Wanted: New Owner for beautiful home in Ajax, Ontario!

Wouldn’t it be great to live in a cozy home with a beautiful in-ground pool ?

Move In and Enjoy This Fine Home

• Immaculate 3 Bedroom Home in Central East, Ajax, Ontario
• Loaded With Upgrades + Southern Exposure Heated In-ground Pool.
• Large Rooms, Eat-In Kitchen Open To Family Room, Finished Basement With 2Pc, Main Floor Laundry, Renovated Upper Baths, Hardwood Flooring And Updated Broadloom, Updated Windows
• New Pool Liner ’05, Pool Heater 04, Shingles ’06, Garage Door & Opener ’12, Furnace ’09, Extra Attic Insulation ’09, Updated Exterior & Interior Doors, Windows &Patio Door Updated Over Time (Expt Bsmt)
• Incl: All Light Fixtures, Window Coverings, Fridge, Stove, Washer, Dryer, D/W, Bar Fridge, Garage Door Opener, Carrier Furnace, Central Air, Aquarium, Pool Equipment.
• Excl: Hall Mirror, Treadmill Is Neg.

For more information and pictures, click here: www.randymiller.ca! If you wanna see this beautiful Ajax home, contact me today!

Randy Miller
Sales Representative 

Re/Max Rouge River Realty Ltd., Brokerage

905-668-1800 or 905-427-1400

w w w . r a n d y m i l l e r . c a

randy@randymiller.ca

Sales of high-end real estate soaring

An article in The Globe and Mail says that sales of high-end homes in Toronto have surged this year, outstripping the growth in sales of more modestly priced homes.

Indeed, a number of markets across the country are seeing a strong pickup in the number of high-end homes that are selling. Real estate industry players say they think it’s because people are less worried about the housing market’s future.

“I think people are feeling confident that the real estate market isn’t going to face a major correction,” says Ross McCredie, the founder and head of Sotheby’s International Realty Canada.

It’s still a gamble, but one that it appears more wealthy individuals are now making.

A record 754 homes sold for more than $1.5-million in the Greater Toronto Area during the first four months of the year, according to statistics from the Toronto Real Estate Board compiled by Eva Blay-Silverberg, a principal at Point Blank Communications who works with real estate data. For reference, she says that the corresponding number of homes that sold in that price range during the first four months of the year was 566 in 2013, 623 in 2012, 435 in 2011, 399 in 2010, 132 in 2009, 260 in 2008 and 250 in 2007.

So, sales over $1.5-million are up by more than 30 per cent from a year ago, while sales of homes at all price points in the GTA during the first four months of the year are up by about one per cent.

Realtor Barry Cohen, who has a listing in the Bridle Path area priced at $25.8-million, says his sales seem to be about evenly split between foreigners and Canadians.

“There is consumer confidence,” he says. Both he and Mr. McCredie said that while luxury buyers don’t tend to take out large mortgages, they take note of interest rates as a reflection of where the market will head.

“You’ve got low interest rates feeding the lower end of the market, and those sellers become the next buyers for luxury,” says Mr. Cohen.

“Last year people were really worried about what interest rates were going to do, whereas this year rates are low again and it doesn’t look like anything is going to change,” Mr. McCredie says. “It gives people confidence. Luxury buyers ask themselves, ‘If I buy this now, who is going to buy it from me in five years?’”

Vancouver, too, is seeing a resurgence in its high-end, Mr. McCredie says. “It is really bouncing back faster than anybody was expecting.”

Source: The Globe and Mail. Sales of high-end real estate soaring by Tara Perkins

If a move is in your future, I can help. Whether you are buying or selling, or both, don’t take chances with an inexperienced agent. I’ve sold real estate full- time in Durham Region for over 20 years. Contact me today or visit my website!

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca

www.randymiller.ca

7 reasons why it may be better to sell a home with the help of a real estate agent

You hear and read about the promises of huge savings by selling your home yourself. The DIY concept is even more tempting when the local market is hot and houses sell very quickly.

The process is typically not as easy as it is portrayed and there are several additional factors you should consider, that might cost you more than you are hoping to save.

