The Phillipsburg Area Real Estate Show will air this week on TV 49 in Phillipsburg NJ.  The show will cover up to date market conditions, provide mortgage rate and program information from John Ryan (Met Life Home Loans), and what sellers need to know before listing.  Bob and Nate Limardo will cover the importance of using a Certified Distressed Property Expert (CDPE) opposed to any agent for homeowners facing foreclosure.   The agents at RE/MAX Supreme are committed to serving the resdents of Warren County and look foward to producing our Monthly TV Program. Check it out below..

http://www.pabusinesslink.com/remax-supreme-in-phillipsburg-show-1,309.html

This week we will Air the Phillipsburg Area Real Estate Show on TV 49 in Phillipsburg New Jersey.  This months guests are John Ryan from Met Life home mortgage and TEAM Limardo, agents at RE/MAX Supreme.  The show covers Mortgage information, rates, and programs, as well as tips from Bob & Nate Limardo on what Buyers are looking for today and how important it is for a seller to consult with a certified distressed property expert (CDPE) when facing foreclosure.   

Watch the show online at http://www.pabusinesslink.com/remax-supreme-in-phillipsburg-show-1,309.html

1850 Folsom St #1105

Gorgeous Views in Great Boulder Location!

$525,000

MLS #614613

Top Floor Penthouse, panoramic views span from Boulder Canyon, Flatirons, Devil’s Thumb, Davidson Mesa, and Dakota Ridge. Every room has outstanding views. Updated kitchen and baths, complete the package. This is the top of Boulder in every respect. Perfect central location: walk: Pearl St., 29th Shopping/movies, Dairy Center for Performing Arts, McGuckins, Indoor Pool, Spa, Sauna, Steam, Gym, Meeting & Rec Room. Beautiful grounds, extra storage, covered parking: best location on S. end of bldg.

2 BEDROOM 2 BATHROOM

To Learn More About This Property Click Here

Contact Listing Agent Zachary Epps

Looking for More Homes in the Boulder Area?

Fifteen markets to set new records for average price in 2009

SOURCE: RE/MAX Ontario-Atlantic Canada Inc. [remaxinfo@remax-oa.com] Press Release

In the midst of one of the most tumultuous economic periods in recent history, residential real estate has proven to be a safe harbour, with sales and average price expected to post gains in most major Canadian cities in 2009, according to a report released by RE/MAX.

The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets.  The report found that sales are forecast to recover in almost all major centres by year-end 2009, led by an anticipated 45 per cent increase in Greater Vancouver. Two markets –Ottawa and Quebec City — are expected to hit historic highs in the number of homes sold.  Average price should post new records in 65 per cent of markets surveyed this year.   As economic performance ramps up across the country, so too will residential real estate.  Eighty-three per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010.  The remaining markets will match 2009 levels.

Approximately 465,000 homes are expected to change hands nationally in 2009, a seven per cent increase over one year ago.  Canadian housing values are forecast to close the year at $318,000, up five per cent from $303,594 in 2008. By year-end 2010, the number of homes sold is predicted to climb another two per cent to 475,000 units.  The average price of a home is also expected to experience an uptick, rising two per cent to $325,000 – the highest level in Canadian history.

2009 was, without question, the year of the house.  Real estate not only defied industry and analysts’ predictions in 2009—it’s performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine.  While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home.

The upswing in residential housing values speaks volumes.  By year-end 2009, average price is expected to increase in 15 of the 23 markets surveyed, led by St. John’s, NF (15 per cent); Quebec City, QC (eight per cent); Regina, SK (seven per cent); Saint John, NB (six per cent); and Winnipeg, MB, Ottawa, ON, and Greater Toronto, ON (five per cent). Other noteworthy developments include shattered price benchmarks in Greater Vancouver at $600,000; Toronto at $400,000; Ottawa at $300,000; and Quebec City and St. John’s at $200,000.   St. John’s will once again lead the country in terms of percentage increase in average price in 2010 with a projected upswing of 11 per cent.  Quebec City and Regina are expected to experience escalation of six per cent, while Calgary, Kelowna, and Victoria are forecast to climb five per cent next year.  Victoria, Kelowna, Edmonton and Calgary – all down marginally in 2009 – are all positioned for growth in 2010.

Some of the greatest percentage gains were reported in Western Canadian markets in 2009– demonstrating the higher the peak, the lower the valley.   That said, the recession barely registered on year-over-year activity in most major centres.  The economic fundamentals in place going forward ideally position the ten provinces, and the sector overall, for further growth.

The major frontrunners in terms of unit sales appreciation in 2010, are all located in Western Canada , including Kelowna with an anticipated upswing of 10 per cent in housing sales; Calgary with an expected increase of eight per cent: and Victoria, which  rounds out the top three with a seven per cent hike forecast for unit sales.

Canadians continue to demonstrate their commitment to homeownership – regardless of the economic climate.  No where in Canada is that more evident than in Quebec. The province, with one of highest percentage of renters in the country, is well-poised for an escalation in homeownership levels as renters enter the market en masse to take advantage of ideal market conditions. Prices remain well under the national average, making ownership more attainable and leaving more room for appreciation that’s been long overdue.

A number of factors will help prop up activity going forward, including improved economic conditions, continued low interest rates, rising consumer confidence and solid capital spending which will buoy employment.  Inventory will once again assume the wildcard role, with any decline placing upward pressure on prices.  Multiple offers will remain the exception in most markets, more commonplace on quality entry-level product which remains in tight supply.

