For the first quarter ending March 31, 2010 the upswing in real estate sales was approximately 16%. Like many areas, Montreal is beginning to see a turn around after being affected by the nearly worldwide poor economic trend. In the Montreal Metro area alone the increase in the first quarter was about 46% compared to last year’s figures. Single family home sales were up around 8% in comparison to the first quarter of 2008 which was before the recession. The price of the single family home is on the rise as well.
Montreal real estate is definitely on the mend. Baby boomers continue to retire at a fast rate and want to sell their larger homes and reinvest in a condo or cottage. On the other side of the coin, the younger generation is looking to invest in a home to settle down and raise a family.
If you are interested in buying or selling a home you should seek out a Montreal real estate agent. These agents will help you to find exactly the home you are looking for or find you prospective buyers for your home. In the process they can actually save you time and money and make sure that you are not taken advantage of. The Greater Montreal Real Estate Board can give you an extensive list of reputable real estate agency’s if you are not sure where to turn. If you are just interested in viewing homes for sale and doing a personal price comparison before buying or selling, you will find many excellent homes listed in the MLS sites, or Multiple Listing Services.
Montreal real estate agent’s keep up on the current trends in home sales and will help you in your buying or selling venture. Due to the recent recession many rules have changed in regard to mortgages and bank financing and these professional’s are kept abreast of any and all changes affecting your sale or purchase.
In April of 2010 the Canadian government made some changes to its policies for government backed mortgages only. Some of these changes are considered a boon for the investor, while others are not getting the accolades of the real estate agent. One of these changes affects the variable rate mortgage. Because these types of mortgages can increase, the government is now requiring a home buyer to not only prove they can afford a mortgage payment at the present low rate, but also at the future higher rate if that is where the market trend goes. The government says they are doing the buyer a favor by preparing them for a possible higher payment. Based on this ruling it is now more difficult for a home buyer to qualify for a government backed mortgage but fortunately not a lot more difficult. Montreal real estate agent’s are aware that most lenders already use a similar rating ratio and this is a good change for the buyer.
The negative part of the governments’ new ruling is that you can no longer refinance your home up to 95% of its value but only 90%. Borrowers will no longer be able to pay off as many high interest loans using their homes equity because this amount has been reduced by 5%. Still, it also prevents people from using their home equity to produce further debt.
Tuesday, June 1, 2010
Upscale Realty in Montreal
Your bank has just prequalified you for a mortgage. Based on your income; your excellent credit history; as well as the sizeable down payment you have wisely saved up you are eligible for a nice home. Although not considered a luxury home, the upscale home will offer amenities not affordable to many home buyers.
Upscale realty in Montreal is available for the interested buyer. Upscale homes are usually located just outside of the immediate hustle and bustle of the city. They are part of respected residential neighborhoods with excellent schools for your children within a short distance. Property owners in these upscale neighborhoods will work tirelessly to maintain the attractive façade of their homes the reason being they wish to attract buyers of their own integrity and pride in home ownership.
Finding an agent experienced in upscale realty in Montreal should be first on your list. This trained professional will take many things into consideration. Your likes and dislikes in regard to your prospective home will top the list. The part of the city in which you may work will also be a factor. An upscale neighborhood closer to your place of employ would be an added bonus. The ages of your children, if any, would also be factored in. A neighborhood of all retires would not be the ideal location for the family with three young and boisterous children. Throughout it all, your real estate agent will act as your guide.
After looking at numerous homes, you have made your choice. You have submitted your purchase offer along with a down payment that will remain in escrow until the closing. The home of your choice has passed the inspection and found to be only in need of a few minor repairs. What else needs to be disclosed?
Some upscale neighborhoods have association fees and rules. With so many families where two parents work association fees may go to someone who will keep your lawn mowed and allow you more free time to spend with your family. They may have a limit on what types of pets you can have. Or none of this may even apply.
Upscale realty in Montreal will of course come with taxes needing to be paid. There are heat and electricity costs, as well s any additional fees to have these utilities put into your name. All of these items will be disclosed to you by your real estate agent. Closing costs will have to be made known to you. Some of these costs are paid by the buyer and some by the seller. None of these are set in stone and the buyer and seller can personally agree to who will pay what. Due to the time of purchase, there will be a pro-ration of taxes. In other words, the seller will be responsible for a certain portion as will the buyer. Once you are ready to sign on the dotted line there will be no surprises. The agent involved with upscale realty in Montreal will prove to be invaluable.
Upscale realty in Montreal is available for the interested buyer. Upscale homes are usually located just outside of the immediate hustle and bustle of the city. They are part of respected residential neighborhoods with excellent schools for your children within a short distance. Property owners in these upscale neighborhoods will work tirelessly to maintain the attractive façade of their homes the reason being they wish to attract buyers of their own integrity and pride in home ownership.
Finding an agent experienced in upscale realty in Montreal should be first on your list. This trained professional will take many things into consideration. Your likes and dislikes in regard to your prospective home will top the list. The part of the city in which you may work will also be a factor. An upscale neighborhood closer to your place of employ would be an added bonus. The ages of your children, if any, would also be factored in. A neighborhood of all retires would not be the ideal location for the family with three young and boisterous children. Throughout it all, your real estate agent will act as your guide.
