Fri 4 Nov 2011

Mississauga Real Estate Market Remains Hot

Posted by cynthia under Mississauga Real Estate
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Port Credit looking from the lake looking north

Port Credit looking from the lake looking north

From an investment perspective those who had the bulk of their investments in the stock market had a very topsy turvey month in October. The debt crisis in Europe dominated the evening news (and still is) and stocks were loosing value more then gaining. However, real estate in Mississauga, Toronto, Etobicoke, Oakville and Brampton just kept on climbing both in numbers of sales and prices.

During the month of October total sales reported in the greater Toronto Area amount to 7, 642 an increase of 16.4% over the number of sales at the same time last year. The average selling price in October was up 8% to $478, 137.

With respect to the Mississauga real estate market total home sales were 916 with an average price of $429,033. The number of new listings on the market during the month was 1430 and active listings at the end of the month 1823. The average days a home was on the market was 24 days.

Although the inventory of homes has increased since the spring and summer the market remains a Seller’s market meaning the number of buyers looking for a home surpasses the number of homes available.

The Canadian Mortgage Housing Corporation recently released their quarterly housing market outlook which predicts that sales for the remainder of the year will remain at the same pacing with a continued edging towards a balanced market. Predictions in this report also indicate that the total number of sales and prices for 2012 will stabilize with modest increases.

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Sat 20 Aug 2011

Top Five Tips for First–Time Home Buyers

Posted by NewsCanada under Buying a Home, First-Time Home Buyers
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A photo of couples first time home buying experience

(NC)—More than ever, first–time homebuyers are weighing their options before embarking on the Canadian dream of owning a home. “We want consumers to be comfortable with the financial responsibilities of owning a home, so it’s important to determine what they can afford in order to maintain a reasonable lifestyle once they’ve made the leap,” says Phil Soper, president of Royal LePage Canada. As such, Soper offers these guidelines for first–time homebuyers:

1. Determine your net worth. Take your assets (cash, investments, savings, vehicles and other items you own) and subtract your liabilities (car loans, lines of credit, overdrafts and credit cards). A positive number is a good sign that you may be ready to purchase your first home.

2. Obtain mortgage pre–approval. There are many different mortgage options available on the market today. Thoroughly investigate the terms and rates available, and once you have settled on a rate, term and amortization period, apply for mortgage pre–approval with your lender. Mortgage pre–approval presents you as a serious purchaser, to both real estate agents and sellers.

3. Hire a real estate agent. Top agents have extensive experience and demonstrate dedication and commitment to helping their clients. Ask your family and friends for a referral, or explore real estate sites such as www.royallepage.ca to read profiles on agents, including their areas of expertise and languages spoken. A real estate agent will have knowledge of accurate, real–time market data to leverage your negotiating position, as well as access to properties often even before they are listed on MLS.

4. Be realistic. Choose a home that is within your means. Keep in mind that you will need to set aside extra funds for ongoing home maintenance and potential increases in utilities, taxes and mortgage rates.

5. Rent out a portion of your home. Consider buying a home with the potential to provide added income. Renting a basement apartment or a spare room can put extra money in your pocket, helping you to pay down your mortgage faster.

Source: www.newscanada.com

More helpful home buying tips and advice available on the Mississauga Properties website.

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Wed 17 Aug 2011

Which comes First? Buying or Selling?

Posted by cynthia under Buying a Home, Financing, Home Ownership
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Selling your home first before buying another is the generally accepted route in the home buying process. However, that appears to be changing. With 16 years of consistently rising home prices in the the Toronto market, it’s not hard to see why some buyers can get complacent.

Before making your decision you really have to do your research. If the market is good and homes are selling well on your street, then there is a good chance you can sell your home quickly, If the market is slow it might not be a great idea.

The average days that the house sits on the market are up by 15 per cent to 23 days from 20.
For those people contemplating whether to buy first, make sure that you can financially withstand holding two mortgages in case the market turns. The bank can conceivably rescind a mortgage approval if the first property is not sold before closing of the second property.

Whatever you do, try not to impulse buy. So if you don’t think you can afford it, stay way from those open house signs until the cash is in the bank or you have sold your home firm!

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