Real Estate Toronto Canada

Infinity Phase 4 will be the final phase of Conservatory Group’s Infinity complex in the York Centre neighbourhood. Fill out the form below to receive floor plans and pricing and to register for the Platinum Sales Event.

For those who don’t know, York Centre neighbourhood was nothing but a vacant waste land just 5 years ago and now is home to the Maple Leaf Square condos (with commerical, hotel, and retail components), multiple office towers, Infinity phase 1&2, and under construction are the ICE towers (1&2), more office towers and now Infinity 3&4. Just south of here on the other side of the Gardiner expressway will be 10 York by Tridel and 90 York / 1 Harbour by Menkes (both expected to launch later this year).

It’s common knowledge online advertisements that include photographs receive more views and are less likely to be passed by without being opened by even casual browsers. The same is true for your Toronto real estate listings- only good can come from well-taken photos.

A comparison of real estate listings' likelihood of selling depending on the camera type used.

But even more good than previously thought can come from better-looking Toronto real estate listing photos – according to a study conducted by an American brokerage and reported in the Wall Street Journal – you could even get more money if you use a DSLR camera.

Comparing the asking vs. selling prices of listings using regular point-and-shoot cameras and the asking vs. selling prices of listings that used photos from a DSLR camera, the study found that listings using better photos had higher selling prices by between $934 and $116,076.

DSLRs, or digital single-lens reflex cameras, are the more expensive CSI-style cameras. While they are much more of an investment, only about 15% of listings use photography created with these high-end cameras.

If you are selling your home, it’s important to not only have high-quality photos, but nice looking photos as well. This means that beds should be made, any clutter or unnecessary items (garbage cans, garden gnomes, fridge magnets,  towels, etc.) are removed, and that your home looks empty, clean and bright – turn on all of your lights and open all of your blinds to light the rooms as much as possible.

You can consider doing the photos yourself, but your Toronto real estate agent has plenty of home staging experience and can offer unique ideas when it comes to having your listing stand out.

Taking The Best Toronto Real Estate Listing Photos is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

Some big changes will be made to FHA loans starting April 1st, which will
increase the cost of FHA financing, and change the way seller closing cost
credits are structured. The first change is that FHA will increase the cost of both
the monthly and up-front mortgage insurance. The other big change is capping
the seller closing cost credit at 3% of the purchase price (currently it is at 6%), or a maximum of $6,000.

Regarding the mortgage insurance change, FHA divides their mortgage
insurance premium into two parts, an up-front premium that is usually added
onto the mortgage balance and financed into the loan, and a monthly premium
similar to conventional PMI. Starting on loans registered as of April 1st, the up-
front premium will be increased from 1.0% to 1.75%. On a $200,000 loan, this
means a change in payment of about $7 based on current interest rates. FHA is
also changing the monthly mortgage insurance, increasing it by .10% for loans
under $625,000 (which means everything but some 3 and 4 units here in the
Chicago area). The current factor is 1.15% of the loan amount (divided by 12),
the increase will make the factor 1.25% after April 1st. On that same $200,000
loan, this means a change in payment of about $16, so the two increases
combined will increase the cost for a buyer by about $23 per month. For loans
over $625,000, again, only multi-units here in the Chicago area, the monthly
premium will be increased by .35, to a total of 1.45% per year.

These increases aren’t enough enough to make a difference in qualifying for
most borrowers, and with mortgage rates as low as they are, the total payment
on an FHA purchase is still competitive with rents in many cases, and FHA
financing is still the best, and only, route for many borrowers. The reason
they are making this change is to shore up the reserve fund and keep FHA
solvent. While Fannie Mae and Freddie Mac have been bailed out by the federal
government, FHA has remained solvent, paying for losses out of their own funds.
Part of this was because FHA wasn’t a big factor during the housing bubble,
and the reserve fund has been sufficient to pay out all claims against it. But over
the last few years, FHA market share has risen from about 2% up to over 40%
currently, and the reserve fund has shrunk below the congressionally mandated
level. These increases are expected to raise over $1 billion through 2013, and
keep the program running without a federal bailout.