Here are some things to consider:

1. With DIY marketing plans, you must pay up-front: typically the fees are $1,000-to- $2,000, for pictures, videos, signs, etc. Most charge extra to have your home placed on the public site www.realtor.ca, which hosts MLS listings. However, you do not get a refund if your home doesn't sell. With a real estate agent, if your home doesn't sell, you pay nothing, even though the Realtor may have spent a lot of time marketing and using all of their own and their company contacts to sell your home.
2. A bidding war is unlikely: Bidding wars are often the norm within many parts of the GTA. In virtually all cases, the home is sold by a real estate agent. The reason is that it takes experience to price the home properly and to create the environment from which multiple offers may materialize. Second, the process is fair, based on Board rules and procedures, so potential buyers are far more willing to participate in the process. Bids are done blindly, so each participant does not know the value or terms of the other offers. With a private seller, there is no duty of confidentiality, no rules or due process, so the seller can tell one buyer what another buyer is bidding. Buyers are highly unlikely to trust the process, eliminating the opportunity to create a bidding war if your home is in high demand.
3. You negotiate on your own: When you do it yourself, it is difficult to know what a fair price is for your home. You might have to pay an appraiser to find out, or you will have to mislead and entertain real estate agents in order to gain their opinions and insights. Then there is the concern over the paperwork, legal issues, being available for showings. Do you have the time or the confidence to navigate all of these issues?
4. Security: Have you considered the security of your home? Who are these people who are viewing your home, are they sincere, are they casing the home for valuables, can they afford your home, or are they just dreaming? Most Realtors only deal with buyers who have signed a Buyers contract (BRA). That means the buyer is serious about buying because they have committed to their agent. As a part of the process, the agent knows who they are, including the verification of their identity with photo ID. Additionally, a professional Realtor will insist that the buyer is pre-qualified for a mortgage, meaning that they will only view houses within their budget.
5. What are the true savings: When a buyer realizes that you are saving commission, isn’t it natural or logical to conclude that they will want to split the savings? You both can’t share all of the savings, so it’s safe to suggest that you may not save as much as you are hoping to. From a buyer’s prospective, why would they do their own searching and negotiations, unless they were experienced or they were looking for a bargain? It does not cost a buyer anything to hire a real estate representative, who offers data, experience and expertise.
6. What are your legal obligations: Sellers cannot rely on the term "Buyer Beware." Even private sellers are legally required to disclose any known problems. Those who do not disclose things such as leaks, tragic events, grow houses and may other things often end up in court after a sale. Conversely, many buyers are skeptical that private sellers may be hiding something. Once again, dealing directly with buyers poses many challenges.
7. Lenders are more cautious when they see a private deal: Lawyers have many private transactions collapse before closing because of problems with financing. Most often, private sales are subject to a full appraisal, because lenders are concerned that the buyer may have paid too much money. Sometimes the buyers are not qualified, or have bought firm and cannot arrange financing before closing. When both the buyer and seller are trying to navigate their way through a process that is unfamiliar, problems are likely to arise. When buyers are represented by agents, they are usually pre-qualified in advance so the seller can have comfort or obtain proof that they will have the money available to close the deal on time.

When you're out for a walk this weekend have a look at the For Sale signs and see how many are represented by realtors. There's a reason for that.

By all means, try and sell your house on your own, just beware that it's not as easy as it looks. As you think about selling your property, you may realize that you face many choices. There are many different companies, hundreds of salespeople with various skills and years of experience and different commission rates. Whether you are selling your first property or if you have previous experience, you should set high standards when selecting the person who will represent you. 

If you are thinking about selling your property, contact me for a free consultation. I can provide you with exceptional services and market your home, condo or commercial building to its fullest potential. I'd be happy to personally answer any other questions you may have. Remember, I will be here to assist you every step of the way!

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca

www.randymiller.ca

FAQ about Real Estate Deposits

Here are some common questions I receive about real estate deposits:

1.    When must a deposit be paid under the standard Ontario real estate contract?

In Ontario, the standard real estate contract gives the buyer two choices; you can pay the deposit immediately when you present your offer to the seller, or you can agree to pay it within twenty four hours after the seller accepts it. Most buyers prefer the second option. If you are in a bidding war, you will be encouraged to come up with the deposit immediately, to show additional good faith to the seller.

2.    Can the buyer just cancel the deal by refusing to pay the deposit after the deal is accepted?

The answer is no. Once the deal is accepted, you can't change your mind. If you do, the seller can sell the property again and if they obtain less money than you were going to pay them, the seller can sue you for the difference, plus legal fees.

3.    What happens if the deposit is paid late?

If you are late with the deposit, the seller has the right to cancel the deal. This is because all time limits matter in real estate contract sand if you are late, even by a few minutes, the seller can try and cancel. I have seen this happen many times, especially when the seller knows that there is another buyer out there who will pay more money. If you need more time to come up with your deposit, say so in your offer.

