Decoding Real Estate Jargon | MoneySense

I found this article funny and in a bizarre way kind of truthful, especially when I am househunting and come across descriptions auctually used like 'glimpses of ocean' or 'cute and cozy'. Hope you enjoy it.


The real estate jargon that’s used to describe homes. From handyman specials to condo alternative, these phrases are often code for less than desirable home attributes.

Thankfully, real estate jargon isn’t limited to just a handful. On a blog post from Biggerpockets.com, I found a long list of adspeak that’s sure to prompt a chuckle for all us homebuyers—more than a few times we’ve stumbled across a home with a “large family room,” a “newly remodeled kitchen,” or a “partial lake/mountain view.”

Here’s a few of my favourites:

Tudor: The house has two attic-style bedrooms, which are not insulated properly. This means you’ll be sleeping in a sauna in the summer, and a freezer in the winter.

Sunny corner lot: The house is located on an intersection—probably a busy intersection which is why they’re trying to turn your attention to the sky.

Easy highway access: Sure it’s easy, considering the street is the equivalent of an arterial route to the highway.

Large family room: Large, open basement that only makes sense if you stick a few couches and a TV down there.

Lots of storage space: The basement is just too small to be considered living space.

Newly remodeled kitchen: The 50-year old cabinetry and faucets were finally ripped out and replaced with cheaper Depot or Ikea equivalents.

Partial lake/mountain view: If you climb up to the roof, you can just get a glimpse.

Storybook charm: The house is old, small and doesn’t have a flat roof.

Cozy bedrooms: Not a single room could fit a full size queen, never mind a king bed!

Must see inside: Means the outside is more than ugly.

By Romana-King-Blog



Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182
akroemer@mortgagegroup.com
comoxvalleymortgagestoday.com
Your Mobile Mortgage Professional in The Comox Valley

Happy Valentine's Day

Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

1.250.650.4182
akroemer@mortgagegroup.com
comoxvalleymortgagestoday.com
Your Mobile Mortgage Professional in The Comox Valley

10 Great Reasons For Using A Mortgage Professional

Thanks for viewing.


Angela Kroemer,AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
1.250.650.4182
akroemer@mortgagegroup.com
www.KROEMERmortgages.com
Your Mobile Mortgage Professional in The Comox Valley

How To Get $100.00

Would you like to get one of theses crisp pieces of polymer? Anyone sending me a referral for a mortgage product and when the mortgage funds will get one of these. With the money you could buy them the best house warming gift ever. Or spend it on yourself. (anywhere in Canada)

So if you have friends and family that are sitting on the fence about buying a house, send them my way. We can fill out an application, find out the payments and get the home buying started.

Also, this is a great time to refinance your mortgage for a better rate. Even by paying the penalty you still could be saving money. We can explore this option, and if it does not save you money then you don't refinance, but at least you know.

One more option is to lock in to a low 10 year fixed rate.

Any questions?

Email or phone me.



Thank you
Angela Kroemer, AMP
Mortgage Professional
1-250-650-4182
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.
TMG Shaire Marie Mortgage Team

Sharie Marie Mortgage Team Wins A Prestigious Award

Last week the Sharie Marie Mortgage Team won Real Estate Company of the Year at the Vancouver Island Business Excellence Awards.

The Sharie Marie Mortgage Team is a team within TMG The Mortgage Group, last year's winner of Brokerage of the Year at the Canadian Mortgage Professional Awards.

"It's an honor for our team to even be nominated, let alone win this huge award," says Angela Kroemer, Comox Valley's Mortgage Professional on the team.

Angela has been a proud member of this team for the past 6 months, and has been so happy to help her clients realize the money saving potential that is within their mortgage.

The Sharie Marie Mortgage Team focuses on educating their clients, and making sure they fully understand all that comes with their mortgage, as so many borrowers tend to overlook the privileges that are available to save them money.

"It's great timing for our team to win this award," says Angela Kroemer, "as with rates as low as they are, almost any home owner can benefit from a refinance right now."

Angela and the rest of the team would like to thank the Business Examiner for choosing them as the recipients of this prestigious award, as well as let the public know that now is a great time for a free mortgage check up.

Let us see if we can save you money!

Call Angela Kroemer to book an appointment.

