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The biggest threat to our strong real estate market and local economy is a generation of buyers who, in pursuit of the housing dream, throw caution to the wind, assume a crippling mortgage, and take on more debt than they can handle.
Whether it's the thought of enjoying the sunsets on the deck or the soothing sound of water at your doorstep, owning a cottage is a dream for many Canadians. If you're contemplating buying a vacation property, it's critical that you weigh the costs against the rewards.
A fast market, mostly a seller's market, can lead to multiple offers. Perhaps you've come through this type of offer scenario successfully and are now the proud owner of the home of your dreams! You are thrilled with your purchase but you realize that you did go well above the asking price. Was it too much?
Take heart, this is a daunting task but it is just a matter of making sure you know all the costs upfront. So, before you set out to look for a house or condo you should make an appointment with your lender, be it your bank or your mortgage broker. The market has changed and you can expect to pay more...so get ready!
Yes, you've hired an experienced agent, one who knows your neighbourhood and has a successful track record. They will be proficient at marketing, negotiating and closing the deal. But you have to be totally onside. If you don't get into the process, your house will take longer to sell.
Perhaps you're thinking of downsizing since you don't need the four-bedroom house anymore. Sick of shoveling the snow? Want more time to travel? A hassle-free condo lifestyle might be what you're looking for. Condos and co-ops are both good alternatives to owning a house, but there are pros and cons to both.
Holdback offers are a marketing sales strategy whereby the property is listed for perhaps 5 per cent under market value and offers are held back for a week. Benefits of holdback offers to the seller: not just an increase in price but also an efficiency of time. Less time on the market if it works and less stress for the seller!