MIKE LIND

Blog

  • Making the Right Move: A Checklist for Homebuyers

    Whether you are a A Case of Cold Feet: How to Handle the First Time Homebuyer or an experienced homeowner, buying a new home is always stressful. Here’s a handy checklist of six things you can do up front to make the process a lot easier. Before you start packing, here’s what you need to do.

    1. Prepare a budget. You need a clear picture of your family’s finances before you even think about calling a Realtor or applying for a mortgage. List all your monthly fixed expenses, such as car payments, current rent or mortgage, utilities, school tuition, and loan payments. Add categories for other expenses such as food and entertainment.
    2. List your debts. If you have existing credit card debts, student loans or other debts that require regular monthly payments, get them down in black and white, so you know exactly how much you owe. Figure out your debt ratio. There are plenty of online calculators that will do this for you. You need to know two ratios. Your housing debt expenses (including taxes and insurance) as a percentage of your gross monthly income should be 25-28%. Your installment debt ratio (credit cards and other consumer debt) should be around 10-15%. Your total debt to income ratio should not be more than 40%.
    3. Get pre-approved. #1 and 2 above are important because you want to get pre-approved for a loan before you start shopping. This is an important safeguard, to keep you from falling in love with something you can’t afford or can’t get a mortgage for. Be sure you understand the Mortgage Pre-Approval – Don’t Overlook The Importance. Getting pre-qualified means that you give a lender your overall financial picture, including your debt, income and assets. The lender evaluates this information and gives you a ballpark figure of the mortgage amount for which you could qualify. Pre-qualification can be done over the phone or on the Internet, usually at no cost.Pre-approved, on the other hand, means that a lender evaluates your debt ratios, your credit report, and your overall ability to repay a loan and says, “Yes, I would loan this buyer X number of dollars to buy a home.”
    4. Make a list. Before you begin working with a Realtor, you need to make a two-column list of needs vs. wants. Be sure you know the difference! You need three bedrooms. You want a swimming pool. You need to be very upfront with your Realtor about exactly what constitutes a deal-breaker in your purchasing process. If more than one person is involved in making the final decision, be sure that you are more or less in agreement about needs and wants. If one spouse wants a short commute and the other has visions of a country estate, you could have a problem. Resolve these issues ahead of time.
    5. Find a Realtor. Once you’ve done your homework, it’s time to start looking. You want to find a Realtor who represents you and puts your interests first. The best way to find a Realtor is to ask friends and family for recommendations. However, if you are new to the area and don’t know anyone, you may need to visit several firms and interview several Realtors. Chemistry is important. You need to look for someone who is committed to meeting your needs and who knows the area and price range you’re looking in.
    6. Ask the right questions. When you are talking to prospective Realtors, don’t be afraid to ask probing questions. And expect to get frank, straightforward answers. Here are a few to get you started:
    • How long have you been in real estate?
    • Do you represent both buyers and sellers?
    • How many buyers are you currently working with? How many sellers?
    • How many homes did you sell last year?
    • How familiar are you with the neighborhoods we are considering?

    Buying a home could well be the single most important decision you will ever make, both financially and emotionally. However, if you do your homework and prepare thoughtfully for the process, it can also be a fun and rewarding experience. Happy hunting!

  • Make It Sparkle: Eight Tips for Adding Instant Curb Appeal

    When home buyers drive your neighborhood, or when Realtors are previewing for their clients, what do they see? You never get a second chance to make a first impression, so make sure your home has the The Wow Factor: Seven Quick Curb Appeal Tips that makes people go “wow.” Take a walk around your property right now—front to back. Pretend you’re a prospective buyer. Do you like what you see?

    Here are eight quick tips for creating a visual impression that makes them want to see more.