Congrats to Sharie and our Team !!!!!!!!!














Thank you
Angela Kroemer, AMP
Mortgage Professional
1.250-650-4182
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team

Comox Co-op makes ‘significant donation’ to Wheels for Wellness

Comox Co-op makes ‘significant donation’ to Wheels for Wellness

Wheels For Wellness helps 10000 people a year from the Comox Vally. They have a fleet of 15 vehicles.
There are 26 volunteers helping all year long.

What a caring organization.

Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Is It Time To Get Locked In At The 10 Year Fixed Rate?

There is a great reason to get into the housing market right now. The 10 year fixed Mortgage rate is available for under 4%. Which is unheard of in the history of mortgages in Canada.

Depending on how the housing market goes in the next few years, will be the indicator if you can afford your payments. If you are getting into the housing market now with the low rates and locking in for 2, 4 or 5 years. Will you be able to afford the payments once you renew with higher rates?

If you choose the 10 year low interest rate now then you will have 10 years to pay on the mortgage and by the time you need to renew to higher rates , hopefully your house will have increased in value, making your equity in that house so much more. You will also have 10 years of payments and prepayments towards the mortgage.

Low mortgage rates give you low mortgage payments. If you have tried in the last 5 years to get a mortgage and were declined because of your earnings, then now would be a great time to try again.

Most Banks will not give you the lowest rate because they bundle up their mortgages and sell to investors. Please call a mortgage professional (me) to get the best rates for the 10 year fixed mortgage.






Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Long-term mortgage rates have dropped to the lowest point in Canadian history

Lock in your Rates !!!!!

Note: 10 year fixed rates also lowest in history. Mortgage brokers have the lowest rates for the 10 year as banks will not do them at a great rate.

Long-term mortgage rates have dropped to the lowest point in Canadian history — and the stampede to lock in is expected to pick up.

Bank of Montreal became the first major Canadian financial institution to bust through 3%, with its 2.99% closed fixed rate mortgage for five years. Others are sure to follow.

If five years isn’t long enough for you, ING Direct has weighed into the current mortgage discussion with a 10-year fixed rate product at 3.89%. The added bonus of going longer than five years is that under Canadian law after half a decade you can break your mortgage for as little as three months’ interest.

TD Canada Trust, which had already lowered rates on six and seven-year fixed rate terms, now has lowered the four-year fixed rate to 2.99%. Farhaneh Haque, director of mortgage advice and real estate-secured lending at the bank, says the argument has never been stronger because there is no guarantee these deals will be available in two years. The two new deals from TD and BMO are limited time offers.

“Buyers have to evaluate if they want to stay in variable,” says Ms. Haque, suggesting even those with deep discounts might want to consider scrapping those deals to take advantage of the historical bargains.

It’s hard to argue against locking in, unless you are one of the lucky people with a variable rate mortgage tied to prime that came with a whopping discount. Some consumers have deals with as much 90 basis points off prime, meaning they are borrowing at 2.1%. That’s not the same as negotiating today when you’re only get 10 basis points off or 2.9%.

“You’ve got a dinosaur, you are living in Jurassic Park with something that doesn’t exist anymore. You can’t get that again,” says Vince Gaetano, a principal broker at Monster Mortgage, who suggests you keep the low rate and use the savings to pay down your mortgage as fast as possible. “You cut your mortgage in half and you don’t care as much what the interest rate is when you renew.”

Mr. Gaetano says keep on eye on some of the new products and stipulations that might include things like prepayment terms and amortizations.

Bank of Montreal’s new product demands you get a 25-year amortization, instead of the maximum 30 years, and will only let you pay 10% per year of the original mortgage amount. TD Canada Trust’s new four-year product will let you prepay 15% while ING Direct goes as high as 25% prepayment.


Garry Marr Jan 15, 2012 – 7:00 AM ET |

Please call me for rates as they are changing daily.



Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.

CHIP Home Income Plan - Reverse Mortgage

Living in the Comox Valley is truly wonderful. So many things to do, so many things to see.
The downside to living here is everything is so expensive. It is okay while you are working and can make a decent wage, or for many people work extra hours to make extra money to do the activities they want.

But once you retire, well that is a different story.

