Mortgage Rules Change In Canada

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Beginning 15 October, the government of Canada will no longer guarantee a four-decade amortization with no down payment.

The government announced this week that mortgages will be limited to 35 years, require a minimum five per cent down payment, and be federally insured for only 95 per cent of the value of the home. At the same time, anyone borrowing mortgage funds must have a good credit rating and demonstrate that their debt servicing costs are not greater than 45 per cent of their gross income.

Liberal MP Garth Turner, the author of a book warning about a possible Canadian housing downturn, says the government’s decision could trigger a devaluing of homes by about 15 per cent nationally and as much as 30 per cent in boom towns like Edmonton, Calgary and Vancouver. It could also prompt Canadians to move quickly to beat the October deadline.

The federal finance department said forthcoming mortgage rule changes are implemented to avoid any mortgage crisis that could mirror the sub-prime mortgage fiasco in the U.S., rather than addressing any possible problems in the Canadian system.

Loft Real Estate Developments In Toronto

Loft conversion buildings are growing in popularity, they offer convenient and clean modern living.

Loft conversion buildings are growing in popularity, they offer convenient and clean modern living.

With large open spaces and huge ceilings, lofts have long been popular among artists for the area they offer in which to work. Toronto and other major metropolitan centres are seeing an increased demand for loft developments due to the convenience offered by a do-it-yourself, unrestricted space. Keep in mind when looking for lofts in Toronto that they are much more in demand than ever before; combined with the natural real estate prices in the Toronto area this means that loft seekers can’t expect their space to come cheaply – most lofts are similar in price to condominiums.

Given the background of the loft market, it should come as no surprise that major loft developments occur within the Toronto districts most likely to draw a bohemian, or bohemian-minded, crowd. These areas include the Annex, the Fashion District, the Theatre District and the Entertainment District. The Sylvia Lofts are located at 50 Camden Street in Toronto’s Theatre District. It is a low rise development that includes some loft conversions as well as new loft developments. Sixty-four units in the building have a price range between $200,000 and $300,000, and come with moving walls for private space as well as plenty of light from large windows.

Just to the west of the Theatre District, and to the southwest of the Fashion District, is the Twenty development at 20 Niagara. There are four suites per floor in this development, with every two suites sharing a private elevator. All suites include balconies, with penthouses incorporating roof decks and terraces. These spacious units are older, built in 1998, and range in price from $700,000 to over one million dollars.

The conversion of old warehouses to loft units is commonly called hard lofts (as opposed to soft lofts, which are new from the ground up). This hard loft style is what is offered in the Merchandise Building, on Dalhousie Street in downtown Toronto near Ryerson University and the Eaton Centre. The Merchandise building was built as a department store, and later became a Sears warehouse, before being converted to lofts in the 1990s under the guidance of the City of Toronto.

There are certain characteristics that are essential to loft living. Loft owners are typically inclined to create their own space while still maintaining easy access to important areas and amenities of the city. Toronto offers several developments that can meet the requirements of any potential loft owner.

Market Watch Summary Postcards

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I have commissioned designer/illustrator ptoone to create a series of artistic Toronto art scenes for the cover of my new monthly market watch postcards. Each month will be a new image that has been hand painted exclusively for TheDowntownToronto.com. The data this month shows the dramatic increase in sales and average price per sale over the past two years.

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Twitter Etiquette for Real Estate Professionals

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Everyone uses the Internet these days for everything they do. Purchasing a home is not something to be taken lightly by any means. Real estate professionals are quickly learning how easy it is to maintain contact with buyers, investors and sellers via Twitter. No matter if they’re on their way to an open house or walking through the grocery store, communication has never been easier.

Twitter is a microblog chat room with a close-knit community feel. Each post, or tweet, gives you the opportunity to update your friends, or followers, on the latest. Like every online means of communication, the use of Twitter requires a certain amount of etiquette and respect.

Use Correct and Complete Spelling

Too many people are used to text messages via the cell phone. Shortcuts like using numbers and letters to spell words become commonplace when texting on the go. Twitter is somewhat restrictive on the word count of your messages, but don’t treat it like your usual text program. You are a real estate professional, tweet like one.

Always do your best to use correct and complete spelling while you tweet. Your potential buyers and sellers need to feel that you are professional and competent. Misspelling words just to stuff in some word count is not the way to get around Twitter’s 140 character tweet limit. If you can’t say what needs to be said, link to your website.

Another option is to offer leads your phone number or e-mail address by way of direct message. You’ll be meeting them in person if your marketing plan goes well anyway. Be courteous and kind while passing valuable information to your potential clients.

Create Short Links

Websites like Thexyz.org that allow you to shorten any website address to a manageable length. As you are probably well aware, Twitter allows 140 characters per post. You have to make the most of those 140 characters. Abbreviate where possible and always shorten lengthy website addresses.

