Real Estate Bloggers
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Articles from Real Estate Bloggers |
Toronto’s “tremendous achievement”
2008-01-31 01:15:18
Is this a strange characterization of higher taxes?
Toronto homeowners will face a 3.75 per cent property tax increase this year, as well as the city’s new land transfer tax which comes into effect today. The Toronto land transfer tax, which comes into effect today, is expected to raise $175 million for city coffers. There will also be a non-residential property tax increase of 1.25 per cent.
According to the city, the property tax increase will result in an additional $80.70 in taxes on a residence worth $365,000, which is thought to be the average Toronto house price.
In a statement, Mayor Miller said, “This is a tremendous achievement for the city. Building a city that is livable and provides prosperity and opportunity for everyone is the most important role of local government. This budget allows us to start to make the kinds of investments Torontonians want and deserve. As a government, we have made difficult decisions over the past months and are now starting to turn ...
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A Safari into Freakish Depth
2008-01-30 22:03:57
A gorgeous new version of Redfin.com just went online. The premise of the release is Freakish Depth: to update our website with up-to-the-minute data on every new listing and to provide more information about each listing and its neighborhood than any other website. We still have a long ways to go.
But look how far we’ve come! Some of the big changes aren’t easy to see. The first order of business in this release was to increase the frequency with which we draw data from ten Multiple Listing Services (MLSs) in San Francisco, Los Angeles, Orange County and San Diego (we have always had high-frequency updates in markets like Washington DC and Seattle), so that we now check as often as every fifteen minutes for new listings. It took us months to sort through all the feeds.
Just as importantly, we increased the amount of information we display about each listing. Beyond all the MLS-provided details and photos of the property, the county tax records and the Zestimate, we now add ...
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Fed Cuts Rate .5% - Dollar Last Seen Headed for Mexico
2008-01-30 09:51:13
Citing a weakening economic environment the Federal Reserve cut interest rates 50 basis points in an attempt to soften the impending economic crash landing. In other news the dollar was seen shooting glares of jealousy at its friend the Euro.
From the Fed statement:
”Financial markets remain under considerable stress, and credit has tightened further for some businesses and households,” according to the central bank. “Moreover, recent information indicates a deepening of the housing contraction as well as some softening in labor markets.”
Clearly the path chosen is one of an attempt to sustain the unsustainable. Lower borrowing costs do not fix the problem of solvency that is rampant in America. On the other hand grab the low rates while you can - while we may see further easing the Fed has removed some of the stronger language that points to guaranteed future rate cuts.
From the Market Watch article on the Fed rate cut:
Economists detected some effo ...
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Changes in Home Buyers’ and Sellers’ Profiles
2008-01-30 07:40:42
“The profile of home buyers will change significantly in the next few years, according to a public telephone survey conducted in September for the Greater Montréal Real Estate Board (GMREB). The survey, which is the fourth one, helps profile buyers and sellers, as well as measure their intentions over the next five years.
Buyers’ and Sellers’ Profiles
The survey showed significant differences in the profile of future buyers: they’re younger (6 out of 10 are under 40 years of age), more educated (54% have a university degree) and a higher proportion are couples without children (36%). There’s also an increase in the number of future buyers aged 60 and up. Baby boomers, however, will be slightly less active on the residential real estate market than they were in the previous years. The average family income of respondents planning on buying is $62,200.
“In the Montréal area, 55% of the future buyers will be first time buyers,” says Michel Bea ...
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Find Your Next Home on Picasa
2008-01-30 02:05:20
Fizber.com announces adding home listings to a popular photo sharing site Picasa in an effort to increase online exposure for its clients.
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FICO Psycho
2008-01-26 08:29:20
If I could of reached my hand through the phone and strangled the representative from FICO on the other end of the phone, I would of.
Got a client “? teacher, divorced, been on the job 30 years, good credit except for some minor dings, SFR, trying to do a cash-out conforming refinance to pay off some of her outstanding credit card debt.
Pretty much done deal (even with the lower appraised value) except her mid-FICO score is 679 and we have price bumps for:
<75-80% LTV cash-out refinance
>680 mid-FICO score
So I tell her we have to raise her FICO mid-score by one single point. We sit down and review her credit report in detail. I hand and email her my credit repositories letter detailing how to legally clear up your credit history with Experian, Equifax and TransUnion complete with the three names, addresses, phone number and websites.
It’s the usual stuff we deal with every day with our clients. “I haven’t used my Sears card in over 6 years and Sears i ...
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Condo-mania in Toronto
2008-01-26 02:46:13
Toronto offers world-class condo living
The Toronto core boasts a growing abundance of gorgeous city condominiums that offer such features as fourteen foot ceilings and sunny south east exposures, some so open and spacious you feel like you are living in a house. Well-designed condos with contemporary comfort are providing ready access to a fantastic downtown lifestyle in the residential quadrants of the Toronto core.