Pensions don't increase at the speed that everything else increases. Was listening to the news the other day and medical went up, property taxes are going up, gas tax going up. Just how does a person on a fixed income make do if they cannot earn anymore money?

The other downside to living here is the medical. If you get sick, the reality is that you have to travel to Victoria to see a specialist, to get medical treatment that they do not do in the Comox Valley. The travelling can be several times a month or several times a year. That extra money for traveling eats into the cash the pensioner may have.

Also, our medicare is cutting down on the items it provides. Now everyone is faced with extra bills for the medical items that medicare will not cover anymore. Even if your doctor says you have to have them.

Stock market -- Thinking that your returns will be at least 5% and finding out that it is only 1%, if you had anything left after all those crashes. So much for that extra income in your retirement years.

The solution can be a CHIP Home Income Plan - Reverse Mortgage if you own your own home. It allows you to stay in your home while getting income from your home to help with all those extra expenses. In the last couple of years there has been an increase of pensioners looking to the CHIP program to get them extra income to live on.


SOME HIGHLIGHTS of the CHIP Home Income Plan - Reverse Mortgage are:



A CHIP Home Income Plan is a reverse mortgage secured by the equity in your home. Unlike a traditional mortgage in which you make regular payments to someone else, a reverse mortgage pays you.

The big advantage with CHIP is that you do not have to make any payments – principal or interest - for as long as you or your spouse live in your home.

A CHIP Home Income Plan is designed exclusively for homeowners age 55 and older. This age qualification applies to both you and your spouse.

You can receive up to 50% of the value of your home.

You can choose how you want to receive the money. CHIP gives you the option of receiving all the money you're eligible for in one lump sum advance, or you can take some now and more later, or you can receive planned advances over a set period of time. You can even combine a lump sum advance at the beginning with ongoing advances over time.

You receive the money tax-free. You can use the money any way you wish.

No payments are required while you or your spouse live in your home. The full amount only becomes due when your home is sold, or if you move out.

You maintain ownership and control of your home. You will never be asked to move or sell to repay your CHIP Home Income Plan. All that's required is that you maintain your property and stay up-to-date with property taxes, fire insurance and condominium or maintenance fees while you live there.

You keep all the equity remaining in your home. In our many years of experience, 99 out of a 100 homeowners have money left over when their CHIP Home Income Plan is repaid. And on average, the amount left over is 50% of the value of the home when it is sold.

Your estate is well protected. We guarantee that the amount to be repaid will never exceed the fair market value of your home at the time it is sold. If your heirs want to keep your home, they can repay the CHIP Home Income Plan from other funds.



If you would like to know more about the CHIP Home Income Plan - Reverse Mortgage, give me a call or email me.



Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com

TMG The Mortgage Group Canada Inc.

Use RRSP's For Down Payment

Are you making good money, but don't have a down payment?

Are you a First Time Home Buyer?

You are in luck.

What you can do is go to the bank and get a loan for your RRSP contribution. If you do not know your limit then you can look on your last year's notice of assessment, it will give you the maximum RRSP limit that you can buy.
Once you have the loan for the RRSP, you can buy a house under the First Time Home Buyer program.
You use the RRSP as a downpayment up to $25,000.00 per person. You do have to pay this back to your RRSP account with in 15 years paying a portion each year.

You pay on the RRSP loan monthly just like a regular loan. When you do your Income Taxes you should get a rebate for buying the RRSP's. What you can do with this rebate is to pay part of the loan off thus decreasing the amount of interest of the loan.

Any questions, let me know.

Thank you

Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
http://www.KROEMERmortgages.com

TMG The Mortgage Group Canada Inc.








Pin It

Dropping Rates

New rate just in:

3.25% is available with 40 year amortization feature. Must have 20% down and close by end of Feb.



While the interest rates are on the rise, some Lenders have specials on until the end of
February.

The clients that can get these rates are clients buying homes or clients switching Lenders to get a better rate.

For a free consulation, contact me. I can tell you what rate you would get, how much you would save over the course of your mortgage and how you can shorten the length (in years) of your mortgage.

This service is free and without obligation. oac.


Thank you

Angela Kroemer, AMP
Mortgage Professional
1.250.650.4182
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Interest Rates Dropping?

2011 has certainly been a silly year for Interest Rates.