4.    How much should a buyer pay as a deposit so the seller will feel secure that the deal will close?

This is a tough question, and will largely depend on where your home is located. In the City of Toronto, deposits are now usually up to 5 per cent of the sale price. In Brampton, it is closer to 2 per cent. In some areas of Ontario, deposits can be as little as a few hundred dollars.

5.    Why can't the deposit be paid to the seller instead of the seller's agent?

If the seller goes bankrupt or disappears with the deposit, the buyer is not protected. When the deposit is held by the real estate brokerage, it is in trust and is also protected by insurance so even if the brokerage goes bankrupt, the buyer can get their money back.

6.    If the buyer is not satisfied with their home inspection, how can a seller refuse to release the deposit back to the buyer?

This happens more than you think. A deposit cannot be released unless both the buyer and seller agree. If a seller believes that the buyer did not act in good faith in trying to satisfy their condition, whether it is a home inspection, financing or a condominium status certificate review, they can refuse to release the deposit. This means it stays in the broker's trust account until a judge decides who gets it, which can take years. As a precaution, buyers should consider making two deposits in their offer, a small one of say one per cent when the offer is accepted, and a second larger deposit once the condition is satisfied.

Be serious and understand the rules about deposits before you sign any real estate contract. It is expensive to change your mind later.

Whether you are buying or selling, or both, don’t take chances with an inexperienced agent, I can help. I’ve sold real estate full- time in Durham Region for over 20 years.

Contact me and let me show you how my skills and experience can make your move rewarding and worry-free.

Over 20 years of full-time local service in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice and Bowmanville. Check out my Website!

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca

www.randymiller.ca

Canadian home prices rise again in April

According to a report in The Globe and Mail from this morning analysts warn of market froth. Canadian home prices continued their ascent in April, while the number of existing homes that changed hands came in slightly lower than a year ago. 

The average sales price across the country rose 7.6 per cent from a year earlier, to $409,708.

Averages can be distorted by changes in the types or locations of homes that are selling. If you take the Vancouver and Toronto areas out of the mix, the average price in the rest of the country was up 4.8 per cent. The MLS Home Price Index, which attempts to give a more apples-to-apples comparison of price increases, rose 5 per cent. That’s a slightly slower pace of home price growth than the 5.19 per cent gain in March.

But at an annual growth rate of around 5 per cent, Canadian home prices are continuing to rise faster than incomes are, something that is worrying to some economists.

“With home prices already estimated to be 10 per cent overvalued, the risk is for more froth to gather in the Canadian housing market,” Toronto-Dominion Bank economist Diana Petramala wrote in a research note Wednesday.

The price gains came even as sales of homes over the Multiple Listing Service last month were 0.3 per cent below those in April 2013, according to data released by the Canadian Real Estate Association (CREA) on Thursday.

Last month’s sales were also slightly lower than the average number of sales that have occurred in April over the past decade. Sales were up from a year ago in Greater Vancouver, Calgary and Edmonton, but down in areas like Ottawa, Montreal, and rural Quebec, said CREA, which represents the country’s realtors.

The number of homes that are selling is running below the 10-year average in more than 60 per cent of the markets across Canada, it added. The realtors, many of whom have argued that Ottawa has gone too far in its efforts to curb growth in the housing market, suggested that that statistic means the government should not take any more steps in that regard.

“This shows that tightened mortgage rules and guidelines are working as intended to keep activity in check despite mortgage interest rates remaining extraordinarily low,” CREA’s chief economist, Gregory Klump, stated in a press release. The Canadian government has made a number of moves in recent years to stem the growth of consumer debt levels and house prices, as it has sought to prevent a bubble from forming in the market. Many economists were in favour of those moves.

On a seasonally-adjusted basis, sales were up 2.7 per cent from March, CREA said. That marks the third month in a row of rising month-over-month sales, following a string of declines through the winter months. Greater Vancouver and Greater Toronto led the charge, while smaller markets faced challenges.
(Source: The Globe and Mail, Analysts warn of market ‘froth’ as home prices rise again in April )

Click on the link below to read
> CREA-Report and Stats

To learn more about local market conditions, or insight into prices for real estate in Whitby, Brooklin, Ajax, Pickering, Oshawa, Courtice and Bowmanville, please contact me and/or visit my website.


Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca

 

Durham Region is expecting to see significant population growth

In the coming years Durham Region is expecting to grow significantly. The population is projected to increase to 1.2 million in 2056. The current population is about 650,000. 

