Down Payment Assistance for Renters

Are you currenlty renting, and do not have the downpayment to buy a new home?  The City of Windsor has received funds from the federal and provincial government to assist  people with their downpayment requirements.  Provided you qualify, this means you may not have to wait to save for that down payment. The program started on April 1, 2013 and their were 30-40 spots avaialble.  As of April 19,2013 there were only 25 spots remaining.  This is a great program, that people should try to take advantage of if your renting and thinking of buying.  Their are several criteria that need to met to qualify, but it doesnt hurt to read further and submit an application if you feel you qualify. Historically this program sells out quickly. Enclosed is a link to the Investment in Affordable Housing Info provided from the City of Windsor, whihc describes the program in more detail. http://www.seewindsorrealestate.com/wp-content/uploads/2013/04/2013-Homeownership-Downpayment-Assistance-Program-Q-A.pdf  ...

Read More

First-Time Home Buyers’ Tax Credit (HBTC)

Source From Canada Revenue Agency http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html 1. What is the home buyers’ tax credit (HBTC)? For 2009 and subsequent years, the HBTC is a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., generally means that the closing is after this date). 2. How is the new HBTC calculated? The HBTC is calculated by multiplying the lowest personal income tax rate for the year (15% in 2009) by $5,000. For 2009, the credit will be $750. 3. Am I eligible for the HBTC? You will qualify for the HBTC if: you or your spouse or common-law partner acquired a qualifying home; and you did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years. If you are a person with a disability or are buying a house for a related person with a disability, you do not have to be a first-time home buyer. However, the home must be acquired to enable the person with the disability to live in a more accessible dwelling or in an environment better suited to the personal needs and care of that person. 4. What is a qualifying home? A qualifying home is a housing unit located in Canada acquired after January 27, 2009. This includes existing homes and those being constructed. Single-family homes, semi‑detached homes, townhouses, mobile homes, condominium units, and apartments in duplexes, triplexes, fourplexes, or apartment buildings all qualify. A share in a co‑operative housing corporation that entitles you to possess, and gives you an equity interest in, a housing unit located in Canada also qualifies. However, a share that only provides you with a right to tenancy in the housing unit does not qualify. Also, you must intend to occupy the home or you must intend that the related person with a disability occupy the home as a principal place of residence no later than one year after it is acquired. 5. Who is considered a person with a disability for purposes of the HBTC? For the purposes of the HBTC, a person with a disability is an individual who is eligible to claim a disability amount for the year in which the home is acquired, or would be eligible to claim a disability amount, if we ignore that costs for attendant care or care in a nursing home were claimed for the Medical Expense Tax Credit. 6. If I buy a house, can my spouse or common-law partner claim the HBTC? Either one of you can claim the credit or you can share the credit. However,...

Read More

Windsor Essex Market Watch April 2013

RESIDENTIAL MARKET The number of residential sales in Windsor and Essex County decreased 15.08% in March 2013, compared to March 2012. Despite the decrease in sales, the average price increased to $179,271 from $173,002 in March 2012. The number of new listings that came on the market decreased 8.57% in March 2013, compared to March 2012. The March 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 50% which is down from 54% in  March 2012 this is reflective of the drop in sales that occurred in March 2013.  Despite a significant drop  in sales for the month, prices continued to increase, which we feel is do to the low levels of inventory.   Properly priced homes continue to see more instances of multiple offers. Average days on the market has fallen to 65 days in February  2013 to 73 days in February 2013.  We are anticipating prices to continue to rise this year.  CONDO MARKET The number of condo sales in Windsor and Essex in March 2013 was 23. This compares to 33 condo sales in the same period of 2012.  The average condo selling price was $123,994 in March 2013 a decrease of 2.97% from 2012. As of March 31, 2013 there were 55 new condo listings received compared to 73 new condo listings in March 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for March  2013 period was 42% compared to 45% in March 2012. The inventory of active condo listings as of  March 31, 2013 was 224 units. This compares to 250 units in 2012 and is a decrease of  10.4%.  While sales did drop in March 2013, we expect that demand will remain steady in Condos, and prices will rise do to the low levels of inventory.  Local News:  The biggest recent news by far is the Presidential signing of the building permit for the new Detroit –Windsor International bridge. While Windsor is still struggling with unemployment, the current strong auto sector as well as massive infrastructure projects are helping employment stability, unemployment dropped to 9.2% in February 2013. Over the past 12 months, StatsCan reports that Windsor’s population has increased by 1,300, employment is up by 2,300. This is an excellent sign that the market is improving....