Before it was the normal to get a varible rate now it is the normal to get a fixed rate.

Just when you think Bank of Canada will raise their rate , it stays the same.

And now, when everyone says the rates will be rising, I get a email to say, stay tuned because the rates will be dropping.

Will everyone drop their rates? I am not sure but I do have a Lender that says they will be dropping their rates.

So for now , it would be very beneficial for you to get on my contact list, so I can send you the Interest Rate updates.

Why pay more for your mortgage when you do not have to.

Email me or phone me to get on my interest rate contact list.
You can always go to my website and sign up there.
http://www.ComoxValleyMortgagesToday.com


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Busy Time of Year-- You Still Need to Switch Over Your Mortgage

Some say it is the busiest time of the year, getting ready for Christmas. Not too much time to do anything else.

Also, if you are like many with a mortgage either fixed or varible you have been reading that there are great sales on interest rates. You have been meaning to look into these rates but just have not had the time.

OR

You just saw your dream house and now is the time to buy.

Good news is here.

Phone up a mortgage broker. Also known as mortgage professonal and mortgage consultant.

Why?

A mortgage broker does all the work. They work with your schedule. The first consultation takes about 1 hour. Can be done over the phone, or you can ask the mortgage broker to email you an application and you can fill it out and send it back.

The next phase is any questions the mortgage broker has about your application. Probably 15 minutes.

The mortgage broker will let you know which documents that they will need and can pick up at your place of work,home, or you can fax or email them. 15 mins

Next, the mortgage broker sends in your application and documents. Gets back to you about any other documents the lenders are requesting. Probably another 15 mins.

You send your paperwork to the mortgage broker or the mortgage broker drops by your place of work or home and picks up paperwork. Maybe 15 mins for that transaction.

Mortgage broker sends in the paperwork. If all looks great, the mortgage broker will email or call you and let you know it is time to make an appointment with a Lawyer or Notary Public.

You make an appointment with a Lawyer or Notary Public to sign the final paperwork. That would be about 15-30 mins for that appointment.

You are done. All the work has been done for you and you have a mortgage with great rates. The time it takes you is less than 3 hours to save money on your mortgage.


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.250.650.4182
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

More Storage Ideas For Your Home

Weather you are thinking about up sizing, down sizing or just staying put, new storage ideas are always welcome and needed. They have a few more inventions at our local Building stores that can make any house organized.
This article has some great ideas on how your home can be made clutterfree.

Your home has a place for everything; you just need to find it

Calgary HeraldNovember 17, 2011

BY JACQUELINE LOUIE, FOR HOME RENOS

Whether it’s under the deck or above the garage, companies are finding unique ways to help homeowners store their stuff.

“Good organization is the best use of space,” says Don Fetherstonhaugh, president of The Garage Store, a company that focuses “every inch of space inside a garage, to make it more useful and more attractive.”

He says in a normal household, the garage is usually the largest space. “But it is also usually the most under utilized space in the house,” says Fetherstonhaugh.

Typically, garages become an overgrown closet for junk, he says.

Because of people’s busy day-to-day lives, the first thing they see in the morning when heading off to work, is usually the garage. It is also the first thing they see when they return from a hard day’s work.

An unorganized garage sets the whole day in motion, says Fetherstonhaugh.

By spending time sorting through storage solutions, homeowners can be shown how to double or triple the storage space by properly utilizing wall and ceiling air space, he adds.


WALL SPACE

Manufacturers have introduced a series of flat PVC polymer wall storage systems that come with hundreds of different accessories to hang items such as golf bags, fishing rods, bicycles, rakes, hoses, electrical cords and miscellaneous tools.


UPPER AIR SPACE

“We take a look at the ceiling and try to adapt a storage system to the individual ceiling space,” Fetherstonhaugh says.

“That storage can be massive. For example, you can have a large unit that will hold 40 or more large rubber plastic containers for a nice, neat storage nook.”

There are also motorized storage devices that will allow you to lift items up to a storage platform.

The latest gadget, is a four-by-eight storage system called a motorized rack. You press a button and the entire rack comes down to the floor; you load it up with your things, and motorize it back up into place again.

Bicycles are one of the more difficult things to store in a garage, because when stored “they are gangly devices.”