The other big change will cap the seller closing cost credit at 3% of the purchase
price, or $6,000, whichever is greater. The biggest obstacle to buying a home
is usually coming up with the money for the down payment and closing costs.
The FHA down payment is a minimum of 3.5%, but closing costs usually run
about $3,500 to $4,000, and more if there is a transfer tax involved. It is common in the market now, for the buyer to negotiate for the seller to pay the closing costs. They first proposed capping closing costs about a year ago. They didn’t go through with the change then because dropping the credit would hurt those who needed it the most, the lower and moderate income buyers. If you are buying a
home for $200,000, a 3% seller credit is $6,000, more than enough to pay for
all the normal closing costs. If you are buying a $60,000 home, that same 3% is
only $1,800, meaning buyers of smaller homes would need a lot more cash out
of their own pockets in order to close. The new rule caps the closing cost credit
at 3% of the sales price, or $6,000, whichever is greater. This means that the
buyers of lower priced homes can still buy without having to come up with a lot
more cash than they otherwise would. To me, this seems like a fair way to handle
this, and as it is rare to see a credit of more than $6,000, I don’t expect this will
have much of an effect on the market.

If you are looking to buy soon, and plan to use FHA financing, this might be a reason to
move a little faster. If you have any questions, or if I can help in any way, please let me know.

Free Home Buyers Guide

You can trust in us to get the job done.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

For nearly thirty years, ArLynn Presser avoided leaving her neighborhood in Winnetka, Illinois, as she would experience debilitating anxiety and panic attacks when visiting public places and interacting with people outside her home.

But once she turned fifty, the romance writer decided that she was tired of living in isolation, and ready to face her greatest fear. On December 31, 2010 she started a blog at ArLynnPresser.WordPress.com and wrote in her first post, “My New Year’s resolution is to meet every Facebook friend I have.”

And so she spent 2011 visiting friends all over the world (and meeting some for the very first time). Her son Joseph accompanied her on the journey, recording video clips for ArLynn to share on her blog, which she’s been updating regularly since announcing her resolution on New Year’s Eve 2011. By the end of the year she had been to 13 different countries and met with 292 of the 325 friends she had as of January 1, 2011.

“Without WordPress.com, this project wouldn’t have happened,” she says. We set up an interview with ArLynn to learn more about the role that blogging played in her mission to face her agoraphobia. Here’s what she had to say:

Had you ever blogged before New Year’s Eve 2011? Why did you choose WordPress.com to share your resolution?

ArLynn: I had never blogged. I wasn’t sure I had anything to say. And I’m not sure blogging necessarily was about speaking to an audience so much as me creating a record of my experience. I chose WordPress.com because it was easy to use and allowed for customization.

What role did your blog play in the project?

ArLynn: It was absolutely vital. It gave me the discipline to say, “I will blog about every friend and publish posts nearly every day.” So that kept me moving forward. I could have made a diary of the project using Facebook or Twitter, but that would not have allowed for the kind of reflection that comes with blogging. A blog requires me to think about what I’ve done, what I’m going to do, and what I’m going to write.

How did it feel to put yourself “out there” on your blog for the world to see? What was the actual writing process like?

ArLynn: It took me all day today just to figure out how to encapsulate my experience with Facebook friend #298. I like to bring out the best parts in people I meet so I really choose my words carefully. As for putting myself out in the world, I think the only thing we can do is embrace being vulnerable and hopelessly flawed. I’ve learned to say, “Sure, I’m a total screw-up, but I accept it. If you want to read about it, fine by me.” I’m now fifty-one years old so it’s time for me to be liberated from worrying about what others think of me.

What advice do you have for people who are thinking about using a WordPress.com blog as a tool to help them achieve their goals?

ArLynn: I truly believe that if something doesn’t at first appear to be impossible then it’s not worth doing. I advise people to blog every day or nearly every day. It won’t just push you to reach your goal, it will completely overtake you. Last year changed me completely.

Do you still consider yourself agoraphobic?

ArLynn: Yes, but it’s gotten easier for me to leave the house and travel. I used to be terrified of getting on planes, and sometimes just thinking about leaving the house could induce a panic attack.

What are you up to now?

ArLynn: This year, I continue to travel and see friends, but I am focusing more on meeting those who have trouble getting out from behind their computers, whether because of agoraphobia, post-traumatic stress disorder, or other anxiety disorders. You can find out more by checking out my blog at ArLynnPresser.WordPress.com.

Thanks for sharing your story, ArLynn!

Coming Soon to the heart of the City at Yonge and Queen: MASSEY TOWER CONDOS. Fill out the form below to register for floor plans and pricing and your opportunity to purchase a suite before the public opening.