    1. Start at the door. Get out your paintbrush and spruce up the front door. A bright color will attract attention from the street, if that fits with your overall exterior. Replace doorknobs and hinges with something new and shiny. A seasonal wreath on the door adds a welcoming touch. If your screen door squeaks or sags, get a new one or just remove it to make an attractive door more visible.
    2. Under pressure. Rent or buy a pressure washer and go over the entire exterior, top to bottom. Pay special attention to any white or light-colored areas, which tend to collect dust and dirt. Use it on porches, stairs and decks. And by the way, power washing is equally effective on concrete, and can really lighten up sidewalks and driveways.
    3. Spit and polish. Anything that’s metal on the outside of your home should sparkle and shine. Start with the house numbers. A good metal polish might work, but if not, replacing them is relatively inexpensive. Exterior light fixtures should all be working order and should shine brightly, both in daylight and dark. Check for burned-out bulbs while you’re at it. How’s your mailbox? New owners might appreciate one of the new models with a security lock.
    4. Hide the kids and dogs. You want your home to have the broadest possible appeal. Not all prospective buyers have children so if you do, it’s best to keep the evidence out of sight. Put away the bikes and balls. If you have play equipment such as swings or a basketball goal, remove what you can or move items to where they are less visible. Be sure someone in the family is assigned to pick up after Fido and Fluffy too.
    5. Plant a garden. You don’t have to have a green thumb to add seasonal color to the outside of your home. Think containers. Placing a few colorful pots on the front steps or by the door is a great place to start. Visit your local nursery and buy whatever is in season. Replace as needed—nothing dead or dying, please! Keep the grass mowed and edged too.
    6. Light up your life. Good exterior lighting improves both appearance and security. In-ground spots can accent landscape elements or the house itself. Make sure the front walkway and drive are well lit. If wiring is not an option, solar fixtures are relatively inexpensive and easy to install, although they may not be as bright as wired fixtures.
    7. Look out the window. Or in, which is what your prospective buyers will be doing. While you’re power washing, make sure the windows get their share. Use an inexpensive vinegar and water spray, and wipe down with old newspapers. Give them the same treatment on the inside and the whole house will sparkle.
    8. Shutters are a plus. Shutters add a cozy feel, so if you don’t already have them, you might consider installing some. If you have shutters, reattach anything that looks saggy. Make sure they are freshly painted. Depending on your home’s exterior, choose a contrasting color that stands out. Dark green looks great with yellow or cream. Black is great on stone or brick, and white is almost always a good choice.

    As you plan your exterior makeover, keep in mind your neighborhood, competing homes that are on the market, and your budget. Most of these How To Maximize Your Selling Price With Low-Cost Cosmetics and DIY. And even if you have to spend a few dollars for professional help, the investment will pay off by attracting more buyers more quickly.

  • Ready, Set, Sell: Checklist for Home Sellers

    You want to sell your home in the shortest possible time for the highest possible price, right? Of course that is every seller’s goal and it’s your Realtor’s goal as well. So here’s a handy 7 Additional Quick Fixes To Make A Great First Impression When Selling A Home you need to do to make that happen.

    1. Follow the 50% rule. Look at every flat surface in your house and take at least 50% of the items away. This goes for kitchen and bathroom counters, desktops, bookshelves and dressers. Maybe you do use that blender/toaster/coffeemaker/radio every day, but for now, keep it out of sight and get it out only when you need it.
    2. 50% your closets too. If stuff tumbles to the floor every time you open a closet or a cupboard, you won’t impress your buyers. An overstuffed closet tells a buyer that you don’t have enough storage space. So get out the packing boxes, pretend you’re moving next week, and streamline every space. The buyer needs to know there’s plenty of room for his (or her) stuff.
    3. Don’t get personal. When a buyer walks through your front door, you want her to imagine herself living in your home. This won’t happen if the walls are covered with family pictures and the refrigerator door is decorated with childlike Picassos. Add these items to your packing list. Let the buyer see a clean slate, ready for her to add her own personal touches.
    4. Brighten up. Walk through your home after dark and on a cloudy day. Does it look bright, cheerful, and welcoming? Start by getting some brighter light bulbs to shed some light on those dark corners. Make sure there are no burned out bulbs anywhere. Check the porch lights and outdoor lighting as well.
    5. Show me the money. Realtors and builders alike will tell you that you’ll get the most bang for your buck by investing money in your kitchen and bathrooms. So whatever you have to spend on a pre-sale facelift, that’s where your money should go. If your bathroom vanities look shabby and dated, a couple coats of semi-gloss enamel in one of today’s “in” colors is a great place to start. Add some drawer pulls to kitchen and bathroom cupboards. Replace faucets with brushed nickel or bronze. New stainless steel appliances in the kitchen will give it a real “wow” factor.
    6. Do a painting. As part of your facelift plan, painting the interior walls is a great investment. Ceilings should be white because it makes the rooms seem larger. But keep white paint off your walls and go with a warm neutral (pale yellow, rosy beige or taupe) instead. Stark white walls are cold. Even if your home is very contemporary, you still want to reflect a degree of warmth and coziness.
    7. Check for hidden problems. Often it’s the things you can’t see that will trip you up. So keep an eye out for problems that aren’t immediately obvious. For example, if the storage space under your stairs smells musty, air it out and add some room freshener. Make sure there are no signs of mold or mildew anywhere. Look around the baseboards and the outside of your home as well for signs of termites or other pests. Make sure there are no dripping faucets or leaks under the sink. And check to see that your smoke detectors are working.
    8. Add the unexpected touch. When you’re ready for that first open house, make sure you appeal to ALL the buyer’s senses. Put out some fresh flowers or plants. (Hint: orchids are not expensive and they last a long time.) Avoid candles, which could create a fire hazard. Instead, use essential oils with scents that create a mood. Lavender is relaxing, rosemary is stimulating, and jasmine elevates the mood. Citrus scents are always fresh and clean. Of course if you want to pull out all the stops, bake some chocolate chip cookies and leave them on the counter. But please, no onions or fish smells left over from last night’s dinner.