However, motorized storage devices can take bikes two at a time and lay them flat onto the ceiling of the garage, says Fetherstonhaugh.


TRUSSES

Homeowners can also utilize the expertise of a contractor or renovation company to custom build storage solutions and make the most of any living area.

Using custom designs and fabricated specialty truss systems, Star Building Materials is able to include storage space in the truss when building a garage, giving the homeowner immediate bonus storage space.

“They are eight-foot two-inches wide and three-feet high and allow you to utilize all the space up top,” says Star Building Materials sales manager Lorrie Wood. “It uses a space in the garage which would otherwise be useless.

“You’re able to store all kinds of things like Christmas trees, empty boxes, seasonal items and other household items.”


UNDER DECK

While most homeowners find the space under their decks are catch-alls for stray balls, dog toys and grass clippings, it can also be used to store seasonal items.

In fact, Star Building Materials under-deck storage kit featuring a two-by-four foot drawer that can be used to store such things as toys and seasonal items.

“It puts it in a nice neat box — like a children’s toy box,” Wood says.


JUST ASK

The bottom line is if you can’t think of where to store your stuff, just ask. Home building stores and renovation companies have numerous ideas when it comes to storage options, whether it is closet organizers, storage under the stairs or in the rafters.

© Copyright (c) The Calgary Herald



Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Small Business Saturday

Today is small business saturday. A day to shop locally to boost the sales of the small businesses in your town, which in turn will boost our economy. This is the 2nd annual Small Business Saturday.

Time to shop.

Thank you

Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Purchase PLUS Program

A purchase plus program is designed for the person who has found a house and wants to make improvements.
The house could be at a lower cost because of the repairs it may need to make it liveable to you.

Right now there is a great special going on, but you need to move fast because the house must close by December 31 2011.

Can't find a home that is exactly what you want. Purchase a home and plan to make inprovements and you can still get this low rate. 5 year fixed quick close special is available for purchase plus improvements at 3.29% o.a.c., must close on or before December 31, 2011, owner occupied homes, there is no premium to the rate for this purchase plus program.

Please don't delay if you would like to take advantage of this deal.


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

TMG- The Mortgage Group Canada Inc.

TMG- The Mortgage Group Canada Inc.

I have written alot about mortgages, how to get them, interest rates, etc. But, I don't think I have written enough about the company I am affiliated with. I don't want to say company I work for because it just doesn't feel that way, in fact sometimes it feels like they are working harder for me then I am for them. It is more of a partnership with TMG giving awesome and never ending support in information, ideas and learning then I would ever have imagined. Every week to furthur our education they have an online real time web/TV program in which we learn about different areas about the mortgage broker business. The support is just outstanding. All this so we as mortgage sub brokers will flourish and be successful. Then if we are successful our Company TMG will be successful. As you read more you will see they are very successful.

The next time you see the TMG logo you will know that there are only professional mortgage brokers working for the best interest of their clients and supported by the TMG company, all obtaining the best for each client.
Truly a company that cares.

The background history of TMG is as follows:


WHO IS TMG?
A Canadian Mortgage Company Legacy

Canadian owned and operated since July 29, 1990
British Columbia company, based in Vancouver
TMG The Mortgage Group has helped a quarter million Canadians get the right mortgage solution to suit their financial needs, earning a respected reputation with lenders and clients as leading-edge mortgage experts that deliver on the company’s Vision and Values.

National team of over 700 qualified and accredited Mortgage Professionals and brokers providing residential and commercial mortgage services.

Access to over 50 Mortgage Lenders
TMG The Mortgage Group has a large Network of Lenders, including Banks, Credit Unions, Financial Institutions and Lenders, products and the lowest rates.
Access to this Network allows TMG’s Mortgage Professionals to help almost a quarter million Canadians find the mortgage that best suits their financial needs

Leaders in mortgage innovation and technology
TMG has developed proprietary tools and software to quickly and efficiently source and manage financing solutions.

Providing Mortgage Education across the country
From Global TV appearances and up-to-the-minute industry news to informative introductory videos, TMG is widely considered a mortgage education resource.