After looking at numerous homes, you have made your choice. You have submitted your purchase offer along with a down payment that will remain in escrow until the closing. The home of your choice has passed the inspection and found to be only in need of a few minor repairs. What else needs to be disclosed?
Some upscale neighborhoods have association fees and rules. With so many families where two parents work association fees may go to someone who will keep your lawn mowed and allow you more free time to spend with your family. They may have a limit on what types of pets you can have. Or none of this may even apply.
Upscale realty in Montreal will of course come with taxes needing to be paid. There are heat and electricity costs, as well s any additional fees to have these utilities put into your name. All of these items will be disclosed to you by your real estate agent. Closing costs will have to be made known to you. Some of these costs are paid by the buyer and some by the seller. None of these are set in stone and the buyer and seller can personally agree to who will pay what. Due to the time of purchase, there will be a pro-ration of taxes. In other words, the seller will be responsible for a certain portion as will the buyer. Once you are ready to sign on the dotted line there will be no surprises. The agent involved with upscale realty in Montreal will prove to be invaluable.
Montreal Requirements
You have just found the home of your dreams. It has everything you could possibly want in a home but there is just one problem; you simply cannot afford it. Your heart is broken and now nothing seems to live up to your expectations.
If you had taken the time to hire an agent involved in real estate Montreal, this never would have happened. The real estate agent in Montreal is one of professionalism. He will gladly listen to your home wish list but he will also ask some very pertinent questions in regard to down payments and your personal affordability status. If the home of your dreams has a $750,000.00 price tag and all you can afford is a home in the $350,000.00 range it would be foolish to waste your time and the agents looking at home you simply cannot afford.
Lenders will require a credit report before they will agree to give you the funds with which to purchase a home. Your history in regard to how well you have paid your previous debts such as car loans and credit card loans will go a long way in helping you get a home loan. Lenders will also look at your present income versus your present expenses to see if you can even afford to buy a home and if so what the price range would be. A lot of people will get prequalified. This is a term meaning that before they even begin to look at homes they will know what they can and cannot afford. This will save a tremendous amount of time in the home buying process.
So you are prequalified and you have found a reputable real estate Montreal agent. Now your wish list can be seriously considered with your allowed purchase price figured into the equation. The agent will enter all of this information into his computer and find all of the homes in your price range that come as close as possible to fitting into your criteria. He will make arrangements with the owners for you to view these homes and decide if the home is a prospect that you may want to keep on your list of interests, or disregard it completely.
Once you have found the home you like and wish to purchase, this is where the agent becomes invaluable. From here until the time you sign the final papers at the bank, the agent will be your guide through the number of necessary steps in buying a home.
The first thing you will do is write a purchase offer along with ‘earnest’ money. Earnest money is simply money put down with the offer to allow the seller to know that you are serious in your offer. There may be a bit of negotiating here, as the seller may not accept your initial offer and he will counter offer a price. On occasion this can go on for a few offers between buyer and seller.
When the purchase price is agreed upon, the agent will write up the final purchase offer papers. He will then advise you to have the home inspected. This is important advice. Hidden problems could end up costing you a fortune in repairs and if they are found before purchase, the cost of repairs can be negotiated with the seller. If all goes well, along with your prequalification, you will soon be a homeowner.
If you had taken the time to hire an agent involved in real estate Montreal, this never would have happened. The real estate agent in Montreal is one of professionalism. He will gladly listen to your home wish list but he will also ask some very pertinent questions in regard to down payments and your personal affordability status. If the home of your dreams has a $750,000.00 price tag and all you can afford is a home in the $350,000.00 range it would be foolish to waste your time and the agents looking at home you simply cannot afford.
Lenders will require a credit report before they will agree to give you the funds with which to purchase a home. Your history in regard to how well you have paid your previous debts such as car loans and credit card loans will go a long way in helping you get a home loan. Lenders will also look at your present income versus your present expenses to see if you can even afford to buy a home and if so what the price range would be. A lot of people will get prequalified. This is a term meaning that before they even begin to look at homes they will know what they can and cannot afford. This will save a tremendous amount of time in the home buying process.
So you are prequalified and you have found a reputable real estate Montreal agent. Now your wish list can be seriously considered with your allowed purchase price figured into the equation. The agent will enter all of this information into his computer and find all of the homes in your price range that come as close as possible to fitting into your criteria. He will make arrangements with the owners for you to view these homes and decide if the home is a prospect that you may want to keep on your list of interests, or disregard it completely.
Once you have found the home you like and wish to purchase, this is where the agent becomes invaluable. From here until the time you sign the final papers at the bank, the agent will be your guide through the number of necessary steps in buying a home.
The first thing you will do is write a purchase offer along with ‘earnest’ money. Earnest money is simply money put down with the offer to allow the seller to know that you are serious in your offer. There may be a bit of negotiating here, as the seller may not accept your initial offer and he will counter offer a price. On occasion this can go on for a few offers between buyer and seller.
When the purchase price is agreed upon, the agent will write up the final purchase offer papers. He will then advise you to have the home inspected. This is important advice. Hidden problems could end up costing you a fortune in repairs and if they are found before purchase, the cost of repairs can be negotiated with the seller. If all goes well, along with your prequalification, you will soon be a homeowner.
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