Learn “at” Replies and Hash Tags

Twitter has a quite unique way of alerting people that they’re being mentioned. An “at” reply uses the e-mail “at” symbol, shift-2, in front of the username of the person it’s tweeting to. “At” replies are filtered to a specific destination in each user’s account, making it very easy to go read replies directed toward you at any given time.

Hash tags, shift-3, are used to specifically tag words that are important to your particular message. Originally hash tags were used to mark news events only. For example, using the hash tag “(hash tag)PresidentialElection” would group your message with other messages that used the same hash tag.

Keep it Personal and Connect with Your Followers

Make your followers feel that you’re paying attention and you understand their needs. You want to be their Realtor; they have to feel that they know you and can trust you. Provide them with the latest industry information as well as the most up to date real estate listings. But don’t spam them with a business-only atmosphere. Show them that you care about them as human beings as well as clients.

Don’t SPAM or Use All Capital Letters

It is true that your followers can un-follow you as easily as they followed you, but that would be detrimental to your purpose for tweeting. You’re on Twitter to gain leads, make sales and help people find the home they’ve always wanted. Don’t ruin your chances at success by spamming the same messages repeatedly.

The use of all capital letters is considered yelling or screaming. It is perfectly ok to get excited and use capital letters for certain words, but don’t overdo it. Remember, tone does not go well with text. It’s very difficult to express certain emotions via the Internet. Stick to words that describe how excited you are about something instead of using all capital letters.

Don’t Overwhelm Followers

Your followers won’t follow you long if you don’t take the time to explain things. Buying a home isn’t a seat-of-the-pants decision. Buyers and sellers are looking for real estate professionals to do business with. Be careful about crossing the line between friend and business acquaintance, but don’t overwhelm your Twitter followers with facts either.

Maintain Professionalism

As a Realtor, you’ve been trained to be a professional. Your training taught you the ins and outs of maintaining a professional atmosphere even in the gravest conditions. Twitter requires the same etiquette, determination and professionalism as a face-to-face conversation with potential clients. Let your professional background guide you through each and every tweet.

Social Networking For The Real Estate Business

Most of us have seen the vast evolution of communication in the last couple of decades. From the explosion on to the scene of the user-friendly-size cellular phone in the 1980s to the texting and Tweeting of today, the way society communicates has been re-invented. Talking to a person in another location the old-fashioned way – by regular phone – is not often the first choice, especially by the younger generation. “E-me” or “text me” is a common request in the 21st century.

But has this new way of short-term, online connecting helped your real estate business? Do people really follow you on Twitter? Is your Facebook page crowded with enough Friends to fill Yankee Stadium? Are you LinkedIn with the people that matter? And if so, is your business growing? If not, you may need to adjust your technique, or get some help to update your knowledge or equipment.

Every real estate agent, or any business person for that matter, who takes the time to learn how their company can benefit from a few social networking lessons will reap the benefits. The advanced uses of the Internet will only continue to grow and with it, the better possibility to deal with leads and increase your conversion rate – change leads into sales. However, you must be the one driving the proverbial bus. Invite people to your website so you can further dazzle them with your business prowess and get them a great deal on their new home.

Many people are excited then they see leads start to pour in and they tell their associates how many contacts they have gained. The trick is to act on those contacts to close the sale, or at least keep the dialogue moving ahead. Here are some tips:

Make sure the information that you are putting out to the masses is relevant to your real estate business. Not too many people care that the corned beef on rye you had for lunch at Gino’s Deli was the best ever made.

Become blog savvy. Establish yourself on other sites by adding comments to another person’s blog notes.

Make sure there is a working link back to your site. Whenever you post a comment, send out a Tweet, or add an update to your Facebook page, test your personal, or signature link to see if it goes to your website as it should. If it doesn’t, correct the situation immediately.

Contact the genuine leads as soon as possible as they can grow cold quickly. Potential customers will move on to their second/next choice if they don’t hear from you in a timely fashion.

