Why You Should be Underpricing Your House For Sale?

Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set.

Buyers are constantly on the hunt, and one thing that I’ve noticed is that evenMis Public with me sending my clients updates daily on houses, with their criteria, they will still have the urge to go on realtor.ca, and hunt for properties that might not be in their best interest to look at.

While the public mls site is great in a buyer market, in this heated market, it is not a good thing. It allows buyers in “Heat” to do their own searches, and look at underpriced, sometimes outdated listing. Hold on right there if you think I’m saying buyers are not educated enough to know what they want. Buyers in this day and age, are the most educated they’ve ever been. In some cases they know more than the agents, and become very savvy and become like detectives.

coupleSo, why do agents under price houses? Its a physiological thing, people always want or try to obtain something that they may think they can get. Some people will look at a million dollar house, listed for half a million and say, today’s my lucky day, lets go look at that house and put an offer for half a million plus fifty thousand.

Underpricing your house will bring in bids, that may not even come close. In the stupid way our industry is setup, no bids can be disclosed, so other buyers only know how many bids there, and they have to beat those bids to get that house. Even if you under price your house too much, the market is in such a sellers market right now, that you can just say no to all of them, and take the property off the market and re-list higher.

My advice always to my buyers is to find out what the comparables are, to look at what is on the market, and to set a max bid based on that information.

 

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Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

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Would You Go Into a Court Without a Lawyer?

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Landlords Are Doubling Their Rent, Here’s Why

Landlords Are Doubling Their Rent, Here’s Why

The liberal government has announced that they will be doing something to calm the renting hikes from landlords. While this is a good thing for renters, it could be a detriment to housing and landlords going forward.

Renter

Some landlords have already become proactive and started to increase their rent. This may seem ridiculous to most people, this is probably the only thing at this time that landlords can do. Once the renting controls come in, they will not be able to increase their rent beyond what the government cap will be.

Right now, we do not know exactly how or what the rent controls will be, but rest assure, its coming. Renting control, has been a long time coming and is needed, but like the past, landlords know that it will be skewed too much toward the renter, and not be equal for landlords.

Other reasons why landlords are increasing their rents right now, are that prices guy sitting on couchhave soared, taxes are increasing with every sale, and there is no inventory.

No inventory is probably the biggest factor in my opinion. If there was empty units, and these landlords were not renting theirs out, then prices would have to come down. Its like sales in the GTA, supply and demand. I’m not sure how the province can say to a free society, that you cannot charge what you want to charge, when there is demand for that. Renting Controls like that doesn’t sound like a free market to me. To read more about this story check out this article in the Globe and Mail.

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read more

Transit Solutions Would Help Lower GTA Prices

One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...

read more

Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

read more

Would You Go Into a Court Without a Lawyer?

Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...

read more

Liberals Are Going to Tank This Market!

What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market.    The middle & lower class does not like the fact that they cannot afford any real...

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The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...

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Is A Pet Clause Valid?

Is A Pet Clause Valid?

This is a question I get asked all the time. The Short Answer is No, you cannot tell somebody you won’t rent out your place because they have a pet.

Another question, many people have is, whether or not you have a pet clause in there, and then the tenant gets a pet after the fact, can they keep the pet. The Answer is Yes.

The Landlord Tenant act, is very clear, a landlord cannot tell a tenant that they cannot have a pet. You cannot discriminate a potential tenant just because they have a pet. You cannot tell a tenant that obtains a pet after they are living there that they have to either get rid of the pet or move out.

Most landlords put on the mls, and other rental sites that they do not want somebody who smokes or has pets. I’m not a lawyer but I’m pretty sure that is not the proper thing to do, but if you look at rental ads you will see everybody has that listed.

It is my understanding, the only way that you can tell potential renters and renters that no pets are allowed, is if there is a bylaw in the condo or apartment that restricts any pets. If that is the case, then definitely the landlord is in the right when it comes to these no pet clauses. Also if there there is a weight restriction, that also applies.

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read more

Transit Solutions Would Help Lower GTA Prices

One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...

read more

Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

read more

Would You Go Into a Court Without a Lawyer?

Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...

read more

Liberals Are Going to Tank This Market!

What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market.    The middle & lower class does not like the fact that they cannot afford any real...

read more

Tesla’s Solar Roof Powered Shingles

Solar roof panels are the ugliest feature to attach to your house. I tried to sell a house once with solar panels and nobody wanted to even think about it. The panels were bulky and ugly, and the technology to save the power to batteries was messy and confusing. ...

read more

The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...

read more

The Banks Are To Blame For Our “Housing Bubble”

The banks are to Blame for Our Housing bubble. No Really, there is no one else to blame. You could throw the government in there too but mostly the banks. You can blame Realtors for driving up market price. You can blame Owners for jumping on the band wagon and...

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Is My Lease Finished after the Term?

Is My Lease Finished after the Term?

Many landlords do not understand what the rules are regarding leases. The landlord tenant act is something that all landlord’s should study before renting out your investment property. A major reason why is that tenants study it, and know it very well. Tenants used to be ignorance, and those days are gone. With a few simple clicks, they can find out all of the rules and regulations.

As a landlord, you will quickly realize that the landlord tenant act is very tenant friendly. This is due to years of landlord abuse in the past. Landlords took advantage of tenants, and now the government has taken it upon itself to sway the pendulum to the right.

A lease is like the Ten Commandments, written in stone and very hard to change or break. Landlords, and tenants both do not think that a lease agreement is very meaningful in my experience. Many think they can just change it or get out of it for some reason. What they soon realize is that these rules are upheld and followed to the letter down the road in any dispute.

There are also some other rules which might not be set in the lease which must be followed according to the province.

The best thing to do when drawing up a lease, is to set out how long both parties must give in notice before terminating the contract. Typically 60 days are in most contracts before termination.

Always make sure you contact your tenant before the term is up to find out if they want to stay, or if you both want to part ways.

If you just leave the contract as is, the tenant goes on a month to month contract. Never assume they are leaving, and or the contract is up at the end.

If both parties keep the tenancy going make sure you understand that even on a month to month, you are eligible for the standard increase in rent.

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Student Tips for Finding a Place

If you are a student going to college or University this fall then you must be looking for a place to stay close to your school of choice. Its not easy to find something that has all of the things you want in a rental room or condo. You may also find that it is...

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The Risk of Waiving a Home Inspection

The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause.

In the 80’s there was no such thing as a home inspector. The home inspector was an uncle or friend who was in construction, who came to look at houses with you. After so many lawsuits, and into the new millennium, home inspectors and inspections became a thing. Some good, and some bad, like everything. Now they are talking about new regulations for inspectors and schooling. When that happens I’m sure we will all praise the day.

Nobody is perfect, and no inspector can detect everything that could possibly go wrong in a house. So you must also keep your eyes open and due your own due diligence. My advice in this market is to get a home inspector that will give you a discount to do a walkthrough of the house before you put an offer. It will not be a full inspection with a report, but the inspector will go through the most crucial points of the house.

Here are the most crucial points that they will be looking at:

1. Roof: Age of Roof
2. Foundation: Cracks, leaks, mould
3. Attic: See if there is mould, moisture
4. Electrical: Is it up to date, done properly
5. Plumbing
6. Any renovations done the property were done right

There are many more, but I believe these points are most crucial to getting a home inspection done, or a walkthrough.

Another thing you might want to reconsider is using the pre-home inspection. In most cases they are incomplete, and not done by a reputable inspector. These reports can be swayed to forget some certain key areas of a concern. So while you may be tempted to just use the report that the listing agent has very handy, you might also want to do your own due diligence when spending a lot of money on a house.

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Uber is Not Like Real Estate!

I read articles all the time written by Real Estate agents who are trying to convince themselves that we are in a good business to be in, and that it is necessary to use an agent for every transaction. In Toronto, put up a sign and your property will be sold by the...

read more

Transit Solutions Would Help Lower GTA Prices

One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...

read more

Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

read more

Would You Go Into a Court Without a Lawyer?

Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...

read more

Liberals Are Going to Tank This Market!