Tiffany McGregor: Educator/REALTOR®

Email me! – tiffismyrealtor@gmail.com

Follow me on Twitter! – twitter.com/tiffismyrealtor

Become a fan of my facebook page! – see blogroll to the right

Check out my website! – tiffismyrealtor.com (website currently under construction)

December 1, 2009
By CBC News

With a record 20,000 new condo units set to come online in 2010, the recession appears to have bypassed that part of the Toronto real estate market.

The worldwide economic slowdown took a bite out of stocks and real estate values almost everywhere in the world.

But with a record 20,000 new condo units set to come online in 2010, the recession appears to have bypassed that part of the Toronto real estate market.

Love them or hate them, Toronto is fast becoming the city of condos.

The condo building boom that began several years ago is showing resilience, as low interest rates and a steady stream of eager new buyers are sustaining a market that looks affordable by international standards, some experts said.

Condo consultant Barry Lyon said 2010 is poised to be a record year for Toronto condos.

“We have become the largest condominium market in North America in terms of new production,” he said. “Bigger than New York.”

This week, CBC Radio reporter Jamie Strashin’s Condo City series chronicles Toronto’s condo building boom. Find out why the market is so hot on CBC Radio One ? 99.1 FM in Toronto.

There are a number of factors, said Jasmine Cracknell, a research assistant with N. Barry Lyon Consultants Ltd., who tracks the city’s condo market.

Despite price gains and a wave of new units coming onto the market, condos remain an affordable option for domestic first-time home buyers, she said. And foreign buyers invest because the prices seem very competitive internationally, she added.

“When we have people from out of town, they cannot believe the price,” she said. “When you think of New York, [prices] are $2,000 a square foot [but Toronto] is closer to $500 in the downtown.”

She dismisses the notion that Toronto’s market might be overbuilt, because the way building projects are financed in Canada precludes that from happening.

Canadian regulations outlaw lax lending rules such as zero downpayments and 40-year mortgage amortizations that helped inflate the U.S. market.

In addition, condo developments in the city need to be 70 per cent sold before banks will finance their construction. Which means shovels don’t hit the ground unless there is genuine demand for the units and they can afford them, she said.
Young buyers drive demand

“People are living in these buildings, even if they do become rental housing, ” she said. “It’s not like they are vacant.”

Whatever the cause, the condo trend shows no signs of slowing. According to the most recent data, October’s seasonally adjusted annual rate of housing starts increased by 14.8 per cent in Ontario. The CMHC attributed the jump to more activity in the multiple-starts segment, which includes condos.

Data from the Canadian Real Estate Association shows further evidence of a booming market. The agency does not break out the data for condos alone, but residential housing in Toronto was pointing straight up for the year up to October.

‘People are living in these buildings ? it’s not like they are vacant’? Condo consultant Jasmine Cracknell

The total value of housing sales nearly doubled to $3.5 billion in October 2009 compared to the same period a year ago. Unit sales were up 64 per cent and the average price in the city was $423,507, an increase of 20 per cent on the year.

Much of those gains are coming from condos, as buyers like Michael Petrucco buy in.

He has just moved to a condo in Leslieville with his girlfriend. After living in suburbs for years, he opted to move downtown and cut down on a punishing commute.

“Not having to commute from Thornhill makes my life easier, I’m home earlier,” he said.

And he’s not alone in that desire, Lyon said.

In contrast with the 1980s, when the Toronto condo market was just getting off the ground, it’s young professionals such as Petrucco driving the market this time, Lyon said.

Back then, retirees made up about 80 per cent of the city’s original condo buyers.

“Now it’s a high proportion of singles, and some couples,” Lyon said. “Not many of the people who formed the original condo market in Toronto, the empty nesters.”

Indeed, Cracknell notes that the ratio has flipped ? a full 80 per cent of condo buyers today are young, first-time buyers.

Many are eschewing ever renting and opting to live with parents before buying condos in their early twenties. Even in the last five years, the appeal of the downtown condo has changed, Petrucco said.

“You didn’t have the same infrastructure, you didn’t have the grocery store or movies,” Petrucco said.

As a Realtor serving Hamilton County, one question is presented to me nearly on a daily basis.  How is business Dave?  Well, my response has always thankfully been GREAT!  The truth is that I, as well as my teammates have had a fantastic 2009.  I’ve included some statistics to give you an idea of what the activity has been in Hamilton County and although home sales are actually down overall as a County, our market share has obviously increased which is the goal, let’s face it.

Ok, here you go, I pulled this information from Mibor just moments ago. 

Hamilton County (all Townships)

Homes Sold (1/1/08 ~ 12/1/08) = 4438

Homes Sold (1/1/09 ~ 12/1/09) = 4262  (Down 4%)

Average sales price: 2008 = 245,764 vs. 2009 = 229,047 (Down 7%)

Average Days on Market: 2008 = 82 vs. 2009 = 82 (no change)

Hamilton County (Noblesville Township)

Homes Sold (1/1/08 ~ 12/1/08) = 758

Homes Sold (1/1/09 ~ 12/1/09) = 714 (Down 6%)

Average sales price: 2008 =192,552 vs. 2009 = 175,556 (Down 9%)

Average Days on Market: 2008 = 85 vs. 2009 = 86 (1 Day more on market)

Hamilton County (Jackson Township {Cicero, Arcadia, Atlanta)

Homes Sold (1/1/08 ~ 12/1/08) = 95

Homes Sold (1/1/09 ~ 12/1/09) = 124 (23% INCREASE)

Average sales price: 2008 = 175,448 vs. 2009 = 151,161 (Down 14%)

Average Days on Market: 2008 = 102 vs. 2009 = 102 (no change)

If you would like to know information about a specific area, please contact me at Dave@TeamGalt.com.  I’d be happy to provide statistics on your County/Township or a value on your specific home.

