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Get informed about Mississauga real estate by reading my weekly blog.  Research Mississauga condos by reading condo reviews and making comparisons with the condo matrix.  Looking for a condo or a house to buy or rent?  Try using my uniquley designed MLS (Multi Listing Sercive).  Looking to learn more about real estate agent Todd Lee; read my about Todd Lee and real estate services pages.  Before you leave, please like my website on Google+ and Facebook at the bottom of the page.

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Todd Lee.

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The mortgage pre-approval is the first step to purchasing residential real estate – Unless you have the money to pay cash for your home!

June 17, 2013 - Updated: June 17, 2013Mortgages

Mortgage Preapproval

A pre-approved mortgage can help you look for a home with confidence.

Looking for the home of your dreams?  Many people think the first step is to start going to open houses and researching the market.

But before you start looking for a home, your first step should be to get pre-approved.

What does this mean?

A pre-approved mortgage simply means that you have reviewed your financial situation with a lender and you know what you can afford to spend on a home in terms of purchase price, down payment, legal fees and other closing costs.  It basically means you know how much you can borrow based on your current financial situation.

There is no cost or obligation to have a mortgage pre-approval and you will know in advance what the mortgage payments could be and the interest rate will usually be guaranteed for 120 days or approximately 4 months.

That means you are protected if interest rates increase while you are house hunting.

Your realtor can now locate and most importantly negotiate with confidence on the home that is right for you.

It is worth noting as a buyer, that it is in your best interest to enlist the aid of a realtor to work for you.  They will work to ensure your needs are met and best of all it doesn’t cost you a nickel as the seller has to pay the buyer agent commission!

Avoid the disappointment of finding your perfect home only to learn there is no way you can afford it!

As a mortgage specialist, I ensure that I take a consultative approach with all my clients so they fully understand their options and they leave fully educated and excited to get their realtor working for them to make that home purchase a reality.

By Dion Mahadeo – Mortgage Specialist at RBC Royal Bank

 

For more information about mortgages please email:  mortgages@toddlee.ca

Tagged with: buying real estate mortgage

5 Renovations Mississauga Condo Buyers Want

June 8, 2013 - Updated: June 8, 2013Renovations

renovated condo

    Working as a real estate agent in Mississauga is a real joy for me.  I’m often showing a condo to a buying client and I get a chance to study their reactions to the condo I’m showing.  Sometimes they can be really excited, other times they are indifferent and on occasion they are repulsed.  Let’s focus on the renovation’s that gets a buyer excited about making an offer for a Mississauga condo.

5.  Lighting

    Lighting can be vague as a description, but generally people want a small boxed space to feel open and aerie.  Lighting of the space both natural and artificial is crucial to achieving this effect.  The choice of window coverings is usually governed to some extent by the condominium rules, however blinds, drapes and shutters of the highest quality and in tasteful colours (usually neutral) makes a good impression. 

    California Shutters when closed can block out much of the sunlight during the day which is good for people wanting absolute darkness for sleeping or even privacy, while when opened fully can reveal the full glory of the condos view of the city.  Automated window coverings that open and close with the touch of a button takes things to the next level of impressiveness.

    Modern lighting (such as chandeliers and pot lights) made of glass, crystal, stainless steel, brushed nickel or fabric can set the mood for showings.  Buyers not only want to be able to see the space, but also appreciate if the light fixtures have been upgraded from the 1980’s ceiling ball or brass coloured fixtures.

4.  Smart Storage Solutions

    Imagine you have lived in a detached house and then were to move into a condo with a livable area that equates to half of what you were used to.  Downsizing is inevitable, but not always practical.  Certain space is reserved as storage in a Mississauga condo.  Finding ways of maximizing this storage spaces potential is huge plus for potential buyers. 

    Closet dividers and custom made organizers or ones you can find at places such as Ikea can make your condo stand out from the rest.   Buyers will see the value added to your condo versus the competition.  Also, a well-organized condo that is neat and clean will always give a good impression that the owner has probably kept the good care of the place. Typical places of upgrading storage are the walk in closets, bedroom closets, linen closets, laundry room, kitchen pantry and coat closets.  Also, if you kind spare un-used space adding extra storage to bedrooms, kitchens, bathrooms and living rooms will also catch the buyer’s eye.

3.  Hardwood Flooring

    Hardwood flooring throughout the condo is becoming pretty much a norm now for buyer’s expectations.  It’s easier to clean and also is better for people with allergies.  It also looks superior to the old fashioned shag carpet of the 70’s and early 80’s.  It’s more durable than broadloom, looks better than the parquet that might be the original flooring and is real, not fake such as engineered hardwood or laminate which is so common in the new build Mississauga condos.  Colour choice will depend on your overall interior design scheme, but make sure you get at least 4” width, as anything smaller looks cheap.

