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REALM: GET ACCESS TO NEW LISTINGS

Author name: Davelle Morrison

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How to buy a home in a scarce marketplace?

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The Toronto real estate market right has become incredibly competitive due to the lack of condo and house listings. Because the majority of condos don’t have offer dates, it means getting clients into great condos within the first couple of days of the suite hitting the market is critical. A few weeks ago I made an offer on behalf of a client for a condo townhouse in the Yonge & Eglinton area. The townhouse came on the market on Friday. I showed it to my client Saturday. Sunday we put in our offer. By Sunday night, there were now 4 offers on this unit and unfortunately we lost out. In the housing market, even though there are offer dates, I encourage clients to skip the queue and make a bully or pre-emptive offer long before offer night. I recently helped my clients purchase a great home on in the Yonge & Lawrence area using this tactic. I spend a lot of time looking for new listings in the areas my clients are searching, and on Monday around 3pm, I noticed what I felt could be the perfect home for them. The husband was available to see the home at 4pm. After our showing, he decided he loved it and his wife needed to see it, so at 5:30pm his wife came in to see the home and she loved it too. While at the house, I noticed that only the business cards of my colleague & me were present, so it would be a great opportunity to present a bully offer as we were the only ones who had seen the house. I mentioned to my clients that people on property match (daily listings clients receive from their agents) or using realtor.ca would see this house the next day on Tuesday so they wouldn’t have a chance to react. In addition, it was the first day back to school from March Break so people wouldn’t be as focused on their house hunting right now. We put in our offer that night and Tuesday afternoon, my clients had an accepted offer and a new home. They were thrilled. Their home search had finally come to an end in the perfect neighbourhood. I worked with another couple looking for a large downtown condo. The perfect 1300+ sq ft condo with 2 +1 beds and 2.5 bathrooms overlooking Roy Thompson Hall came on the market. We went to see the condo on its second day on the market and made an offer the next day. My clients finally had the place of their dreams and the listing agent informed me that she was receiving many calls from other agents whose clients were upset she sold it so quickly to my clients. As I always say, the early bird gets the worm and that seems to really be playing out in the 2016 real estate market, where buyers and their agents need to be really aggressive with what they want in order to buy the place of their dreams. Toronto has become like New York: if you want it, someone else does too and your only advantage is to beat them to it.

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Large Triplex 84 Rusholme Rd Listed for $1,150,000

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This deceptively large triplex has a 2 bedroom basement apartment, generous 1 bedroom apartment on the main floor and a FIVE (5) bedroom 2nd & 3rd floor apartment that is ready for your creative touch. It also has 1 parking spot, right out front. The upper unit is vacant and could be used by an owner who wishes to have well over $2,000 in rental income each month OR if you’ve been dying to get into the housing market, buy it with a friend or family member and each have your own space to roam. Haven’t you heard? Sharing is the new owning. This wide semi is perfectly situated where hip meets cool meets style a stones throw away from Dundas, Queen & Ossington. It comes on the market the first week of February. To see MORE pictures and get ALL of the details about this triplex visit www.84rusholme.com If you know of anyone who would like to get into the market or improve their retirement savings be sure to tell them about this amazing opportunity. With a Starbucks on the next corner, TONS of restaurants, an amazing YMCA and an A+ school district 84 Rusholme Rd is a property that’s worthy of your attention.

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2181 Yonge St Suite 4004

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This suite is a stylishly done 1+1 bedroom and 1 bath with a south facing unobstructed view with a sweet balcony. This suite is beautiful with stunning hardwood floors and spacious enough for a dinner party. The entire north tower has fresh new plumbing & spa-like amenities including a party room, gym, exercise room & pool and with a Starbucks, Eglinton subway station restaurants & movie theatre at its feet. Visit www.4004-2191yonge.com For Floor Plan.

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How To Find A Great Tenant?