(Click on chart to enlarge)

If a move is in your future, let’s sit down and talk about your plans. I will listen, understand your needs and create a plan that will achieve your goals. 

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca

How's the Market? (April 2014)

Greater Toronto Area Realtors® reported 9,706 sales during April 2014, compared to 9,535 transactions in April 2013. The average selling price during April for a resale home in the GTA was $577,898, up by 10.1 per cent compared to the average reported for April 2013.

“April marked the beginning of the spring market, during which time we generally see the highest monthly sales totals in a given year. Despite the persistent shortage of listings, a substantial number of GTA residents were able to come to terms on a home that met their needs. However, sales levels would have been higher, but for the lack of supply,” said Ms. Usher.

“Price growth for the GTA as a whole was driven by the single-detached, semi-detached and townhouse market segments in the City of Toronto. So far this year, there has been no relief on the listings front for these home types in many neighbourhoods in Toronto and surrounding regions. Until we see a marked and sustained increase in listings, we should expect to see the annual rate of price growth above the long-term norm,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

Housing Market Watch: Durham Region

Within Durham Region, 1130 residential home sales reported during April, that's a 19% increase in sales compared to 947 in March. The average sale price during April was $391,351, up 9.4% compared to the average price reported in April 2013. The year-to-date average selling price is $384,980, which represents a 10 per cent increase compared to the same period last year.

The price growth is expected to continue. But even with increased average selling prices, Durham Region's housing market remains affordable and demonstrates great investment opportunities.

If you are looking for a house in Durham Region or are already a homeowner and wish to move to a new house in Pickering, Ajax, Whitby, Brooklin, Oshawa, Courtice or Bowmanville, please contact me or visit my website for more information.

I can answer all of your questions, help you find the right neighbourhood and the perfect house at a great price. Having sold real estate full time in Whitby and the surrounding areas for over 20 years, you can assured of exceptional local market knowledge and  skilled representation. Nothing beats experience.

As the top producing agent for 2013 at Re/Max Rouge River Realty Ltd.(amongst our five offices), you can be assured of a worry- free move and service that will exceed your expectations.

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca

The Pros and cons of collateral mortgages

Consumers Beware

During the past couple of years the term “collateral mortgage” has gained a bit of a negative reputation, especially since TV shows like CBC’s Marketplace have taken notice. Marketplace felt it was worth doing a segment about collateral mortgages because the lenders offering this product weren’t disclosing the downside of this type of mortgage.

Collateral mortgages are designed to allow more flexibility in repayment terms and products secured by a residential property. Under the cap, or global limit, a borrower can have a regular mortgage, line of credit, a credit card and multiples of each of these products. When used for this purpose, collateral mortgages are excellent products that enable homeowners to attain cheaper interest, access higher limits and take advantage of splitting mortgages.

Collateral mortgages have been making news lately not because of these positives, however, but due to the negative ways lenders have been using them. When a regular conventional five-year mortgage (or any other term) comes due, or is up for renewal, the borrower can “switch” their mortgage to another lender at no cost. This type of mortgage is registered against the title of the property with the amortization outlined, so another lender simply pays out the other mortgage and continues on with the same amortization and balance as the previous lender had in place.

Under a collateral mortgage however, when the mortgage comes up for renewal, it would actually have to be discharged before another lender could take over the mortgage. This means a lawyer must discharge one mortgage and register a new one, which can result in fees ranging from $500 to $1,000. Not only would it be subject to legal fees, but all secured debt would have to be paid out with the mortgage, including secured credit cards and lines of credit.

Technically, this is considered a refinance and, according to the new federal guidelines, refinances are limited to 80 per cent of the property’s value. So, if the total amount being borrowed is greater than 80 per cent of the property’s value, it may be impossible to switch to another lender until either the debt is paid down or the home value increases. Some lenders have been using this as a retention tool, meaning that they place all of their clients in collateral mortgages knowing that, at the end of their term, it will cost them a significant sum to switch their mortgage to another lender – if it’s even possible to switch given the loan-to-value restrictions. This is why collateral mortgages have gained a bad reputation. Clients weren’t being notified that they couldn’t simply switch their mortgage to a new lender upon renewal.

In order to attain a full objective understanding of whether this type of mortgage is right for you, be sure to consult an independent mortgage agent who has access to both collateral and standard mortgages.

Contact me, I can refer you to a mortgage specialist that can explain the products and help you choose the right mortgage product.

