Thursday, June 25, 2015
Judy Marsales, Broker of Record
General Real Estate Advice
It seems that every time we pick up a paper these days, someone is talking about real estate buying, selling, investing.
Hamilton has enjoyed a lot of national attention through all this coverage because as many of us in the industry already knew, Hamilton home values as compared to our sister cities up the highway, have been too low for too long. Statistically, our market remains very strongly in favour of sellers due to the low listing inventory of available properties.
How does all this activity influence your personal decision to jump into the market? Whether you are thinking of selling or thinking of buying, you need to be fully aware of all the recent activity not just selective activity. Local knowledge is also a valued asset in the equation. If you are a Seller, it is important to have a professional "opinion of value" with well supported documentation to give you a clear value possibility. You may also want to discuss the best strategies to attain the highest and best price for your home. What are the variables associated with pricing decisions? If you are a buyer, you also want to know the best options when faced with "multiple offers" on a home you want to purchase. Do you really want to get into a "bidding war" or is it time to walk away?
What is a "bully offer?"
As of July 1st, 2015 Ontario Regulation (307/14), implemented an amendment to the Real Estate and Business Brokers Act, 2002 ("REBBA") under Bill 55, known as Form 801 – "Offer Summary Document." These changes are intended to address the issue of "phantom offers" in the real estate marketplace. One key to making a good real estate decision is to be well-informed.
We are here to help and guide you in the purchase or sale of real estate. Call us, email us, or drop by our office.