📝 20th Nov 2023 - Home Buying Wants vs. Needs Checklist!

💥 Monday 20th November 2023 💥 Danger! 9 Buyer Traps - FREE Report! Your Daily GTA Real Estate Blaze! "Empowering Your Real Estate Goals: Reports & Sizzling Listings!" "Your Daily GTA Real Estate Blaze" is your daily source of the hottest updates and blazing insights in the Greater Toronto Area real estate market. Every day, we bring you a curated collection of the most fiery trends, market insights, and critical updates delivered directly to your inbox. Whether you're a potential buyer, seller, investor, or a real estate enthusiast, our "Daily Blaze" covers a wide range of topics, from emerging market trends to investment opportunities and expert analysis. Stay on fire with the market and make well-informed decisions with "Your Daily GTA Real Estate Blaze" as your trusted resource for navigating the dynamic GTA real estate landscape. How can I negotiate effectively to secure the best deal on a Toronto home? Negotiating effectively is crucial when buying a home, especially in a competitive market like Toronto. Here are some tips to help you secure the best deal: Research the Market: Understand the current market conditions in Toronto. Know the average prices in the neighborhoods you're interested in and be aware of recent comparable sales. Get Pre-Approved for a Mortgage: Having a pre-approval letter shows sellers that you are a serious and qualified buyer, giving you a stronger negotiating position. Set a Realistic Budget: Know your budget and stick to it. Factor in not only the purchase price but also additional costs like closing costs, property taxes, and potential renovations. Know Your Priorities: Identify your priorities and deal-breakers. Knowing what aspects of the property are non-negotiable and where you can be flexible will guide your negotiation strategy. Work with an Experienced Realtor: A knowledgeable real estate agent with experience in the Toronto market can provide valuable insights and help you navigate negotiations. They can also provide information on the seller's motivations. Understand the Seller's Perspective: Try to understand the seller's motivations and circumstances. Are they in a rush to sell, or is the property newly listed? This information can inform your negotiation strategy. Be Prepared to Move Quickly: In a competitive market, desirable properties can receive multiple offers. Be prepared to move quickly, and consider making a strong, well-structured offer. Negotiate Beyond Price: Don't focus solely on the purchase price. Consider negotiating other terms, such as closing date, inclusions/exclusions, or repairs that need to be addressed. Be Mindful of Contingencies: Keep contingencies reasonable. While it's important to protect your interests, excessive contingencies may make your offer less appealing. Stay Calm and Patient: Negotiations can sometimes be intense, but it's essential to remain calm and patient. Avoid letting emotions guide your decisions, and be prepared for counteroffers. Use Comparable Sales: Provide evidence from recent comparable sales to support your offer. This can strengthen your position and justify the proposed purchase price. Be Flexible, but Firm: While it's crucial to be flexible in negotiations, know your limits and be firm when necessary. Don't be afraid to walk away if the terms are not favorable. Remember that successful negotiation is a collaborative process. Be respectful and professional, and aim for a win-win outcome whenever possible. Working closely with a skilled real estate agent can significantly enhance your negotiating strategy and increase your chances of securing the best deal. Home Buying Wants vs. Needs Checklist When shopping the market, you need to set out your house wants and needs. But how do you distinguish between the two? Here a home buying wants vs. needs checklist. blog.remax.ca READ MORE ... More signs Toronto's troubled housing market is moving into buyer territory Toronto's housing market has fallen from its red-hot glory, with sales numbers dropping by staggering amounts, homes sitting on the market for far ... blogto.com READ MORE ... Real estate lenders await certainty as borrowers seek cash Alternative lenders, alternative assets in favour in tight times vancouverisawesome.com READ MORE ... Interest rates are 200 bps higher than they should be due to government spending: Scotiabank - Mortgage Rates & Mortgage Broker News in Canada Canadian interest rate are about 200 basis points higher than it otherwise would be due to government spending at all levels, including billions spent on pandemic relief. canadianmortgagetrends.com READ MORE ... Canada to crack down on profit making from short-term rentals -The Toronto Star Earlier this month, The Bank of Canada said the era of super-low interest rates was likely over and warned businesses and households to plan for higher borrowing costs than they have been used to in recent years. The government has also announced plans to convert six federal properties into 2,800 