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I’m often asked what are the best ways to find a good tenant. It’s important to get a quality tenant right from the beginning. Attracting a good tenant means having a quality place to rent out. First and foremost, make sure you have pictures. Then make sure the pictures offer a fair representation of what the house or apartment looks like. Write up a great description then post the pics & other details on various websites. Padmapper.com, Kijiji.ca & Viewit.ca are great places to start. Padmapper.com is a free rental posting site which will aggregate all of the postings on MLS, and other sites so that you can see what other landlords are charging in the area. Although Kijiji.ca is free, I would highly recommend paying for more guaranteed exposure on their site, like on the top of the page. Viewit.ca will also cost money. I have found the best success using padmapper.com & kijiji.ca. Increase your exposure by posting your kijiji link to your Facebook profile in case any friends or friends of friends are looking for a place to live. Once you have your listing posted and you start to receive inquiries, it’s time to use the powers of Google to search each prospective tenant to make sure they are on the up and up. Google them so that you can peruse their Facebook and Linkedin profiles to determine if you have any mutual contacts. If you do, it can be a great opportunity to get an authentic reference. Once they have decided to rent your place, make sure they fill out a rental application so that you can call their references, employer & previous landlords. It’s important to invest the time before someone moves in to make sure they are a respectable person. Unfortunately the Landlord Tenant Board only favours the tenant so once someone is in, it will be hard to get them out so make sure you choose correctly from the beginning. You should also run a credit check on them to make sure they do pay their bills on time. A credit score of at least 650 is ideal. And they should be paying their bills within 30 days, at an R1 level. An R2 level means they pay their bills within 60 days, R3 within in 90days. And if they pay people within 90 days what’s to stop them from paying you in the same fashion. You can also work with a real estate agent who can take care of all of these details for you. They will also post your rental on MLS. The fee for doing this is usually 1 month’s rent. Half a months rent will go to the person who found the tenant and half a month’s rent will go to the agent for posting and handling the listing. As a real estate investor, I believe that learning to find your own tenants is a good skill to acquire. If you are looking for some handholding on finding a tenant on your own, I’m happy to help. Once your new tenant moves in, don’t forget to treat them nicely. A welcome gift of something bubbly is always a nice touch and don’t forget them at Christmas time.

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When is the best month to list your house?

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I’m often asked when is the best time to list a house. The answer might be surprising. Many people feel that the spring market is the best time to list a home to get the most value. Well, I disagree. January is the absolute best time to list your house. Here’s why. The visits to realtor.ca increase significantly over the holidays and many people make a new year’s resolution to buy a new home or change their living situation (ie get a divorce). Then January hits and you have these buyers who are anxious to make a move with nothing to buy. Then the second week of January hits and they have this pent up desire to buy something – anything. During those first couple of weeks in January, there isn’t a lot of inventory to choose from. So when that first house comes on the market in January, all of those buyers pounce, create a larger bidding war then usual which thereby drives up the price. Over the years, I’ve noticed that the properties that come on the market during the last half of January fare the best, garner the most offers and therefore the highest price. By the time the spring market begins, there is so much more competition for the same amount of buyers so sellers don’t always fare as well as those who came on the market in January. So if you are in the market to sell and want the biggest bang for your buck, January is your month.

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What do the new mortgage rules mean for you?

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So the mortgage rules just changed for the amount of a downpayment required and many people are in support of making it more difficult for first time home buyers to get into the market. Many claim that coming up with an extra $5,000 or $10,000 downpayment isn’t such a hardship. Really!? I mean really!? Does the government realize it’s the holidays and many people have turned their attention toward spending time with their families and friends? Let’s face it, many people are spending more money doing their holiday shopping. So the government, in my opinion, has kicked first-time home buyers in the Toronto market in the gut over the holidays. Merry Christmas folks! You better reign in your holiday spending and forgo that winter vacation so that you can spend an additional $5,000, $10,000 or whatever the case maybe after Feb. 15th, 2016. The alternative is, stop buying presents for your friends & family and quick go buy a property before Feb. 15th, 2016. Those don’t sound like great options for first time buyers. And to exacerbate the situation there aren’t that many properties on the market during this time of the year so not only must they buy now, but they don’t have the widest selection. Then there are the people that were already putting 10% down that don’t feel this announcement affects them. Well it actually increases the competition in the marketplace, so they will be affected too. It will be interesting to see what the next 2 months of the Toronto real estate market will look like before this deadline sets in. Check out my interview with Pat Foran from CTV News on this subject here