What is the epicentre of Toronto? One could argue that it would be Union Station, or Yonge and Bloor, or perhaps Queen’s Park or Dundas Square. I would argue that it doesn’t get any more central than Yonge and Queen. This intersection is Toronto. More than any other streets, Yonge and Queen have been an integral part of Toronto’s history from the very beginning. Buying a condo in this location is just about as sure a thing as you can possibly get for a long-term, blue-chip type investment property. They aren’t making any more land on Yonge street!

The architecture of the building will really set it apart. The historic bank building at 197 Yonge will be integrated into the design. Imagine walking through those giant Corinthian pillars and into your building, directly from Yonge Street – impressive! The curvature of the tower is clearly meant to mimic the nearby commercial tower of the Eaton Centre building. MOD Developments is making a name for themselves as a saviour of Toronto historic buildings as they are also currently working on FIVE condos which is integrated some historic brick buildings at Yonge and St Joseph. Condos that integrate historic buildings into their facade tend to do very well on the resale market as buyers are always attracted to buildings that offer something different from the cookie-cutter trend.

Complete the form below or contact me directly to register for the INDX Condos VIP Sales Event.

Over the last months, it seemed like Greece was the center of the financial universe, and not much else really mattered. But over the last week Greece was hardly a factor, with the new deal in place, and though neither side (the Greeks, and the the Germans and other countries holding the Greek debt) was very happy with the deal, it seemed that this was enough to keep the finger in the dyke to keep the flood at bay. It isn’t like anyone thinks that this agreement solves any of the problems with Greek debt, it just extends the horizon as to when Greece will default, so that it doesn’t have to be dealt with now. This view may be a bit premature, as Germany and Finland have to vote to okay the deal, and opposition is now rising in these countries. But for now, Europe is calm and the focus is back to what was going on in the US economy, and as a result, Mortgage rates have risen slightly.

A big part of the focus this past week, was on the stock market. The stock market has been bumping around the 13,000 level in the DOW index, going above it for the first time in 4 years, before closing slightly below the number for the week. This level is looked at as a resistance point for stocks, and if they go a little, higher, this will be taken as a sign that we are in a new bull market, and money will flow into stocks again. Theoretically, at least. The situation in Europe has been a damper, and last week worries about fuel costs going much higher have also curbed the excitement to a degree. But there are legitimate signs of optimism in the economy. The University of Michigan consumer sentiment survey rose to 75.3, beating expectations. This is important because consumer sentiment is a measure of whether consumers are in a buying mood, or not. First-time jobless claims remained in the  351,000 range, and the four week average hit it’s lowest level since March of 2008.  The trend to better employment numbers has been slow but steady. There was also good news on the housing front. Existing home sales improved in January, and new home sales, which have been absolutely dead for the last several years, have started to move higher, too. Part of this improvement has got to be weather related, and though more homes are selling, the prices are down from where they were a year ago. But this is an encouraging trend, and housing needs to get better before the economy can really stand on its own. The big question now will be what happens to housing inventory. The inventory of homes for sale has been moving steadily down over the last months. With strong demand and fading supply, home prices will eventually start to rise. The question is whether the big banks will start adding to the inventory again with their backlog of foreclosed properties.

Mortgage rates rose slightly last week, but are still near all time lows. The FED has been doing everything it can to keep mortgage rates low, and absent some major surprise, most experts expect we will stay in this affordable range. But, good news for the economy, optimism, is bad news for mortgage rates. On the other hand, bad news and fear are what drive rates lower. If the problems in Europe are really on hold (a big if), and if the stock market does make a move higher, though rates will still be in a low, low range, mortgage rates might start to climb a bit higher.

Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee, best FHA rates assume a 640 Fico score, but loans are available with credit scores as low as 580. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan, including credit scores, property type, amount of down payment and a number of other factors. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I will take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

*(Another option is to break your Jumbo loan into 2 parts a conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

** 5-5 ARM is fixed for first 5 years, with 2/6 caps it can’t go more than 2% above the start rate for the next 5 years. 2% cap for next 5 years – so a blended rate over 10 years is no more than 1% over the start rate. Super Jumbos available.

FHA LOANS 3.5% down payment FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans – Call for Current Quote – FHA 203k Rehab and Renovation loans are now available as 30 year fixed or 5-1 ARMs.

