Milana Cizmar » Blog

The May Cizmar Report is out for New Toronto and Mimico

admin — Fri, 18 May 2012 14:00:43 +0000

Click on the latest issue of Your Cizmar Report to see what the market is doing in New Toronto and Mimico.

Fantastic Price for a 1 Bdrm + Den in Etobicoke

admin — Tue, 15 May 2012 21:06:36 +0000

Bright and Open Concept 1 Bdrm + Den in the Heart of Islington Village, Modern Kitchen with Breakfast Bar, Walk-Out to Balcony and One of The Best Unobstructed Views Overlooking the Park! Good Sized Master Bedroom with Double Closet. Ensuite Laundry, Parking and Locker! All the Modern Conveniences in a Well Run Building and a Quick Walk To the Subway, Restaurants and Shops. This Unit Will Not Last Long at this Price! $256,900

Includes: Fridge, Stove, Built-In Microwave, Built-In Dishwasher, Washer, Dryer, All Electrical Light Fixtures, Window Blinds and Broadloom Where Attached.

Come and see this great unit for yourself! Call me at 416-762-8255 or e-mail me today to book your viewing.

Budgeting Basics for First Time Home Buyers

admin — Mon, 14 May 2012 16:00:00 +0000

So you are thinking about buying your first home? What an exciting time!

While I’m sure you’ve got big dreams and even bigger opinions about what you want in your dream home – there are a few steps I would like you to follow before you even step foot into a home. Being prepared every step of the way will ensure your house hunting journey is a smooth and enjoyable process!

Go to your bank or lending institution.
Lenders will use several factors when determining the loan you qualify for. One of the most important factors is your credit score. The interest rate you pay will be tied to your credit score – so having a better one means you will pay a lower interest.

Secure your Pre-Approval in Writing
If your credit score is within range, then you will want to have your pre-approval in writing. Armed with this information you know exactly how much you can afford and are in a position to start looking at houses.

Factor in your Finances
Besides finding out how much you can afford, it’s important to understand how that fits into your monthly budget. Track your income and expenses for at least six months and factor in your monthly payment, taxes, and homeowners insurance. It is recommended buyers spend no more than 28% of their income on housing costs.

Understand the up-front and additional costs
Find out how much you’re going to need to put toward the down payment. Make sure you have enough money for a deposit which you will present with any offer for a house, as well as a down payment.This can range anywhere from 10 – 20 percent of the asking price of the home. Be sure to factor in the cost of a home inspection, moving costs, lawyers fees etc.

Every step you take to make sure you are in a financially stable condition before you purchase your first home will give you a solid foundation for success. If you would like to elaborate on the above points then you are ready for my buyer’s guide. You can download your free copy here and when you are ready to find the home that fits your needs and budget, I’m only a phone call or e-mail away!

10 Steps to Buying a Home

admin — Fri, 11 May 2012 16:00:00 +0000

1. Determine how much you can afford. Based on your down payment, income, existing debt, regular expenditures and other key financial information, we can help you determine how much you can afford to pay every month and the price range that works within your budget.

2. Team up with a real estate agent. Finding a real estate agent to help you search for your dream home is important to the home buying process. The best real estate agent will be a combination of a personal advisor, consultant, and negotiator. This expert will show you homes that match your criteria, guide you through the home buying process and negotiate the best possible price for your home.

3. Make an offer. When you’ve found a place that you’d like to call your own, your real estate agent will help you draw up an Offer to Purchase to present to the seller. This legal document specifies the price, the closing date and any conditions.

4. Retain a lawyer. It’s important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and you may want a lawyer to look over any offer to purchase before you submit.

5. Arrange the home inspection. Many buyers consider including a home inspection as one of the conditions on their Offer to Purchase. A professional inspection is a good way to uncover major problems with the home. If the home doesn’t pass the inspection, you can adjust or withdraw your conditional offer.

6. Get the mortgage approved. With a copy of the signed Offer to Purchase and the necessary financial information, submit your paperwork to the mortgage lender. The lender will qualify the application and complete a valuation on the property you have purchased.

Mortgage insurance gives you the ability to buy a home with a down payment of less than 20% of the purchase price.