What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market.    The middle & lower class does not like the fact that they cannot afford any real...

read more

Tesla’s Solar Roof Powered Shingles

Solar roof panels are the ugliest feature to attach to your house. I tried to sell a house once with solar panels and nobody wanted to even think about it. The panels were bulky and ugly, and the technology to save the power to batteries was messy and confusing. ...

read more

The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...

read more

The Banks Are To Blame For Our “Housing Bubble”

The banks are to Blame for Our Housing bubble. No Really, there is no one else to blame. You could throw the government in there too but mostly the banks. You can blame Realtors for driving up market price. You can blame Owners for jumping on the band wagon and...

read more

Reasons Why Top Agents Always Get Top Dollar

Reasons Why Top Agents Always Get Top Dollar

Have you ever thought about something, then saw an advertisement, and caught yourself changing the way you think about something and then going after it to buy it.

I’ll give you an example, we used to think of Japanese cars as a cheap imports. American cars were the thing growing up. Now, what do you think of Acura, Lexus, or Honda? The advertising and branding of the last 20 years has changed the way we think about these brands.

The same concept goes for houses, but on a different scale. You see a house, and you might like it among 5 that are out there, but there is always that one that you definitely want to see, and hopefully live in. There are reasons why the top agents always get top dollar for their listings. The know how to prepare a house to sell, and they know how to market and advertise the property properly.

Let’s face it, anybody can throw a for sale sign on the lawn and sell it in this market, but the key is to generate a lot of interest, to get people fighting for the house and then paying for it. That comes with awareness, and showcasing that house to the best of the houses ability.

Preparing the house for pictures, and video is key. Making sure that there is no clutter, and that the property is staged is what needs to be done first.

Capturing the house is the next thing, which means, proper pictures and a video tour. Showcasing the best parts online today is the new window shopping. Having somebody explain a few things in the video is also a good idea.

Then Marketing to the right people, the right agents is important to getting to the people that are going to come in to the house and pay top dollar for it.

READ RECENT BLOG & ARTICLE POSTS BELOW

Uber is Not Like Real Estate!

I read articles all the time written by Real Estate agents who are trying to convince themselves that we are in a good business to be in, and that it is necessary to use an agent for every transaction. In Toronto, put up a sign and your property will be sold by the...

read more

Transit Solutions Would Help Lower GTA Prices

One thing that can truly help lower GTA prices are some major transit solutions. It is apparent that the GTA market and all of the surrounding areas have gone buck wild in the past few years, and especially in the last few months. So many sales records have been...

read more

Why You Should be Underpricing Your House For Sale?

Its all about quantity and impression.When people are buying a house, they get into some-what of a HEAT! Underpricing Your House drives that heath up. I would call it a hunter gatherer mind set. Buyers are constantly on the hunt, and one thing that I've noticed is...

read more

Would You Go Into a Court Without a Lawyer?

Buying a house and using the listing agent is like going into court without a lawyer to represent you. Each and every time I have a listing, I have somebody calling me asking me "what's the price if I don't have an agent and buys directly though me?" I always want to...

read more

Liberals Are Going to Tank This Market!

What is the one thing the liberals are looking for right now? Votes and money. The way that they will try to get both is to try and capitalize on this hot real estate market.    The middle & lower class does not like the fact that they cannot afford any real...

read more

Tesla’s Solar Roof Powered Shingles

Solar roof panels are the ugliest feature to attach to your house. I tried to sell a house once with solar panels and nobody wanted to even think about it. The panels were bulky and ugly, and the technology to save the power to batteries was messy and confusing. ...

read more

The Risk of Waiving a Home Inspection

If you put an offer on a house that goes into multiple offers, chances are you must waive two conditions: home inspection, and financing. We will deal with financing next week, but for now lets talk about the home inspection clause. In the 80's there was no such thing...

read more

The Banks Are To Blame For Our “Housing Bubble”

The banks are to Blame for Our Housing bubble. No Really, there is no one else to blame. You could throw the government in there too but mostly the banks. You can blame Realtors for driving up market price. You can blame Owners for jumping on the band wagon and...

read more

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