VA Veterans Administration 0 Down Loans

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Free Home Buyers Guide

You can trust in us to get the job done.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

Earlier this decade, mortgage fraud was a rampant problem. In the last few years, it declined some, but didn’t stop being a common problem. Now, according to this article in the Toronto Star, mortgage fraud has more than doubled in the last year – it’s up 150 per cent, predominantly in Ontario and the Greater Toronto Area.

Mortgage fraud is on the rise in the Toronto real estate market.

It’s not really a surprise, because mortgage fraud tends to follow the hottest real estate markets – like the Toronto real estate market. The new statistics come from Canadian credit reporting agency Equifax, which began working with lenders in 2008 to try and flag fraudulent loans.

One of the more predominant types of mortgage fraud is when someone misrepresents themselves in order to obtain a mortgage loan they wouldn’t be able to get truthfully. But there are many other types as well:

Straw buyer fraud: where someone is conned into letting someone use their credit history and name to obtain a mortgage, and then the criminals disappear with the mortgage money and leave the victim on the hook for the payments. This can occur with or without the victim’s knowledge – if the victim is not aware their credit history and name is being used, it’s identity theft.

Appraisal fraud: Using fake appraisal values to sell the home at a much higher price or even buy a home for a much cheaper price, then re-sell it later.

Occupancy fraud: People who buy homes or condos and live in them generally receive lower interest rates and taxes than investors who won’t occupy their house or condo straight away. Occupancy fraud is when the investor lies about having an occupant in the building.

People can also commit fraud by lying about their income to get mortgages they cannot afford.

Be aware, and try to check your credit report annually so you know exactly where you stand financially and to protect yourself from the effects of identity theft. Some of these types of mortgage fraud require industry insiders to get them accomplished – which is why it makes sense to do your research before working with anyone in the real estate industry.

A Hot Toronto Real Estate Market Brings More Reasons To Protect Yourself is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

The Modern on Richmond started selling units back in November 2007. I remember this project launch clearly because it happened right at the same time as the original 1 Bloor project and it seemed everyone in Toronto was talking about pre-construction condos at the time. Oh wait, not much has changed in the last 4+ years!

The Modern is nearing completion now and owners are starting to get occupancy of their suites which means that many units are now coming up for sale as assignments. For investors who bought at The Modern circa 2007-2010, values have gone up significantly and now is a great time to sell and cash in on the gains. If you own a unit at The Modern and you are interested in selling by assignment, please contact me to discuss.

If you are a buyer and looking for a brand new condo in a great downtown location that offers excellent value, consider The Modern. With average prices in most new downtown buildings hovering around $600 per square foot and up, many suites at The Modern can be had for around $500 per square foot – including parking! For example, at the moment we have a 920 square foot suite available for $449,900 including parking and locker, which works out to $489 per square foot!

The resale and pre-construction market are red hot right now, and getting what you want at a good price can be challenging if you are a buyer. The assignment market represents a sort of ‘third way’ of getting into the condo market without having to face as much competition. But it’s important to understand the details of how assignment sales work. Not all agents are experienced or trained in this specialty area! Contact me for more details or check out some of the articles on this website that I have written about assignment sales.

The lobby is going to be really nice in this building with a dropped floor and see-through fire place.

The latest Toronto MLS Listings sales stats from the Toronto Real Estate Board show that home listings in Toronto were on the rise during the first two weeks of February – meaning buyers may be able to feel a bit more relaxed if this continues.

Listings on the Toronto MLS Listings increased early this month.

“The GTA resale home market became better supplied during the first 14 days of February,” said the president of the Toronto Real Estate Board in their latest press release. “If growth in new listings continues to outstrip growth in sales this year, competition between home buyers will ease. More balanced market conditions on a sustained basis would result in a lower annual rate of price growth later in 2012.”

Resale home listings on the Toronto MLS increased by 13 per cent over the first two weeks of February last year, and home sales through the MLS Listings increased by 9 per cent for a total of 3,206 compared to 2,933 last year.

Condo sales in the 905 area code outpaced those in the 416 area code at the beginning of the month, with condos up by 15 per cent in the 905 and down seven per cent in the 416.

In addition, according to the Toronto Real Estate Board, sellers received about 99 per cent of their asking price, with homes being on the market for an average of 25 days. The market is certainly heating up early this year!