    Homes do not sell themselves. It takes planning and effort on your part, 7 Reasons Why You Need A Realtor to Sell Your Home, to turn your property into a showplace. The payoff is the look on that prospective buyer’s face that says, “I want this one!”

  • Houses That Sold in West Rouge – March 2023

    The real estate market in West Rouge, Centennial, and Highland Creek was active in March seeing 23 houses sold.

    Most of the selling activity was in West Rouge and Centennial. Highland Creek, with it’s high entry price into the neighbourhood, was stale in terms of sales. This may be because of continued unrealistic price expectations in the neighbourhood, homeowners wanting way more than the house is actuall worth, and would-be home buyers who are armed with knowledge and won’t buy a lump just for the sake of getting into the market.

    Spring is just around the corner, we’ve had almost a full year of price and interest rate adjustments and the market looks primed to bounce back just like it did in 2008 (and I said it would).

    Let’s take a look at what’s been happening…

    WEST ROUGE

    There were a total of 13 houses for sale in West Rouge. 10 of the houses for sale sold, 2 are sold conditionally, which leaves 1 house on the market for sale for buyers to choose from.

    Yikes. That homeowner must be wondering why theirs was the only one that didn’t sell!

    Year-over-year sold prices are down -14.84%.

    The average listing price in West Rouge was $1,082,829. The average selling price was $1,151,600, 107% of the asking price, or 6.35% higher than the listed price, and the average time it took a house to sell was 9 days.

    With only one house available, the months of inventory is 1.08 and the demand rate is .92 meaning there are approximately 8 buyers per house in West Rouge.

    West Rouge March 2023 real estate market update

    CENTENNIAL

    There were a total of 18 houses listed for sale in Centennial, and much like West Rouge, 10 of the houses for sale sold.

    Year-over-year sold prices are down -16.32%.

    The average listing price in Centennial was $1,224,290. The average selling price was $1,245,300, 102% of the asking price, or 1.72% higher than the listed price, and the average time it took a house to sell was 10 days.

    With 8 houses on the market (at the time of writing this), the months of inventory is 1.8 and the demand rate is .56 meaning there are approximately 4.5 buyers per house in Centennial.

    Centennial March 2023 real estate market update

    HIGHLAND CREEK

    In Highland Creek, there were a total of 12 houses listed for sale, but only 3 of the houses sale sold. I have toured every home that was for sale in Highland Creek and I think the listing prices put the ‘high’ in Highland Creek. Seriously, it must be the new cannabis shop there…

    The average listing price in Highland Creek was $1,145,633. The average selling price was $1,420,000, (that’s one heck of a coincidence with my listing price comment!) 124% of the asking price, or 19.3% higher than the listed price, and the average time it took a house to sell was 4 days.

    Year-over-year sold prices are down -10.9%.

    8 houses on the market in Highland Creek (at the time of writing this) will take 4.3 months to sell and the demand rate is .14 meaning there are approximately 1.25 houses per buyer.

    Highland Creek March 2023 real estate market update

    Thinking about buying or selling this year?

    What I see is a market on the rise. It’s been almost a full year since the interest rate increases and the prices have adjusted down as much as I think they’re going to be.

    Looking at the demand rate of the neighbourhoods, we can see that buyer confidence is strengthening. Buyers are not dumb. They are well-informed (maybe they know more than most agents actually) and are not interested in buying an over-priced turkey.

    Please reach out to me and let’s start the conversation about when would be a good time to buy a new home and list your home for sale.

    Download your copy of the houses that sold here.

  • West Rouge: The Number 1 Best Neighbourhood Guide

    West Rouge is a stunning neighbourhood located in the eastern part of Toronto, Canada. It’s a beautiful place to live, with a peaceful atmosphere and diverse community. In this guide, we’ll explore everything you need to know about living in West Rouge, from the natural beauty of the area to the housing options available.

    Natural Beauty and Outdoor Activities

    One of the best things about West Rouge is the natural beauty of the area. The Rouge River Valley offers a perfect spot for outdoor activities such as hiking, fishing, and bird watching. The West Rouge Beach is a favorite spot for swimming and picnicking, and the Waterfront Trail is perfect for cycling and walking while enjoying the picturesque view.

