Monday, December 14, 2020 / by Ernie Arrizza
I hear this every year. Every year I hear this and I say to myself, I've only seen the market fall twice in 20 years, and basically those were due to one financial crisis in the US (we were not hit that bad) and in 2017 April when the Wynn Government came up with some ridiculous rules that trashed the market in one month. While this may happen again, with some new rules, it will not happen very soon due to the pandemic. Real Estate has been the only thing keeping this economy from totally zeroing out.
The problem with waiting for the market to fall is that when you have this mentality, you never know when it is at its lowest and will bounce back. By the time you start looking for a property the prices probably already have started to climb.
Let's use the Condo market right now as an example. The market has been its lowest we've seen in many many years. If you read my other articles you will know why this market has tanked. So If you are using this mentality you ar; ...
Friday, December 4, 2020 / by Ernie Arrizza
It's pretty bleak right now. Nothing is positive in many people's minds. People are stuck at home, people are stuck home schooling their kids, people are out of work and the list goes on and on.
The state of commercial real estate is in dire straits like we've never seen before, businesses boarded up, and the ones still in business are hanging by a thread.
There will be hope coming when things go back to normal and businesses that once would never thrive will.
Have you ever wondered why the stock market goes down and everybody cries but then a few days later the stock market comes back roaring with a vengeance to break records. It just happened. The same thing will happen with businesses and people in general.
At the beginning of the pandemic when people started working from home everybody loved it. That was the general sense. I don't have to go into work, I don't have to travel, I don't have have to spend money, dress up, and talk to anybody. Now the generan ...
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 ; ...