Durham Home Talk

Six Ways To Make Sure You Buy The Right house

2011-10-11T14:15:00.000-04:00

By Mark Weisleder | Fri Sep 30 2011

A year ago I wrote the most common mistake home buyers make is buying with their heart instead of their head — usually because they panic while involved in a stressful negotiation for which they are unprepared.

The result is that buyers pay more than they should, or are disappointed later when they find defects in the home or discover the neighbourhood isn’t quite what they thought.

So, here’s an updated list of six ways to prepare yourself:

CON'T READING...

4 homeowning lies we tell ourselves

2011-09-21T16:49:00.000-04:00

September 19, 2011
By Krystal Yee

Here are four lies we often tell ourselves to justify home ownership:

The bank wouldn’t lend me that mortgage if they didn’t think I could afford it: Unfortunately, the bank isn’t your friend. They are in the business of making money for their shareholders. They are perfectly willing to lend you more than you should borrow. Why? Well, because you’ll likely cut out your retirement savings, vacations, and that new car you’ve been wanting, rather than default on your mortgage. And the bigger the mortgage, the bigger your interest payments to the bank.

CON'T READING...

Mortgage Rates Remain Low

2011-09-13T10:15:00.000-04:00

Several economic indicators unveiled last week continue to demonstrate our economy is not experiencing the rebound that was expected....Jobless data revealed last week surprised the market....being quite a bit weaker than the forecast.

Earlier in the week, Bank of Canada Governor, Mark Carney provided an update and outlook from his perspective, leaving many economists confident that we will not see the Central Bank Rate rise until some time next year. The rate continues to hold steady at 1% with Prime at 3%. In light of data released on Friday, some economists are optimistically predicting a decrease in this key benchmark rate before the end of this year.

Could this be the norm moving forward???

On the mortgage side, rates remain LOW.... 5 year fixed mortgages at 3.59%.....Variable closed is at 2.35%

Investing in Durham Region Real Estate is Paying Off

2011-09-07T14:40:00.000-04:00

Local prices up over last year

DURHAM -- While sales are down, real estate prices are up in Durham Region.
In July, homes sold for an average of $329,956, an increase of 11.2 per cent over last July, according to the Durham Region Association of Realtors. "Sellers are still seeing strong price increases for their homes, making real estate in Durham Region a great investment," said Dierdre Mullen, the association's president.

READ MORE...

NEW LISTING - 4+1 Bedroom in Courtice

2011-08-23T13:57:00.001-04:00

If you're looking for enough space for the whole family, this is it. This 4+1 bedroom, two storey home is situated on a large lot and offers an open concept main floor, spacious bedrooms, 4 washrooms, a fabulous finished basement with 2nd kitchen and the backyard boasts an inground pool. The main floor features a double door entry, grand foyer, formal living room with bay window and a huge Great Room for entertaining. Approximately $30,000 was spent on the impressive basement which offers a modern kitchen, bright living room and an extra bedroom with a walk-in closet. Recent updates include shingles, windows, furnace and pool liner within the last 5 years.
Visit my website www.CarmineCupelli.com for more pictures

Do Renters Need Insurance?

2011-08-17T12:40:00.000-04:00

Jennifer Brown
SPECIAL TO THE STAR

Contents insurance is something most renters don’t put too high on their list of priorities.

In the grand scheme of expenses, many feel it’s a cost they can do without, believing the likelihood something bad will happen is slim.

According to the Insurance Bureau of Canada, about half of all renters don’t have insurance, especially young people. They also fail to appreciate the full value of their clothing and personal belongings. CONTINUE READING...

How long can home prices keep rising?

2011-08-15T14:56:00.000-04:00

By Moshe Milevsky | Mon Aug 15 2011

This is news only for the handful of Canadians who are not watching the real estate market closely. The average house price in Canada reached an all-time high of $371,000 this spring. In Toronto, the average hit $456,000 and in Vancouver it was $786,000, according to the Teranet - National Bank House Price Index.

Although there has been a slight price pull back during the last month or two, these market values are 100 per cent higher than a decade ago. Your house has more than doubled in 10 years, a compound appreciation of more than 7 per cent per year. This has occurred while virtually every other financial asset (other than gold) has declined in real value and housing prices in the United States have dropped by 30 per cent or more.

READ MORE...

Mortgage rates could fall on market slump

2011-08-10T17:09:00.000-04:00

Canadian fixed-term mortgage rates could fall to even more affordable levels after roiling financial markets pushed the yield on five-year government bonds to record lows on Tuesday.