Read More

Windsor Essex Market Watch March 2013

RESIDENTIAL MARKET The number of residential sales in Windsor and Essex County decreased 10.76% in February 2013, compared to February 2012. Despite the decrease in sales, the average price increased to $174,357 from  in February 2012. The total new inventory of homes available for sale decreased 8.78% in February 2013, compared to February 2012. The February 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 56% which was the same as February 2012 2012.  Over all Inventory levels are continuing to fall and sales are fairly steady, this is making it an excellent time to sell a home. We are anticipating prices to continue to rise this year. CONDO MARKET The number of condo sales in Windsor and Essex in February 2013 was 37. This compares to 35 condo sales in the same period of 2012.  The average condo selling price was $138,022 in February 2013 an increase of 19.8% from 2012. As of February 28, 2013 there were 74 new condo listings received compared to 35 new condo listings in February 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for February 28, 2013 period was 50% compared to 44% in February 2012. The inventory of active condo listings as of  February 28, 2013 was 218 units. This compares to 241 units in 2012 and is a decrease of 9.5%. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.9 months. In 2012 it was 6.9 months. Condos continue to recover strongly, having been one of the hardest in 2009. We continue to expect prices of Condos to rise this year. Local News:  Employment is likely the biggest issue Windsor currently faces. The current strong auto sector as well as massive infrastructure projects are helping employment stability, unemployment dropped to 9.2% in February 2013. Over the past 12 months, StatsCan reports that Windsor’s population has increased by 1,300, employment is up by 2,300. With stonger employment and higher population, housing demand will increase, which will put further pressure on house prices.  ...

Read More

Windsor Essex Market Watch February 2013

RESIDENTIAL MARKET The number of residential sales in Windsor and Essex County increased 16% in January 2013, compared to January 2012. Despite the increase in sales the average price decreased to $166,417 from $168,764 in January 2012. It should be noted that the average price was more a factor of certain county areas experiencing several less expensive sales than the prior year. When we Look at the Windsor area only, the average home price increased slightly. The January 2013 sales to listings ratio (listings sold expressed as a percent of listings received) was 45% which is up from 38% in 2012. As inventory shrinks and sales remain steady or grow, we are anticipating prices to rise. CONDO MARKET During the one month period ending January 31, 2013 there were 31 condominium sales in the market place. This compares to 28 condo sales in the same period of 2011 As of January 31, 2012 there were 67 condo listings received. This was the same amount of listings received in January 2012. The sales to list ratio (Listings sold expressed as a percent of Listings received) for January 31, 2013 period was 46%. In 2012 it was 42%. The inventory of active condo listings as of January 31, 2013 was 202 units. This compares to 224 units in 2012 and is a decrease of 9.8%. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 6.5 months. In 2012 it was 6 months. The average condo selling price was $149,625 in January 2013 an increase of 24.5% from 2012. While we do feel there is upward price pressure on Condos, a 24% increase is more a factor of several more expensive units selling in January, than an indication of the market as a whole. The average listing during the period took 65 days to sell. Compared to 108 in 2012 and sold for 97% of the list...

