Waiting for the market to cool off before buying a home could end up costing you more money then it would if you bought a home now and took advantage of the lower mortgage rates mortgage.

With predictions of home prices set to fall many potential home buyers including home upgraders are choosing to sit on the sidelines and take a wait and see approach with their real estate plans. Home buyers refusing to participate in multiple offers are also bowing out until the market cools off a bit. Is this the right approach?

Since March when predictions were released that Mississauga Property values along with most other areas of the GTA would experience a price reduction of 20—25%, the Mississauga real estate market along with most other markets across the GTA have continued to flourish. During the first two weeks of April the average selling price of a home increased by 1% as compared to the average selling price at the end of March 2012. Although this average price does not necessarily mean that all homes have increased 1% in value in two weeks, it provides some guidance that home prices are still on the increase. By the end of the month the year over year increase in average selling price was up by 8%. Total sales figures were up 18% over last April.

The inventory of homes on the market continues to be very tight and there are more buyers out there then there are homes for sale. The hope is that as we move further in to spring the inventory will increase and prices will stabilize. If not then what next?

A continued tight inventory will push prices up even further. At the current level of monthly increases in the average selling price that could amount to an increase of about 12% over the next year. Based on the year over year average increase of 10% published for March 2012, this 12% doesn’t seem totally out of whack.

The Canadian economy seems to be moving along quite well and according to the “Big Bank Chief” if it continues to improve a gradual increase in the central bank rate could lead to an increase in lending rates. Some economists believe the increase will start towards the end of 2012.

Typically the real estate market doesn’t react quickly to moderate economic changes. Historically in an increasing interest market it takes about 6 months before the rate increases have an effect on home prices. Given the record low rates in the market right now it would not be unreasonable to assume that, should the central bank begin to raise rates at the end of the year that actual mortgage rates will be 1% higher by this time next year. Given the current market conditions and the length of time it takes the market to react to changes waiting for the market to cool off before buying a home could end up costing you more money then it would if you bought a home now and took advantage of the lower mortgage rates mortgage.

The basis of real estate is that a home is worth what a buyer is willing to pay.

Six months ago the word was out from various economic experts that Toronto home prices, Mississauga home prices, Oakville home prices and almost every other area in the GTA were going to decline between 10% to 30% in the upcoming year. In December those figures were revised to reflect a more modest drop of 5% – 10% in the first half of 2012. March reports indicate that the GTA market is overvalued and that some economists expect a correction of 20-25%. Seems to be a lot of confusion as to what the future holds.

I have never had an explanation of how one calculates that a home is overvalued. The basis of real estate is that a home is worth what a buyer is willing to pay. Now recently in Toronto a small bungalow was listed for $950,000 and sold for $400,000 over the list price. The sale was the talk of the neighbourhood and at first when I heard the news from my mother in law who lives in the neighbourhood I thought she must be mistaken. The news that night reported the sale exactly as had been reported by the neighbourhood grape vine. Turns out the home was purchased by Chinese immigrants. The news report on this sale went further to explain that the purchases by immigrating Chinese are on the rise as they find Toronto home prices, Oakville home prices and Mississauga homes prices to be a good deal. In the context of “a home is worth what a buyer is willing to pay”, in China that $950,000 home would be somewhere around $7 million U.S. dollars. Obviously then to someone from China that small bungalow is a real deal at $1,250,000. We are living in the best country in the world and in one of the best cities in the world. In comparison to other world class cities property in the GTA is still very reasonable.

Let’s look at the market itself. New listing activity is very tight. Although there seems to be a slight increase in the amount of homes coming on the market, the number of buyers entering the market continues to surpass the number of new listings. This has been the case quite regularly for the past year. Trying to find a home in Mississauga for a buyer is a full time job. Either the home is a wreck or there are 5 people wanting to put an offer in at the same time.

Economically there seems to be some light at the end of the tunnel for the U.S. economy. Maybe it’s just a blip but in the long term that can only be a positive factor for the Canadian economy. When the economy is good there is always a positive impact on housing and the real estate market. It either puts upward pressure on the prices or keeps it stable. I never heard of prices of prices going down in a good economy.

I suppose these economists who predict the decreases in home prices are using historical figures and very complicated formulas to determine where real estate prices are going to go. I guess I view that process like the providing a weather forecast. This winter was to be unusually cold and stormy weather. For some parts of the country that meant a frigid climate; while for others, it’s lots of rain and snow. It was to be a winter of “clime and punishment” with cold to very cold temperatures. Winter really never arrived and neither will those decreases.

