Buying a Home in Today’s Market.

Some of my clients are looking to buy a home in this market where nobody knows if the market is going up or down. What I sense is that the supply at the moment is quite low. So I tell my clients that if they find the house that they like than just put in their best offer. Everytime I work with my clients on an offer I ask them, “‘If someone buys the house for $10,000 more than you, how would you feel.” This is one of the ways I can find the maximum amount my clients are really willing to pay for a particular property.

Many of my clients are worried about multiple offers and having to bid higher for the homes. That is where the news media are really being trouble makers. Remember when property prices dropped slightly, the media said it was the lowest in 20 years. And just recently the market recovered slightly and the media made it out like there was a buying frenzy and concentrated on a sale that had 20 offers. Do not be affected by the media and do not be affected with people saying, “There’s been 20 showings on so and so property on the first day of showing”. Hype is generally just hype. I had one client that was not going to put in an offer because of that. My advice was to put in an offer with an amount and conditions that they were satisfied with. I said, “Maybe someone outbids you and maybe not. If you don’t try, you can’t buy.” In the end we put in an offer and it was eventually sold to someone else that paid in my opinion way above market value.

If you know anyone that you think will benefit from my services, please either send them my contact information or contact me about your referral.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Are Condos Right For You?

Should I Buy a Condo?

As single family home prices have risen, many consumers have been looking to condominiums as an alternative. First time buyers like the lower prices, which makes entry into the real estate ownership market easier. Seniors like the low maintenance aspect and the ability to be in a community catering to their lifestyle. Others like the security advantages that the building provides, especially for those who travel frequently.

Condo Concept
When you purchase a condominium, you purchase and have title to your individual unit in a multi-unit property, and share in the ownership of the land and other common property with all the other unit owners.  The type of common property varies depending on the type of condominium – high rise or townhouse for example – and would include hallways, elevators, heating system, parking structures, landscaped areas, recreation areas etc.

A condominium is a specific form of ownership and does not describe a type of building.

One of the great advantages to owning a condominium is that in most cases, it is owner-occupied and owner run.  Owners ensure their investment is maintained and regard improvements as an investment which increases the value of their individual unit.

Advantages and Disadvantages of Condo Ownership

If a winter holiday is part of your lifestyle, you can leave with your mind at ease, without the worry of a driveway to clear. In the summer the grass will be cut, you won’t have any exterior painting projects or fence repairs to look after.

Condo projects are now part of most communities which means being able to stay in the same location where you were a homeowner.  Some condo projects are more successful than others in terms of capital appreciation and length of time to sell. Here are some of the advantages and disadvantages of condo ownership:

Advantages

• protection from rent increases
• monthly cost of owning is often less than renting
• easy financing
• wide range of property types, prices, locations, sizes and amenities available
• availability of amenities such as swimming pool, tennis courts, hot tubs, saunas, whirlpools, exercise facilities, health spas, sun decks, community rooms (the cost of which may otherwise not be affordable)
• you are investing in your own home and build equity
• appreciation of capital value
• pride of ownership
• freedom to make interior changes and enhancements to your unit
• enhanced security availability and peace of mind when leaving unit unattended
• maintenance and upkeep is kept down or eliminated
• security of tenure and permanent occupancy
• cost is often less than single family home due to efficient use of land and economies of scale
• very marketable
• wide range of prices depending on features, luxury and location
• sense of community due to permanence of residents and resulting social activity
• developments available geared to a specific lifestyle (restrictions on age, pets, children etc.)
• participation of owners in operation of development including budgeting, decision making, determination of rules and by-laws.

Disadvantages

• some loss of freedom may be experienced due to rules and by-laws e.g. type of pets allowed, right to rent unit etc.
• due to a larger concentration of people you may experience problems with the “5  p’s”, pets, parties, parking, personality and people.
• money is tied up in equity
• you may be paying for some amenities you never use
• boards of directors vary in terms of skill and effectiveness

I can help you decide if you are a right fit for living in a condominium. Contact me and I will help you assess your needs and concerns.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

GTA May Resale Housing Sales Higher Than Last Year

In May 2009, Greater Toronto REALTORS® reported 9,589 sales, up almost two per cent from May 2008 – the first annual increase since December 2007. The seasonally adjusted annual rate of sales in May was 81,300.

“The resale housing market in the GTA has remained resilient in the face of challenging times globally,” according to TREB President Maureen O’Neill. “Many home buyers have taken advantage of extremely low mortgage rates.”

The average price for May transactions was $395,609 – down less than one per cent compared to the same month last year.

“The average resale home price has moved in line with last year’s level because of tighter market conditions experienced this Spring,” stated Jason Mercer, TREB’s Senior Manager of Market Analysis. “Home sales have increased strongly relative to new listings, bolstering home prices.”

Median Price

In May the median price was $337,000, from the $338,000 recorded during May of 2008.

Source:  TREB

So if you have been thinking of putting your house on the market, than your opportunity is coming this summer. Give me a call today so we can prepare your house to sell at the peak of the real estate market this summer.

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008

By the way… I’m never too busy for your referrals.

Ride For Heart – Sunday June 7, 2009

This Sunday I will be participating in the Becel Heart & Stroke Ride for Heart on Sunday, June 7, 2009 and I am trying to raise funds to support breakthrough medical advances, social change and health education.

I am asking for your support for a worthy cause that is very close to my heart. My grandfather passed away last year and I will riding in his honour. I am participating in the 50KM bike ride up and down the DVP.

Click on this link to get to my personal web page and donate what you can.  Thank-you for your donations.

Did you know that heart disease and stroke is responsible for 1 in 3 Canadian deaths each year? It is a staggering statistic. With your help the Heart and Stroke Foundation can continue to lead the way in protecting the health of millions of Canadians at risk of heart disease and stroke – today, and for generations to come.

Can I please count on your support? Your donation funds results that change lives.

Follow this link to visit my personal web page and help me in my efforts to support the Heart and Stroke Foundation of Ontario. Thank-you for your donations.

Sincerely,

Kirby Chan
Sales Representative
Forest Hill Real Estate
info@kirbychan.com
www.KirbyChan.com
416.305.8008