    West Rouge has a variety of parks and green spaces, including Rouge Park, the largest urban park in Canada. It’s over 12,000 acres big and has plenty of trails for hiking and biking. You can even spot some wildlife like deer, coyotes, and over 170 species of birds.

    West Rouge has a variety of parks and green spaces, including:

    • Rouge Park: The largest urban park in Canada. It’s over 12,000 acres big and has plenty of trails for hiking and biking. You can even spot some wildlife like deer, coyotes, and over 170 species of birds.
    • West Rouge Park: A beautiful park with picnic areas, playgrounds, and sports fields.
    • Colonel Danforth Park: A scenic park with hiking trails, picnic areas, and a beach.
    • Dean Park: A community park with sports fields and a playground.
    • East Point Park: A scenic park with a boardwalk, picnic areas, and a beach.

    Excellent Schools

    West Rouge has several excellent schools, both public and private, that cater to children of all ages. You’ll find several elementary and high schools, such as:

    • West Rouge Junior Public School: A highly rated public school that offers education for grades JK-6. The school has a strong academic program, and the teachers are dedicated to providing students with a well-rounded education.
    • Joseph Howe Senior Public School: A public school that offers education for grades 7-8. The school has a strong focus on academic excellence and offers a range of extracurricular activities to enhance students’ learning experience.
    • St. Brendan Catholic School: A highly rated Catholic school that offers education for grades JK-8. The school has a strong Catholic faith-based curriculum and offers a range of extracurricular activities, including sports, music, and drama.
    • Port Union Secondary School: A public high school that offers education for grades 9-12. The school has a strong academic program and offers a range of extracurricular activities, including sports, music, and drama.
    • St. Mary Catholic Secondary School: A highly rated Catholic high school that offers education for grades 9-12. The school has a strong Catholic faith-based curriculum and offers a range of extracurricular activities, including sports, music, and drama.

    Recreational Activities in West Rouge

    West Rouge offers a variety of recreational activities that cater to all interests and skill levels. Some of the most popular activities in the area include:

    1. Water sports: With its proximity to Lake Ontario, West Rouge is a great spot for water sports enthusiasts. Kayaking, canoeing, and stand-up paddleboarding are all popular activities in the area.
    2. Hiking and biking: The many parks and trails in West Rouge provide ample opportunities for hiking and biking. The Waterfront Trail, which runs along the shore of Lake Ontario, is a popular destination for both activities.
    3. Golfing: West Rouge is home to several golf courses, including the beautiful Highland Creek Golf Club. With its scenic views and challenging course, it’s a popular spot for golfers of all skill levels.

    Housing Options and Price Range

    In terms of housing, West Rouge has a range of options to suit different lifestyles and budgets. The price range for single-family homes typically starts at around $800,000 and goes up to over $2 million, depending on the size, location, and amenities of the property. Townhouses and condominiums are also available at lower price points, starting at around $500,000.

    These homes are well-maintained and have big yards and gardens. The architectural styles of the houses range from modern to traditional, giving the area a unique character. The proximity to nature and the waterfront views make West Rouge a highly desirable location for families and individuals looking for a peaceful and scenic place to call home.

    Shopping, Dining, and Community Events

    If you’re looking for shopping and dining options, you won’t be disappointed. West Rouge has several shops, restaurants, and services located along Kingston Road. You’ll find independent businesses as well as chain stores, giving you plenty of choices. The community also hosts several events throughout the year, such as a farmers’ market, Canada Day celebration, and Christmas tree lighting ceremony.

    Transportation and Healthcare

    Getting around in West Rouge is convenient as there are several transportation options available. The neighbourhood is located near Highway 401, making it easy to access downtown Toronto and other parts of the Greater Toronto Area. The area is also served by several bus routes and has a GO Transit station, making it convenient for commuting.

    Healthcare in West Rouge is also excellent, with several medical clinics and pharmacies located within the area. The Rouge Valley Centenary Hospital is a full-service hospital that provides a range of medical services.

    Challenges

    The neighbourhood does face challenges, though. One of the biggest challenges is traffic congestion, particularly during rush hour. Kingston Road is a major road that can get congested during peak hours. However, the local community is working with the city to find solutions to this problem.

    Demographics

    The community is home to a mix of families, professionals, and retirees, with a population of approximately 12,000 people.

    According to the 2016 Census, the majority of West Rouge residents are of European descent, with English being the most commonly spoken language. However, the neighborhood also has a significant population of immigrants from various countries, including China, India, and the Philippines.

    The median household income in West Rouge is above the national average, with many residents working in professional, managerial, and technical occupations. The neighborhood also has a relatively low unemployment rate compared to other parts of the city.

