Milton Ontario Real Estate Blog by Team Domenic Manchisi

The following article was released from Ottawa discussing the potential Real Estate bubble we may incur next year which will deffinately effect our housing market here in Milton. Those who are on the fence about purchasing a home should lock in their interest rates now. Good news for those who wish to sell as a forcasting 15-35% increase isn’t bad. Looks like the housing market for 2010 is on it’s way back up here in Milton!

OTTAWA — The federal government is ready to clamp down further on mortgage rules if the boom in the Canadian housing market turns into a bubble, says Finance Minister Jim Flaherty.
In an exclusive interview with Canwest News Service and Global National, Mr. Flaherty said the government is closely monitoring the red-hot housing market for signs that it is reaching “irrational” levels.
 
“The reality is we have low mortgage rates . . . so we can expect some upward pressure on housing,” he said. “That’s OK, as long as it doesn’t become a bubble. We’re watching that.”
 
If necessary, the government is prepared to further tighten the conditions under which the Canada Mortgage Housing Corporation insures mortgages, the finance minister said.
 
In July 2008, amid the fallout from the subprime mortgage crisis in the United States, the Finance Department announced that CMHC would shorten the maximum amortization period that it will accept to 35 years from 40, as well as require a down payment of at least 5% of the value of the home. The new rules, which came into effect in October 2008, effectively made it more difficult for prospective homeowners to receive government-backed mortgages.
 
“If we have to, we’ll do what we did last year and limit the rate of amortization further than we already did, and require higher down payments,” said Mr. Flaherty.
 
His remarks come as some leading private-sector economists warn that the housing market might be getting ahead of itself amid a relatively modest recovery. In a recent report, Bay Street economist David Rosenberg estimated that housing prices are overvalued by as much as 15 to 35%. This week, the Canadian Real Estate Association reported that sales of existing homes spiked 73% year-over-year in November, while the national average sale price rose 19%.
 
“If being 15% to 35% overvalued isn’t a bubble, then it’s the next closest thing,” said Mr. Rosenberg, chief economist for investment firm Gluskin Sheff.
 
In recent weeks, Bank of Canada governor Mark Carney has expressed concern about the amount of debt that Canadian households have been racking up since the central bank cut its benchmark lending rate to near zero. Mr. Flaherty also wants to remind Canadians that the easy money won’t last forever.
 
“Interest rates are at historic lows. They are naturally going to go up,” said Mr. Flaherty. “People have to make sure that the mortgage on their home that they’ve put on today will be affordable at higher interest rates in the future.”
 
The discussion of a potential housing bubble shows how much the economic climate has improved since the end of 2008, when it was still unclear how the world would pull out of the global financial crisis.
 
Looking back, Mr. Flaherty said the turning point was a meeting of the G7 finance ministers and central bankers in October 2008, where, after “a lot of finger-pointing by the Europeans at the Americans,” they agreed to backstop the world’s financial system.
 
“We were in a situation, where the markets might not open on Monday, where banks were failing in Germany, in the United Kingdom, in the United States,” the finance minister recalled. “It was quite scary,”
 
In January’s federal budget, Mr. Flaherty announced the government would pump $61-billion in public funds into the economy over two years, the biggest stimulus package in Canadian history.
 
Mr. Flaherty once again predicted that next year’s budget will consist largely of the second year of the stimulus plan.
 
“Some of the stimulus items can be tweaked, certainly, but Canadians ought not to expect any major new spending programs,” he said. “It may be kind of a boring budget, but boring is just fine in 2010.”
 
The Conservatives have repeatedly promised not to raise taxes or cut transfers to the provinces or individuals to eliminate the deficit, which is projected to hit $56-billion this fiscal year. Instead, the government plans to rely on economic growth and possibly spending restraint to make up the shortfall.
 
In a recent editorial, however, two former senior Finance officials, C. Scott Clark and Peter Devries, wrote that “any credible budget will have to include tax increases.”
 
Mr. Flaherty disagrees. “The easiest thing in the world to do is raise taxes. What it does mean is you don’t have to have discipline in government spending. And Canadians know that there’s wasted government spending — some degree of it.”

Winter has arrived here in Halton Hills and staging your home for a quick sale can be a time consuming task, even more so during the winter months. Not only does one have to contend with other homes on the market, and numerous buyers, but the weather can present a problem in terms of access to the home and the cleanliness of the interior. In order to ensure your home shows to its full capacity during the winter months, here are some good things to do.

