Archive for February, 2010

I have recently completed 2 residential transactions using Sean Kavanagh as my agent, I think that he is one of the best all around agents I have ever met. I felt Sean was aiding me in my quest to find the right home and not just selling me a product.

I have found him to be an extremely competent agent and eager to get me the best deal possible. His knowledge of the market, current trends and his use of technologically based advertising helped to reassure me that not only will my house be sold but I would also get the best price possible.  My home sold in 2 days, I had multiple offers and I got over the asking price.

I was impressed with how Sean marketed the home, in particular the several internet sites that he personally manages, as well as the use of social networks like twitter and facebook.

Sean showed he really cared throughout the entire process and made me feel comfortable and well informed. Truly outstanding.

Kyle Gatt

“I had discussed the sale of my home with several Real Estate Agents.  I wanted to choose one whom I felt was knowledgeable, professional and especially one that I felt comfortable dealing with.  Every one that I met had provided me a similar and fair evaluation of my property….so it wasn’t about listing my house for the highest price…it was about getting quality service.  I know that’s what Sean is all about, and yet he still surpassed my expectations.    He marketed and presented my home beautifully which in return, sold my home in 4 days. ” 

                                                                                                                                                                                                                                              – Maria Vijayakumar

A Canadian study on family finances says the average household debt has climbed to $96,000 in 2009.

The number of mortgage payments that were at least 90 days late was up 50 per cent compared with 2008.  There was also a 40 per cent increase in the number of credit card holders who were at least three months behind in their payments.

The finance minister has announced changes to the home buying process in an attempt to bring this personal debt down.  With low interest rates, people have been over extending themselves to get into the housing market.  This has left many Canadians house poor and living off credit.  As a result, many are unable to afford their mortgage payments along with their escalating credit card bills.

Jim Flaherty has indicated that his measures to slow the Canadian real estate market back in July 2008 have not worked and he may need to take additional measures to prevent another housing crisis.  Back in July 08, Flaherty decided to raise the minimum down payment for buyers from 0% down to 5%.  He also lowered the amortization of mortgages from 40 years to 35 years.  This seems to have not affected the market in the least and certainly hasn’t kept buyers from entering the market.  Flaherty is currently considering steps to make it more difficult for buyers.  These steps will include raising the minimum down payment to 10% from 5% and reducing the maximum amortization to 30 years from 35.

The hope is to slow the market enough to avoid a housing bubble and the eventual bursting of that bubble.  Flaherty is reluctant to increase interest rates significantly as the country is still in recovery, but it is the low interest rates that have people running out to buy new homes.  One of the measures Flaherty will consider is an income test for home buyers.  This test will look at their income more closely to verify if their mortgage will be affordable once the rates are higher at the time they will need to renew the mortgage.

These steps will certainly help balance the market and keep home buying only for those that can afford it.  Many will argue that every citizen should be able to afford housing, but with the average personal debt continuing to rise, many are getting themselves over their head in debt. To manage this debt crisis before it spirals out of control, these measures must be put in place.

For more information on this current situation or any other questions you have concerning this real estate market, please email me at sean.kavanagh@century21.ca or call 905-220-9198.

I look forward to hearing from you.

Sean Kavanagh

We are now full steam into 2010 and many people are beginning to think about buying or selling real estate.  As you are making your plans, please consider the following points.

1. Interest rates are on the rise

Home buying has continued its hot streak from 2009 into 2010.  Interest rates remain low and continue to pull buyers into the market.  The threat of rising interest rates in July will have people rushing to get into new homes before the rates start to move.

2. HST will be introduced this July

While the tax will hit those who buy newly constructed houses hardest, it will also add to the costs of buying an existing home.  Many buyers are trying to get their transactions completed before the new tax arrives this July.   

3. Choose whether to sell first or buy

If you are selling a property that will move quickly, it is advisable to buy your new home first and then sell once you have found ‘Your Dream Home”.  You don’t want to be forced into buying a property just because you don’t have a property to live in anymore.  Follow what is happening in your area to see if homes are staying on the market for a long time or if the sold sign goes up the same day it is listed.  Knowing how quickly your current home will sell is the best indicator of whether you should buy or sell first.   

4. Abundant Spring Listings

Last spring signalled the end of the brief housing down turn that hit Canadian real estate.  Although the market was on the rise, many were still sceptical and decided to hold off selling.  Now that the market is strong and stories of multiple offers are passed around, sellers are seeing this spring as the time to jump back into the market. 

The injection of housing supply will help alleviate the upward pressure on prices and give buyers more selection to choose from.  Hopefully this surge of housing supply will prevent housing prices from going through the roof and bring an equilibrium to the real estate market.

5. Is it worth it to rush?

There are different schools of thought as to when to buy this year.  Many feel it is best to jump in before the extra tax hits and rising interest rates.  But wait…if everyone is rushing to avoid that, won’t that affect prices?  Of course it will.  You will have to weigh the benefits jumping in early versus waiting until the feeding frenzy has subsided.  A client of mine just lost out on a house because their offer was only one of nine submitted.  The home ended up going for $61,000 over list price!  The question then becomes, will the tax and slight rise in interest rates be worth getting into a bidding war over?  Some feel it is best to wait until the action has cooled and buy a home, with the extra costs, at fair market value.

There is a lot to think about when buying or selling a home.  For a free, no-obligation chat about your real estate options, please call me at 905-220-9198 or visit my websites www.seankavanagh.ca OR www.seansells.ca.

According to MoneySense magazine, Burlington has been ranked the 4th best place to live in all of Canada and the best place to live in the GTA. Burlington was the only GTA city ranked in the top 10, ranked 4th behind Victoria, Ottawa-Gatineau and Kingston.

The lifestyle and investment magazine used criteria such as weather, crime levels, home prices and employment prospects to rank each city. The Mayor, Cam Jackson, say that it was no surprise to the people who live, work and play in Burlington that their city is the best! It’s a city with strong social programs, a stunning natural environment, world-class festivals, a stable and diversified economy and an incredible community spirit.

The magazine focused on factors most likely to affect the long term happiness of the residents. Charming downtowns and beaches are nice, but the factors seemed to be more practical when determining the rankings.

Searching for a ‘Hidden Paradise’? Try moving to Burlington! For more information on life in Burlington or Real Estate opportunities in the area, please call Sean at 905-220-9198 or visit www.seansells.ca

S

Beautiful Home in Desireable Orchard Area For Only $439,900- 2227 Viking Crescent, Burlington 

Click here for more property details

Click here for your virtual tour

Stunning Orchard Home!  Beautiful hardwood throughout main floor in this 2200ft2 home.  A spacious Master with upgraded ensuite and walk-in closet.  3 bed/3 bath.  Kitchen with island, upgraded ceramic floors and stainless steel appliances.  Second floor family room with custom crown moulding and gas fireplace.  Fully finished basement with yoga/exercise studio and office.  Main level laundry, central vac, central air, California shutters throughout and double garage with inside access.   Close to Bronte Creek, schools, shopping, transportation and highways.  Come see it before it’s SOLD!

If you have any questions about this property or if you have any questions on real estate in general, please email me at sean.kavanagh@century21.ca OR visit one of my websites www.seankavanagh.ca or www.seankavanaghhomes.com