Thank you,

Dave Galt ~ RE/MAX Ability Plus

317.407.5467 Mobile ~ www.DavidGalt.com

$199,900

WOW is what you will say when you walk into this super clean Midland Homes resale. Entire inside and outside was recently professionally painted. Great Open Floor plan with large kitchen. HUGE Master Bedroom and Bath with vaulted ceilings.Roof features extended life shingles. BRAND NEW Appliances,  NEW Tile kitchen floor, NEW cabinet and door hardware throughout. Great neighborhood. Quick possession available!  Must See. 5 minutes from Jordan Creek Mall.

On November 6, President Obama signed the Worker, Homeownership, and Business Assistance Act of 2009 into law, extending and expanding the important home buyer tax credit, and thereby providing many Americans with just the break they need to buy a first home or move up to a new home.    I wanted to pass along some key facts about the extended and expanded tax credit that are critical for you to understand in order to take advantage of this opportunity:

1. Eligibility: The tax credit is now available for first-time home buyers and eligible current homeowners. A first-time home buyer is an individual who has not owned a principal residence during the three-year period prior to the purchase. This law applies for both parties in a married couple; if you haven’t owned a home for three years, but your husband has, then neither one of you can qualify for the tax credit. A qualified current homeowner who wished to move to a different home, must have owned and resided in their residence for five consecutive years out of the last eight.

2. Salary requirements: Single taxpayers with incomes up to $125,000 and married couples with a joint income up to $225,000 qualify for the full tax credit. Single taxpayers who earn between $125,000 and $145,000, and married couples who earn between $225,000 and $245,000 are eligible to receive a partial credit.

3. Amount of credit: The maximum credit amount for first-time home buyers is $8,000; the maximum credit amount for current homeowners is $6,500. The federal tax credit amounts to 10% of the cost of the home, up to a maximum credit of $8,000 for first-time home buyers and $6,500 for current homeowners. Under the new legislation, a tax credit may only be issued for homes purchased for $800,000 or less. The tax credit is a true credit—it does not have to be repaid unless the homeowner sells or stops using the home as their principal residence within three years after the purchase.

4. It’s refundable: The tax credit is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if you owe no tax or the credit is more than the tax owed. The credit is claimed using Form 5405, which you file with your original or amended tax return.

5. Timeline: The credit is available for homes purchased on or after November 7, 2009 and before May 1, 2010. The federal income credit can be claimed on one’s individual or joint tax return for the purchase of any single-family home (newly-constructed or resale, single-family detached, townhomes or condominiums) between the dates of November 7, 2009 and April 30, 2010. Home purchases subject to a binding sales contract signed before May 1, 2010 will also qualify for the tax credit as long as closing occurs by June 30, 2010. For more information on the home buyer tax credit, e-mail me or visit www.irs.gov. Please forward this email to friends and family who may also be able to take advantage of this unique opportunity to purchase the home they’ve always wanted.

Here we are after Thanksgiving.  Forget the turkey, I was stuffed.

PARTIAL INTEREST   A shared ownership in a piece of property. May be divided among two or more parties.

PARTIAL PAYMENT   A payment of less than the regular monthly amount. Usually, a lender will not accept partial payments.

PERIODIC PAYMENT CAP   The limit on how much regular monthly payments on an Adjustable Rate Mortgage can change during one adjustment period.

PERIODIC RATE CAP   The limit on how much the interest rate on an Adjustable Rate Mortgage can change during any one adjustment period.

PERSONAL PROPERTY Owned items which are not permanently affixed to the land.

PERSONAL RESIDENCE   The primary domicile of a person or family.

PLANNED UNIT DEVELOPMENT (PUD)   A coordinated, real estate development where common areas are shared and maintained by an owner’s association or other entity.

PLAT   A plan or chart of a piece of land which lays out existing or planned streets, lots or other improvements.

POINT   A percentage of a mortgage amount (one point = 1 percent).

PRE-APPROVAL   The process of applying for a mortgage loan and becoming approved for a certain amount at a certain interest rate before a property has been chosen. Pre-approval allows the borrower greater freedom in negotiations with sellers.

PREFABRICATED  Any building or portion thereof which is manufactured and assembled off site, then erected on a property.

PREPAYMENT  Payment made that reduces the principal balance of a loan before the due date and before the loan has become fully amortized.

PREPAYMENT PENALTY   A fee that may be charged to a borrower who pays off a loan before it is due.

PRE-QUALIFICATION   Less formal that pre-approval, pre-qualification usually means a written statement from a loan officer indicating his or her opinion that the borrower will be able to become approved for a mortgage loan.

PRIME RATE   The interest rate that banks and other lending institutions charge other banks or preferred customers.

PRINCIPAL   The amount owed on a mortgage which does not include interest or other fees.

PRINCIPAL BALANCE   The outstanding balance of principal on a mortgage. Does not included interest due.

PRINCIPAL, INTEREST, TAXES, AND INSURANCE (PITI)   The most common constituents of a monthly mortgage payment.

PRIVATE MORTGAGE INSURANCE (PMI)  A form of mortgage insurance provided by private, non-government entities. Normally required when the LOAN TO VALUE RATIO is less that 20%.

PROPERTY  Any item which is owned or possessed.