    West Rouge is home to a number of schools, including public, separate, and French immersion schools. These schools provide education to students from kindergarten to grade 12, with a focus on academic excellence and student achievement.

    Overall, the demographics of West Rouge reflect a diverse and welcoming community that values education, professional achievement, and cultural diversity.

    History of West Rouge

    West Rouge, located in the eastern part of Toronto, has a rich history dating back to the 1800s. Originally inhabited by the indigenous people of the Mississauga Nation, the area was later settled by British immigrants in the mid-19th century.

    During the late 1800s and early 1900s, West Rouge was primarily an agricultural area, with many farms and orchards dotting the landscape. The arrival of the Grand Trunk Railway in the early 1900s helped to spur growth and development in the area, leading to the establishment of several new communities.

    In the 1950s, West Rouge experienced a significant transformation with the construction of the Scarborough Expressway, which provided easy access to downtown Toronto. The new highway led to an influx of residents and businesses in the area, helping to establish West Rouge as a thriving suburban community.

    Today, West Rouge is known for its beautiful natural surroundings and family-friendly atmosphere. The neighborhood has continued to grow and develop over the years, while still maintaining its strong sense of community and history.

    Conclusion

    In summary, West Rouge is a great place to call home if you’re looking for a friendly, peaceful, and beautiful community with a range of housing options to suit different budgets. It’s an area that has everything you need, from excellent schools to convenient transportation, plenty of outdoor activities, and a variety of shops and restaurants.

    Check out many other blogs about West Rouge and the surrounding communities here.

  • The Toronto Real Estate Board Screws Up Yet Again

    “Branded” Photos on the MLS

    The Toronto Real Estate Board, oh sorry, the Toronto Regional Real Estate Board just can’t get out of its own way.

    Whether it’s telling you the reason they won’t release sold data to the public is because of privacy concerns, or using a database system that was developed back in the 90s, they find a way to mess things up.

    The latest screw-up is with their new database system. It has so much potential and I actually think it will be good, but I have reservations because I know TRReb so well.

    They recently released 2 new platforms. One is for preparing and digitally signing real estate documents like the agreement of purchase and sale and other official documents.

    The other is uploading listing data to the MLS.

    I like being at the forefront of new technology so when I was given the option to upload a new listing using the new system, I thought why not?

    The input fields are much easier to navigate. It prompts you to fill in the mandatory fields. It automatically saves your progress which is amazing because I lost a number of listing uploads when the TREB MLS system decided to log me out due to inactivity. I wasn’t inactive. I was writing the listing description and because I hadn’t switched tabs in 20 minutes, it figured I was idle.

    Poof – all listing info is gone.

    When I uploaded the listing to the MLS and looked through the info for a hundredth time, I was treated with this destruction of property when I got to the photos:

    Perfectly nice photos ruined by the system inserting my brokerage information.

    Some agents want to insert their logos or write some dumbass info like “living room” on photos but I find it tacky.

    This is just downright stupid and does not coincide with my values and beliefs when it comes to advertising.

    That’s all realtor.ca (the public MLS) is; a place to advertise houses for sale, not an individual agent or brokerages.

    TRREB in its infinite wisdom decided otherwise and I’m certain it was the old boys club that sits on so-called real estate board committees, who are all brokers, office managers, and “top producers” who still think it’s a realtor’s job to gatekeep property information.

    I can already hear the reasoning behind this:

    “Members have expressed concern over the use of their intellectual property (photos) by other members using the photos in their own advertising.”

    I think it’s due to all of the listing info aggregate sites like housesigma, properties.ca, or even conglomerate brokerages like Re/Max, Royal LePage, and the like.

    If you google a house address, the first page will all be results from these data-driven sites.

    What ends up happening is if someone is looking for information on a specific house and google the property, this person has no idea which brokerage and agent actually listed the house for sale, and in the eyes of that brokerage or agent, they are missing out on opportunities to sell the house themselves because these other sites out-rank them online.

    I can just see a smaller franchise owner from(top of my head) iPro realty putting up a stink during one of these board meetings and demanding that their brokerage info be displayed on the MLS photos so that Jane and Jon, who only want house information know that house is listed with what company.

    Jane and Jon don’t care. They just want to know how much it is, how many bedrooms and bathrooms it has, and where it is.

    iPro Realty franchise owner thinks otherwise.

    I chose iPro randomly. It could easily have been a struggling Re/Max franchise owner instead.

    This is just another failure by the Toronto Regional Real Estate Board not doing what it is supposed to do which is provide its member, dickhead real estate agents like me, the best tools and resources to serve our clients in the best way possible.

