From time-to-time clients say to us that they didn’t know that we provided certain services or they didn’t understand how realtors work. This post is to provide an overview of some of the things that you might not know about what a realtor does or how we work.
1. Realtors are independent contractors. They may represent RE/MAX or another real estate company but they work independently of each other. They are agents of the broker of record. In most cases you will never even meet the broker of record. You will only work with the realtor. Realtors are their own CEO, president and owner of their own business.
2.Realtors pay for their own expenses including the marketing of your home. This could cost hundreds to thousands depending on how long it takes to sell your house.
3. Realtors must be licenced in the province of Ontario.
4. Realtors must continually update their education in order to stay licenced.
5. Realtors don’t get paid until they sell your house and all their costs are upfront.
6. When you hire a realtor, they may already have a buyer. Realtors are constantly meeting new buyer clients who are looking for homes and your home could be the one they were looking for. They might meet buyers on the internet, at open houses or walk-ins at the office
7. A realtor can sell any house that is on the MLS. This is considered buyer agency and differs from seller agency. A buyers agent represents the best interests of a buyer and not the seller. For more information see your buyer team and their roles
8. There are no costs to you if your houses doesn’t sell.
9. Realtors sell houses everyday so they become very skilled at negotiations, marketing, customer service, local market information and they know the good or bad areas
10. Realtors must carry Errors and Omissions insurance. Due to the complexities of real estate transactions, the need for this type of insurances is necessary.
The government doesn’t see any evidence right now that we are in a housing bubble but is just watching and monitoring along with the Bank of Canada.
No Housing bubble in Canada
He is not as concerned about housing prices as much as his concern about consumer debt. His concern is also with people being able to afford their mortgage if and when the interest rates go up.
“I’m more concerned about affordability (of mortgages) and people not being lulled into a false sense of security, taking out relatively low interest-rate mortgages, when we all know that the mortgages rates have only one way to go over time — and that’s up,” he said.
The government is prepared to tighten standards by raising the the required downpayment from 5% and by reducing the max amortization period from 35 years. By reducing the amortization period, the payments would be higher and consumers might decide to hold off buying if they can’t afford it.
As of right now there is no plan to make any changes at all. Interest rates are still low, people can still get 35 year amortization and the downpayment is the minimum of 5%.
“I don’t think people should overreact. This isn’t something the government is going to move on in the short term,” he said.
So in other words, if you are a buyer who has a good job, 5% to put down and want to buy a home; Then now is a terric time to buy. The Kitchener-Waterloo real estate market is doing very well and we expect the year 2010 to be a record-breaking year for sales.
Andrin Homes President Peter Smith said that there will be an agreement in place next month (January 2010) for the re-development of the city-owned half of Centre block which is bound by King, Young, Duke and Ontario streets.
The project will add 385 new condos to the downtown core. Andrin Homes is planning to build a sales office on the block fronting on King Street West.
They are planning on starting sales in August of 2010. The first phase will include a building with 235 condos and will face Duke St. Phase 2 will have 150 condo units on King St. The last phase is a boutique hotel in what is currently the Mayfair hotel.
“The City of Kitchener is targeting young high-tech workers in its marketing campaign for downtown living. It’s paying dividends, as many high-tech workers bought space in the Kaufman Lofts. Open Text recently announced it is constructing another building in the research park and hiring another 800 people.”
Andrin Homes built the award winning Kaufman Lofts.
I decided to do a video blog this year and be a little creative. I hope you enjoy it!!!
Here are the lyrics:
On the first day of Christmas Team McNeil gave to you, a free market evaluation
On the second day of Christmas Team McNeil gave to you, two licensed realtors and a free market evaluation
On the third day of Christmas Team McNeil gave to you, three waivers waiving, two licensed realtors and a free market evaluation
On the forth day of Christmas Team McNeil gave to you, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation
On the fifth day of Christmas Team McNeil gave to you, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation
On the sixth day of Christmas Team McNeil gave to you, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation
On the seventh day of Christmas Team McNeil gave to you, seven houses selling, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation
On the eighth day of Christmas Team McNeil gave to you, eight buyers buying, seven houses selling, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation
On the ninth day of Christmas Team McNeil gave to you, nine days on market, eight buyers buying, seven houses selling, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation
On the tenth day of Christmas Team McNeil gave to you, 10 multiple offers!!!!, nine days on market, eight buyers buying, seven houses selling, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation.
On the eleventh day of Christmas Team McNeil gave to you, 11 tips for buying, 10 multiple offers!!!!, nine days on market, eight buyers buying, seven houses selling, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation.
On the twelfth day of Christmas Team McNeil gave to you 12 tips for selling, 11 tips for buying, 10 multiple offers!!!!, nine days on market, eight buyers buying, seven houses selling, six realtor showings, five open houses, four qualified buyers, three waivers waiving, two licensed realtors and a free market evaluation.
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Real Estate Information — Tags: kitchener real estate, tips for buying a house, tips for selling your house, Waterloo Real Estate —
wmcneil @ 10:01 am
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