What Should I Offer In a Bidding War?

 This is the question of the day in Southern Ontario.
What to offer when you are in competition for a property you really want.  questions answered image
REALTORS(r) sometimes have formulas that vary from market to market. For example,  X amount for every offer in the competition or a certain percentage for every offer in the mix.
It’s something but its not full proof by any means.  In a more normal balanced market we can look at the comparable properties that have recently sold but even that is not full proof in this type of market.
The lack of balance in the supply and demand is throwing all logic out the window.  The bidding war seems to be more impacted by where the other Buyers are coming from ( for example from a higher priced market so everything looks like a bargin).  Also on how many times the other Buyers have lost in competition.  Some get so fed up that they go all in on one they really want and often pay tens of thousands of dollars more than the next best bid.  All information you can not get beforehand.
My best advice is to put in an offer at a price that if you lose and are told it was close you will say “that’s okay, that’s what I was willing to pay” or if you win you don’t say, “oh no, I over paid”.  That is your sweet spot and one only you can determine.
If I figure out the formula, I’ll let you know.                                                                                                                                                                                                                    Wish I had a crystal ball! 
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Hamilton is the Coolest!

“We’ve tipped” says successful award winning developer in Hamilton, Steve Kulakowsky from the Core Urban Inc. We are past the tipping point says Steve. I would agree.  It’s no longer “change is coming” or “we have loads of potential”. It is here!

Watch the tour video here.

Increase in house prices averaging 10% for 2015, driven primarily by the influx of “out of towners” loving the affordability. The in-filling and intercity development and promises of better public transit.  Initiatives like Sobi bike sharing. The increase in concepts like work space sharing in amazing spaces like The Cotton Factory. Offering event space rental as well.

The word is out and Hamilton is The Coolest!  Watch more  Hamilton video’s here.

Want to know more about opportunities in #Hamilton.  Contact me and get in on the action in #HamOnt.  Call or text 905-537-6005

 

 

 

I Want To Buy a Home in the Hamilton area. Where Do I Begin?

You begin with financing. I work with a team of trusted professionals to assist and support my clients. So if you are in the Hamilton area, you should start with a call to me or your favourite REALTOR® who can provide you with the proper contacts. If you are not in the area, I have made many great Real Estate contacts outside of the GHA that I can recommend to you.

It is rather easy and efficient when you have guidance. I believe in being involved from A to Z . I can provide mortgage specialists, inspectors, lawyers and other contractors you may need.  I provide a professional photographer if you are selling a home and as well as my staging advice, and a professional if needed.

Once you’ve received the information from a mortgage person, the process can begin.  I would also provide a thorough evaluation on any existing owned home. Then set up a search of the entire MLS of properties that meet your needs and price range.  You would give me feedback on the properties sent. This is vital to get us on the same page. For me to get “inside your head” and figure out your “must have’s” and your ” I want’s”.

Then comes the Education Day home viewings. We aren’t necessarily expecting to find “the” house this visit especially since many of the properties will have been on the market for a while. So not necessarily the cream of the crop. A great day to get the conversation going. A great way to bring out important questions and to focus on what you are looking for.

Moving forward I am “on it” daily until that perfect home for you does come along. I’ll save the information on the offer process and after the offer for another time.

This is a method that has worked well for me and my clients. I find this step by step process can be completed for first time buyers often within 2 weeks depending on your availability. Longer if you have a home to sell of course. My goal is to save you time and aggravation while finding your perfect home at the best price and educating you on all aspects.

Trust a professional and take your first step by contacting me and let me guide you throughrealtors_know_real_estate_ this process of finding your dream home!

Expect More, Get More!

www.HamiltonRealEstateSales.com

Wondering If You Are Over Paying For Your Home in Hamilton, Ontario?

Hamilton’s Real Estate market is healthy and strong and on a huge upturn, just trying to catch up you might say. I see it increasing at least over the next few years.  Having said that, I don’t have a crystal ball…..gosh I wish I did.  There are always unforeseen things that impact our local markets.  Global events, mortgage rule changes, economic events, local events to mention a few.

Let’s talk about spikes.dollarsign

Even in the rising graph there can be spikes.

As a Buyer, I caution you to be careful in a spike.  These can be influenced by the time of year but lately it seems to be more about supply and demand.  Of course the supply and demand issue is partially influenced by time of year.  Lately in Hamilton we have had a shortage of homes to sell to an extreme and I believe we have been in one of those spikes.  Depending on your urgency to buy you may want to adjust your timeline even if just by a few weeks.  Timing is everything.  However, be careful not to wait to long or you can see the prices rise before your very eyes.

If you are a Seller, waiting too long could mean lost dollars if you end up in the fray with other Sellers putting their homes on the market. This could negatively impact the supply and demand from your perspective.  Waiting to get the landscaping done might be a costly decision. Timing IS everything.