    Other MLS boards, especially in the States have amazing tools for their agents.

    the Toronto Board, which has upwards of 65,000 registered agents, who all pay well over $1,000 a year to belong to the board, which translates to hundreds of thousands of dollars of revenue per year, would rather pay money to “rebrand” from the Toronto Real Estate Board to the Toronto Regional Real Estate Board than provide good technology and resources for its members to do what they should be doing.

  • How To Not Sell Your Home

  • How to Buy and Sell a Home Simultaneously

    Moving up to your next home can be a tricky process. Personally, it took Maria and me almost a year to buy our current home. Through my own experience, I’ve learned to help clients focus on getting to their next house and keep the process as stress-free and fun as possible.

    Moving up to your next home can be tricky, and you have to be patient. Toronto does not have a lot of land or housing inventory and finding the right house in the right location takes some skilled moves.

    When it was time for Maria and me to make the move it took almost a year of regular house hunting to find a home in the neighbourhood where our kids were transferred for school. Meanwhile, I would drive 25 minutes to get the kids to school in the morning and do it all over again in the afternoon to pick them up. It wasn’t easy doing all that driving and waiting for just the right home to come along. And then, when it finally materialized, we ended up in multiple offers.

    We have survived renovations, the recession, and a flooded basement. All the while, we came out way ahead of the renovation costs when it came time to move. There is something to be said about being patient and doing the work.

    What are your options when buying and selling a home simultaneously?

    There are three options for moving up to your next home. Each has its pros and cons. I think it is wise that you meet with me or your real estate agent to go over your options well before making the step-up move. It will take time, planning, meeting with financial professionals, and prepping your own home for sale before you even start looking for your next house.

    Moving Up Option One: Find a Home And Buy It Conditional on the Sale of Your Home

    Conditional sales are coming back as the market shifts from a white-hot seller’s market to a more balanced market. This is great. It frees up more starter home inventory which is desperately needed. The process is fairly easy but can be tricky. It is very important that you talk to me or your agent to really dive into how to customize this process for you.

    Step One: Prep Your Home for the Sale.

    Step Two: Get Initially Approved for a Loan
    Part of the preparation process needs to be a deep conversation with a finance person and your realtor. How much can you sell your home for? What proceeds from the sale can be applied to your next house? What can you afford? Can you afford what you want in the neighbourhood you want?

    Step Three: Look for Your Next Home.
    Moving up to your second home is the hardest process you will go through. You will be extra picky. The first time you buy a house, you are typically just psyched to find a house that you can afford in a neighbourhood you like. You quickly learn what you really need in your next house. And it better include a second bathroom.

    Since I’ve been through several personal purchases and sales, I have a process that gets at the heart of what you are looking for, why you are looking for this home, and how to get you through the process.

    Step Four: Make an offer and get under contract on your next home. This follows your standard home-buying process. Make the offer, get it accepted, do the inspection, go through financing, and finally close on the home. With one small exception….. you have to sell your CURRENT home before you can close on your next home.

    Step Five: You have five days to get your home on the market. You have five days from the time you get under contract to put your current home on the market. It is a mad rush of cleaners, photographers, handypeople, etc… Hence the more you do in advance to prep your home for sale the easier your process will go.

    Step Six: Sell your house. My clients consistently sell for more money than our clients’ neighbours. Why? I help my home seller clients properly prepare their home so it shows in its best light so that buyers are excited to buy their home.

    Step Seven: Remove The Condition On Your Next House So You Can Close.
    Typically it can happen on the same day. For safety purposes, it is typically a day or two apart. Sellers can negotiate a bridge loan from their lender to give time to move into your new home. Be quick, interest adds up!

    Pro-Tip: You need to meet with me or your sales representative (who hopefully has experience with this process?) and get your house in order before you start this process. You only have five days to get your house on the market. And it needs to be in tip-top shape.

    Moving Up Option Two: Sell Existing Home, Go Rent, and Then Buy Your Next Home

    The safest way to know exactly how much money you will have to make the big move is to sell your existing home first. The risk with a conditional offer is that you end up paying top dollar for your next home and can possibly be bumped from the transaction if another buyer comes along. You also have to do whatever it takes to sell your existing home which can mean selling it below market value.

    Step One: Prep Your Home for the Sale.

    Step Two: Get Initially Approved for a Loan
    Part of the preparation process needs to be a deep conversation with a finance person and your realtor. How much can you sell your home for? What proceeds from the sale can be applied to your next house? What can you afford? Can you afford what you want in the neighbourhood you want?

    Step Three: Get the Home on the Market, Get it Into Contract, and Get It Closed.
    Present your home in its best light and get yourself an awesome buyer. Typically the sale process takes about two or so weeks depending on market conditions. And then expect about a 30 to 45-day close.

