be able to negotiate a better deal for themselves.
2. The main attraction for those buyers is also to save that same commission … those same dollars they know you are not paying to a real estate agent! Once you go For Sale by Owner, you will soon find out that most home buyers are not so inclined to be good neighbours or model citizens and let you pocket that commission.
   
3. For over 50 years, The National Association of Realtors survey shows consistently that when For Sale by Owners do succeed in selling their homes without a real estate agent, they net between 13% to 24% less than comparable homes that were sold through the MLS system.

The only two questions are …what is the cost of hiring an agent?

The other question is, when you go For Sale By Owner… what are the savings?

Would you like to receive a professional and honest opinion of the value of your home?

Give us a few details about your home and we will send you an accurate opinion of value by email.

No salesperson will call or visit!

Canadians Ready to Kiss Realtors Goodbye – Homes in Toronto is a post from: Toronto Real Estate-Toronto Homes For Sale

Will you receive a higher sale price for your home when you offer it for sale for one dollar?

The answer is no.

This Oakville home was originally listed for more than one million dollars.

The owners received no offers, so they decided to offer it for sale for one dollar. They hope that by pricing so low they could create a bidding war.

What the owners apparently did not know was that trying to fool the public is not a good strategy and generally doesn’t work.

What is the secret to getting the highest price possible for your home? It turns out that the secret is no secret at all. Sadly, too many sellers decide to ignore what has been proven to work in the past.

By using either of these 2 strategies you will receive a lower price for your home:

• Pricing your home 10% to 30% below market value. Most of today’s buyers come better informed about the right price for your home. The internet allows them to learn as much as they want before setting out to find their dream home. If you under price your home, buyers will see through it and move on to the next home.
• Testing the market. The sellers tell the real estate agent, ‘Let’s ask 10 to 20% more than market value and see what happens. We can always reduce the price later’. No harm done, right? Not quite. Some real estate agents will love you when you do this. By asking a much higher price than other similar homes in your neighbourhood, you are in fact helping those agents sell other homes. Many of the agents will bring buyers to your home and then show the buyers similar homes listed at a “much better price”.

Get your full asking price or more

List your home at market value and home buyers will reward you by paying you the full asking price or above.

Our Toronto real estate market is constantly changing. You can have a professional opinion of the value of your home by simply telling us a few facts about your home in the form below.

We will send you a full report by email.

No salesperson will call or visit.

Get a Higher Price for Your Toronto Home – Toronto Homes for Sale is a post from: Toronto Real Estate-Toronto Homes For Sale