As investors fled equities in recent days, money poured into the haven of Canadian government bonds, pushing prices up and yields down sharply. Because banks borrow government bonds to help finance their fixed-rate mortgages, there is a tight link between five-year bond yields and five-year mortgage rates.

Read more...

NEW LISTING - Custom Bungalow in Brooklin

2011-08-09T15:58:00.002-04:00

Stunning custom bungalow to be built in Old Brooklin, next to Woodington Estates. Approximately 2365 sq. ft., features include stone & brick exterior with custom architectural detailing, 9 ft. ceilings with waffle detailed coffered ceiling in Great room, gourmet kitchen with upgraded cabinets & granite counters, spa inspired ensuite bath, hardwood floors, Halogen potlighting, upgraded trim & baseboard, plaster crown mouldings and high end finishings throughout.

The Importance of Curb Appeal

2011-08-05T14:30:00.000-04:00

That love at first-glance attraction, that real estate people call curb appeal, is becoming increasingly more important to the value of your home. These days, over 80 percent of buyers get their first look at a house from a picture on the Internet. If the "curbscape" is unappealing, most people don’t look any further. But even if your not planning to sell any time soon, you should think about keeping your biggest asset in an attractive and well maintained condition. Read more...

NEW LISTING - Legal Duplex in Whitby

2011-08-04T15:34:00.001-04:00

Live upstairs and collect rent for the basement apartment.
Visit my website at www.CarmineCupelli.com for all the details

CAUGHT IN A BIDDING WAR? KNOW THE RULES

2011-07-07T14:49:00.000-04:00

By Mark Weisleder | Fri Jun 24 2011

Multiple offers or bidding wars continue to happen all over the GTA. Buyers, sellers and real estate agents need to be aware of what to expect. The rules may be different, depending on whether you are selling your home through a real estate agent, or privately.

READ MORE...

INVESTORS SHOWN DURHAM'S POTENTIAL

2011-07-04T11:47:00.001-04:00

Jul 04, 2011 - 04:30 AM
CRYSTAL CRIMI

DURHAM -- If you're looking to make money in real estate, Durham Region has income property opportunities, heard hundreds of real estate investors.

As Durham's population projections head upward over the next 10 years, so will the demand for rentals, with two-unit properties with basement suites becoming the main source of affordable housing, according to Don Campbell, president of the Real Estate Investment Network.

The network, which does not sell property, recently brought a tour of more than 250 investors through Whitby, Ajax and Pickering to show and explain some of the reasons Durham is worth considering.

READ MORE...

CHECK OUT THIS NEW BUSINESS

2011-06-30T10:38:00.001-04:00

Frogbox provides reusable plastic moving boxes

Jun 25, 2011 - 04:30 AM
CRYSTAL CRIMI
DURHAM --

Before packing your bags and moving, Nigel Foy wants people to first hop on over to Frogbox and check out his new business.

The new owner of a Frogbox Durham franchise, Mr. Foy wants people to check out his environmentally friendly reusable plastic boxes for their move.

"We are an alternative to cardboard moving boxes," said Mr. Foy, who fell in love with the business idea after a January episode of Dragon's Den -- a show which allows entrepreneurs to make their pitch for financial backing to a panel of wealthy Canadian business moguls.

"To be honest, I saw the episode on Dragon's Den and thought what a great idea," he said.

He knew it would get picked up and wanted to make sure he could be a part of it. He wasn't alone; the company had more than 1,000 franchise requests after the show, Mr. Foy said.

READ MORE...

DURHAM HOUSING MARKET ON THE RISE

2011-06-28T17:03:00.000-04:00

Sales up, prices down
Jun 28, 2011 - 04:30 AM
DURHAM -- Real estate sales in Durham Region were up almost 10 per cent in May compared to April.

Almost 1,040 houses were sold in May 2011 for an average selling price of $316,057, according to the Durham Region Association of Realtors.

Compared to May 2010, sales are up 1.3 per cent.

"Durham Region is becoming more desirable to consumers because it offers affordable family living," said Dierdre Mullen, president of the Durham Region Association of Realtors.

April's sales brought an average price of $321,042, but when looking at historical data, the average price of houses has been increasing steadily over the last five years, with May's average representing an 8.6-per cent increase over the five-year average.

Compared to April, the number of active listings is up by 6.3 per cent to 2,161 -- a 16.8-per cent reduction in the resale inventory over this time last year, which had 2,600 listings.

"Houses are on the market for an average of 29 days and are selling for an average of 98 per cent of list price," Ms. Mullen said. "We expect to see a proportionate increase in the number of available listings and sales through the early summer."