Access to a home is crucial during the winter. Sidewalks and driveways can easily become danger areas as ice and snow can turn even the nicest yard into a skating rink. Its a daily task to ensure that the driveways and walkways are clear and safe. Keep a good supply of rock salt or another de-icing agent on hand. The last thing you want is a prospective buyer to slip on their way to the door. Remember if people have to trudge through knee deep snow to reach your front door, it won’t look good for you as a seller. Keep the driveway shoveled and de-iced at all times. Its also a good idea to clear snow off the eaves and edges of the roof. Make sure there are no dangers to the visitors to your home.

Keeping the inside of a home clean while the weather is cold and snowy presents a different challenge. This is compounded if your home is a popular showing. During the cold months is a great idea to keep the house warm and inviting. If you have a fireplace, light it. The ambience and warmth will help visitors to stay longer and explore all that your home has to offer. Ideally you would like your home to be as inviting and interesting as possible. The winter months give a homeowner the opportunity to showcase their homes during the dreary winter weather. It’s a chance to turn your home into a winter palace that will interest buyers from the moment they see it.

Greater Toronto Realtors reported 7,446 sales in November – slightly more than double the November 2008 result when GTA home sales had dipped markedly due to the economic downturn. Year-to-date sales were up 14 per cent compared to the first 11 months of 2008.

“This year in the GTA home sales will be in line with the healthy levels experienced between 2004 and 2006,” said Toronto Real Estate Board President Tom Lebour. “Increased resale home transactions in the Toronto area and country-wide played a key role in pushing the Canadian economy out of recession in the third quarter.” The average price for November transactions was up 14 per cent year-over-year to $418,460. The average price year-to-date was up four per cent to $394,464.

“Very strong annual growth rates for sales and average price should be expected through the first quarter of 2010, because we will be comparing the current recovery to the housing market decline experienced last winter,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “As we move into the spring, growth rates will move to more sustainable levels.”

This is great news! To find out what your home is worth in the halton hills area including Milton, Acton, Georgetown, Burlington give the Manchisi team a call today at 905-875-4594 or 905-878-9100 or email Domenic at domenic@domenicmanchisi.com.

In this article, I’m eager to bestow some real help to those who find the total option of packing for moving house slightly overwhelming. You’re probably dreading the idea of having to decide where to start and what to take, so let’s set up a step plan for you to check on, and I think, after you take the number one step, you’ll understand that just getting going is the highest hurdle you’ll stand in front of. Step 1: The Big Clear Out.

Getting rejected for a real estate mortgage loan can be one of the worst things that can ever happen to someone. This is one of the experiences that people dread most. You don’t want to go through the humiliation and embarrassment of having your loan application being rejected by your lending company. Interestingly, people tend to discount this possibility when going through the buying process. It is only when they get the shock of their life of being turned down by their lender for one reason or another do they start looking at options to prevent it from happening again.

Buyer must adopt a proactive approach in preventing mortgage rejections. You must remember that you have to take the necessary steps even if you haven’t had the experience yet of being turned down by your lenders as such unfortunate events will reflect on your Beacon score and make it worse once it eventually happens.

In order to avoid this from happening, it is incumbent upon you to learn and understand how the assessment of your mortgage application is done and find out the major reasons why lending companies turn down mortgage applications.

Mortgage companies adopt their respective lending policies when assessing mortgage loan applications. You must do some research on the evaluation procedure and policies adopted by these lending companies. You can also seek the advice of mortgage brokers in order to have a clear understanding at how the processing is done and determine how you can approach the application process.

There are four major concerns that you need to take into account before you start filing your loan application. These are:

1. Beacon score;

2. Current debt load;

3. Monthly income; and

4. Liquidity

These four concerns are actually the main references of lending companies in assessing loan applications and it is crucial that you do the following before you submit your loan application with your lender.

Improve your Beacon Score

Before you even think about buying your dream home, the first thing that you must accomplish is to determine where you stand as a borrower. Submit your request for a credit report from credit reporting bureaus. If, in your assessment, your credit score is low then you must exert all efforts to improve it.

Reduce your Debt Load

This task is pretty straightforward. If you are currently being burdened by a number of loans and debts, then you may be tagged by lenders as a poor credit risk. Before you formally apply for a mortgage, you must have to pay up and settle some of your existing debts.

Improve your Paying Capacity

You have to do some serious and top-to-bottom house cleaning by establishing a realistic monthly budget to demonstrate your capacity to pay your monthly obligations. It is crucial that you stay within this budget range for a sufficient time frame before submitting your loan application.

Save Up for the Down Payment

The last item that you must look into before you can finally visit and talk to your lender is the budget needed for the down payment. In which case, you must make sure that you already have the funds available to make the down payment when you formally submit your mortgage application. Specifically, the amount on hand must be at least 5% of the value of the real estate property that you are intending to purchase.

