I was recently approached by a person who wanted to know my thoughts about the listing price of his home. He thought his home was listed too high and specifically wanted to know when, and by how much he should lower the price. Although I wasn’t his REALTOR®, and I didn’t have all the information about his home, my initial response based on the limited facts was that he should immediately lower the price. My rationale is listed below.
The Municipal Property Assessment Corporation (MPAC) is an independent, not-for-profit corporation that assesses and classifies all properties in Ontario. As a member of a local Real Estate Board, a REALTOR® typically has access to MPAC Propertyline, which is a database of real-time property information across the province.
If you are interested in being a commercial tenant, or a landlord for a commercial property, it is important to understand how commercial rents work.
In real estate, many investors purchase pre-construction condos with the hopes of realizing a windfall several years later when the condo is built and resold. In most cases, the market will naturally appreciate and the purchaser can make a profit through the subsequent capital gain.
Collaborate is an innovative new home search tool from the Toronto Real Estate Board (TREB) that allows clients to interact with their REALTOR® in real time from any device.
The Buyer Registry Service (BRS) is a database available to members of the Toronto Real Estate Board (TREB). It provides a database of buyers that have entered into a Buyer Representation Agreement with a real estate agent. It is used by real estate professionals to confirm whether buyers have an existing relationship with another agent. The primary role of the BRS is to ensure that clients are better protected and professionally represented in their real estate transactions.
A Comparative Market Analysis (CMA) assists a seller in comparing his or her property with others in the marketplace in order to establish a listing price. A CMA typically includes properties that are currently for sale, properties that have recently sold, and properties that did not sell in a defined time period. This information can provide a seller with an indication of what buyers are prepared to pay for a property given current market conditions. A CMA is a valuable property evaluation tool for real estate professionals when advising sellers about current market conditions and a recommended sale price.
When a buyer or seller enters into an agreement with a real estate agent, it is typically for a set term of 60 or 90 days. The agent is contracted to represent the buyer or seller in the purchase, sale, or lease of a property during that time. When the term expires, the buyer or seller can either renew the contract, or walk away.
One thing that a lot of buyers don’t always think about are the closing costs that arise on completion of a real estate transaction. When a buyer purchases a home, the buyer pays the purchase price of the home as agreed to in the Agreement of Purchase and Sale. However, this price does not include the closing costs.
What is a seller or vendor take back mortgage? It is a mortgage that is taken back by the seller to better facilitate the sale of his or her property. It is a popular negotiating tool, particularly when financing is difficult through conventional lenders, such as banks and trust companies. Buyers may be attracted to this type of financing as it can avoid certain costs, paperwork, and regulations of conventional lenders. A seller may also be drawn to a seller take back mortgage if his or her property remains unsold.