    Step Four: Go find a temporary rental. Some of my clients lucked out and housesat for a friend of theirs who was out of town. Others rented an Airbnb. And some downsized and got a place with a six-month lease. In their overall budget, they included a line item for potentially having to buy out their lease. For example, if they found a home in month four, they still had to pay the extra two months of rent.

    Step Five: Finalize Your Approval Amount – Knowledge is power. Knowing what you can afford allows you to make a smart purchase on your next home.

    Step Six: Look for Your Next Home. Moving up to your second home is the hardest process you will go through. You will be super picky. The first time you buy a house, you are typically just psyched to find a house that you can afford in a neighbourhood you like. You quickly learn what you really need in your next house. And it better include a second bathroom.

    Step Seven: Make an offer and get under Contract on Your Next Home. This follows your standard home-buying process. Make the offer, get it accepted, do the inspection, go through financing, and finally close on the home.

    Step Eight: Close On Your New Home and Move! Yippy you made it. This process can go fast. Or it can take years. It all depends on where you are personally in the process. But do not worry. I’m here for you every step of the way.

    Moving Up Option Three: Rent Your Home Back From the New Buyers

    Most home sellers are unaware that they can stay in their current home after it sells by renting it back from their buyers. It’s called a rent-back offer. In this case, you would get all of the proceeds from the sale without having to move – which gives you both the time and money to purchase a new home.

    Of course, the big drawback is that it transfers the risk to the buyer and most buyers are hesitant to take the risk of renting their new home and prolonging their own move-in date.

    Step One: Get Approved for a Loan: Have a deep conversation with a finance person and your team about how to get approved for the next home. You might have savings. Or you might need to get a line of credit on your existing home to use as a down payment for the next home. Each person is different.

    Step Two: Look for Your Next Home. Moving up to your second home is the hardest process you will go through. You will be super picky. The first time you buy a house, you are typically just psyched to find a house that you can afford in a neighborhood you like. You quickly learn what you really want in your next house. And it better include a second bathroom.

    Step Three: Make an offer and get under Contract on Your Next Home. This follows your standard home-buying process. Make the offer, get it accepted, do the inspection, go through financing, and finally close on the home.

    Step Four: Close On Your New Home and Move! Yippee, you made it! This process can go fast. Or it can take months. It all depends on where you are personally in the process. But do not worry, I’m here for you every step of the way.

    Again, buying a home when you have a home to sell can be a tricky business. I’ve seen transactions where 3 (or more) families are all buying and selling conditionally, which creates a really long string of dominoes.

    Orchestrating a transaction like that is an art form and you need a great real estate agent who can guide you through that process.

    Whew, that was a lot. Do you feel prepped? Ready to make the magic happen for your next home? Regardless of these general guidelines, everyone’s process is different. I’m here to help you navigate the process and get you into your next home.

  • Some Agents Are Clueless When Pricing a House For Sale

    I have no problem agreeing that the price of a home in Toronto is expensive. It’s why I spend so much time going through so many houses; I’m looking for value for my buyers.

    Your home will one day be part of your retirement plan (as much as my financial advisor likes to play down that it’s not).

    All that being said, I came across a townhouse in my neighbourhood listed at $998,800.

    It’s crazy to not bat an eye at any home listed at a million regardless if it’s a townhouse or a detached. But when I looked at the photos of the townhouse, I had to wonder why it was listed at that price, and here’s why.

    Over the past three months, The average selling price of a townhouse in port union and west rouge to be more specific is just under $820,000.

    Seeing as this townhouse is priced higher than the average selling price, I looked at the finishings to see if it was above average.

    What I found was a house with basic interior doors, and cheap laminate floors on the main level.

    The kitchen cabinets were off the shelf builder-grade, foil-wrapped cabinets, and arborite countertops.

    The appliances didn’t match – a stainless steel oven, and a small white fridge and dishwasher. The kitchen also lacked backsplash and task lighting.

    Leading upstairs, you’re greeted by faded, worn, and completely outdated blue carpeting on the stairs. The old carpeting continued throughout the bedrooms as well.

    The main bedroom does have an ensuite washroom, but there is only a single sink and original builder light fixtures, and counter.

    Also missing from the primary bedroom is a walk-in closet.

    Again, I’m not saying the house is bad, I’m trying to find the premium price tag that it is listed at. In fact, the only upgrade I could find in this house was the 3-sided gas fireplace.

    The laundry room down in the unfinished basement certainly isn’t premium and neither is a single-car garage located in the backyard.

    Speaking of the backyard, it is reduced to half its size because the driveway runs beside it.

