😮 14th Aug 2024 - Toronto Condo Sells At $320,000 Loss!

💥 Wednesday 14th August 2024 💥 Danger! 9 Buyer Traps - FREE Report! Daily GTA Real Estate Spark: Hot News Digest! "Navigate the Market: Free Home Reports & Latest Listings!" "Daily GTA Real Estate Spark: Hot News Digest" is your go-to source for the freshest updates and key insights in the Greater Toronto Area's real estate market. Every day, we ignite your inbox with the latest trends, must-know news, and expert analysis, helping you stay informed and ahead of the curve. Whether you're buying, selling, investing, or simply keeping an eye on the market, our hot news digest ensures you never miss a beat in the fast-paced world of GTA real estate. Stay lit with "Daily GTA Real Estate Spark." Are There Common Misconceptions or Myths About Home Buying Traps That Need to Be Addressed and Clarified? Yes, there are several common misconceptions and myths about home buying traps that can lead to misunderstandings or poor decision-making during the home buying process. Addressing and clarifying these myths is essential for buyers to make informed decisions. Here are some of the most prevalent myths and the realities behind them: 1. Myth: “A Low Price Always Means a Good Deal” Reality: A low asking price can sometimes be a red flag rather than a sign of a great deal. It could indicate underlying issues with the property, such as structural damage, legal complications, or location-related challenges. Buyers should always conduct thorough due diligence, including home inspections and title searches, before assuming that a low price equals a good deal. 2. Myth: “The Market Will Keep Rising, So It’s Best to Buy Now” Reality: While real estate markets can appreciate over time, they can also experience downturns. This myth can lead buyers to rush into a purchase without considering their long-term financial stability or the possibility of market corrections. It's crucial to buy a home based on personal financial readiness and long-term goals, not just market speculation. 3. Myth: “All Newly Renovated Homes Are Problem-Free” Reality: Just because a home has been recently renovated doesn’t mean it’s free of issues. Some renovations might be superficial or could have been completed to hide deeper problems. It’s essential for buyers to get a thorough home inspection, even if the home looks brand new or has undergone extensive renovations. 4. Myth: “You Can Always Negotiate a Lower Price” Reality: While negotiation is common in real estate transactions, it’s not always possible to negotiate a lower price, especially in a seller's market or with a highly desirable property. Buyers should be prepared for the possibility that their initial offer may need to be competitive, rather than being focused on getting a discount. 5. Myth: “Skipping the Inspection Saves Money” Reality: Skipping the home inspection to save money is a risky move. Home inspections can reveal hidden issues that could cost far more to repair in the long run than the upfront cost of the inspection. Even in competitive markets where waiving inspections might make an offer more attractive, it’s important to fully understand the risks before making that decision. 6. Myth: “Pre-Approval Guarantees a Mortgage” Reality: A mortgage pre-approval is not a guarantee of a final mortgage approval. Changes in a buyer’s financial situation, such as taking on new debt or changes in employment, can affect the final approval. Buyers should be aware of this and avoid making significant financial changes until after closing. 7. Myth: “If It’s on the Listing, It’s Accurate” Reality: While listings should be accurate, errors or omissions can happen. Buyers should verify key details such as property size, boundaries, and features independently, rather than relying solely on the listing information. 8. Myth: “It’s Best to Buy the Biggest House You Can Afford” Reality: Buying the biggest or most expensive house you can afford isn’t always the best strategy. Larger homes come with higher maintenance, utility costs, and potentially higher property taxes. It’s important to consider not just the purchase price but the long-term costs of ownership. 9. Myth: “You Don’t Need a REALTOR® If You’ve Done Your Research” Reality: While research is valuable, working with a skilled REALTOR® offers insights, negotiation expertise, and market knowledge that online research alone cannot provide. A REALTOR® can help identify potential traps and guide buyers through complex legal and contractual processes. 10. Myth: “Online Valuation Tools Provide Accurate Property Values” Reality: Online valuation tools can give a rough estimate of a property’s value, but they are not always accurate and can’t account for unique property features, local market conditions, or recent sales data. Buyers should consult with a REALTOR® or appraiser for a more accurate assessment. 