7. Get property insurance. Apart from the mortgage, you’ll need to purchase property insurance that protects your home against fire and other damages. Once you have a policy in place, forward a copy to your lawyer and your lender.

8. Check the legal details. With the deal finalized and the financing in place, your lawyer can now search the title and check whether there are any unpaid property taxes outstanding.

9. Complete the papwerwork. A few days before the deal is set to close, you’ll meet with your lawyer to review, sign, and get copies of all the documentation. At this time, you’ll also provide the remainder of your down payment, pay legal fees and any additional costs such as prepaid utility expenses for which the seller should be reimbursed that are due on closing.

10. Pick up the keys! On the closing day, your lawyer and the seller’s lawyer will exchange documents and cheques. Your lawyer will also register your new home in your name. When these tasks are complete, you’ll get the deed and your keys to your new home, and you can move in.

Content provided by: Garry Shapiro, B.C.L, LL.B, MBA Senior Partner Shapiro & Cho For further information visit www.shapirocho.com or e-mail: garry@shapirocho.com

Have you been on the fence about whether to sell your home right now?

admin — Wed, 09 May 2012 14:56:20 +0000

With interest rates at unprecedented all time lows I’m sure you have been hearing all the excitement and buzz about real estate right now. From bidding wars to bully offers and sellers getting way more than asking prices for their homes, you may be thinking this is the best time to get the highest return on your investment.

But, are you hearing the right information? How do you know where to turn and how to get the straight facts about what is REALLY happening? A lot of the information reported by the media is far from the truth!

As a real estate broker selling houses for the past 16 years, I have a wealth of knowledge and experience to help you navigate the truths! I can give you the insider knowledge you need to know about property value vs. market value, how to know which fix-ups and improvements to do on your home that will give you the biggest return on your investment and how to prepare your home for sale so you have buyers really excited about bringing you an offer!

I have prepared a special report called “The 5 Mistakes Smart Sellers Make” that you can instantly download by clicking on the report image. In the report, I explain some of the misconceptions sellers make about selling their homes in a hot market. If you have been thinking about selling, this report can get you started in the right direction.

In the mean time, let me know if you have any questions about buying or selling a home. I’m here to help you in any way I can.

Market Remains Tight with Sales Up in April

admin — Fri, 04 May 2012 14:00:00 +0000

Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18 per cent higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22 per cent compared to a year ago.

“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.

The average price for April 2012 transactions was $517,556 – up 8.5 per cent compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four per cent.

“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area. While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Why it’s important to understand the Buyer Agency Agreement

admin — Mon, 30 Apr 2012 14:00:00 +0000

Make sure you understand the terms of the contract you are signing so that costly legal proceedings can be avoided later

The agreement you sign with a real estate agent should set out clearly and simply what you can expect from the agent and what the agent can expect from you. But this important document may be one of the least well understood, based on emails I get from buyers and agents

Here’s an example. Though it took over three years to get to trial, the lesson is clear; understand what buyer agency means before you start working with an agent or visiting agents at open houses.

A buyer couple was looking for a home in Milton and saw a For Sale sign of a real estate agent. Over the period of a few days the real estate agent showed the buyers several homes.

The couple decided to put an offer in on a house in Milton, with the real estate agent acting as their agent. Before the agent did so, he sat down with the couple and gave them a Buyer Representation Agreement, the standard document that sets out what the agent will do for you. It also sets out important legal terms and conditions, including:

•The length of time the agent will act on your behalf. It can be as short as a day or six months or more;

•Where the agent will look for homes;

•An obligation for you to refer any property you find to the agent; and

•An agreement for you to pay the agent commission, if the seller refuses to pay it.

The couple’s offer for the house was not accepted and they went directly to a builder, without the help of the real estate agent and bought a house.

The real estate agent sued for $11,000 commission in a case heard in small claims court. The real estate agent argued he spent two to three hours with the couple explaining everything. The couple argued the real estate agent was at their house for just a few minutes and had to hurry off because another offer was coming in that night.

The couple also argued through their lawyer, they thought the only reason they had to sign the Buyer Agreement was so that they could put in an offer on the house they were interested in and that’s it. It was also not explained that the agreement would continue for another six months.