2.  Bathrooms

    Many older Mississauga condos are in dire need of upgrading the bathrooms.  This in definitely one of the places the condo buyers get repulsed at.  Often over time owners have neglected to do basic maintenance so things like mildew form, tiles work gets cracked or falling off, drywall may be bubbling, toilets look as though you are at a truck stop, doors are falling off the hinge, flooring is outdated or dirty.   Upgrading the sinks, lighting, mirrors, fixtures, cabinets, toilets, bathtubs, walk in’s and tile work…basically the whole enchilada.  Buyers know bathrooms are expensive and that’s why they want to see at the very least a well maintained clean and organized bathroom.  What they really want is a modernly upgraded bathroom with materials like granite for the countertops and nice clean lines and neutral colours for the tile work.

1. Kitchens

    Both men and women are at home at the kitchen these days.  So it stands to reason that upgrading this one space which will probably benefit either of the sexes is a good place to put your money.  Large tiling for the floors, hard durable granite for the counter tops, custom cabinetry with easy closing drawers and lighting under the cabinets.  Stainless steel appliance and combination range hood with microwave is smart to keep countertops open.

Tagged with: mississauga condos renovations buyers kitchens bathrooms hardwood storage lighting

Some things home buyers should do

June 5, 2013 - Updated: June 5, 2013Buying Real Estate

Buying real estate list

    Some home buyers have been sitting on the fence waiting to see what will happen to the Mississauga real estate market ever since the Federal government implemented tighter lending rules.  It’s been about a year now and what we have seen are buyers who took the plunge were rewarded with year over year growth in their property values.  For those who waited now have to pay more as opposed to paying less like they were hoping for.  That said it’s still a good time to buy real estate in Mississauga as interest rates remain historically low and there are plenty of options to choose from including condos, town’s, semi’s and detached houses. 

Consult a real estate agent for advice regarding home ownership. 

Buying a new home especially for a first time home buyer can be challenging.  Realtors can make the process easier as that is what they are trained to do.  The buyer should certainly seek a professional with experience helping buyers find real estate in the area and neighborhood’s they are looking to live in.

Get pre-approved for a mortgage.

    Being pre-approved for a mortgage means the buyer is more serious and really able to make a serious financial commitment.  Many deals fall apart when the client was not pre-approved, but still made an offer and later finds out they really couldn’t get a mortgage in the first place.  Believe me, save yourself, your realtor and the seller and their agent from wasting their time, energy and money by making sure you are financially ready first.

Think about LOCATION!

    There’s an old saying that goes…Location, location, location.  Where your home is located will affect many aspect of your life including your commute to work and the school your children will attend.  Think about if you want a city lifestyle or a country one.  If you are probably going to sell this property sometime in the future, how desirable is the location to others?

What type of home do you want?

    Think about the type of home you can afford and try to buy the best possible for your situation.  Condo vs. town homes or semi vs. detached?  Do you desire a breath taking view or maybe a big backyard?  Can you buy a fixer-upper and do renovations or do you want a home that is ready to live in just the way you want it.  Make a list of must haves and order them by importance.  Your real estate agent will help you find a desirable house meeting most if not all of your requirements assuming you’ve been realistic.

Go on showings.

    The internet is the biggest revolution to the real estate market.  It’s so easy for anyone to simply go online and start to window shop for that perfect next home to buy.  But, remember people spend lots of money on having professional pictures to make their homes look better than what they are.  Always go see the houses for yourself.  Your realtor will assist you to see the one’s you want to see as well can also show you ones you may not have thought of.  If you go to an open house or to a pre-construction condo sales room, remember to always say you have official representation as its important the selling party knows you have a realtor.

Have an open mind.

    Often really good real estate is passed up on because the home owners may not have chosen the right décor and colour of paint.  It’s a fact that some people have a hard time seeing passed the superficial and understanding the house has “good bones”.  Try to see the space and the potential every house has.  Once you move in you can change anything you want and make it yours.

Plan B

    If you like a condo or a house enough to want to put in an offer, there might be someone else who thinks the same.  There is no guarantee your offer is accepted based on price, terms or issues that may come up during a inspection or status certificate review.  Have a backup plan as an alternative so you are not 100% emotionally dependent on plan A.

Get informed.

    Your agent can help you know about how your targeted house compares to previously sold homes and other homes which are currently for sale.  Having a CMA or a Comparative Market Analysis done by your real estate agent will help you understand the relative value of the properties, thus preparing you for making an offer to buy and also setting up how negotiations can play out.

It can help to do some research.