Looking to buy or sell your home in Mississauga, Oakville, Toronto area? Don’t hesitate to contact the best Mississauga Real Estate Agent Cynthia Shaw.

52% of buyers said the kitchen had the most significant impact on their purchasing decision - effective staging will address this!

In today’s Mississauga real estate market the staging of homes prior to going on the market is quickly becoming a hot button. If you are considering selling your home here are some facts that may be helpful in determining whether to “stage” or “not stage”!

• 58% of buyers made a decision to buy after seeing 10 properties—effective staging keeps your house on the list of must-see properties.
• 54% of sellers are willing to spend more than $2000 to get their house ready for sale and of those, 25% were willing to pay over $5000—working with the right staging consultant maximizes your return on investment.
• 63% of buyers were willing to pay more money for a house that is move-in ready.
• 86% of those surveyed said storage space is important to potential buyers—effective staging maximizes space and spaciousness.
• Top three interior features for selling were freshly painted walls, organized storage space and current flooring—effective staging will address all three.
• 52% of buyers said the kitchen had the most significant impact on their purchasing decision.
• 79% of buyers indicated they would be willing to pay a premium for a home with an updated kitchen.
• Men (41%) are more likely to place a premium on updated décor than women (30%).
• 77% of people view homes first on the Internet.
• 75% of buyers who searched on the Internet went on to view or drive by the homes.
• 40% of paint sold is as a result of incorrect color choice—CSPTM have Staging Safe ColourTM palette specifically chosen for successful staging.
• When deciding to view a house, 78% of objective elements are generally pre-determined before viewing: they are location and size—both things are outside of a seller’s control.
• Elements that create 72% of the first impression inside the home are within the control of the seller—well-trained staging consultants know how to show these to their best advantage.
• Moderately priced home improvements, ranging from $80–$2800, made in preparation for sale, yielded the highest returns when a house was sold.
• Homes that were staged sold in 13.8 days.
• Homes that were not staged sold in 30.9 days.
• The staged homes realized on average a 6.4% increase over the list price.
• 87% of people said that home presentation makes a difference in most sales.

So if you’re looking to sell your home in Mississauga, Etobicoke or West Toronto area definitely consider home staging as part of your selling strategy and don’t hesitate to contact the top Mississauga Realtor Cynthia Shaw.

Be sure to visit my website for more information about the factors the influence the sale price of a home.

Mississauga real estate market conditions look very promising with the strong sales levels and record low intereste rates!

January is typically the time of year when the real estate market tends to slow down as buyers and sellers take a moment to plan their year, pay their Christmas bills and focus on getting back to a day to day routine after the festive December season. In spite of many predictions that the market for 2012 is going to slow down the sales results for the first month of the year thru out Mississauga and the rest of the GTA are quite the contrary.

Sales recorded by the Toronto MLS system were up by 8.8% over January 2011. The average price paid for a home was $463,534 which is up by almost 9% over the average posted in January of 2011. There is strong interest in all different price ranges with the most popular range falling between $400,000 and $500,000 and homes in the $300,000—$400,000 coming in at a close second.

The specific sales number in Mississauga were up 17% whereas Oakville and Etobicoke were up 23%.

The continued strong sales figures can in part be attributed to the record low fixed interest rates that lending institutions are offering. Currently 5 year fixed rates are available at 2.99% and 4 year rates at 2.89% both lower then the current prime rate of 3%. Variable rates are much of a deal at the moment with the average discount being offered at .10% below prime or at prime.

With the strong sales levels, low inventory of homes for sale in Mississauga, Etobicoke, West Toronto and the expectation that interest rates will remain low into 2015, the year ahead in real estate looks very promising.

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.

(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.

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!

Add some instant curb appeal to your home this summer with Rust-Oleum's EPOXYSHIELD® driveway system. Easily repair, protect and beautify your driveway for years to come.

The home is the single largest investment most people will ever make, and many of us are looking for simple and inexpensive ways to protect and increase the value of that investment.

Whether you are replacing tiles in the bathroom, painting your walls or undertaking larger jobs such as replacing the roof or adding other desirable amenities, most people tend to focus their efforts on the inside of their homes. This year, why not think about your home’s curb appeal and increase the value of your home from the outside in?

Your driveway is the welcome mat to your home, and a cracked, faded and stained driveway doesn’t do much to make a good first impression when guests arrive. There are a number of products on the market you can use to repair, protect and beautify your driveway; however, not all products are created equally. Here are some points to consider when looking for a driveway sealant that is best suited for the average homeowner:

Ease of application

There is no need to waste your weekend pouring messy sealant from pails to trays or dragging a squeegee over your driveway, look for a product that you can easily roll-on and get back to enjoying your weekend.

