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 It allows buyers in “Heat” to do their own searches, and look at underpriced, sometimes outdated listing.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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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...

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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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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

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...

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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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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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

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5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

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John Tory’s Toll Would’ve Increased House Value Everywhere

John Tory’s Toll Would’ve Increased House Value Everywhere

While the Ontario Government cut this John Tory’s dream of having a great highway into Toronto short, I believe he was on the right path to increasing the value of Real Estate.

When I heard they were going to add some sort of toll to cars going into the city, I was appalled, and really upset. I travel in and out of the city daily. It would cost me a lot of money each day and year.

I then started thinking of the long term benefits of having a better hi way solution and transit solution into the city. Millions of dollars would be saved bJohn Tory with hand over facey not having to maintain the Gardiner from crumbling each day. (yes the new hi way would need maintenance) We could afford more transit into the city, and pay for better transit solutions, like Light rail, and possibly more subways.

Eventually traffic would be better, and more people would stay in the city, rather than commute.

Areas around the city would start to develop more, and values would go up, and like the boom we have now, the suburbs prices would increase. Places around transit would develop more so workers didn’t need to use their cars. Other cities like Hamilton, and other GTA neighbours would develop and grow together while using Toronto as a hub. It would be great!

Mayor Tory

Yes, I know we paid for the hi-ways already, and I get that, but there is no new money coming in, the budgets are maxed out, and the taxes are maxed. The people living in the cities should not be the only ones to pay for hiways going into the city.

Mayor Tory will have to find another way to get the billions he needs for transit, hiways, and new park projects. The Ontario Government killed this one for votes next year, but John still believe’s they owe him. Check out this article 

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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...

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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

Would You Go Into a Court Without a Lawyer?

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 say to them on the phone, you don’t care that I have a relationship with the owner first? Is a few thousand dollars worth the risk?

The thing is, I am bound by a code of ethics, and I also have my own ethics that somehow got instilled in me from childhood where I actually care about people for some stupid reason, but the thing is, not everybody cares about somebody coming to them trying to get a deal. Some agents might see this as shady and say screw them, they want a deal, I give them something to deal with once they buy the house. Maybe an attic issue, maybe a foundation problem, maybe it was a grow op?

Another great point I will let you know about since I’ve been in this business, is that I see houses everyday. I see good and bad ones. I see immaculate ones, and I see ones that are in the process and have been renovated. I know good renovation jobs and bad ones. Something that has happened that I don’t even get is that when I go into a house is that I’m looking for flaws, and looking for how much work needs to be done to bring it up to par and beyond. Its sort of like osmosis, when I walk into a place, I can tell if there is a problem, just out of habit. Its like getting into your car and noticing that there is an alignment problem. I don’t do it consciously. I would love to say I’m special, but many good agents, and agents in the business for a while will do the same thing. I see it when I do an open house, and an agent comes in with their client.

I also do it when viewing a house, I’m actually viewing the house as a buyer, and looking to see what kind of work needs to be done. I honestly have impressed myself sometimes at the things I pick up when walking through a house. I guess it must be from all the house viewing and all of the courses I take.

After saying all of that, would you walk into a house, with the possibility that the listing agent is looking out for themselves, or the owner? I would say most agents are looking to get a deal done on both ends, and looking to omit anything that might sway you as the buyer from buying the place, or asking for a discount. That includes every problem imaginable. Don’t believe me? Look on the RECO and real estate body websites for lawsuits involving multiple representations.

Let me ask you that question again, would you go into court without a lawyer?

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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...

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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

Liberals Are Going to Tank This Market!

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 estate at this time. The only thing that they can afford is a property out of town, or something run down with huge maintenance fees. This is a result of a sky rocketing market over the past few years. 
In the next few months before the springtime budget, you will see poll after poll, and news article after news article of how they are scratching for any idea to get some money in their pocket, and make real estate affordable for the middle and lower class by stagnating the market from the rich, and from foreigners. 
Liberals will achieve this slow down in the market by doing a few things either in combination or bring them about slowly. 
1. Foreign buyers tax like Vancouver
2. Raise provincial land transfer tax
3. Raise capital gains, or have a 
provincial capital gains
4. Let municipalities introduce a land transfer tax
5. Raise Interest Rates (Most damaging)
One Thing is for sure, the liberals are coming for Real Estate money, and they are running out of time to do it, so expect something by the end of the year, so they can say they did something by election time next year. 

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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...

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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

Marijuana will Be a Major Concern when buying houses next year

Marijuana will Be a Major Concern when buying houses next year

Right now marijuana, and grow ups are a fairly minimal concern when buying houses. Agents typically put a clause that the owner never grew or has known about any grow ops in the house, but this is about to change next year. What is changing is that July 1st, 2018, Marijuana, will become legal to smoke and grow. 