    Take some time to research at city hall about permits that may or may not exist especially if there were big renovations done to any of the critical systems or structure of the house.   If you are planning to do changes to grading or making any significant alterations after purchasing the home, maybe check with the city before you buy to see if what you are trying to is permissible.

Building inspection uncovered a list of problems…don’t panic.

    The job of the inspector is to find everything they can that is wrong with the property.  Usually there are lots of minor issues that are things you would probably overlook.  Even more major things are found that require a fix, find out from an expert an estimate and either negotiate a price reduction or have the seller fix it.  Your real estate agent will help you with any potential amendments to the agreement that needs to be put into place to protect your interests.  But remember this…there is no problem too big or small that money can fix.

Tagged with: buying real estate mississauga real estate agent first time home buyers

Mississauga Real Estate Market Report

April 14, 2013 - Updated: April 14, 2013Real Estate Market

Mississauga real estate market report

Mississauga, April 14, 2013 – Mississauga area real estate agents reported 1979 sold properties through the MLS system from January 1st, 2013 to March 31st 2013.  Comparatively, the same time last year saw some 2398 reported sales.  This represents a near 17.5% decrease in volume of sales. Some reasons to explain this dip in volume of sales are given by Jason Mercer of the Toronto Real Estate Board: 

“While the year-over-year dip in March sales followed the trend that has unfolded since mid-way through 2012, it is also important to note that the Good Friday holiday was in March this year versus April in 2012. Generally speaking, there are fewer sales reported on statutory holidays and weekends.”

“Some households have put their decision to purchase on hold as a result of changes in government policy.”

“Some households who are looking to purchase a home haven’t been able to find what they are looking for because of tight market conditions.”

    Because of this tight market condition specifically with the low rise market segment Mississauga has seen the average sold price in March increased by around +3% versus last year.  Quarterly results for 2013 also showed overall increase in the average sold price when compared to Q1 2012 of +3.3%.

    Home ownership is still affordable in the GTA.  The total debt payable by households remains below the 39% target set by the Finance Minister Jim Flarherty when accounting for Mortgage payments, interest, taxes and utilities.

Source of chart the Toronto Real Estate board

    Year to date, Mississauga listings are sold on average in 28 days at 98% of asking price with a sum of 1979 transactions totaling $924,980,423.  The most popular segment for buyers is the detached properties.  While not only being the most sought after and expensive property, it is also the most available housing type thus far for 2013.  The huge condo market represents the second biggest share of transactions while being the most affordable segment in the Mississauga real estate market.

Mississauga Real Estate sales Q1 2013

Source of chart the Toronto Real Estate board

    Given current economic trends, unless an unforeseen event occurs domestically or internationally and if interest rates stay the same I predict more of the same for the next quarter.  While there should be more product going for sale as history has shown us during spring, there will be more buyers shopping. Tight market supply versus demand will lead to moderate price increase in the Mississauga real estate market.

 

Tagged with: mississauga real estate market todd lee

Investing: Mississauga Condos outperform Toronto condos in 2012

January 16, 2013 - Updated: January 23, 2013Condo Investments

    When asked, many people out there would assume Toronto would be the better condo real estate market to invest in.  The facts are both markets were highly supplied with existing buildings and new ones being completed last year. Yet, Toronto saw an overall loss in the average sale price in Q4 versus 2011 Q4 by -3%.  By contrast Mississauga condos average price increased by +1%.

    Also one has to look at how much it cost to invest to have a better understanding of the risks and potential rewards.  The average price for an investor of Toronto condos in Q4 2011 was $361,488 + $7237 Land Transfer Tax.  But the condo investor in Mississauga would have spent in Q4 2011 on average $258,252 + $2349 Land Transfer Tax.  Simply stated it’s more costly to buy in Toronto and I haven’t even talked about monthly costs of ownership.

    Considering the effects of restricted mortgage rules had on affordability; combined with an oversupply of condo units; Toronto seems to be an expensive option.  Mississauga condos market seems to be a little bit more resilient to the combination of factors that saw Toronto lose 3% last quarter.  Looking ahead into the near future in my opinion Mississauga condos will probably trend similarly as in 2012.  Toronto will probably still suffer from oversupply and higher costs.

Tagged with: investing in mississauga condos condos

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Formed in 1974, Mississauga is now recognized as Canada's 6th largest and fastest growing major city with a population of 729,000 residents repres...

 

Real Marketing

There are many ways to market Mississauga real estate such as conducting open house showings, purchasing advertising space in the papers or magazines, listing your home on the Realtor.ca website and placing pictures or even having virtual tours.

How many times have you went to an open home and the selling agent was poorly dressed and seemed to be not to knowledgeable about the property. Perhaps the agent gave you a black and white printout of the listing from the internet and said that was a feature sheet.

Read more marketing your home

 

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