For a free no obligation consultation to discuss your Real Estate needs call the Manchisi Home Selling Team. Domenic Manchisi has helped many people get through credit repair and got them into their dream home. At no cost to you can you afford not to find out if you can be eligible to purchase a home?

You know the importance of keeping your Milton home neat and orderly while it is on the market. You’ve cleaned, de-cluttered and have given your home a thorough cleaning in anticipation of putting it on the market. However, have you taken the time to peruse your home’s surroundings? In particular, have you ignored the outside of your home as your work to perfect the inside?

If so, you are like many Milton homeowners who, in the chaos of preparing their home for sale have simply neglected to consider the outside of their home. Many of these homeowners have also moved out of their home during this process, thereby ignoring their home’s curb appeal. It is important to understand that keeping your home in a presentable condition involves more than just mowing the lawn. You must lure your buyers in and make your Irving home as pristine and attractive as possible; and that includes perfecting your home’s curb appeal.

Consider setting aside time each week to care for your home’s exterior. If you are simply too busy or unable to do so, consider hiring a gardener or lawn service to take care of it for you. A gardener or lawn service is almost always well worth the expense, as it will certainly translate into a quicker sale and more activity.

So, what does perfecting your Milton’s home curb appeal entail? You can increase your home’s curb appeal by:

1. Cleaning up the yard and removing any debris on a weekly basis. This may mean removing leaves, branches and removing dead flowers from your plants and flower beds.
2. Increasing your home’s safety and esthetics by installing landscaping lighting. Luckily, landscape lighting is economical, cost effective and easy and safe to install. Light up your walkway, your flower beds and your front entry. Consider adding drama to dark corners by adding up lights. Up lights cast shadows against your home’s landscaping and façade, thereby adding drama and interest to your home during the evening hours.

3. Increasing your home’s safety by addressing any problems with the driveway, sidewalk, or front porch. In particular, make sure your driveway is free of cracks or uneven spots, and that your walkway and front porch are well-lit. In addition, you may want to consider adding a handrail or other type of support to your steps.
4. Trimming branches and cutting back overgrown plants and trees. In particular, take a look at your home from the curb and assess whether your low-hanging branches are obstructing the view of your Irving home from the street. If the job is small you should have no difficulty tackling a quick pruning project. If, however, you have large trees that need attention, you should probably call in a professional tree trimmer to take over.
5. Decorating and adding finishing touches. The best way to instantly increase your home’s curb appeal is to make it feel more welcoming. You can easily accomplish this by adding a seasonal wreath to the door, by placing colourful annuals next to the front door and by giving your mailbox a fresh coat of paint. Often times, it’s all about the details when speaking of curb appeal.

Working With the Right Real Estate Professional Will Save You Time and Money…

Purchasing a home or investment property is one of the most significant financial transactions you’ll ever be involved in. To help you through the process of such an important business deal, you´ll want to select a real estate professional who displays a good combination of knowledge, honesty and communication skills suitable to your needs.

As with other service providers and consultants, the best way to choose a REALTOR (R) is through your own research. They should be knowledgeable about the real estate market and the Halton Hills communities, display and inspire confidence in their skills and above all, listen and acknowledge your concerns and ideas.

YOUR RESEARCH: Do They Have…

* Knowledge about Milton, Georgetown, Acton, Burlington, Mississauga and Brampton Communities?
* Experience and Patience?
* Full Access to the Area´s Multiple Listing Service (MLS)?
* The Ability to Understand and Listen to Your Wants, Needs and Personal Tastes?
* Honesty and Trustworthiness?
* What it Takes to Make You Feel Comfortable and Confident in Your Real Estate Transaction?

Without obligation, you can request a consultation with Domenic Manchisi at The Manchisi Home Selling Team to discuss what you are looking for in a home. This will give you the opportunity to evaluate our experience and qualifications, discuss your search criteria and access current listings that match your needs and desires. We can inform you about the current market, recommend potential lenders or mortgage brokers and help you to begin your search for the perfect property to meet your needs.

Once you have chosen to work with Domenic Manchisi at The Manchisi Home Selling you can expect us to offer sound advice, flexible accommodation to schedule viewings and committed assistance through every step of the home buying process, from sending you notifications about new listings, to viewings to coordinating your closing and following up to ensure you are settled and satisfied with your new home. Give Domenic a call at 905-878-4594 or email to Domenic@DomenicManchisi.com for a FREE no hassle consultation today! Get the facts without the preasure.

Before making the decision to sell your home or invite potential buyers to an open house, it is important to have a selling plan first. It is very important to be prepared so that costly home selling mistakes can be avoided. Although it is your priority to immediately earn top money from the sale of your house, it would be wise to contain your enthusiasm and be fully prepared before actually putting your home out in the market.