Read More

Market Watch January 2013

RESIDENTIAL During the twelve month period ending December 31, 2012 there were 4,933 residential sales in the market place this compares to 4,786 residential sales for the same period in 2011, an increase of 3%. As of December 31, 2012 there were 9,061 residential listings received this compares to 9,364 in the same period for 2011, this is a decrease of 3% in residential listings received. The sales to listings ratio (listings sold expressed as a percent of listings received) for the period was 54% in 2011 it was 51%. The inventory of the active residential listings as of December 31, 2012 was 2,192, this compares to 2,450 in 2011. This is a decrease of 11% in active residential listings. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.3 months. In December 2011 it was 6.1 months. The average residential selling price was $175,515 for the 12 month period ending December 31, 2012. This is an increase of 3% from 2011. The average listing during the period took 74 days to sell (76 in 2011) and sold for 95% of the list price. In the Market Watch for December 2012, we broke down changes in average residential sale price by area, while the  overall average sale price increase is 3% in Windsor and Essex County, several areas performed better in 2012.   CONDO During the twelve month period ending December 31, 2012 there were 442 condominium sales in the market place.  This compares to 425 condo sales in the same period of 2011, an increase of 4%. As of December 31, 2012 there were 809 condo listings received.  This compares to 878 for the same period of 2011, a decrease of 8%. The sales to list ratio (Listings sold expressed as a percent of Listings received) for the December 31, 2012 period was 55%.  In 2011 it was 48%. The inventory of active condo listings as of December 31, 2012 was 206 units.  This compares to 227 units in 2011 and is a decrease of 9%. The number of months of inventory represents the number of months it would take to sell current inventories at the current rate of sales activity, and is a further measure of the balance between housing supply and demand. It currently stands at 5.6 months.  In 2011 it was 6.4 months. The average condo selling price was $126,745 for the 12 month period an increase of 4% from 2011. The average listing during the period took 83 days to sell. ...

Read More

Frequently Asked Buyer Questions

Buyers Frequently Asked Questions: As a buyer, you have to make sure to know how the market works before you step in, or you risk missing out on the property of your dreams when you find it. Here are the core questions most buyers have. Feel free to send me one of your own. If I’m interested in a property, how can I determine if the list price is fair? How do I know what price to offer for a property? Do I need to have a home inspection done on every home I’m interested in? What happens to my deposit while I await closing? How do I go about finding open houses? Can I get a lockbox key from you and just visit a house myself? What is your referral policy? Should I buy first or sell first? Can you tell me more about bidding wars? Should I buy new or re-sale When should I make my offer conditional Do you know any mortgage brokers or financing specialists How long should a closing take – how soon before I can move in I saw a great house on MLS.ca but when I drove by, it was already sold If I just want to get in to see some houses, why do I need a Buyer Representative Is a Buyer Representative’s service free to me Do I need a real estate lawyer if the offer documents are pretty standard How much do I have to put down on a property when making an offer What are homes selling for on a certain street Offers are being accepted by fax on a property I’m interested in. What does that mean, and how does that affect my chances of getting my dream home What happens if I buy a house and the sellers don’t deliver on their promises Do I get a better deal if I buy a house being sold by the bank What’s a CVA? What is an SPIS? If I’m interested in a property, how can I determine if the list price is fair? I will look at the property’s sales history and comparable recent sales to help assess true market value. top How do I know what price to offer for a property?Based on comparable recent sales and my extensive experience, as well as any other relevant factors such as competing offers, I will recommend an offer price that will protect your best interests and give you your best chance to get your dream property. Do I need to have a home inspection done on every home I’m interested in?In some cases, the sellers might already have commissioned a recent home inspection by a reputable home inspector...

Read More

Market Watch December 2012

Residential Sales: Residential sales in November 2012 increased 13.09% compared to November 2011.  Year to date sales are up 3.93%. The Listing Sale Ratio Year to date was 54% which indicates we are in a balanced market moving towards a Sellers Market.  Listings as a whole are down 3.10% year to date from the previous year.  With low inventories and steady demand we are expecting prices to rise. The Average Sale Price Year to Date was $175,287 compared to $170,105 YTD in 2011. Condominium Sales: The condo market has significantly improved and now has a listing sales ratio of  55% year to date.  Average Sale Price year to date was $127,105 in 2012 compared to $119,485 YTD in November 2011. This month we have broken down Average home price by area from WECAR Statistics.  This breakdown gives you an idea of how each area is performing this year compared to last year....

Read More