💳 20th June 2024 - Renters Can Build Credit Scores With New Borrowell Program!

💥 Thursday 20th June 2024 💥 Start Your Home Buyers Journey Here! Toronto Real Estate Daily: Curated Hot Highlights! "Your Key to Real Estate Triumph: Free Reports & Prime Listings!" "Toronto Real Estate Daily: Curated Hot Highlights" is your go-to source for the latest and most impactful updates in the Toronto real estate market. Every day, we curate a selection of the most relevant news, trends, and insights, delivering them directly to your inbox. From emerging market trends and investment opportunities to notable property listings and expert analysis, our daily highlights ensure you stay informed and ahead in Toronto's dynamic real estate landscape. Whether you're a buyer, seller, investor, or simply passionate about real estate, our curated content provides the essential knowledge you need to navigate and thrive in this bustling market. Are there any specific negotiation tactics or techniques that home buyers can use to successfully negotiate lower prices or better terms on their home purchase, resulting in significant savings? Negotiating effectively can result in significant savings when purchasing a home. Here are some specific tactics and techniques home buyers can use to negotiate lower prices or better terms on their home purchase in Toronto, Ontario: 1. Conduct Thorough Market Research: Comparable Market Analysis (CMA): Review recent sales of similar properties in the neighborhood to understand fair market value. Use this data to justify your offer. Market Conditions: Know whether it's a buyer's or seller's market. In a buyer's market, you have more leverage to negotiate lower prices or better terms. 2. Get Pre-Approved for a Mortgage: Pre-Approval Letter: A pre-approval letter shows sellers that you are a serious buyer with the financial backing to complete the purchase. This can strengthen your negotiating position. 3. Be Prepared to Walk Away: Set Limits: Know your maximum budget and be prepared to walk away if the price exceeds it. Convey this confidence during negotiations to signal that you are not desperate to buy. 4. Identify Seller's Motivation: Seller’s Situation: Understanding why the seller is selling can provide leverage. If they need to move quickly due to a job relocation or financial pressures, they may be more willing to negotiate. Property History: Check how long the property has been on the market. Properties that have been listed for a long time often have more room for negotiation. 5. Make a Strong Initial Offer: Reasonable Offer: Start with a strong but reasonable offer based on your market research. Lowballing can offend sellers, while a reasonable offer can open the door for constructive negotiations. Offer Expiry: Set an expiration date for your offer to create a sense of urgency. 6. Negotiate on More than Just Price: Closing Costs: Ask the seller to cover certain closing costs to reduce your out-of-pocket expenses. Repairs and Upgrades: Request repairs or credits for repairs identified during the home inspection. Alternatively, negotiate for the inclusion of appliances, furniture, or upgrades. Flexible Closing Date: Offer a flexible closing date that accommodates the seller’s timeline, which can sometimes translate into a lower sale price. 7. Include Contingencies: Inspection Contingency: Ensure that your offer is contingent upon a satisfactory home inspection. This gives you leverage to renegotiate if significant issues are found. Financing Contingency: Protects you in case your financing falls through, allowing you to back out without penalty. 8. Build Rapport with the Seller: Personal Connection: Write a personal letter to the seller explaining why you love their home and how you see your future there. Emotional connections can sometimes tip negotiations in your favor. 9. Use a Skilled Real Estate Agent: Experienced Agent: An experienced local real estate agent can provide valuable insights, handle negotiations on your behalf, and know when to push or pull back. Agent’s Network: Leverage your agent’s network to gain insights into the seller’s situation and to identify potential off-market opportunities. 