In a decision on March 27, the Judge accepted the couple’s story about the night they signed the buyer agreement. She noted that the agent did not have clear notes or recollection of the times and dates involved, while the couple did. She said that the buyers could remember that it was late at night and the wife felt rushed putting the children to bed, and that she was not even at the table while most of the papers were reviewed by her husband.

The Judge ruled that the contract terms were not understood by the buyers and that when they signed the Buyer Agreement, they thought it meant something else. She denied the real estate agent’s claim for commission.

This case contains important lessons for buyers and real estate agents.

•Buyers, if you want a buyer agent to be loyal only to you, consider signing a Buyer Agency Agreement; do not try to use someone’s services and then avoid paying commission later;

•Buyers, also understand that you can negotiate the terms of this agreement, time period and territory. For example, if you only want it to apply to resale homes and not new homes, include that in the agreement;

•Agents, make sure that buyers clearly understand all the terms of any Buyer Agency Agreement before it is signed. Have the buyers initial all key paragraphs and leave them a copy of the agreement as well. Keep notes of everything that was discussed.

When everyone understands what Buyer Agency is all about, costly legal proceedings can be avoided later.

Mark Weisleder is a real estate lawyer. Email mark at mark@markweisleder.com

Enhancing your home’s curb appeal this spring!

admin — Fri, 27 Apr 2012 15:00:00 +0000

Spring is a wonderful time to market a home. Many families love to buy during this season so that they can make the move at the end of the school year. Staging a home during this season is so easy. Green lawns and fresh flowers make for great curb appeal and that equals stellar first impressions.

But did you know, most buyers drive by a home before deciding whether or not it’s worth seeing inside? First impressions are critical so here are my Top Tips for how to enhance your home’s curb appeal.

Put a seasonal wreath on your front door
Buy a new colourful doormat
Buy pots of bright flowers for your front entranceway and flank on either side
Clean out your gutters
Trim any bushes so they don’t block windows and cut down on light
Weed your gardens
Add more colourful flowers and greenery to gardens
Buy a new shiny mailbox
If you have room on a porch or front entranceway, set up a small table and 2 chairs or a bench so buyers can picture themselves enjoying the scenery
Upgrade outside lighting
Mow the lawn and edge the grass around walks and trees

Doing all of this will create a beautiful impression of a well cared home that buyer’s will be enthusiastic to see on the inside!

For more Tips and Easy Tricks please sign up for my newsletter here and I’ll send you monthly updates for anything about real estate that you need to know!

Tight Market Drives Double-Digit Price Growth

admin — Tue, 24 Apr 2012 16:02:08 +0000

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011.

“The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver.

“The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011.

Click on the latest issue of Your Cizmar Report to read the rest of the story and to see what the market is doing in New Toronto and Mimico.

Rent or Buy Toronto Real Estate?

admin — Mon, 23 Apr 2012 21:47:59 +0000

Did you know 88% of homeowners indicated that owning a home has been a positive experience according to a survey of the National Association of Realtors®? Did you also know that only 51% of renters can say the same thing? Seems to be more in favor of owning a home than buying?

Let’s take a look at some of the positive reasons for owning your home vs. renting.

1. You are building equity in YOUR home as the value increases and you pay off the mortgage.

2. You are adding to your personal NET WORTH and not throwing your money away on rent (or paying someone else’s mortgage).

3. If you rent you have zero financial return on the money you pay for rent as you will never see it again.

4. You can add value to your home by doing renovations and improvements to it

5. You control your mortgage payments, can have prepayment options, make extra payments and can even change the payment frequency and amounts if you so choose.

6. You have Pride of Ownership! This is your house and you have freedom and independence from renting, answering to a landlord and just not being able to do what you want with the space.

7. You have a mortgage but this is considered Good Debt!

8. Owning a home today is more affordable than ever! Interest rates are at an all time low. If you are considering buying a home it would be advisable to lock in with a pre-approval sooner rather than later. If the rates go up you are protected and if they go down you are still protected. It’s definately a win-win!

Questions? Comments? There is no better time than now to take advantage of the opportunities available for home buyers. Please don’t hesitate to contact me or download a Free Buyer’s Report on all the steps involved in purchasing a home. I just love working with buyers who know it’s time for home ownership!