New Toronto MLS Listings Increase In Early February is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

Are you thinking about how you will ever be able to buy your own home? Do you think you’ll never be able to save up for the downpayment? I’m sure you’ve seen the ads for Rent-To-Own so maybe you’re wondering if this is the way to go.

Well, let’s talk about that for a minute or two. If you look at websites that talk about renting to own you’ll likely think this option is an answer to your prayers. But things are not always as they seem. There are some options, but let’s look at one common one. You talk to someone (usually someone with lots of money) and they determine that they like you enough (you’re credit isn’t too terrible) and they agree to help you out. Basically what they do is figure out whether or not you are reasonably able to pay the high rent they are going to charge for 3 years. If you have bad credit it still may be o.k. as long as you have strong monthly income and the ability to repair your credit. They’ll also want to know if you have any money at all to give them as a downpayment or else it will be extremely difficult to ensure your end purchase is successful.

A typical senario may be like this. You meet and they agree to help you rent to own a home. You and they determine a budget based on monthly lease budget, downpayment and eventual purchase price and you go shopping for a home you like. Once you find one they will try to buy it for you (or you may choose a home they already own).

So, let’s say you qualify, have the downpayment they require and have found a home. It can take as little as two weeks to months to get you into your home, depending on circumstances surrounding the purchase of the property by your new landlord. The legal documents will be prepared, including a lease agreement, occupancy agreement and an option to purchase. You should definitely have a lawyer look over these documents on your behalf. Most leases are for a three year term and, if at the end of three years you can’t purchase the home, the landlord will consider the circumstances and decide if they will allow you to get out of your contract. You will forfeit any rent credits and deposit monies.

If we look at a typical transaction, it could look like this:
- $275,000 home in the town of your choice within the Durham Region
- Three year lease term
- Monthly lease payment of $2,100 (includes property tax, but does not include utilities, tenant insurance or maintenance – those are extras that you will pay)$350 of this monthly payment will go toward your eventual down payment.
- Initial deposit of $9,000
- Option to purchse at end of year 3 for $324,000 + typical closing costs
- Combined credits of $9,000 and $12,600 go toward eventual purchase (representing over 6%)

On the average, home prices in Durham Region have been increasing 4% per year. If that were true in the above example (taken from www.housecents.ca) a house purchased at $275,000 this year would be worth approximately $309,337 in three years, but you would be agreeing to pay $324,000 for this home. All the senario above is doing is taking your original $9,000 and holding it so you can’t spend it, then saving $350 a month for you (in a non-interest bearing account) so that you would eventually have the 5% downpayment required to purchase a house. If you talked to a mortgage broker or finacial advisor or accountant, they could all likely tell you faster ways to improve your credit and save your downpayment. For instance, if you used RRSP’s and then saved up your tax savings and then withdrew from your RRSP when the time was right, you’d be able to purchase the home of your choice with your own money and not be paying inflated rents for three years.

We haven’t even talked about what would happen if the market declined over the next three years! You’d be agreeing to purchase a home for an inflated amount that is not supported by current market values and if you walked away from the deal, you would loose the $21,600 you had paid toward the house you had been renting for three years. Do you see how this system definitely benefits the owner of the home and not you?

I’m not saying that this situation never works out. It’s been an option for years and will likely always be an option for some people. Just remember to keep your eyes wide open when you are looking into these contracts. Have a lawyer review the forms for you and check out all other options available before you sign on the dotted line.

Want more information? Please call or email me.

For the last little while, many of the articles about the Toronto real estate market and other large real estate markets across Canada, such as Vancouver, have been nothing but doom-and-gloom. With all of these experts telling you the opposite, it may be hard to be optimistic about the Toronto real estate market if you are planning on buying a home this year. But it really isn’t all doom-and-gloom – at all.

Buying a home in Toronto is not out of reach for most people.

The way we look at housing affordability is skewed unfairly by several different statistics in Canada, especially in larger markets like the Toronto real estate market. Larger markets like these can see luxury home sales push up the average home prices unfairly making many people – especially renters – feel that they’ll never be able to own a home or condo.

In reality, monthly mortgage payments as well as other housing related costs (including condo fees) could cost less than your current monthly rent. For a great report on how much home ownership actually costs in some of Canada’s largest cities, including Toronto, visit this link here. You might be surprised – according to the report, the annual income in Toronto that is required to purchase an inexpensive home is only $38,585.