PURCHASE AGREEMENT   A written contract signed by the buyer and seller stating the terms and conditions under which a property will be sold.

QUADRAPLEX  Any building designed to accommodate four families.

QUALIFYING RATIOS   Two ratios used in determining credit worthiness for a mortgage loan. One is the ratio of a borrower’s monthly housing costs to monthly income. The other is a ratio of all monthly debt to monthly income.

QUITCLAIM DEED   A legal document which transfers any ownership an individual has in a piece of property. Often used when the amount of ownership is not known or is unclear.

RAFTER  A structural element of the roof, sloping from the peak to the outer walls.

RANCH HOUSE   An architectural style typified by a single-story, low-roof construction. Popular in the western U.S.

RATE LOCK   A guarantee from a lender of a specific interest rate for a period of time.

RAW LAND   Any land which has not been developed.

REAL ESTATE   A piece of land and any improvements or fixtures located on that land.

REAL ESTATE AGENT   A licensed professional who facilitates the buying and selling of real estate.

REAL ESTATE SETTLEMENT PROCEDURES ACT (RESPA)  A federal law requiring lenders to give full disclosure of closing costs to borrowers.

REAL PROPERTY   Land, improvements and appurtenances, and the interest and benefits thereof.

REALTOR®  A real estate agent or broker who is a member of the NATIONAL ASSOCIATION of REALTORS®.

RECEPTACLE   An electrical outlet to plug into.

RECORDER   A local government employee whose role it is to keep records of all real estate transactions within the jurisdiction.

RECORDING   The filing of a real estate transaction with the appropriate government agent (normally the RECORDER). A real estate transaction is considered final when it is recorded.

REFINANCE TRANSACTION   A new loan to pay off an existing loan. Typically to gain a lower interest rate or convert equity into cash.

REGISTER   Where air from a furnace or air conditioning system enters the room.

RELOCATION SERVICE   Any company or agency that assists corporate employees in relocating from one place to another. Services may include hiring and coordinating real estate agents, moving companies, utilizes and the like.

REMAINING BALANCE   Back to top
The amount of principal, interest and other costs that has not yet been repaid.

REMAINING TERM   The amount of time remaining on the original amortization schedule.

REMODEL   An activity designed to improve the value or desirability of a property through rebuilding, refurbishing, redecorating or adding on to it.

REPAYMENT PLAN   A plan to repay delinquent payments, agreed upon between a lender and borrower, in an effort to avoid foreclosure.

REPLACEMENT RESERVE FUND  An account, or fund, setup for the replacement of short life items, such as carpeting, in the common areas of a cooperative property.

RESIDENTIAL PROPERTY  A piece of property whose highest and best use is the maintenance of a residence.

REVOLVING DEBT   A type of credit that allows the borrower/customer to make charges against a predetermined line of credit. The customer then pays monthly installments on the amount borrowed, plus interest.

RIDGE BOARD   The structural member of a roof where the rafters join at the top.

RIGHT OF FIRST REFUSAL   An agreement giving a person the first opportunity to buy or lease a property before the owner offers it for sale to others.

ROOF PITCH   The degree of slope in a roof.

RURAL  An area outside of an established urban area or metropolitan district.

Working the Las Vegas housing market for the past 10 years as a full-time Realtor I have seen many changes but nothing like what’s been going on in the past 34 months.  Las Vegas has been number one for foreclosures for almost 34 months straight and most agents would agree with me there truly is no end in sight.  Banks are holding on to the foreclosure inventory releasing homes for sale slowly so that they can drive up the prices of homes.  Yes, it is true we do have bidding wars on almost every home for sale.  Many of the offers are cash offers with the banks LOVE and don’t want to deal with anyone who is funding the property with a loan.  The banks will take thousands less for the property when there is a cash offer. 

So, because the banks are slow on releasing their foreclosures more and more people are starting to sell their homes as short sales.  Surprisingly after a very long time in waiting the banks are agreeing to short sales.  Of course there are many variables and every situation is different.  Short sale listings are a sign of the times.  Most of the time the properties are left in better condition than the foreclosed homes.  And for sellers it’s a better place to be than foreclosing.  It’s not so hard on your credit score.   Penny O’Brien with RE/MAX Experience. Http://www.Pennysproperties.com

7 Short Sale Myths

There are millions of homeowners just like you who are looking for answers and don’t know what to do. You’re not alone and you’re in the right place.

As a Certified Distressed Property Expert, I have training and experience in providing solutions to homeowners facing financial hardship. Despite my best efforts, there’s still an overwhelming amount of misinformation about the options available, especially short sales.

To give you a better idea of the short sale option, and to set straight some of the myths you may have heard, I’ve prepared a free report just for you – please fill out the information below to receive your free report. This report will clarify the following myths:

• The Bank Would Rather Foreclose Than Bother With A Short Sale
• You Must Be Behind On Your Mortgage To Negotiate A Short Sale
• There Is Not Enough Time To Negotiate A Short Sale Before My Foreclosure
• Listing My Home As A Short Sale Is An Embarrassment
• Short Sales Are Impossible And Never Get Approved
• Banks Are Waiting On A Bailout And Not Accepting Short Sales
• Buyers Are Not Interested In Short Sale Properties

These ideas are potentially harmful to homeowners seeking real solutions. I hope you’ll review this information for yourself or share it with a homeowner in need.

In these times, we all need to know the truth to know how to get back on track.

If you have any additional concerns about this issue, or your circumstances are urgent, please give me a call.