Owning a condominium provides all of the benefits of owning a home without the responsibility of maintenance and repair such as snow shoveling, grass cutting and gardening. In many condominium complexes you will enjoy the added benefits of 24-hour security, fitness facilities, and recreation & entertainment centres.
Downtown Toronto features a large selection of residential options that offer accessibility to the many cultural, historic, educational, leisure, retail and employment opportunities that Toronto holds. The Bloor Yorkville area alone offers 700 designer b ...
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Toronto property taxes up 3.75%
2008-01-26 01:38:35
Homeowners will be facing a 3.75 per cent property tax hike.
City of Toronto officials will roll out an $8 billion spending budget for 2008 on Monday that sources say calls for a 3.75 per cent increase “? almost identical to last year’s 3.8 per cent. On the average home, that translates to about $80 extra.
The perennially cash-strapped Toronto is presenting a balanced budget this year, thanks to a land-transfer tax on home purchases that goes into effect next Friday.
See story in the Toronto Star »
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Mortgage Questions Answered by Strangers
2008-01-25 20:28:58
So, you have a random mortgage question that pops into your head in the middle of the night?
You can’t sleep but also you can’t call your mortgage broker at 3am - you need answers.
Well, I found a place that might be able to get you the help you need so that you don’t have to break into the Nytol.
MortgageFit is a site I ran across during one of my own sleepless nights. I found it while taking a break around 3am from packing (yes, I take breaks by looking at real estate blogs and web sites - I love what I do, and even I can admit that it’s somewhat of an obsession for me.)
MortgageFit is a community full of lenders and borrowers where people ask questions, and they get answers from professionals that are part of the communits. Discussions of all sorts are taking place, from first time buyer information, to appraisal information, to credit problems and more.
If you have a question, there is likely a discussion on the topic that is already taking place. ...
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Predicting Rates: The Newest Vegas Tablegame
2008-01-25 08:38:14
I’m back. Hold your applause please.
It has been several weeks since my last post. I promised the Blown Mortgage cognoscenti that I wouldn’t write posts unless I was moved to do so. I should probably be moved more often, but I digress.
The past four days have been a whirlwind at Brown Ram Mortgage as they have surely been elsewhere. I can break the week down into four parts:
1) Rates Hit the Floor- As 30-year Fixed Mortgages hit 5% the leads from prospective clients roll in real time. My partner and I brace for the windfall of new applications.
2) Existing Clients Want in on the Action- After sending out a flurry of applications to potential clients, old clients come calling with one demand: they want in on the action. Many of those clients whose rates have not changed as a result of the Fed Rates Cut (i.e. 99% of them) heard the news on Good Morning America about “rates being cut.” Why can’t theirs be cut too???
3) Pleading for Clients to Send in T ...
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Stimulus Package, New Loan Limits and a Controversial California Law
2008-01-25 05:08:11
Lots to cover - and I was planning on getting to it all last night until my little one decided not to sleep. So I had to play all night instead of writing (which was great!) but unfortunately not so timely. Needless to say there is a lot of ground to cover. I’ll try to get to it tonight for your reading pleasure.
My initial thought on the new loan limits? Will that push conforming rates higher? Bigger loans, more risk, more risk mitigation (capital) needed for Fannie and Freddie. But that’s at first blush. I’ll be back.
Happy Friday.
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The Dual Agency Dilemma
2008-01-25 03:49:13
Understand the nature of your agency representation
Dual agency occurs when a real estate agent is representing both buyer and seller in the same transaction. Since the agent has promised a duty of confidentiality, loyalty and full disclosure to both parties simultaneously, it is necessary to limit these duties in this situation, if both parties consent.
If you find yourself involved in a dual agency relationship, make sure that you completely understand how your interests are affected.
This relationship involves the following limitations:
The Agent will deal with the Buyer and the Seller impartially
The Agent will have a duty of disclosure to both the parties
The Agent will not disclose that the Buyer is willing to pay a price or agree to terms other than those contained in the Offer, or that the Seller is willing to accept a price or terms other than those contained in the Listing
The Agent will not disclose the motivation of the Buyer or the Seller to sell unless authorized by the ...
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Open Shutter to the Past: San Francisco in Pictures: Men at North Beach Restaurant (unknown date)
2008-01-24 22:29:32
This week’s Photo Friday is brought to you by Supervisor’s Aaron Peskin’s attempts to secure some prohibition style regulations in the North Beach. Apparently the man must not enjoy a good glass of wine, or for that matter, he must hate fun and must hate those that want to have fun.
I can only imagine the implications that something like this would have on the North Beach restaraunts, and on the neighborhood in general.
I decided on today’s photo selection in case Mr. Peskin ran across it - people have been having a great time in North Beach with a drink or two for generations - why try to take that legacy away from the City now?
If you don’t already have plans this weekend, consider checking out a North Beach bar or restaraunt before they become an endangered species.
Happy Friday!
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