Susan Glenn Homes

admin August 26th, 2009

Recently, some clients of mine decided to move to a new city. Because it was a new city, they also decided to buy using a new agent from that city.

If you are considering listing or selling your home and decide that you’d like to use an agent (which I highly recommend), it’s important to remember some things before choosing a person who’ll be representing you in the buying/selling process. Here’s a list of 5 that I think should be at the top of your list…

1) Trust your instincts: You will be working with this person as a representative of you. If you don’t feel immediately comfortable with the person, it’s likely not a good idea to move forward with anything else and you should find another agent.

2) Best interest: many agents may be well informed of the market conditions of the area your looking to purchase in, but don’t consider who you are or what you want. Make sure that the agent asks you questions about what your intentions are for selling, any future plans you might have that would influence where you want to live: children (or lack there of), schools, transportation, proximity to shops, grocery stores, entertainment, your place of employment, etc.

3) Market Conditions: conversely, an agent may be very interested in what your life-style considerations are but may not be well informed of the market conditions and how they might affect your chances of re-sale in the future and consequently, the possible return on your investment. Ensure you get a full market analysis and that the properties you’re being shown reflect what is fair for the market and has good odds of increasing in value in the future.

4) Well Connected: Whether in-house or personally connected, ensure that your agent is well connected to a team of professionals who can help in the selling/buying process. Mortgage or insurance agents, lawyers, home inspectors, a marketing and advertising team, etc. All of these people help the process go a lot smoother and hopefully faster.

5) Good communication: There will be LOTS of communications between you and your agent; especially if this is the first time you are buying. It’s important for you to know that you can get a hold of the agent at any time. In the initial meeting process, try contacting them via email or phone and see how long it takes them to get back to you. You should expect a relatively quick response, especially if they’re interested in retaining your business. Any communication lacking at the beginning of your relationship could lead to much greater problems down the line.

I hope these 5 points help you to choose a better agent and allow the buying/selling process to go smoother for you. As always, if you’re looking for a quote on your property or just have some questions regarding real estate, I am available via email at sglenn@trebnet.com

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admin June 24th, 2009

Our friend Matthew Lekushoff from Raymond James, gave us this great synopsis of why tax free savings accounts are so helpful.

As of January 2009, Canadian residents age 18 and older are able to contribute up to $5000 per year to a Tax-Free Savings Account (TFSA). Contributions to a TFSA will not be deductible for income tax purposes but investment income including capital gains, earned in a TFSA will not be taxed, even when withdrawn.

Benefits of a Tax-Free Savings Account
• Contribute up to $5000 per year tax free.
• Withdraw money without paying tax and for any purpose.
• Amounts withdrawn can be put back in the TFSA account at a later date without reducing your contribution room.
• You can carry forward your unused contribution room indefinitely.
• You will have the freedom to choose your own investment options.
• Contributions to a spouse’s TFSA will be allowed and TFSA assets can be transferred to a spouse upon death.

For more information and to open your own Tax-Free Savings Account please contact me at (416) 777-6368 or matthew.lekushoff@raymondjames.ca.

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admin November 18th, 2008

This gorgeous Terminal Warehouse condo has just been reduced by $90K to $779,000. Don’t miss out on a fantastically priced jem like this one. Click the photo for more details.

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admin July 30th, 2008

Recently there has been a lot of press again regarding the real estate market in the United States and the declining prices. The topic of frequent discussions is how this is affecting our market here in Toronto. With some of the sensational press, it is often not mentioned that in the U.S., high demand markets like Manhattan, Boston and downtown Chicago have not been affected nearly as much as some other U.S. markets. These markets are probably more comparable to Toronto’s downtown market in terms of desirability and demand. First of all, after 20 years in Real Estate, I can tell you that summertime is typically not the best time to assess how the market is doing since market activity always slows down in the summer months. Children are out of school, many people are away at their cottages or on vacation and are taking time to enjoy the warm weather socializing and enjoying family and friends. Once the fall arrives and things begin to get back to a more normal and regular schedule, we will get a better indication of where the market stands.

Our statistics are showing that we have seen a decline in activity this June which is down about 18% in the central core compared to June of 2007. Although activity is down, at the same time the average price is about 4% higher than it was at this time last year and condo prices have risen on an average of 9% in the central Toronto districts. Gradually we are seeing a shift to a more balanced market as we have more inventory on the market than we have seen for quite a while. We are also not seeing as many multiple offer situations as has been the case for the last few years. If there are multiple offers, the number of Buyers vying for the same property is not as high. For example you may have 1 or 2 offers instead of 5 or 6. Since there are more homes on the market, Buyers are enjoying more choice and more opportunity to take the time to choose a home. If you have been thinking of buying, this might be an opportune time to purchase that new home.

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admin July 23rd, 2008

Lately several articles have appeared in the newspapers on something called the “Phantom Offer”. A couple of my clients have called me with concerns regarding this issue. To clarify, a Phantom Offer is a situation where an agent tells you that there is another offer(s) on the table (besides yours) for a particular property, when, in fact, there is no other offer. In other words the other offer has been fabricated in order to get the first party to increase their price. The Toronto Real Estate Board has had ongoing debates on how to police this issue and reassure Buyers that this is not happening.

First of all, I would have to say, that most real estate agents are in fact very professional and adhere to professional standards of business practice and ethics. Recently, the Toronto Star printed an article which stated that real estate agents across the GTA, agree that this practice is widespread. This has not been my experience and to say that this practice is widespread is irresponsible and misleading. In discussing this issue with other agents, they have indicated that they have also not found this practice to be widespread. As with any industry and life in general, there are those few people who find it necessary to use devious means to achieve their own goals. Any agent who has been in business and has a good reputation would never compromise their reputation, and their livelihood for a few dollars and one deal. As with most responsible people, most agents would never even contemplate unethical behaviour of this or any other kind. 

RECO, the Real Estate Council of Ontario, was set up several years ago to give consumers a place to voice their complaints and to seek recourse if they feel they have been wronged. However, it is much better to try to prevent a problem before it happens, than to try to deal with it after the fact. Many of the larger firms have started to implement safeguards to reassure clients that everything is above board. Initially we ask if there are any other offers and if so, the name(s) of the agent(s) and brokerage(s) representing the other buyers. We have discussed making it mandatory for agents to keep a record of the offers which have been registered and include agent and brokerage information. To date this suggestion has not been implemented by the Toronto Real Estate Board as law or a regulation. As your agent, I always strive to make every effort to give you all the information necessary in order that you feel totally comfortable going forward in any real estate transaction. Ultimately, it is your decision whether to proceed with any transaction.

Follow the link to the discussion on “Phantom Offers” in the Toronto Star (link to the STAR article). I invite your comments and suggestions.

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