This will change how the industry goes about its regular business. I believe that home inspectors will become more valuable next year because, sometimes its hard to detect the previous growth of Marijana, in a house if you do not know what to look for. 
Here is a list from the RECO website, of things to look for, while they do recommend a professional home inspector, it is a good thing to educate yourself.  
  • Mould in corners where the walls and ceilings meet
  • Unusual number of roof vents or signs of roof vents
  • Fresh paint on window frames to cover damage caused by high levels of humidity
  • Painted concrete floors in the basement with circular marks where pots once stood
  • Evidence of tampering with the electric meter (damaged or broken seals) or the ground around it
  • Unusual or modified wiring on the exterior of the house
  • Brownish stains on the underside of beams or arches that bleed down a wall
  • Concrete masonry patches, or alterations on the inside of the garage
  • Patterns of screw holes on the walls
  • Fire place alterations
  • Denting on front doors (from police ramming the door).
After July 1st, 2018, it will be very interesting to see reports of houses that have stigmas due to marijuana growth.

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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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

Tesla’s Solar Roof Powered Shingles

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. 

 

Here comes Tesla and their sleek looking shingles, that comes in all different styles and sizes. I mean look at these things, they are better looking than regular asphalt shingles. 

Tesla

Tesla Shingles

There is one catch that you must buy a Tesla power storage. Tesla is saying that these shingles will pay for themselves, what that means is unknown. What I do know is that I think this has a lot of potential to change solar power and that industry. I also think this will promote more electric vehicles. This will promote this technology and bring it to the next stage of evolution. 
What do you think? Do you think that a new technology, that looks great on your house will take off? Leave your comments below!

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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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

Drone Restrictions Will Change Marketing for Real Estate

Drone Restrictions Will Change Marketing for Real Estate

For the past few years, all of the new buzz in Market was for aerial footage. While it was great and produced some really cool pictures and video, there is going to be a shift away from the practice.

Many Real Estate agents got their own drones, and did their own flying illegally, because to do it properly was almost a full time job. You needed to fill out a mountain of paperwork, get insurance, and basically plan a battlefield war. While some agents actually hired professional companies to get this type of footage, this costs a fortune.

The reason why agents just went out and bought a drone and risked doing their own shots were that the laws were not very clear and there wasn’t much of a penalty. Fast forward to 2017, and after multiple close calls around airports and other accidents, the government has finally come out with some legislation that will hurt somebody if they are caught fighting illegally.

Here are some of the new regulations directly from Transport Canada’s Website.

Do not fly your drone:

higher than 90 m above the ground
closer than 75 m from buildings, vehicles, vessels, animals, people/crowds, etc.
closer than nine km from the centre of an aerodrome (any airport, heliport, seaplane base or anywhere that aircraft take-off and land)
within controlled or restricted airspace
within nine km of a forest fire
where it could interfere with police or first responders
at night or in clouds
if you can’t keep it in sight at all times
if you are not within 500 m of your drone
if your name, address, and telephone number are not clearly marked on your drone.

If you fly your drone for fun and it weighs more than 250 g and up to 35 kg, you do not need special permission from Transport Canada to fly.

Follow the basic safety rules below. Not doing so may put lives, aircraft and property at risk. If you fly where you are not allowed or choose not to follow any of the rules below, you could face fines of up to $3,000.

As you can see this will definitely change the way marketing will be done, and most agents due to the cost will probably opt out of this kind of footage rather than take the risks.

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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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

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

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

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...

read more

How To Avoid the Buyers Blues

Buying a house in a tough market like Toronto can be very emotional draining. There are many obstacles to overcome such as bidding wars, no inspection clauses, no finance clauses, and being unsure of so many factors. In a crazy market, it is best to find your house...

read more

5 Ways to Lose Money While Selling Your House

There are many ways to increase value when thinking about selling your home. A lot of people might get impatient and just put their house on the market as is, and that is a big mistake in this market. I hear all the time that people say that it doesn't matter that...

read more

If Real Estate Experts Knew Anything, They would sell Everything Now!

If Real Estate Experts Knew Anything, They would sell Everything Now!

Why does everybody have an option about what is going to happen in the real estate market in Canada? It is a story that is not going to go away. An abundant of money tied up in the Real Estate. Every facet of life is intertwined with Real Property.

I must read or talk to somebody about their opinion about what is going to happen everyday. It doesn’t matter how many houses you have sold, or how many projects you’ve backed, or how long you’ve bought or sold Real Estate, the truth is, nobody can predict any future, and nobody knows when or where anything is going to happen. If they did, they would rule the world. So far, nobody has ruled the world, especially in Toronto. They are just getting lucky until this point.

A good prediction of the market is that the pendulum sways in both directions, and will probably again, or it might not. There are many indicating factors for it dropping, but until this point it hasn’t.

Think about it, if anybody knew when and where the market will drop, they would sell every single piece of Real Estate they own, especially now at this high price and wait for it to drop. They would then buy it again when the prices are low. So far, everybody is holding on to their houses and condos, even investors and Real Estate agents. Why, because nobody will know what happens until it happens.

If somebody says they know what is going to happen, they are liars, and its their bullshit ego talking.

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