For more information on how average price statistics need to be taken with a grain of salt, check out this interesting and well-written post on the All About Cities blog by Wendy Waters.

Housing Affordability And The Toronto Real Estate Market is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

I’m pleased to announce the latest addition to the ever-growing collection of free themes here at WordPress.com. Retro-fitted by Justin Tadlock mixes subtle textures with clean lines and shadows to create a beautifully balanced composition perfect for all types of blogs.

Retro-fitted can be personalized in a variety of ways. Customize the look of your blog by uploading a header and background image. Take control of you navigation by configuring the dropdown menu. Add widgets to the sidebar for a two-column layout or leave it empty for a single column design.

Check it out in the Theme Showcase.

Urban Capital has just released the penthouses at River City 2. Contact me now for floor plans and pricing.

The penthouses will take the standard features of River City 2 (which are excellent), and take them up a notch. Features will include

• 10′ ceilings
• Expansive balconies on the main level, AND
• Massive private roof-top terraces on the second level for all units including landscaped and paver areas
• Floor-to-ceiling rolling doors to allow customization of different living areas
• Saucier+Perrotte specially designed ‘floating’ stairs leading up to the terrace level
• Floor to ceiling glass
• Gas range in kitchens
• Gas hook-up, electrical outlet, and water bib on all terraces
• West facing units will feature incredible city skyline views
• Suite sizes range from 1081 sq ft – 1865 sq ft
• Outdoor sizes (balcony+terrace) range from 588 sq ft – 1441 sq ft

These upgraded suites will rival some of the top penthouses in the city, but on price there is no comparison! Penthouse suites at River City 2 are starting from just $575 per square foot! I was shocked (in a good way) when I saw the pricing. This is unheard of value for brand-new pre-construction penthouses with private outdoor spaces.

If you are looking for a condo with a large outdoor terrace, they are always in short supply downtown. If you are looking for something with a LARGE outdoor terrace, somewhere you can have a dinner party for say, 12 of your closest friends, they are nearly impossible to find for under $1M. Prices at River City start at about $659K and go up to about $1.1M. For this reason I am endorsing the penthouses at River City 2 as a great deal.

If a penthouse is not your thing, they also recently released their town homes, starting from $549K and they still have a good selection of suites starting from about $239K.

For more details on the River City 2 please contact me.

If I remember my humanities classes correctly, the Greeks invented Drama a long time ago. Over the generations they have gotten very good at it, and Greek drama continues to be the biggest mover in the financial markets today. The stock and bond markets whipsawed last week based on the latest details of whether there would be a Greek debt agreement, or not. At first there was, then it wasn’t really after all, then a few more reverses, then as of Sunday night, the Greek parliament passed the austerity agreements, so that they will be eligible for their next round of funding from the European Union. But don’t expect this to be the curtain closer. The deal has passed, but their is rioting in the streets and Greek elected officials are watching anxiously. The truth is, there are no good options for the Greeks, as going along with the forced austerity program will tank the economy, and withdrawing from the EU will also tank the economy. Either path involves a lot of pain. The equity markets will respond favorably to this though ( bonds and mortgage rates will be pressured higher), as it buys the European Union a little more time to reshuffle and shore up their card walls. If Greece withdrew it was expected to start a chain reaction, but for now optimism is back, until the next act.

On the home front, the news continues to strengthen. Weekly claims for unemployment are now below 375,000, the lowest level since May of 2008, which is more evidence that companies are actually hiring again. Credit availability is also the highest it has been since the start of the credit crunch. If credit really is starting to thaw, that is good news for the economy as there can’t be a sustained recovery if the banks aren’t lending. The Fed’s declaration that they will be keeping rates at all time lows through the next 3 years has to be an incentive for banks to get their money out of their vaults and out earning interest. Consumer confidence ticked slightly lower, but this didn’t have much effect on the markets.

Mortgage bond yields ticked slightly higher last week, and we are now near the top end of the range. Still, mortgage rates have been amazingly stable recently, and even if we kick slightly higher, we are still at all time low rates. Barring a collapse in Europe, it is looking doubtful that rates will fall much lower than where they are now. The Fed is doing it’s best to keep rates low (operation Twist) so we aren’t likely to spike much higher, either. The risk is still on the side of caution. If you are looking to refinance your current mortgage, or buying a new home, it makes take advantage of these low rates now.

