Royal LePage - Your Community Realty, Independently Owned and Operated, (905) 731-2000  Jim Reid, Broker, (905) 731-2000

MICRO-NEWSLETTER DECEMBER A 2006   "BUYERS GAMBLERS?"   "MARKET OUTLOOK" Buyers will likely have more choice in 2007 than they did in 2006.  Following record years of unit sales, and prices appearing to have peaked, there may be fewer Buyers looking for homes in 2007. Traditionally, homes were selling in the GTA in about 60 days on average, but during the last couple of years this has declined to only 30-40 days. Thus, as this period stretches back up, more homes will be on the market at any one time. Also, 70% of homeowners want to know where they will be moving to before they sell. Thus, during the Winter there may be a surge in Buyers and "lookers". Astute homeowners will list their existing homes early in order to ensure as many showings as possible. They will also want to start looking early in order to be ready to grab the best property for themselves. On paper, most homeowners have experienced some handsome appreciation in their property value and net worth. But to maximize your return at sale time, you will likely need to re-invest some of this profit to update and fix up your existing home. This may be the time to obtain a larger line of credit so that you can pay for the work needed. Also, check with your realtor before you do any work on the property. A professional opinion could save you $thousands or earn you $thousands. Homes professionally prepared for the market substantially outperform all the rest. Jim doesn't tele-market! Call him to-day!   "BUYERS GAMBLERS?" Do Buyers need an Agent? Many people think not. But are there any advantages to having your own agent when you are thinking about buying a home? There are plenty of advantages to having your own agent! Did you know that under Ontario and real estate board laws and regulations, that agents must automatically try to obtain the best deal for the Vendors? Agents have no obligations to Buyers except to be honest, provide copies of paperwork, reveal any major property issues known to them, and to explain agency relationships. If you don't sign a Buyer Representation Agreement, you are merely a "customer" of the agent who is working for the Vendors of the properties they show to you. Due to many complaints that Buyers thought the agent was representing them, and not the Vendor, the province created Buyer Agency in 1994. But without a written Agreement of Buyer Agency, the realtor is legally obligated to represent the interests of the Vendor. If a Buyer is only a "customer", the realtor doesn't have to show all the suitable properties they know about, nor do they have to share their market knowledge with you. Also, they can tell the Vendor everything and keep the Vendor's comments secret from you. Unrepresented Buyers are making major financial and life-changing decisions without all the information, confidentiality and professional input a prudent investor would obtain. Also, Jim often meets Buyers who want to buy directly through the listing agent. They hope to get the agent to cut the commission so the Vendor can sell at a lower price. They blindly think they will pocket any commission discount. Forget it! The Vendor always pockets the discount! Then the Vendor expects their agent to still get maximum price. This isn't too difficult because these unrepresented Buyers aren't nearly as well informed, or as skilled in negotiations as a Buyer's agent who has helped purchase dozens of properties. There are several legally designated benefits to Buyers who create a "client" relationship with a realtor: undivided loyalty, care & diligence, obedience, accounting, full disclosure and confidentiality. You should know that fewer than 1% of realtors in Canada have taken courses, and written exams, to become professionally designated as an Accredited Buyer Representative, ABR. This select group is the most qualified to provide excellent buyer services. There may be situations when it is suitable to work with an agent who is representing both the Buyer and the Seller. It is called "Dual Agency". This is a very complex situation that requires an extremely professional, knowledgeable, experienced and utmost -integrity realtor. This type of agency will be addressed in a future newsletter. So, if you are thinking of finding a home before you list, why not begin by calling Jim Reid?                 Office: (905) 731-2000  E-Mail: rpms@sympatico.ca