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When’s the best month to get a deal in real estate?

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The holidays are here and it’s a time when our waistline expands and our wallets contract. It’s also the time when SOOO many people turn their attention to their holiday shopping that they miss out one of the best shopping opportunities out there.  What’s that you may ask? Well real estate of course. There are currently OVER 400 PRICE REDUCTIONS in condos & houses on MLS right now. This means that there are a lot of people who would like to sell RIGHT NOW, before the end of the year. Guess what? The end of the year is fast approaching so it’s TIME TO MAKE A DEAL. One of my colleagues last week sold a house for $950,000 after 3 offers. I know that sounds high but if this house were on the market a month prior, it would have had at least 5 offers and sold for closer to $1.1 million. Now stay with me here, don’t get all doom and gloom about the real estate market and the high prices are coming to an end. The reason the buyer got such a deal (yes I know I just said that $950K was getting a deal) is because of the time of year. So if you’re looking for a deal, whether you’re looking to purchase a house or a condo, NOW is the time to MAKE A DEAL because the opportunity is out there RIGHT NOW. In January, everyone makes a resolution to purchase a property, then nothing comes out for a few weeks, then they all pounce on the same property driving the prices up further and making sellers extremely happy. Now if you want to follow the herd and spend more money than you need to? By all means, go for it. However if you’d like to MAKE A DEAL and buy smartly, there is a great opportunity waiting for you, RIGHT NOW. Buying a new home for the holidays? Now that’s a REAL present. Plus you’ll have time off from work to unpack and start the new year in fresh digs. Let me know what you’re looking for and I can help you find something. 

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#304 – 300 Balliol Street

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Located In Davisville Vill., This Pristine Sun-Filled, Rarely Available Condo With A Split Bedroom Floor Plan Boasts 2 Large Bedrooms With Master Walk-In Closets Is Walking Distance To TTC, Restaurants, Stores, Groceries, Starbucks & Tim’s. Ideal For Nature Lovers As The Beltline Trail & Moore Park Ravine Are Just Around The Corner. Other Features Includes 2 Bathrooms, Kitchen W/ Breakfast Bar, Balcony + Oversized Hall Closet.

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LPH 7 – 245 Davisville Ave

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The scenic unobstructed view of the park & tennis courts greets you in this 1 Bed + Den updated penthouse suite with a BBQ permitting balcony exquisitely finished with hardwood tiles ideal for sunset viewing. Ideal for nature lovers & dogs as June Rowlands Park, the Beltline trail & Moore Park Ravine are steps away. Features include open concept kitchen, walk-in closet, parking, spacious private locker room adjacent to parking spot. Steps to Davisville Stn, restaurants, shops, Starbucks.

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#1301 – 25 The Esplanade

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Big City Living With This Spacious, Bright South-Facing Newly Renovated True 1 + 1 Bedroom With Large Bathroom. Open Concept Kitchen W/ Breakfast Bar. Never-Been-Used Stainless Steel Appliances In Pet Friendly Building. Footsteps To Union Station, Financial District, Restaurants, Theatre, ACC, St Lawrence Market, Novotel (Offers Special Neighbour’s Rate for 25 The Esplanade Owners) Amenities Include Whirlpool & A Real Gym On Penthouse Level With A Spectacular View From Treadmill.

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