 Here are the current Chicago Illinois Home mortgage rates for an A+ (740 Fico or above), full doc single family home purchase or rate/term refinance on a 45 day rate lock, with 0 points, and no origination fee, best FHA rates assume a 640 Fico score, but loans are available with credit scores as low as 580. Mortgage rates in other states may be slightly different, give me a call and I will give you an accurate quote for your particular situation. The conventional and FHA rates are based on the highest conforming loan amounts, which give the best pricing. Again, there are many factors which affect mortgage rates and your ability to be approved for a loan, including credit scores, property type, amount of down payment and a number of other factors. These rates may not fit your situation and this is just a sample of the programs that are out there. If you would like a quote for your personal situation, or to get pre-approved for a mortgage, give me a call or contact me (Illinois mortgage company) and I will take the time to find the rate and program that is best for you:

Conventional loans up to $417,000

For Jumbo loans over $417,000

*(Another option is to break your Jumbo loan into 2 parts a conventional to the limit of $417,000 and a HELOC or fixed second mortgage for the rest. The blended rate is usually much better than a single loan would be.)

** 5-5 ARM is fixed for first 5 years, with 2/6 caps it can’t go more than 2% above the start rate for the next 5 years. 2% cap for next 5 years – so a blended rate over 10 years is no more than 1% over the start rate. Super Jumbos available.

FHA LOANS 3.5% down payment FHA Maximum varies by County

FHA APR reflects 3.5% down payment and the effect of mortgage insurance on the loan. Call for information on no-cost FHA streamlined Refinances

FHA 203K Rehab Loans – Call for Current Quote – FHA 203k Rehab and Renovation loans are now available as 30 year fixed or 5-1 ARMs.

VA Veterans Administration 0 Down Loans

These are just a few of the mortgage programs and mortgage rates available. Which option is best for you depends on your own specific goals and needs. If you have any questions or want to go over your situation in depth, let me know how I can help.

Free Home Buyers Guide

You can trust in us to get the job done.

Peter Thompson 630-479-6424

Illinois Mortgage Rates                   First time home buyer loans

Chicago Mortgage Company            Chicago FHA Mortgages

We recently posted on our blog about renovating your Toronto Real Estate,and which renovations bring in the highest return on your initial investment. If you are planning on renovating your home this year in order to boost its value before selling, ensure you follow these contractor dos and don’ts:

Never pay for a renovation job in full up front.

Do have an airtight contract that lays out the full scope of the project in complete detail. A contractor that won’t work with a contract or says you don’t need one is a contractor you should avoid.

Do look into the contractor’s references before signing anything. Asking for references is perfectly acceptable and a reputable contractor should both be expecting to be asked for references and happily provide them.

Don’t hire a contractor that is not licensed or fully insured – if something goes wrong or someone gets hurt on the job, you could be held responsible.

Don’t neglect to include the expected completion date of your renovation job in the contract. Renovations can be disruptive and a renovation continuing long after it is supposed to be done is a headache you don’t need.

Don’t pay for a renovation job completely up front. A small deposit is acceptable, but a reputable contractor should not ask for complete payment before they even start a job.

Dos And Don’ts When Choosing A Contractor To Renovate Your Toronto Real Estate is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

Craig starts off by apologizing for last year’s economic forcast of what would happen to the Toronto real estate market in 2011 – it seems ALL of the economists got it wrong!

It’s not often us normal citizens get a change to hear an in-depth, global, nation-wide and Toronto-GTA analysis of what we should expect to happen in 2012.  It helps us understand what factors are and will be affecting Toronto’s real estate market.

So, grab a tea, coffee or your beverage of choice and watch this very informative video from Craig who is the Chief Economist now at TD Canada Trust.

Craig Alexander From TD Economics Gives His 2012 Forcast For Toronto Real Estate is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

A few months ago we added Notifications to the WordPress.com Toolbar and recently we released a Chrome extension so that you can always keep up with the activity on your blog. Today we’re adding comment notifications, complete with comment moderation and reply functionality.  When your post receives a comment, you’ll get a Notification that looks something like this:

If you’re using threaded comments, you’ll see if someone responded directly to you, right in the notification.