Jeffrey Chubb
617-480-2600

Interest rates are not going to rise any time soon, says a leading housing market expert, but it’s incumbent upon homebuyers to ensure they can carry their mortgage even if rates rise 200 basis points.

Speaking before the Canadian Mortgage Conference and Expo in Toronto, hosted by The Canadian Association of Accredited Mortgage Professionals (CAAMP), CIBC senior economist Benjamin Tal made the case that rates will probably not rise until late 2010, which means the hot housing market in Canada, will likely continue well into next year.

“I don’t see the Bank of Canada raising interest rates well ahead of the U.S. because of the implications for the Canadian dollar. Can you imagine a situation where the BoC would raise interest rates, while the U.S. is neutral? The dollar would end up going to the sky. That’s exactly what the bank of Canada doesn’t want to see,” Tal told Advisor.ca.

“Therefore, we won’t see the switch the market is projecting; it very possible we won’t see a rise in rates until late in 2010 or early 2011. It will be longer than what the market is expecting. The situation in the U.S. clearly does not justify higher interest rates, not now and not anytime soon.”

U.S. time bombs averted

Eventually rates will rise. Tal argued the worst of the recession is over in the U.S., and discounted concerns over “four time bombs” related to U.S. debt, which market bears say will create another financial crises. Those four bombs are resets on Alt-A mortgages and Option Adjustable Rate Mortgages (Option ARMs), as well as concerns in commercial real estate and credit card defaults.

A large portion of the subprime mortgage crisis was caused by resets on teaser rate mortgages which renewed at higher rates that homeowners couldn’t afford. Many of these mortgages were sliced and diced and securitized in the debt markets, which caused a global systemic crash.

Similar concerns exist on Alt-A mortgages, which were sold at low teaser rates with a reset after the first five years. Tal points out most of the resets are coming due now, so the mortgages are resetting at the now historically low rates.

Option ARMs are little more problematic. These mortgages allow homeowners to pay interest only on their home purchase for set period. Eventually these mortgages reset and the homeowner must start making principle payments.

“Only 47% of the Option ARMs were securitized, which does not create the nasty side effects that subprime had. The huge portion that is not secured, which are on the balance sheets of banks, can be played with over time. It’s not really a mark-to-market shock. Not to mention that 50% of these mortgage contracts are for 20 years, not for five years.”

Tal adds, “The same goes for commercial real estate, which is mostly held by small banks. Already more than 127 banks have gone under in the U.S. this year, and I expect 300 to 500 to become insolvent over the next 12 months. Compare that to 10,000 banks in The Depression, and it’s not as serious a macroeconomic story.”

The primary factor that caused the subprime crisis — inflated home debt — seems to have dulled the impact of credit card bubble, Tal says.

“People turned to their houses as an ATM, you put debt on the house, instead of the card. We haven’t see a bubble in the credit card market and even if you allow for 11% unemployment, were talking about $90 billion [losses] in the U.S. credit card market, which is roughly what the banks are expecting.”

Not a bubble yet

There is growing concern that the low rates and the fast rise of home prices in Canada is causing a bubble, but Tal says this speculation is premature.

Tal says a combination of low rates and high consumer confidence, backed by a strong financial lending system, support much of the optimism in home buying.

“In Canada, consumer confidence is only 10% below the highs of 2007. In the U.S., it’s 50% below,” he says. “We have confidence and low external interest rates.”

His biggest concern is that homebuyers may have overleveraged their most recent purchase, and may not be able to afford the inevitable 200 to 300 basis point increase, which would mark a return to a “normalized” rate regime.

“I challenge the [mortgage lending] industry to come up with research to make sure we know what types of mortgages are in the pipeline,” Tal says. “We need to know how many people taking variable rate mortgages at 2.5%, who cannot afford financing a mortgage at 4.0 or 4.5%. If it’s a marginal number, then we’re not creating a bubble — we’re basically seeing monetary policy that is working.

“We have to make sure if you take a mortgage now, you have to be able to finance it 200 basis points higher after 2010. If you can’t, then you should probably buy a smaller house or don’t buy a house at all — that the prudent thing to do.”

Tal says he believes most lenders are running this basic risk analysis on prospective borrowers.

“I think everybody knows these interest rates will not last, even consumers understand this. That could be a reason why people are buying right now, this is a window of opportunity that will close in the not to distant future. I believe this will probably not close as quickly as people expect,” he says.

Filed by Mark Noble, mark.noble@advisor.rogers.com

Home In Converted Church Is Blessed With Five Levels.

I was standing in line at Starbucks the other morning waiting to order a tea and as I looked back, I saw about 8 other people in line just standing there. No one was complaining, no one was talking…everyone seemed content to stand in line to order their $4 coffees and be on their way.  I find that amazing. I once heard that we spend the majority of our lives waiting in some sort of line. That’s a heck of a lot of time. But this line at Starbucks was different than any other.

Go to the airport and people are waiting sometimes for an hour in line and all you hear are people complaining loudly…often times in other languages. Go to the DMV, and you find the same thing. Sometimes you even encounter it in the express lane at the grocery store. So why are people so impatient in those places, but so calm and peaceful in Starbucks?

I’ve thought about it for some time and have come to the conclusion that it has a lot to do with the attitude of the people in front of and behind the counter. First of all, people want to be there. They want their coffee. The barista and cashier are friendly and happy…maybe because they have sampled the morning brew…who knows? But their good attitudes are passed along to everyone else waiting to be served. I think that’s a great way to start the day. What’s better than a great attitude and a great cup of coffee?