Operating with the highest levels of professionalism, ethics and integrity

Won the CMP Award for National Mortgage Brokerage of the Year, 2011


Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Credit Score

When checking credit scores some of my clients hold there breath, get anxious, close their eyes -- they just don't want to know the damage.
Credit scores are often viewed as negative. The unknown. You even have to pay to see what your credit score is, that must mean it is like rocket science.

There is no mystery surrounding credit scores. It is easy. If you have paid your bills and on time your credit score will be great.

It is when you hit a hard couple of years that things just didn't work out and some bills did not get paid on time or at all. Now where is your credit score at?

For those who would like to estimate what their credit score is as of today there is this cool Credit Score Rating Tool from www.moneyville.ca Remember it is an estimate only.

The other cool thing about this calculator is you can use it as a future predictor.
For example today it tells you you have a credit score or 480, because some credit cards were not paid on time or you are maxed out on all your credit cards.
In 2-3 years from now you think your credit cards will be paid off and you will not miss any payments, you can put those numbers in adding 2-3 years in your answer and see where your credit score will be in the future.

Here is the link to the Credit Score Rating Tool

www.moneyville.ca/finan​cialcalculators/borrowing/8575​58

It is fun to play with it.

Thank you
Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Veteran's Poppy Fund

A donation will be going to the Veteran's Poppy Fund for each mortgage started between November 1-11 2011.










Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.

Buyers Market

On my last Blog writing I mentioned the subject Buyers Market. This blog will explain what a buyers market is and what terms you can ask for.

Buyer's Market is when there are more houses up for sale than there are buyers. The buyers have choice in what they choose and have time to ask for terms since the house will probably not be sold under them. The homes are slow to get sold and the sellers who really want/need to sell will listen to what the buyer is asking for. The sellers will negotiate to get their house sold.

What should you be doing in a buyers market while looking for a home.

1) Choose and have a Realtor you like and trust. When it comes time for negotiating for a house you want your Realtor to be there for you.

2) Have your Realtor send you updates. Especially updates on price changes.

3) Make a list of what you must have in your future home. Make sure your Realtor knows this list so both of you are not wasting your time. If you don't know what you like then go to several "open houses" to find out. ( http://www.comoxvalleyopenhouses.com ). The more clear and concise you can be to your Realtor the better chance they will only show you what you want , or a close enough choice from the range of homes on the market.

4) Go to homes that have been on the market for 30 days or more. These sellers are looking for a sale and you may get what you want for less. Renovations may be affordable to get you exactly what you want. Make sure you are realistic on what renos you can do and what renos would have to be jobbed out.

5) If you are interested in a house make sure your Realtor has the comparables for that nieghbourhood. These are the dollar amounts that the houses sold for in that nieghbourhood in the last 6 months to a year.

6) Ask for a credit. Don't lowball on the price, people just get annoyed at that and shut down. If you don't like the carpets, paint color or the appliances then just ask for a credit since you will need to change that to make it your home. Be realistic in the cost of replacing and negotiate with the sellers. If your offer is fair, then they usually will have no problems with the offer.

7) Ask for things that are already in the home. If the window treatments are not included but you like them , then ask that they stay. Appliances are usually negotiable. Go through the list to see what is staying with the house. Then if you like something ask if it can stay with the house. Everything is negotiable and the sellers will think you are serious in buying and will be open to new ideas.

8) Closing costs. Ask that the seller pay for your part of the property taxes for the rest of the year or any other costs associtated with you buying that house.

9) Building Inspection. If you are serious then you will probably have a building inspection. If the inspection comes up with some minor things and the building inspector has a money figure to back it up, ask for a credit on that money figure or ask that those minor repairs be done by the time you take over the house.

10) Short acceptance period. Just because the housing market has slowed down doesn't mean you can't ask for a fast reply on your offer. A 24 hour limit should be plenty for the sellers. Their house has been on the market for awhile and they should be ready to deal. If not they may not be ready to sell and you are wasting your time negotiating with them.

These are just some of the ways to get a house plus extras in which a seller does not feel "lowballed". Each house is unique. Your realtor may have more suggestions for credits or a lower price. Be open to ideas that will get the house price lower and you closer to owning the home.

Thank you

Angela Kroemer, AMP
Mortgage Professional
1.888.679.0190
akroemer@mortgagegroup.com
www.ComoxValleyMortgagesToday.com
TMG The Mortgage Group Canada Inc.