    Finally, the house fronts to a very busy street.

    So now that I’ve picked on everything that’s just average in this townhouse, why is it listed at such a high price?
    I have a couple of theories on this.

    First, it is listed by an agent from Brampton. Brampton is pretty far away from Port Union and I doubt the agent has gone through enough townhouses here in West Rouge to know the market value.

    Second, a townhouse in the area recently sold for $983,000 and my guess is the agent, the owners, or both saw that selling price and assumed this house is worth the same.

    You know what they say about assuming because the other townhouse was completely upgraded.

    It had strip hardwood throughout all levels – including the finished, walkout basement.

    The floating stairs were made of beautiful hardwood with thick spindles. There were pot lights, granite countertops and premium, matching stainless steel appliances in the kitchen.

    Throughout the entire house, the light fixtures were upgraded.

    The primary bedroom had a walk-in closet and a renovated ensuite washroom.

    Even the garage was better placed in the front of the house, letting the entire backyard to be enjoyed.

    I use a direct comparison approach to valuing homes all the time, but I always compare apples to apples.

    What is the house worth?

    Now that you know this townhouse has no upgrades except for the three-sided fireplace, that makes it an obviously average house.

    It just so happens that another average looking 3 bedroom, 3 bathroom, 1 car garage townhouse not too far from our over-priced turkey, sold a few days ago for $900,000. The garage was built-in in the front of the house so it had a better backyard.

    Also, a 3 bedroom, 3 bathroom, 2 car garage detached house in the area sold for $1,020,000. Yes, just $20,000 more than our lovely builder-grade basic subject townhouse.

    You don’t have to be a mathematical wizard to know that a detached house selling for only $20,000 more than what the turkey is listed for and a direct comparable townhouse selling for $100,000 less than our turkey is not going to sell anywhere close to what the sellers are asking for.

    If I were to take a buyer through this overpriced house, which I wouldn’t, I would point out the lack of upgrades and show them the recent sales in the neighbourhood so they could decide for themselves if the house was worth what the sellers are asking for.

    That’s the difference between myself and most other agents who are only concerned with making a sale.

  • Why Do Some Agents Have to Complicate Things?

    I love the thought of condo living.

    Not having to worry about cutting grass, shoveling snow, or replacing a roof, furnace, or AC. I could go on and on about some of the perks of living in a condo.

    Yes, I know there are drawbacks too. You can say that about any property.

    One of the drawbacks that really pisses me off about condos is a restriction on where lockboxes can be placed.

    Some condo boards make it impossible to hang a lockbox anywhere in the building citing security reasons.

    Could you imagine being restricted about how you can sell your own home? That is one thing I would go to war about if that happened to me.

    I can just see it, the volunteer condo corporation committee made up of people who have never managed anything in their life suddenly in charge of running a building and deciding what can and can’t be done in order for you to sell your place.

    They somehow reasoned that having a key box hung outside of the building on a bike rack or a fence is somehow safer than having a lock box in a stairwell or a dedicated lockbox room.

    Lockboxes outside are always a hassle. In the winter they freeze shut. In better weather, they rust shut as soon as it rains.

    Speaking of rain, nothing makes me happier than finding out the lockbox is right by a garden and I have to step in mud to get to it.

    My favourite though is trying to find one at night. There’s no dignified way of propping my phone against my shoulder and chin, trying to find the right angle to shine the light onto the dial pad so I can enter the code to get the precious keys.

    A dedicated lockbox room inside is the best option, even better than having the lockbox sitting in a cabinet behind the concierge desk.

    The concierge desk can sometimes be busy in the evenings with residents picking up their Amazon deliveries. The last thing a concierge wants to do is go digging for a lockbox. And even better is when you have to take the lockbox with you.

    That’s always fun when showing several units in a building.

    But even with the convenience of a lockbox room, leave it up to some agents to screw it up.

    I was relieved the other day when I got confirmation for an appointment at a condo downtown. The instructions were this:

    “Lockbox in lockbox room with red tag”

    Awesome. I’ll get in and out in a couple of seconds so my clients aren’t sitting in the lobby too long. Just find the lockbox with the red tag. In and out. Easy Peasy.

    Wishful thinking.

    This is what I was greeted with:

    Yes, almost every lockbox had a red tag.

    So instead of being in and out in a matter of seconds, it took me about 5 minutes to go through each one until the code finally worked.

    I found out later that the tags are supplied by the building and numbered in order to make locating the key box easily.

    If an agent can’t be bothered to take 5 seconds and provide the number that is on the tag to help out the agents that are, you know, trying to help them sell their client’s condo, you can imagine how they’ll be dealing with an offer.