I also believe that there is a preconceived notion on how you will “feel” when you go to Starbucks versus the airport or anywhere else where customer service may be lacking. I think at places like the airport, you go with the notion that the sales or check in people will be rude and have an attitude. I think that’s an unfair assumption since I am sure not ALL sales or check in people are that way. The same can be applied to real estate agents.  We are lumped into one large assumption that we are all in it for the money and are shady just like your local neighborhood used car salesman…when that is not the case.

Professionalism has gone out the window in so many industries. With the rise in self-checkouts and automated systems, people lose sight of the human factor when it comes to service. I think that’s why Starbucks is so becoming. People connect w with the service, the product and the experience that they keep coming back for more. So how can we, as Realtors, create that same experience for our clients so that they keep coming back for more or refer their family and friends confident that they will also receive that professional, high level of service that they received?

I think it has a lot to do with being different. Shake off that stigma that’s been placed upon Realtors and make your client’s home buying or selling process an experience that they will always remember.  I think if you are honest with your clients throughout the entire process, even in cases where things are not going well or the information is not good, be up front with them. They will respect you more in the long run for being that way.

It’s all about the experience.   Everyone wants to experience something. From destination trips to French wineries to cruises in the Caribbean to guided tours up steep mountain ranges, people are in search of the ultimate experience. Experiences that will change their lives in some way. Was my life changed by standing in line at Starbucks? Not really. I didn’t feel rushed or felt impatient. The mood of the employees and the customers and the relaxing music created the experience for me, thus creating a soothing experience for the 10 minutes that I waited for my drink. Once I opened the door to leave, the stress of the day started to kick in and I was off and running.  So how do we create an experience like that for our clients in real estate?

We need to take into consideration that buying or selling a home can be a life changing experience. It can be that experience that they rave about to all of their family and friends if you can set the tone or the mood from the beginning to create a great home buying or selling experience.  Being professional at all times, being on time at all times, be knowledgeable about the market, the process and even the forms, treating your clients needs like they are your own, having a great attitude from the moment you say hello, being honest and fair in negotiations and even adding humor to the whole scenario will ultimately create an experience for your clients that will stay with them. The type of experience that when family members or friends talk about real estate, they will mention your name.

This is my very first wordpress.com post. 

We are a real estate team that specializes in residential real estate in Kitchener Waterloo Ontario Canada. 

For more information about me and my team:

http://www.teammcneil.com/blog/about/

To see all our house listings, go to http://www.teammcneil.com/listings.html

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil
Re/Max Twin City Realty, Brokerage ( 519.579.4110 
www.TeamMcneil.com, www.LoftStyle.ca, www.ClickThatHouse.com

The fallout continues in Tampa.  When I left my old franchise for greener (as in EXIT Realty) pastures in March, I made a bold prediction that old school franchise models with 6%-8% franchise fees were KILLING Brokers and making those models obsolete because of newer, “revenue sharing” models like EXIT and to a lesser extent, Keller Williams.  The loyal Brokers of my old franchise were outraged at that blog!  Now, here we are, less than one year later and three of the five of those Franchises in Tampa have either closed their doors or are no longer affiliated with that brand, including the areas most prestigious and well known, closing last Friday. . . . . . coincidence….. or glimpse of the future?

Are they cutting those fees so the agents and brokers can survive the meltdown?  It LOOKS to me like they are not.  At least my old broker kept charging me the 6% fee in 2008.  Where did that get them?  Brokers need to stand up and demand change or they will face a fairly certain demise.  EXIT is proof that everyone can win.  Corporate GREED has killed many firms, real estate, Wallstreet and any other business that refused to change.  EXIT is the only major brand that was born AFTER the Internet explosion in the late 1990’s and they have a clear structure and picture of what the future of real estate looks like and it look very TEAL in color!

Bottom line is this: With traditional models of the old franchises, the AGENT HAS NO STAKE IN THE COMPANY THEY WORK FOR (and getting eaten alive by franchise fees and desk fees)!  The last time I checked, THE AGENTS are the ASSETS of the brokerage!  With those models, it seems like they think the Brokerage is the asset.

I can’t see any way possible to avoid the inevitable….. in another decade, EXIT REALTY will be the largest, most successful model in the game.  Single level residual!  Learn the term!  With EXIT, YOU are the Recording Artist and the Agent you sponsor in is the CD you cut.  Everytime someone buys the CD or downloads your music (the agent makes a sale), YOU get a residual! 

If you don’t understand, you need to at least find out what Exit is all about.  TRAINING, the best in the business.  Residuals? No other franchise offers this alternate stream of income.

With Team Arcuri being ranked #1 worldwide with ERA in 2008, I looked at every model, including 100% models.  I saw the future.  The ONLY company where you can earn more than 100%.  110%, 200% are all realistic goals and can and have been attained by agents.  To learn more, go to http://www.headofrealestate.com or click this link for a video that explains the EXIT system: http://www.headofrealestate.com/videos_sponsoring.html

By Philippa Croome, National Post

Toronto home sales continue to soar, thanks to an upswing in consumer confidence paired with lowered interest rates, market experts say.

“As we become more confident that we will begin to see economic recovery at the end of this year and even more so as we move through 2010, confidence has rebounded in people’s ability to purchase and pay for a home over the longer term,” said Jason Mercer, the Toronto Real Estate Board’s (TREB) senior manager of market analysis.

This week, TREB reported mid-month sales of 3,666 – a 84% increase from last November.