Home Selling Assistance – Useful Tips for Selling Your Home

Excited about shifting to your new home and planning to sell the old one? Or simply need to sell your home for other reasons? Either way here are a few home selling tips to help attract potential buyers to your home.
You need to pay attention to certain aspects of your home if you intend to sell it. The asking price is a factor that most people you advice you about. It is an important part of enticing buyers, but there are other qualities or features that make your home an individual entity. Besides the price you can attract a buyer with the beauty, coziness, functionality etc of your home.
Another thing that you could do to evaluate your home is to think like a buyer. What aspects of your home would attract you? What features of your home would convince you in its favor?
Here are some tips that can prove to be useful:
ü Get familiar with the prevailing home prices in your area and price your house reasonably
ü You can add a premium to your house if it is in a good residential area
ü Strategize your marketing options and work out a good plan to promote and advertise your home. You could take professional help or even prepare an ad yourself for the local classifieds or for a property website on the net.
ü You could arrange for a home showing in person or prepare a home tour with a visual media.
ü A good presentation can make good first impressions and that could make a lot of difference.
ü No home can be perfect. So don’t gloss over the drawbacks of your home, be upfront and clear about things.
ü You can add to the first impression by cleaning up the mess and clutter from your home, and making some minor repairs.
ü Create a buying mood by turning on the heater or a/c, create coziness, light up the fire place, open the windows or even by making spaces. Do not follow this rhetorically. Do, what will enhance your home.
ü Choose a buyer with care, so that the whole process moves on smoothly
ü Consult a house tax advisor regarding your house tax
ü Get the basics about the legal transactions involved, be clear about legal terms like contract
ü Garner a few tips about negotiation
ü Get to know the difference between an agent and a realtor before you decide to choose one of them to sell your home. Ask about the various processes, fees and commissions involved.
ü Choose a reputable agent or realtor.
ü Put up a board on your front yard stating the above
ü Trust your realtor and let him/her guide you through the whole process. Follow his tips to achieve good results
Selling your home on your own
By no measure is it an easy task to sell your home yourself. It is not just a missing agent, but whole lot of other factors that make it difficult. It is not easy to cut off from a home which is full of memories. You will want some one who will love it the same way as you have done all these years. It is not easy to see strangers walking through your home evaluating every aspect of it. Are you really up to it?
ü If you are planning to sell your house on your own, then you will need to put up a sign saying ” home for sale by owner”
ü It is advisable to hire a good attorney to cover all the legal aspects of selling a home.
The attorney can also guide during the making of the contract form. You will need it to protect yourself and the buyer if you are not going through an agent. Things like buyer deposit and local estate laws need to be settled.
ü Pick out the best photo that have you have of your home, if you don’t have a flattering picture then get the house professionally clicked so that you can start with your best foot put forward. Many people ignore this, but it is the first thing that a buyer will see about your home.
ü When you put up your house for sale by owner, you will have a lot of potential buyers walking in, in the hope of closing an easy deal that is flexible. Be very careful and investigate each potential buyer.

Real Estate Marketing Tips

Most appraisal businesses can use additional clients. But, how do you get more clients and appraisal orders ? Appraisers are taught to value real estate, not market their appraisal services. Well I will show you four different ways to get clients to come to you with Internet Marketing.
The best thing about marketing your services on the Internet is that clients will look for you by typing what they need in the search box. If you can fill their need they will call you. But, first you need to be found by these prospective clients. I believe the following are the four best ways to advertise your appraisal services on the Internet.
Search Engine Optimization (SEO): Search engine optimization is the process of improving the quantity and/or quality of traffic to your website from the search engines such as Google, Yahoo, Bing, etc. To do this you need to appear in the first two pages of the natural (free) search results. Typically the earlier your site appears in the search results, the more visitors it will receive from potential clients looking for appraisal services. To appear in the top of the search results your site needs keywords, such as “Real Estate Appraisers”, “Estate Appraisals”, etc. These are the terms and phrases that possible clients will use when they search the Internet looking for a real estate appraiser.
An additional factor that will help your site appear higher in the search results are links to your website. The combination of the quantity of links to your site and the “Anchor Text” (the words in the link) can help your site appear at or near the top of the search results in Google, Yahoo, Bing, etc. Statistics indicate that approximately 70% of searchers will click on the natural search results, therefore it is important that your site or directory you are listed in appear at or near the top of the natural search results.
Pay Per Click (Sponsored Links): This is an additional method to get your web site to appear in the search results (paid results known as “Sponsored Links”) these are the results that appear to the top and right of the natural (free) search results. You as an advertiser pay only when your ad is clicked which leads the searcher to your web site. The cost of this type of marketing depends on the amount of competition that is bidding for the same keywords “Real Estate Appraisers”, “Divorce Appraisals”, etc., as you. If you are in an area with very little competition it might only cost you $.05 per click, however if there is a lot of competitors it could cost $10.00 or more per click. One of the problems with pay per click, besides the cost is that statistics indicate that only approximately 30% of searchers will click on your ad. This is substantially lower to the natural search results.
Directories: Appraiser directories can also be very beneficial as they do the Internet marketing work for you. There is no need for you to use your valuable time or money to attempt to optimize your website or pay for pay per click marketing. A directory can do this all for you. They will place a listing on their site with your company information, the services you provide and your contact info.
Local Business Ads: These are the listings that appear with a map to your location on the various search engines. They are free on Google, Yahoo, Bing and Ask.com and I urge you to add your business. Make sure to include your type of services in your listing, such as “Miami Appraiser”, “Appraisals Miami”, etc. as the majority of your competitors will list their name which will not describe the services they provide. If you were looking for an appraiser which listing would you notice “Miami Appraiser” or “Joe Schmoe” ? I know what most potential clients will pick and this puts you above your competition.
There are pros and cons to the first three methods of Internet marketing. Search engine optimization takes time and constant work, pay per click costs money and takes some time and directories cost money. Determining which Internet marketing methods are best for you is your decision. The combination of all four will benefit your business the most, however I believe that listing your business in a directory could be your greatest option. For a negligible fee a directory can provide the first three of the above marketing methods and you can simply create a local business ad yourself for the final Internet marketing method.