Look for a product with a simple application. There is no need to waste time pouring product from cumbersome pails; look for products that you can simply and easily roll-on.

Curing time

Your time is important to you and you need a place to park your car, so look for a sealer that will dry in as short a time as possible. There are products available that will be drive-ready in 4 hours, so you can get back to enjoying your time off.

Clean up

Home renovations can be messy – look for a product that cleans up easily with soap and water so you can relax and move on to other activities.

Warranty

No one wants to do a job more than once; when looking for a driveway sealer look for a product that offers a minimum of a 5 year warranty. You take pride in the appearance of your home, so you should use a product that offers you a long lasting guarantee.

There are products available on the market, such as Rust-Oleum’s EPOXYSHIELD®, that offer home owners a simple do-it-yourself solution that will repair, protect and beautify your driveway for years to come. With simple roll-on application, soap and water cleanup and a 4 hour drying time, enhancing your home’s curb appeal and increasing your home’s value has never been easier.

Source: www.newscanada.com

At first, the odors may not be noticeable. However, given enough time and lack of cleaning, the unpleasant odors may become stronger as the bacteria and mold continue to grow. Cleaning the garbage disposal at least once a week with one of the following methods will help to keep it free of nasty bacteria and unsightly mold. Here are some options:

1: Pour one half cup of baking soda down the kitchen drain. Carefully pour one cup of white vinegar down the drain on top of the baking soda. Place the drain stopper in the sink to close off the drain. If you have a double sink, you should do this for both of them. The mixture will fizz and make a bit of noise or fizzing sounds. Allow this to work its magic for a few minutes while you boil some hot water. Use a full teakettle or medium size pot of water. Once this has boiled, pour it down the drain.

2: Using a clean container, mix a gallon of water with one tablespoon of liquid chlorine bleach. Carefully and slowly, pour the solution down the drain and allow it to sit for several minutes. Flush the drain thoroughly with cold water for several minutes.

3. “Afresh Dishwasher Cleaner” this is a great product to use once a month and really works . The product is a licensed under Whirlpool Canda LP. Made in the U.S.A.

Freshening the Garbage Disposal

Maintaining a clean garbage disposal using one of the above methods will help to keep it smelling fresh and odor free. Additionally, you can encourage this by grinding ice cubes in the garbage disposal to clean the cutting blades. Simply place several cubes in the drain and grind.

If you want to add a little bit of scent to the area, you can add rinds from any of the citrus fruits in the drain with the ice cubes. The citrus fruits include oranges, lemons, limes, and grapefruits.

1. The most common start is a garage sale.  So start there!  Set a date  that is out by a month and then you will have a starting point.  This is a good time to get rid of that first 10% of stuff that you don’t need. 

2. The purpose of your garage sale is to get rid of clutter.  So start small.  Put aside 15 minutes each day (use a timer if you need to) and start your decluttering now, closet by closet, room by room.  Be ruthless!

3.  Now make  a goal  that you will pack one box every day for two weeks of items you must keep and take with you. You can start by packing 10 to 20 of the most necessary items in that room or closet.  Then tape up the container so it will not be easy to rummage thru it.

3. One of the more difficult things will be to get rid of unwanted or un used gifts from friends and family.  Don’t feel guilty.  Just do it.  They will take up valuable space in your new home.

4. You will also find that younger family members are not interested in your treasured ornaments or china.  So display them on several tables and invite in an antique dealer and get a bulk price for everything.  You will not get close to what they are worth but it is necessary to do.  The secret is to forget about it. You must be determined to live in the present and not the past.

5. Look at all your top shelves.  If it is on your top shelve you have rarely used the items or not at all.  So get rid of everything on your top shelves

6. There are also companies that are more like brokers who will buy less valuables in bulk and they will catagorize them and sell them to flea markets, 2nd hand stores or specialty stores.  There are also numerous charities that will come in and pick up items. I am sure you would feel better knowing your stuff will be used and appreciated rather than have it end up in a landfill.

7. Finally, if you still feel overwhelmed and cannot do this on your own, there are companies that specialize in downsizing and counselling to help you.  They will know when to give you  that gentle push and to help you get organized.  They can also help you put together memory books of cherished items.  It is not always having an item but the story and memories behind them that are important.  If you would like some names please feel free to send me an email.