Sales for the month of October totaled 8,476, with new homes representing 4,150 of these – according to the Building Industry and Land Development Association (BILD), a more than 100% increase and the highest monthly total since July, 2007.

Derek Burleton, the Toronto-Dominion Bank’s associate vice-president and director of economic analysis, credited not only low interest rates but the strength of Canada’s banking system as well as the unleashing of pent-up demand previously contained by the recession.

He warned, however, of TD Economics forecasts that see a hike in interest rates by 2011, as the Bank of Canada brings them to “a more normal level.”

Stephen Dupuis, BILD President and CEO, said home buyers still have some time to capitalize on low interest rates, which are holding below 5%. “The Bank of Canada has been clear that they’re going to hold those rates at least until next July, and potentially longer,” he said.

The cost of homes have also continued to climb, with TREB mid-month average prices of $415,066 in the GTA – a 10% increase from this time last year.

Scotia Capital economists recently warned the housing market has become over-valued, saying speculation has swelled prices.

But Mr. Mercer said the percentage of income going toward principal interest payments and property and utility taxes have remained “pretty flat,” and should protect against the threat of a bubble forming in the market.

Mr. Dupuis is also confident that talk of a market bubble is unwarranted. “I find it actually quite interesting that we’re even talking about the ‘B’ word when six months ago we were talking about a bust,” he said. “We haven’t even gotten to boom yet, and people are already speculating about the bubble.”

Mr. Dupuis said bidding wars in the resale market may be to blame. “That’s probably not healthy, but I think that’s going to change fairly quickly – we just need to get the listing ratio up a bit,” he said.

Read more: http://network.nationalpost.com/np/blogs/toronto/archive/2009/11/20/toronto-real-estate-market-stays-hot.aspx#ixzz0Xhou8BQi

RE/MAX scored a major legal victory earlier this fall when a federal judge ruled against an independent Texas brokerage for using red-over-white-over-blue yard signs that look too much like the trademarked RE/MAX design.

The decision resolved the biggest question in a two-year trademark suit brought by RE/MAX International against Trend Setter Realty, a 700-agent brokerage in Houston and San Antonio. The court held that Trend Setter’s sign is trademark infringement under both federal and Texas law.

“In addition to the victory in this case, the judge’s ruling will serve as a very important precedent for us to use against future infringements of our red-over-white-over-blue bar design,” says RE/MAX Senior Vice President and Chief Legal Officer Geoff Lewis. “We made many attempts to get Trend Setter to settle with us and to change their sign before the case proceeded too far, but they refused.”

As part of its argument on the trademark issue, RE/MAX International commissioned a consumer survey to determine if the Trend Setter sign was confusing to the public. Some 225 adults were shown a photo of a Trend Setter sign and then asked whose sign it was, or who the company was affiliated with. More than a quarter of the participants associated the sign with RE/MAX.

In its ruling, the court quoted several survey respondents who, when asked why the tied the sign to RE/MAX, said, “Because it’s their sign; they are the only ones that I know of that have this color of sign,” and “It looks exactly like a RE/MAX sign.” This occurred despite the fact that Trend Setter’s sign contains no balloon and has a white bar modified into the shape of a roofline.

“This is more than just a victory for our brand,” said RE/MAX of Texas CEO Richard Filip. “This is a validation of the years of quality service, professionalism and integrity that RE/MAX agents have worked hard to provide to clients worldwide. The brand represents every RE/MAX agent and their efforts. They are the ones who built it into the powerful symbol it is today.”

The court rejected claims that the RE/MAX bar design is generic. It also cited the network’s diligence in policing its marks, noting that strict enforcement of Trademark & Graphic Standards significantly strengthens RE/MAX ownership of its brand and marks.

TrendSetter forced to change their signs due to similarity to RE/MAX

This was so popular, I am posting again

http://www.youtube.com/watch?v=SM7oWKgCVo4&feature=player_embedded

Let’s take a bite out of the N’s and the O’s.

NATIONAL ASSOCIATION OF MASTER APPRAISERS (NAMA)  A non profit professional association organized in 1982, dedicated to the advancement of professionalism in real estate appraisal.

National Association of Realtors (NAR) A non-profit professional association for real estate agents.  Not all agents are Realtors. Realtors follow a code of ethics. and promotes professionalism within the association

NATIONAL SOCIETY OF REAL ESTATE APPRAISERS  An organization founded in 1956 which promotes standards of professionalism in its members.

NATURAL VACANCY RATE  The percentage of vacant properties in a given area that is the result of natural turnover and market forces

. NEGATIVE AMORTIZATION  When the balance of a loan increases instead of decreases. Usually due to a borrower making a minimum payment on an Adjustable Rate Mortgage during a period when the rate fluctuates to a high enough point that the minimum payment does not cover all of the interest.

NEIGHBORHOOD LIFE-CYCLE The evolution of neighborhood use and demographics over time. Economic fluctuations, municipal zoning changes and population shifts can effect the life cycle.

NEIGHBORHOOD  A subsection of a municipality that has been designated by a developer, economic forces or physical formations.

NET LEASABLE AREA  The space in a development, outside of the common areas, that can be rented to tenants.

NEW ENGLAND COLONIAL  An architectural style dating from early American history typified by a two-story building with clapboard siding.

NO-COST LOAN  Many lenders offer loans that you can obtain at “no cost.” You should inquire whether this means there are no “lender” costs associated with the loan, or if it also covers the other costs you would normally have in a purchase or refinance transactions, such as title insurance, escrow fees, settlement fees, appraisal, recording fees, notary fees, and others. These are fees and costs which may be associated with buying a home or obtaining a loan, but not charged directly by the lender. Keep in mind that, like a “no-point” loan, the interest rate will be higher than if you obtain a loan that has costs associated with it.