new homes by March and is accelerating a process to identify more public buildings for home conversion as the country grapples with a housing shortage. Housing supply has failed to keep up with Canada's immigration-fueled population growth, and affordability worsened during the coronavirus pandemic when housing prices soared due to high demand amid low borrowing costs. ca.finance.yahoo.com READ MORE ... This Week’s Top Stories: Canadian Real Estate Softens & Gov Invests In Controversial Developer - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Real Estate Prices Slip Further As Sellers Suddenly Surge Canadian real estate markets continue to soften, with few signs of a break. The benchmark (typical) home price slipped lower in October, and is 14.6% below the March 2022 record high. Slow […] betterdwelling.com READ MORE ... The 5 best neighbourhoods in Toronto for people looking to buy their first house Owning a house in Toronto may be something reserved for a financially privileged few given the cost of real estate in the city, but in the present ... blogto.com READ MORE ... These two homeowners teamed up on backyard laneway homes: ‘More people — that’s what cities are about’ Three family-sized units now exist where eight parking spaces used to be. But the owners are clear it’s not affordable housing. stcatharinesstandard.ca READ MORE ... Luxury condo in midtown Toronto or detached, two-storey home in lakeside Keswick, Ont. Which would you choose? Condo, on the edge of upscale Forest Hill neighbourhood, a short walk to amenities? Or custom-built Georgina home with lake views on quiet street? therecord.com READ MORE ... B.C. investor sees return of $900K mortgage funds after illegal fundraising Geoffrey Rajay Sidhu misappropriated nearly $1M from an investor who took out a mortgage against their home understanding it would be invested in a company biv.com READ MORE ... Persistent inflation could lead to BoC rate cuts, says CIBC Signs of future market lethargy are becoming increasingly apparent mpamag.com READ MORE ... How severe could the upcoming mortgage renewal shock be? Nearly $1 trillion in mortgages are due for renewal by 2026 mpamag.com READ MORE ... blogTO Toronto's source for local news and culture, restaurant reviews, event listings and the best of the city. blogto.com READ MORE ... Monthly sales slow, but prices rise in Canada's housing market Homebuyers are remaining on the sidelines, says CREA mpamag.com READ MORE ... Mortgage market risks rising in high-rate environment: CMHC Surging interest rates are weighing down on current homeowners – and further turbulence is on the horizon mpamag.com READ MORE ... This $12 million Toronto home has an entirely mirrored room Finished in 1934, 52 Rosedale Rd. was first home to Roland R. McLaughlin, an assistant professor at Univeristy of Toronto, who lived there from 193... blogto.com READ MORE ... Month-over-month real estate prices fall across Ontario In the Barrie district, single-family home prices rose 2.4% since October of last year, while condo prices fell by the same amount barrietoday.com READ MORE ... It’s been ‘hard to sell’ in many housing markets across Canada. Here’s why - National | Globalnews.ca The housing market is slowing in many parts of Canada, leaving many home sellers waiting longer and longer for offers. Here's how that could affect prices in the market. globalnews.ca READ MORE ... Canadians feeling the strain as weak sales persist With new listings exceeding sales, financial stress impacts households in Canada, and selling is the best option to relieve that stress realestatemagazine.ca READ MORE ... Condo Maintenance Fees Climbing When looking for reliable alternatives for homeownership, a condominium may be a great option. Heres everything to know about Condo Maintenance Fees before you make the move. blog.remax.ca READ MORE ... Delinquencies rising for borrowers with $400k+ mortgages, CMHC report shows - Mortgage Rates & Mortgage Broker News in Canada While overall mortgage delinquency rates remain near historic lows, figures show an upward trend this year for borrowers with larger balances. canadianmortgagetrends.com READ MORE ... Are Toronto Condo Prices Going Down? | Toronto Real Estate Are Toronto condo prices going down? Take a deep dive into falling prices and find out what's happening in the Toronto real estate market. seanmayers.com READ MORE ... 'Terrifying' mortgage math could bring down Canada rates quickly: economist Economist who predicted US housing crash sounds dire warning for Bank of Canada mpamag.com READ MORE ... Home resales fall by 1.9 per cent across Canada, new listings on the rise: RBC Home resales fell by 1.9 per cent across Canada in September, the third month in a row that resale rates have dropped, according to a new report by RBC. ctvnews.ca READ MORE ... Editor's Note "Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any Greater Toronto Area Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? 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