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca

How to check your credit score before you house hunt

Most people don't pay much attention to their credit rating, but they should. If you want to buy a house, own a credit card or get a line of credit, among other things, you need to be able to prove that you pay your bills on time.

A lot of people ruin their credit rating for no good reason. They miss payments or do other things that hurt their credit history.

When you begin shopping around for a mortgage the importance of your credit history and score becomes evident.

Your credit score is an important item that will determine what interest your mortgage agent will be able to offer you. It should be a priority because it can save you thousands of dollars. Whether you have had credit for a long time or are completely new and just beginning, you will have to at some time or another prove that you are a low enough risk for lenders to lend to.

What is a credit report?

A credit report is a quick look into your credit history. If you have taken a loan or used a credit card you will have a credit history. Financial institutions, trust companies, credit companies and grantors that give you credit may send information about whether or not you make your payments on time to a credit-reporting agency/bureau.

Credit bureaus collect information about you and how long it takes you to pay back money you have borrowed. This is called your credit history.

Credit lenders rely on a credit bureau to analyze an applicant’s current and past credit history in order to determine the likelihood of future repayment. This provides a fairly accurate indication of future repayment trends.

Do you know your credit score?

Your credit score is a number that illustrates your financial health at a specific point in time. It's also an indicator of how consistently you pay off your bills and debts.

Your credit score is one of the factors lenders consider when qualifying you for a mortgage. A good credit score, for example, can help improve your chances of being approved.

To find out your credit score, contact Canada's two most popular credit-reporting agencies: Equifax Canada and TransUnion Canada. These agencies can provide you with an online copy of your credit score as well as a credit report - a detailed summary of your credit history, employment history and personal financial information. (You can request your credit report by mail for free but your score is not included. If you request your credit report online a fee is charged and your credit score is included.)

If you find any errors in your report, notify the credit-reporting agency and the organization responsible for the inaccuracy immediately.

What’s in your credit report?

Your credit report usually contains personal information such as your name, current and previous addresses, S.I.N., phone number, date of birth and previous employer/s, and financial information such as credit cards, lines of credit, loans and mortgages and bankruptcies, court judgements and backed secured loans which are considered public records and debt that was referred to a collection agency for payment. It also shows a list of credit report inquiries: You, your lender, or any other authorized agent is also included which is usually used to determine if you are a credit seeker - someone who applies for a lot of credit.

How are you rated?

The credit agency describes your credit history by rating it. A scale of 1 to 9 is used with 1 meaning that you pay your bills within 30 days and 9 meaning you have bad debt, never pay your bills, have been placed for collection or claimed bankruptcy.

In front of the number there is a letter. The letter stands for the type of credit you are using. R means you have revolving credit such as a credit card, O means you have open credit such as a line of credit and I means you credit has been given on an instalment basis.

Your credit score is a numerical representation of the your current and past credit. It can range between 300 representing the lowest and 900 representing the best rating.

The breakdown that is used to determine your credit score is the following:

• 35 per cent – Payment history
• 30 per cent – Amounts owed
• 15 per cent – Length of credit history
• 10 per cent – New credit
• 10 per cent – Types of credit

Top Tips for improving your credit score

• Always pay your bills in full and on time: This will have a positive effect on your credit score.
• Never go over the limit on your credit cards. Keep your balance considerably lower than the available credit limit provided.
• Try to reduce the number of credit card or loan applications you make. Multiple credit inquiries can lower your credit score.
• Pay off your debts as quickly as possible
• Always maintain a credit history. You can use a credit card to build a good history.
• The best mix of credit is a combination of a store credit card and a major credit card such as a VISA or MasterCard. It is important not to have too many credit cards or store cards as that may negatively impact a credit score.

To find out more about credit scores and reports, you can also visit the Financial Consumer Agency of Canada website and download or request a free copy of their guide, Understanding Your Credit Report and Credit Score. This guide provides practical, straightforward information on how to obtain and understand your credit report and score, as well as how to build and maintain a good credit history.

Shopping for a mortgage can be confusing, the product features vary significantly. Having sold real estate in Whitby and the Durham Region for over 20 years, I can help you with the buying process. If you wish, I can refer you to a mortgage specialist that can explain the products and help you choose the right mortgage product. Try out my Mortgage Calculator and contact me today!

Randy Miller
Sales Representative
Re/Max Rouge River Realty Ltd., Brokerage
905-668-1800 or 905-427-1400
randy@randymiller.ca
www.randymiller.ca