Monday, December 14, 2020 / by Ernie Arrizza
Who determines the final sale of a property when you sell it?
There are many factors that go into getting offers when you list your house. If you read my article last week, Real Estate Formula you will realize that having everything in that formula is key to maximizing your potential, even in a blazing hot market.
It doesn't take a brain surgeon to understand that there needs to be people interested in the property at one particular time at that particular place and willing to pay that particular amount. It's supply and demand. We all know that because that's how we get a bidding war.
Sometimes agents and owners try to artificially create this by under pricing properties, and in some cases pretending illegally there is a buyer. It happens, It happens.
In the end, it whether or not a buyer is willing to pay the price and whether or not in most cases the bank will finance this venture. A bank will only finance a hous ...
Monday, December 14, 2020 / by Ernie Arrizza
It is hard to imagine that in a pandemic, the Real Estate numbers have shot through the roof in the past 9 months. Nobody could have predicted that there would be a mass exodus out of city's and move to anywhere but.
When the pandemic started in March many of my clients opted to halt their Real Estate ventures and stay put. A month later, people started to feel cramped in their space and start looking beyond to see if they could afford a place with a backyard, some space and a home office. Many people did that and prices outside of the city core exploded. Prices also exploded all the way to Windsor and outskirts where nobody thought of. Find a nice peaceful town, with a backyard and pool, that's what people did.
Places near the city with these features went through the roof, the reason being, it was outside enough of the city core, but had land and space inside an actual house. We are still seeing a trend going upward daily and right now. Each sale spurts the mark ...
Friday, December 4, 2020 / by Ernie Arrizza
It's an easy decision. Sell the extra investment because right now its down. I've spoken with many investors and I get it. Here are some reasons why you shouldn't be selling your investment right now that you may not be considering.
Right now investment properties and rentals are at an all time low. Nobody wants to deal with those renters with all of their new regulations. Nobody. Here's the thing, you might want to think about keeping your property if you can.
Some negative reasons for not selling right now. You will have to pay capital gains on that property. You will get the lowest price possible right now. You may have some government funds you are eligible for because you are a landlord. You may be eligible for some government grants. You may able to use this property as a right off. Depending on your business structure that is doing well right now, you may be able to use this property as a loss = pay less taxes next year.
Do you sell a s; ...
Tuesday, January 16, 2018 / by Ernie Arrizza
The purchase price of your home is only one of the costs you’ll encounter. Here are other possible costs you need to consider:
Mortgage loan insurance: If you are putting less than 20 per cent of the house value down, you’re going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.
Appraisal fee: Lenders typically loan a percentage of the home’s purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.
Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.
Deposit: A deposit normally goes with the formal offer to purchase.
Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you . ...
Wednesday, October 12, 2016 / by Ernie Arrizza
Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors.
In a crazy market, it is best to find your house first then sell after. The reason being that you will not be forced to buy something you don’t like if your time runs out on the selling end.
I have witnessed many buyers go through what I call the Buyers Blues through my travels, and in many cases there are a few steps to avoid this from the beginning. Here is my list of things to do:
1. DO NOT FALL IN LOVE with the house you see. When you are looking for a house, always keep in mind the house is not yours until you get the keys. Even if you have a firm deal in place there are many things that must happen before you are actually living there.
2. Be Realistic: Do not look at houses that are under priced and out of your price range. Examine your budget and what ; ...