You will see Approve, Spam, and Trash links in your comment notification if you have permission to moderate comments, allowing you to moderate the comment from within the notification:

Clicking Reply automatically approves a comment and displays an area for you to type a reply in. When you’re done, just click Reply and you can get back to whatever you were working on, without having to navigate to the dashboard to manage your comments.

You can still manage comments in your dashboard, but we hope you’ll find the comment notification a convenient shortcut.

For more information about comments and comment moderation: Comments, Manage Comments.

January MLS sales totalled 4,718 houses and condominiums in all the districts.  This sales number was up 5.3% from one year ago and was about average for Januarys since the year 2000.

32.6% of the market sales were condo townhouses and high-rise suites with 1,489 units changing hands during the month.

The January average sale price came in at $463,534 – up 8.5% from one year ago.

Click on the video below to watch the entire January Toronto Real Estate Market Report.

Toronto’s Real Estate Market Continues Strong Due To Low Inventory And No Snow ! is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale

Happy Tuesday! We’ve got two unique free themes for you today, and they are quite a study in contrasts.

Our first theme, Splendio, dazzles with an unconventional yet stylish design from Design Disease that pops out of the box — literally.

How you use this theme is limited only by your imagination! It comes loaded with features: six widget areas (one in the right sidebar and up to five in the footer), featured header images, and a custom background. In addition, there’s a showcase page template (pictured in the screenshot above) that includes a featured slider for sticky posts, and a nifty compact listing of your latest posts. For details on how to set up the Splendio theme on your blog, consult the Theme Showcase.

Our next theme, Suburbia, is as orderly and minimalistic as Splendio is eccentric and playful. Designed by WPShower, Suburbia’s attractive arrangement of posts inside a grid make it an excellent choice for magazine-oriented sites.

Suburbia makes use of featured images to display your posts in a clean, refined style. If you’d like a post to have a larger featured image, mark it as a sticky post. In this manner, you can highlight your most important content. In addition to featured images, Suburbia supports five optional widget areas (four in the footer and one in the sidebar on single posts and pages), a custom background, and custom header image. As always, you can click on over to the Theme Showcase to read more about Suburbia.

We look forward to seeing how you use these two great themes.

Mortgage lenders usually require that a home appraisal be conducted before they will finance any Toronto real estate – they want to know what they are paying for. But sellers may also get appraisals to know their property value and homeowners may need an appraisal if they are seeking equity take out (“taking money out” of their property for other things).

Make small repairs before having your Toronto real estate appraised.

There are several ways you can boost the value of your home and in turn get a legitimately higher appraisal – some are cheap and quick, others are more costly and time-consuming. Depending on your situation, some of these methods could definitely be an option if you are considering an appraisal for your Toronto real estate.

Make your home comfortable during the appraisal.

A quick search of tips for preparing for a home appraisal reveals one distinct commonality: put your pets away! Your pets might make the appraiser nervous or distract them, and the state of your home during an appraisal should be somewhat similar to that of an open house – fresh, clean and comfortable. Generally, pets are a no-no. You should also ensure your home is nice and cozy in the winter or cool in the summer, so the appraiser isn’t wondering if your a/c is broken.

Don’t let little things get in the way.

Homes are generally valued in $500 increments, which can add up (or bring you down). If there are small repairs that cost less than $500 to fix, try and repair them if they are in your budget. These small repairs can include fixing cracked windows, small structural damage or leaky faucets.

Prepare a list of improvements.

If you’ve owned your home for years, provide the appraiser with a list of improvements you’ve made over the last 15, including dates and their cost. The appraiser may not notice that you’ve insulated your roof or updated an old bathroom sink, so let them know.
Your list of improvements should not be limited to your home and property, either. Your neighbourhood has likely changed over the years – maybe there is a new playground, super market or recreation centre nearby that’s made the neighbourhood a great place to live.

Renovate wisely.

If you are planning on spending a bit of money to spruce up your home anyway, make sure you’re renovating where it counts. This home improvement investment return calculator from the Appraisal Institute of Canada will help you determine the renovations that will boost your home’s value the most.

Tidy your home.

Kid’s toys scattered about the floor is not going to affect the value of your home. But marked up walls, dirty carpets and other damage might, so give your home a good once-over before the appraisal.

How To Boost The Appraised Value Of Your Toronto Real Estate is a post from: Toronto Real Estate | Toronto MLS Listings | Toronto Homes For Sale