Royal Lepage

Lakes of Muskoka Brokerage, Independently Owned & Operated

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Sit back and relax, we have you covered!

Common Questions and Answers About Your Real Estate Transaction

If you've been doing your homework, you are hopefully more comfortable with your real estate transaction now, but don't worry if you still have some questions.

Here is the latest group of common questions my clients have:

Should I be concerned about a housing bubble?

All real estate is local and particular and so national and regional conditions are not necessarily indicative of the state of the local real estate market. While many other areas in the country are crashing, others may not suffer from a bubble. Rather, that the recent price increase in homes was due to basic economic factors.

I just LOVE this house, is it a good deal?

Even real estate professionals know that the home buying decision is fraught with emotion; however, too many people buy on impulse. Admittedly, home buying has an emotional component, but you must remember that this is a business transaction and the house itself needs to be viewed as a real estate investment. So, even if you really do love the house, just remember there is no substitute for investigation, planning, evaluation and deliberation.

Have to stop for a minute and mention the people at Virk Personal Injury Law. This short article wouldn't have been possible without their input. They are an extraordinary Toronto based personal injury lawyer in Ontario and they were able to give me some education on the topic I'm writing about. Should you be in need of their services, check out their site at OK, back to it!

Why is my house not being advertised? How are people going to know it's for sale?

Most homes are not advertised in traditional print media. The homes advertised are typically the newest listings or homes languishing on the market because they are over-priced, suffer location flaws, or show poorly. Reliable studies show when a house does not generate an offer within 30 days, it is clearly over-priced. Homes priced right will generate 1 offer for about every 8 serious showings. Real estate agents acquire their knowledge about properties from the MLS, where your house is listed, not real estate publications.

Why do we need to involve two agents in the transaction? Dont we just need one to handle the contract?

Technically, yes, but the buyer who calls the real estate agent whose name appears on a yard sign, newspaper ad, or internet search is usually calling the Listing Agent who has just one goal to get the highest price with the best terms in the shortest time and least inconvenience for the seller. The Listing Agents duty is to get the best business deal for the seller. So to make sure your interests are protected, it's imperative that you get a Buyers Agent.

Ive heard that with the movement in the market, I can make money fairly quickly in property investment is this true?

Real estate is an illiquid, long-term asset. It takes time to make money in real estate, not timing.

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Posted in Real Estate Post Date 11/25/2015






Appraisal Overview

There are three approaches to value that we can consider – Income, Cost and Direct Sales Comparison. Depending on your property, we will gladly explain which approaches apply and can aid us in determining the market value, if that is the value that is sought after. There are many kinds of value that can be required, but, by far, market value is the most commonly required. This requires an in depth and firsthand knowledge of the local market place.

Common Myths

MYTH: An appraisal is the same as a Realtors Opinion of Value.

FALSE. An appraisal is an in depth view of the property with features and factors being compared to other properties with similar features and factors. The sales considered have to meet the definition of market value as laid out in CUSPAP. Appraisals signed by designated members have usefulness for financing and estate planning and settlement, whereas opinions of value typically do not.

Frequently Asked Questions

What is the cost of an appraisal?

That will depend on the purpose of the appraisal and the location of the property. How long will it take to complete the appraisal once an inspection takes place. Again, depending on the purpose of the appraisal, a typical re-financing assignment will be completed for the lender within 3 days. Referrals – our Clients have included Financial Institutions, Law Offices, The Federal Government, Private Lenders, Personal Property Owners, to mention a few.


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