Some of the basic tips in selling your home are to:

1. Know Your Motivation for Selling
Everyone has a reason to sell. If you aren’t totally sure why you want to sell or if you know that you aren’t truly motivated to sell your home, then it is probably best to delay this decision first. Selling a home is a major decision and you have to be totally sure about it. Afterall your home is your most valuable asset!

2. Call Real Estate Agents
Before selling your home, interview at least three neighbourhood specialists and real estate agents. Know the possible marketing strategies you can do to advertise your home. Let these experts provide you a thorough comparative market analysis so that you can know the pros and cons of your decision. You need to acquire as much information as possible before selling your home.

3. Set Your Price Carefully
This is one of the reasons why it is important to have an expert analysis before selling your home. You have to know the right and most attractive price for your house. If it is too high, then it is possible to turn off potential buyers. If it is too low, on the other hand, then you are selling yourself short.

4. Do Not Do Major Remodelling
Don’t spend too much on making major changes on your home. Chances are, you aren’t really sure yet of what buyers are looking for. So then, save your money for when you have to actually do necessary repairs and enhancements. Expensive items may attract buyers but, if they’re not really important as of the moment, then it is best to put them off first.

5. Make a Good First Impression
Many sellers believe that a buyer makes a decision of purchasing a house within the first eight seconds of laying eyes on it. So then, if the exterior of the house gives off even the slightest appearance of untidiness, you can be sure that this will turn off the buyer. It is, therefore, important to check signs of wear and tear. Check and fix foundation cracks, loose shingles and peeling paint. Clean the outside of the house, such as its windows, doors and the lawn. Add a few flowers, clear out scattered leaves, and, as much as possible, add a fresh coat of paint to your door for that welcoming feeling.

6. Clean
Cleaning is the number one commandment of house selling. Remove all clutter and organize all rooms, cabinets, attics and the basement. Give the walls a pleasant neutral color to attract more buyers. Clean all appliances and fixtures and give special attention to bathrooms and kitchen sinks. Make necessary repairs and fixes. In fact, you could even have a garage sale for all the things that you won’t need in your house anymore.

7. Light Up Your House
It is important to create a welcoming and warm atmosphere in your home. Provide plenty of light and open the windows to let the sunshine in. If you are going to show your home in the evening, then make sure that there is enough lighting.

8. Go Away
To avoid making buyers feel uncomfortable, most of them actually prefer that the seller is not present during the actual showing of the house. This also limits unnecessary conversation. So, make sure to hire the best realtor and, also, keep your children and pets out of the house.

For more tips visit www.Manchisi27Tips.com or give Domenic Manchisi a Call at 905-875-4594 or email at Domenic@DomenicManchisi.com.

Most of us think about building retirement savings for the future. Too often, we forget that as first time homebuyers, we can get our retirement savings working for us a little earlier. Although sometimes things seem out of reach, on closer examination there is a solution around the corner. Purchasing that first home may be a lot more feasible than we imagine. By using your RRSPs for a down payment for example, you may be able to buy a home sooner.

The Federal Government has established a program where first time homebuyers can take advantage of savings they have accumulated in their RRSPs for the purchase of their first home. The program allows each participant to withdraw up to $20,000 in RRSPs to finance the purchase under the First Time Homebuyers’ Program ($40,000 per couple). The great news is that you have 15 years to pay it back, with no penalty!!

For those purchasers who already have the down payment saved, purchasing an RRSP with those funds may go financially further for you than the initial down payment. The transaction would also get you a tax deduction for the year in which the contribution was made. Potentially, at tax time, you would be eligible for a tax refund due to the RRSP contribution. The tax refund would represent additional funds that could be used for other incidentals and closing costs. One factor that is very important to remember here is that the RRSP funds must be on deposit for 90 days to be eligible.

The payback period is monitored and regulated by the Federal Government. They will remind you annually the amount that is required to be deposited in to your RRSP. As long as the program is adhered to, you have 15 years to repay with no penalty. It is borrowing from your golden years but not depleting your retirement savings.

Ask Domenic Manchisi Today about other  incentives such as no money down regarding  your home purchase, drop us an email or give us a call at 905-875-4594, domenic@domenicmanchisi.com

Where to begin! AMAZING! Domenic, you and Lou, have been relentless (in the best of ways) your patience and dedication over the past 2yrs has been outstanding! You truly wanted to help get us into our own home. I have always mentioned your name whenever real estate is mentioned. If I had unlimited space I could go on and on about different times and situations that would make anyone choose your amazing team! see you in about 5yrs, for the final one! Once again enough cannot be said! Thanks Manchisi Team! Luv Jim and Sandi!