 NO-POINT LOAN  A loan with no “points”. The interest rate on such a loan will be higher than a loan with points paid. Also sometimes refers to a refinance loan where closing costs are included in the loan.

NON-CONFORMING USE  The use of land for purposes contrary to the applicable municipal zoning specifications. Often occurs when zoning changes after a property is in use.

NONLIQUID ASSET  Any asset which can not be quickly converted into cash at little or no cost.

 NOTE  A legal document that obligates a borrower to repay a mortgage loan at a stated interest rate during a specified period of time.

NOTE RATE  The interest rate stated on a mortgage note.

 NOTICE OF DEFAULT  Formal written notice from a lender to a borrower that default has occurred.

 OBSOLESCENCE  The process of an assets value diminishing due to the development of more desirable alternatives or because of the degradation of its capabilities.

OCCUPANCY A physical presence within and control of a property.

OCCUPANCY RATE  The percentage of properties in a given area that are occupied.

OCTOPUS RECEPTACLE  An outlet with too many devices plugged into it, using a power strip or other device to multiply the outlets.

 OFF-SITE IMPROVEMENTS  Buildings, structures or other amenities which are not located on a piece of property, but are necessary to maximize the use of the property or in some way contribute to the value of the property.

OFF-STREET PARKING  Designated parking spaces associated with a particular building or other structure which are not located on public streets.

OLD TERMITE ACTIVITY  Where no termites are currently active, but indications of past activity can be seen.

ON-SITE IMPROVEMENTS  Buildings, structures or other amenities that are erected on a piece of property and contribute to its value.

OPEN SPACE  Any land which has not had any significant buildings or structures erected on it. Most often used to describe desirable neighborhood features like parks.

OPEN SPLICE An uncovered electrical connection.

ORIGINAL EQUITY  The amount of cash a home buyer initially invests in the home.

 ORIGINAL PRINCIPAL BALANCE  The total amount of principal owed on a mortgage loan at the time of closing.

ORIGINATION FEE  Refers to the total number of points paid by a borrower at closing.

 OWNER FINANCING  A transaction where the property owner provides all or part of the financing.

 OWNER OCCUPIED  The state of property wherein the owner occupies at least some portion of the property.

I love to bake at this time of the year-especially decorating cookies.
My friend has an open house at the beginning of Septmeber where we all bring toys for children on the oncology wing at the Hospital for Sick Children in Toronto.
I wanted to share some of the gingerbread men designs from last year.

I proudly server buyers and sellers in the Toronto Neighbourhoods of: Forest Hill, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, Thornhill, Richmond Hill and all surrounding areas.

Whether you’re buying or selling and looking for a Toronto Realtor or feel free to e-mail or phone us and we will be happy to guide you through your real estate experience.

I’m never too busy for any of your referrals

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Diane Plant, Broker
Re/Max Realtron Realty Inc, Brokerage
(416) 782-8882 TORONTO REAL ESTATE WEBSITE

BUYING

SELLING

FREE REPORTS

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]]> http://realadtors.wordpress.com/2009/11/20/moneyless-shot/ Fri, 20 Nov 2009 22:50:41 +0000 danaseverson http://realadtors.wordpress.com/2009/11/20/moneyless-shot/

Before Evaporation

After Evaporation

Oh no Wats! Dude. What happened? It’s just that I thought the three of you looked soooo happy together. I guess, as they say, all good things must come to an end. But, I hate to see it end like this.

I must say though, I do like your style. Someone crosses you and … POOF. They’re gone. Almost as if you’ve evaporated them into thin air. Just in case that’s not what happened, I do have one other theory. It’s possible that you traveled back in time and changed the course of history, thus eliminating the physical presence of the missing girl in this photo. It’s almost like it never happened. You know … like Marty’s family photo in Back to the Future.

Anyway, it’s all just speculation at this point. Only the three of you know what truly happened. Regardless, you’re still the man, “Class” is your middle name and you still retain the rights to the silver nomination. Life is good my friend. And remember, if you need a shoulder to cry on (because it looks like part of your shoulder was taken out by a pissed-off left breast), I’m here for you dog.

Sign-up for The Official Real”ad”tor Awards by email and receive gems like this in your inbox.
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]]> http://frontdoormatt.wordpress.com/2009/11/20/slaying-the-appraisal-monster/ Fri, 20 Nov 2009 15:55:04 +0000 frontdoormatt http://frontdoormatt.wordpress.com/2009/11/20/slaying-the-appraisal-monster/

It’s so common you’ve heard agonizing stories from friends. They spend weeks preparing their home to list. Dozens of showings over several months becomes a huge burden on their life. An offer finally arrives & negotiation punches are exchanged for days before terms are reached. Inspector finds hidden problems & back to the negotiation boxing ring you go for more bruises. Halleluiah … buyer gets final loan approval. And just before closing the low appraisal monster rears its ugly head & buyer walks away. You’ve already moved out – physically or mentally – of a home worth less than you & your optimistic agent thought. UNLESS you’re the knight in shining armor wise enough to pre-appraise prior to listing. Contact me for appraiser              recommendations. I’ll help slay the monster!

Know anyone buying or selling? Recommend an Atlanta native with 20+ years of experience. Visit FrontDoorMatt.com or email MattMyers@FrontDoorMatt.com for more information.

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