Interesting to go back and read this article in The Hamilton Spectator from 2011.  The word definitely has gotten out. I believe Hamilton still has some catching up to do and is thriving and growing. DowntownHamilton

Hamilton is a pretty safe investment and in fact a very smart one in my opinion.

Ask your Hamilton area Real Estate professional for advice on Real Estate decisions in Hamilton.  There are many factors that should be considered as you make decisions regarding your biggest or one of your biggest assets or largest purchases of your life.

Contact me for more information at 905-574-4600, toll free 1-877-574-4601 or direct 905-537-6005.

Expect More, Get More!

What’s the difference between a FIXTURE and a CHATTEL?

When you are purchasing a home it would seem that “what is the difference between a fixture and a chattel?” should be an easy answer.  Well not always, sometimes there is confusion or the wrong expectations.

First lets differentiate the meaning and use.  A fixture is “a-fixed” to the house and is deemed to stay with the house unless it is excluded from the Agreement of Purchase and Sale.  A chattel is not “a-fixed” to the home and goes unless it is included in the Agreement of Purchase and Sale.

Some items are clear and sometimes we put them into the offer anyways for clarity and to make sure everyone understand what stays and what goes.

A prime example of something causing confusion in the last few years is bathroom mirrors.  It used to be clear that the “medicine cabinet” would stay.  Now, with more decorative framed mirrors that may just be hung on a nail like a picture, it’s not so clear.  The Buyer has an expectation that they will have a mirror in their bathroom on closing.  The Seller says, I paid a lot for that and it’s not “fixed” therefore not a fixture. For clarity I always included “any bathroom mirrors” in the agreements I prepare.Framed Mirror

The built-in dishwasher is “a-fixed” by plumbing but since it is an appliance most Realtors® would include it in the “Chattels” section to ensure clarity.  Decorative curtain rod could be just laying on hardware.  So does that mean the rod can go and the hardware bolted to the wall must stay?  What about wall shelves that are held on a screw much like a painting can be?  What about the bookcase that has been secured to the wall to prevent tipping?  traditional-bookcases

Not always so clear is it?

If you’re not sure, it’s best to include or exclude in the appropriate areas to make certain everyone has the same expectation.

Helping you through the process.

Expect More, Get More!

Visit http://www.HamiltonRealEstateSales.com for more Real Estate information.

I’m Trying to Buy a Home In Hamilton!! HELP

As promised here is some advice on buying a home in Hamilton during this incredible booming market.

First find a Realtor® you trust and feel comfortable with and sign a Buyer Representation Agreement. Make sure someone is actively searching for you and is “on it”.  If you attempt to search yourself, you will always be a step behind.  It’s tough for us and we get the information the instant it is uploaded to our Association.

Second, set your search up slightly below where you qualify in this market.  Normally we would search just above where you qualify knowing that the homes will sell slightly below asking.  However, in this market in Hamilton it has become “normal” to sell over asking so this gives you some wiggle room to 2014-07-18 14.12.56offer over asking if you are not looking at your max.

Third, don’t be afraid of competition.  Look at the comparable sold properties with your agent and decide what you feel the house is worth.  There are some who strategically under price their listings so don’t get too caught up on the listing price.  What is the value?  More importantly, what is the value to you?  Does it meet your needs?  What are your short and long-term goals related to real estate? What about the area.  Are there any external factors that affect the value beyond the regular increase in the market?  What is happening there?

What is the magic number in competition?  That is always changing and is different in every scenario.  A question I would ask you after looking at the comparable properties that are similar and have recently sold is; What is the number that you will be okay with if you lose by a little and if you win, you won’t feel you overpaid?  That is the magic number because it’s the one you will be comfortable with win or lose.

I know it is extremely frustrating but this is happening because you are in the hottest market in Canada and there is no sign of that changing. Hamilton is an excellent place to buy and a great investment.

Lastly, don’t let you emotions get the best of you.  Find a Realtor® you trust and have faith.  It is a difficult process but a worthwhile one and the rewards can be fantastic!

For more information on Hamilton and Real Estate in Hamilton, visit my website at www.HamiltonRealEstateSales.com and contact me at 905-574-4600.

Hamilton, Ontario | Hottest Real Estate Market in Canada

Initial reaction, awesome!  Not so if you are a prospective buyer trying to purchase Real Estate in Hamilton. Hamilton’s market is booming due to affordability.  We’re just trying to catch up. We are seeing a huge influx of buyers from the GTA.  Then of course there is our diversification, growing grassroots arts 2014-07-15 16.49.20-1and music community, loads of green space, trails and waterfalls, improved commuting options and just the fact that we are getting on the map.  TheHamilton%20Ontario%20Skyline best kept secret is no more, the word is out.  A strong commitment by city and developers to urban revitalization.  Hamilton is a fabulous place to live, work, learn and play and a great place to raise a family. A great place to invest with no sign of slowing down.  Continue reading Hamilton, Ontario | Hottest Real Estate Market in Canada