11. Myth: “The Seller Must Fix Everything Found in the Inspection” Reality: While buyers can request repairs, sellers are not obligated to fix everything identified in an inspection. Negotiations may result in the seller agreeing to some repairs, offering a credit, or reducing the sale price, but it’s important for buyers to understand that not all requests may be accommodated. Addressing These Myths To avoid falling into these common traps, homebuyers should: Educate themselves on the realities of the market. Rely on professional guidance from experienced REALTORS®, inspectors, and mortgage advisors. Approach the home buying process with a balanced perspective, understanding that while opportunities exist, so do risks that need to be managed carefully. By being aware of these myths and taking a proactive approach to debunk them, buyers can better navigate the complex landscape of real estate and make more informed, confident decisions. Toronto condo sells at $320,000 loss A 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, Realtors and observers say. toronto.ctvnews.ca READ MORE ... Dozens Of Families Receive Renoviction Notices For Apartments In Lindsay KAWARTHA LAKES-Susan Lamoureaux has lived at 201 Lindsay Street South for 13 years. Five of her grandchildren live there with her. She says when she received an eviction notice last week it sent her into a panic. "I was crushed. I've been here a long time, I might choke up here. I've got five kid kawartha411.ca READ MORE ... Rent growth across Canada slowest in 2 years, report says - National | Globalnews.ca Average asking rents for all residential property types in July were up by 5.9 per cent compared with this time last year, a new report says. globalnews.ca READ MORE ... Canada's Best Affordable Places to Live - Macleans.ca Ten cities on the rise where you can still buy a house for less than $700,000 macleans.ca READ MORE ... Greater Toronto home sales ticking downward despite interest rate drops: TRREB The Toronto Regional Real Estate Board says home sales in July were up from last year but down from a month earlier, despite a jump in listings. cp24.com READ MORE ... This opulent $11 million Toronto mansion has an entire room lined with velvet When you live near Toronto's iconic Casa Loma, a literal castle, it's hard to compete with the luxury and opulence.  But 100 Ardwold Gate gives the... blogto.com READ MORE ... Real estate in Waterloo Region: Home sales and prices increased in July Home sales in the Region of Waterloo jumped 4.6 per cent in July 2024. kitchener.ctvnews.ca READ MORE ... Home sales in the GTA up in July with plenty of housing bargains in Oshawa and Durham - INdurham | Local Online News Home sales in the GTA climbed by 3.3 per cent last month from a year ago, with more new listings and a huge uptick in active listings giving buyers more options and a slight decrease in average selling prices. The numbers are courtesy of the Toronto Regional Real Estate Board (TRREB), which show new listings […] durham.insauga.com READ MORE ... Market volatility could drive some mortgage rates lower. Here’s why - National | Globalnews.ca Recent market volatility could serve to drive fixed-rate mortgages lower ahead of the fall housing market. Here's what homebuyers and owners should know. globalnews.ca READ MORE ... Home prices, sales dip in London-St. Thomas for July, but new listing numbers stable | CBC News Home sales and prices in the London and St. Thomas area dipped slightly in July, while the number of new listings remained steady compared to the previous month, new local figures show. cbc.ca READ MORE ... Weakening job market was on BoC's mind as it cut interest rates, summary suggests The Bank of Canada wants the economy to pick up speed again and some members of its governing council are concerned that weak job market conditions could hinder that process. ctvnews.ca READ MORE ... Rent increase of 23.5% approved for landlord: RTB Are the high interests rates of the last few years a reason to allow landlords the ability to increase rents above the allowable limit? vancouver.citynews.ca READ MORE ... Mississauga resale condo inventory hits 9-year high in July as prices remain mostly flat While inventory is very high, the added supply on the market hasn’t translated to lower prices, with an average sale price of $631,810 for apartment condos in Mississauga last month. mississauga.com READ MORE ... When Will the Bank of Canada Next Lower Interest Rates? With inflation improved and growth softening, a series of rate cuts seems in the cards. morningstar.ca READ MORE ... Experts say Toronto real estate prices are finally going to drop later this year Even if realtors insist that home prices in and around Toronto are on the verge of another spike, after months of unprecedentedly low activity and ... blogto.com READ MORE ... Toronto house for sale was designed by team who built the Royal Conservatory of Music Tucked away on one of Rosedale's tree-lined streets, behind some grand gates, is 21 Elm Ave. This architectural masterpiece, named Percival Leadlay... blogto.com READ MORE ... Canada Has A Supply Problem—Youth Unemployment: BMO - Better Dwelling One of Canada’s largest banks is finally willing to admit there’s a supply problem, but it’s not the one you think. BMO wrote to investors today, warning that Canada’s youth (15-24 years old) unemployment rate is surging much faster than anyone anticipated. The crisis-style growth has left 1 in 7 young adults struggling to find […] betterdwelling.com READ MORE ... International students not to blame for Canada's housing crisis, says study Researchers highlight cohort's vulnerability in the housing market mpamag.com READ MORE ... Investors continue to struggle in challenging Toronto condo market Experts note market is facing ‘biggest test’ since 1991 recession mpamag.com READ MORE ... Are homeowners ready for mortgage renewals at higher rates? Rates are falling – but is it enough? mpamag.com 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 GTA 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? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | ManojAtri.ca SearchRealEstateInToronto.ca | Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: Articles in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here