homes

#THECLOSERSDAILY : EPISODE 271: DON'T BUY IT

So this episode is a warning message to you guys and also very simple. So stuff is being relisted and sold on a daily basis. Find out what the history of that property is. There was a multifamily property that we saw hit the system yesterday that we had under contract about five months ago. We had it under contract around 370, and then we found out the windows were improperly installed. You're likely looking at another $20,000 to re-add that property. Now, in the interim, the selling agent ending up finding their own buyer and selling it for 390 to their buyer. Hit the system again today after they did $50,000 of improvements, and it's listed for 420. Now, do that math, add in, say, a 5% real estate selling commission, and think about how much money that purchaser is losing. So don't rush into something just 'cause you're scared to lose it. Take your time, do your due diligence, do proper home inspections. Especially getting into the spring months, people can get excited about owning properties and stumble into problems.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 104: OFF MARKET DEALS

Welcome to The Closers Daily episode number 104. So we've been touring people all day long looking at investment properties and thought we'd touch on something when it comes to finding off-market deals and what that is is finding an off-market deal may not always be what it's cracked up to be. Make sure you've got somebody in your pocket so that you can get the real story on that property and have somebody represent you in that transaction. They can be kind of tricky to deal with. Sometimes they can represent things that aren't necessarily true. Like maybe they recently bought it. They are representing upgrades that the previous owner did and then adding a whole bunch of money to the price because the market seems to have increased. You gotta be really careful and look to the back story. Always google the address. You'll be surprised at some of the things that pop up when it comes to that address and don't get emotional about it. I always say this to people but leave your emotions out of it. If it fits your portfolio and the numbers work, take a look at it. And if they are making a whole bunch of money but the numbers still work for you, don't necessarily worry about them, worry about what you're doing.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY : EPISODE 66: UNCLE JIMMY THE LAWYER

Welcome to The Closers After Dark. Just kidding, it's still The Closers Daily episode 66. We're just at the office super late. So got a question today about what can happen if a firm deal doesn't close. So a lot of buyers are putting contracts on properties without going through their due diligence. Say I list a property for $450, accept an offer $475, but they can't provide funds on closing, and then the lawyers just can't get it done, and the buyers can't get it done. You would be able to go after them and sue them for damages but you have to prove enough damages to make it worthwhile. So say you sold it again on market for $490, well you made a profit so have a really hard time proving damages but say you sold it for $450 and then you leased the property based on that sale and a whole bunch of other stuff then you might have a little bit more recourse. At the end of the day, make sure you're using a real estate specific lawyer. That's a legal question not a real estate question. We are not lawyers, we are not representing. We know what we are doing in a legal capacity but just telling you what we have seen out there. One thing is if Uncle Jimmy does a whole bunch of law but he's not real estate specific, I'd say go and find yourself a good real estate lawyer. We have a couple we use. Feel free to reach out and we'll connect you guys. Take care.

Disclaimer: "Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, we assume all information is subject to change and should be verified independently by the buyer and their agents.”

#THECLOSERSDAILY EPISODE 116: DON'T BE GLUM CHUM! 🙇🏼 ​


 

To sell or not to sell?

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Don't listen to the news. Turn off the T.V. Call someone you know who is out getting their hands dirty and seeing what is going on in your market. Well, maybe no need to go so far as that, but the constant back and forth we have been seeing and reading in regards to the housing market is enough to make us think that super-cell storm last night might have been due to conflicting stories. Fact of the matter is scary buzzwords like "soft-landing" and "market bubble" are used over and over to illicit fear from consumers and keep their rapt attention, and it works. 

 

Yes there are truths to what is being said about todays economy, but Real Estate ls local. Real Estate is tangible. In a world where even the large news networks are falling deeper and deeper into the "instant" news trap there is more information than we seem to be able to process. That coupled with the fact that every reporter or blogger(yes that means us too ) is going to have a personal opinion means that now more than ever you need to have people you trust give you the rundown. We should note that we are Sales Representatives* by trade. We love our jobs but don't sugar coat any information we come across. We are purveyors of information and take pride in it. 

All that said here are the newest market stats from CREA(Canadian Real Estate Association). 

 Highlights:

  • National home sales rose 3.6% from April to May.                                             A good thing to take away from this is consumer confidence is growing. Despite all the doom and gloom people are purchasing and selling new homes at an increased rate. 
  • Actual (not seasonally adjusted) activity came in 2.6% below levels in May 2012. :                                                                                                               The monthly data shows that the volume of trades went down in May from the same time last year. Keep in mind this is consistant with the 2.6% from April. 
  • The number of newly listed homes was up 1.9% from April to May.  ;             This is a big one. Be aware that as inventory climbs prices tend to go down.See the next point however, as our market is currently balanced this is something you will want to watch.  
  • The Canadian housing market remains firmly in balanced territory.     Balanced is good. We like balanced. As we represent both sides of the transaction it allows us to truly  showcase our worth when it comes down to negotiations. 
  • The national average sale price rose 3.7% on a year-over-year basis in May.          Another consistant stat, in April prices rose 3.7% as well. This growth is another good indication of consumer confidence. 
  • The MLS® Home Price Index (HPI) rose 2.3% year-over-year in May.                The MLS® Home Price Index (MLS® HPI) is not affected by changes in the mix of sales the way that average price is. For that reason, it provides the best gauge of Canadian home price trends."-CREA

If you have any questions or comments we are more than happy to provide any help that we can. You can reach us on Twitter, Facebook, Email or Phone: 519-860-6547. We aim to for Honesty and integrity in all things so please don't hesitate to contact us.