10. Timing and Patience: Seasonal Trends: Real estate markets have seasonal trends. For example, fewer buyers might be looking in the winter, which could give you more leverage. Patience: Sometimes, waiting out the seller’s counteroffer for a few days can lead to a better deal, as it gives them time to reconsider your offer. Conclusion By combining these negotiation tactics and techniques, home buyers in Toronto can potentially save thousands of dollars on their home purchase. The key is to be well-prepared, informed, and strategic in your approach, using data and professional support to strengthen your negotiating position. Renters can build credit scores with new Borrowell program Users can report two years of past payments to improve their credit history mpamag.com READ MORE ... Main reasons Canadians sell their homes: To upsize or downsize - REM Contrary to popular belief thanks to high living costs and interest rates, affordability wasn’t a top motivator realestatemagazine.ca READ MORE ... The average Bradford home sold for $1.13 million in May, realtors say 'The increase in active listings provides more options for buyers, and we anticipate a balanced market as we move forward,' BDAR chair says of latest monthly data bradfordtoday.ca READ MORE ... Housing construction is booming in Alberta | CityNews Edmonton More than 4,100 brand new homes were started in May across Alberta, according to the Canada Mortgage and Housing Corporation or CMHC. edmonton.citynews.ca READ MORE ... Bank of Canada considered waiting until July to cut interest rates The Bank of Canada's governing council thought about waiting until July to lower interest rates but ultimately decided to cut earlier, the central bank's summary of deliberations reveals. ctvnews.ca READ MORE ... Hamilton to strengthen tenant protections by adopting bylaw preventing ‘demovictions’ - Hamilton | Globalnews.ca City councilors are set to expand on previously approved renoviction rules by adding legislation that addresses tenant evictions through apartment demolitions. globalnews.ca READ MORE ... Here's how many condos equal the cost of one detached house in Ontario | insauga Managing finances around property ownership can be quite a chore and many would-be homeowners in Ontario have often been stuck juggling feelings on whether or not to invest in a detached house or a condo. As a result, real estate experts at Zoocasa have recently done the math to learn how many condos would amount […] insauga.com READ MORE ... Average Toronto Home Price Approaching $2 Million - Realinsights Toronto's Housing Market Soars: Average Home Price Nears $2 Million. Learn What It Means For Buyers And Sellers. gta-homes.com READ MORE ... Can converting empty offices into apartments solve the Canadian housing crisis? Discover how converting vacant offices to apartments help tackle urban vacancies and housing needs money.ca READ MORE ... Cottage of the Week: $6.7 million for a Bracebridge bungalow with twin bunkies and a big boathouse - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... Ottawa's Vacant Unit Tax unexpectedly charged to new homebuyers. Could it also affect cottagers? Ottawa's Vacant Unit Tax has taken some homebuyers by surprise. How does it work and could it be introduced in cottage country? cottagelife.com READ MORE ... Rent prices in some Quebec cities are out of control, tenant group says Moving into a new apartment anywhere in Quebec now comes with price tags unseen. Tenant groups say they have observed a pattern of rent increases that show the market is in their view, 'nightmarish.' montreal.ctvnews.ca READ MORE ... Moving has become a 'nightmare' for tenants in Quebec: RCLALQ report Moving has become a challenge in Quebec, according to a report by the Regroupement des committees logement et associations de tenants du Québec (RCLALQ). montreal.citynews.ca READ MORE ... Seniors who rent in Montreal and Toronto at greatest risk of death from heat: report Seniors in both Montreal and Toronto had higher rates of deaths due to respiratory causes on extremely hot days.   nationalobserver.com READ MORE ... Summer Real Estate Market Insights: What Experts Are Predicting - Realinsights Explore Summer Real Estate Market Insights From Top Experts. Stay Informed On Key Trends And Predictions For A Successful Real Estate Season. gta-homes.com READ MORE ... Ontario home for sale comes with its own postal code and a $4.8M price tag 1 Banfield St. has lovely chandeliers, a pool with a waterfall, and a postal code (N3L 2N3) shared with no one else. nationalpost.com READ MORE ... Gunman's wife says fraud dispute led to deadly Toronto office shooting | CBC News The wife of a gunman in a fatal Toronto shooting says he believed the two victims were behind an alleged mortgage investment scheme that defrauded their family. cbc.ca READ MORE ... Here's how much you need to earn to buy a home in Ottawa this spring A new report from Ratehub.ca, an online mortgage brokerage service, shows the average income required to buy a home in the capital last month was $132,060, up from $131,000 in April. ottawa.ctvnews.ca READ MORE ... Posthaste: Have interest rates forced Canadians to sell their homes? Higher mortgage payments because of Bank of Canada rate hikes have only forced a small number of Canadians to sell, survey says. Read more communitypress.ca READ MORE ... What will influence the BoC's approach on rates for the rest of 2024? Canadians are hoping for another spate of rate cuts before the end of the year mpamag.com READ MORE ... 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