Subject: Just Listed and Priced to SELL Fast! Gain Full Access to
all RECENT BankForeclosures & Distress Sales!
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Monday 30 September 2013
Just Listed and Priced to SELL Fast! Gain Full Access to all RECENT BankForeclosures & Distress Sales!
Friday 20 September 2013
Hello
As fall officially starts this weekend, volatility remains … The US Federal Reserve did not follow through on its planned tapering of bond purchases this month. Markets had priced in the $40 Billion / month reduction and interest rates had risen on the expectation of tapering. We are now seeing bond yields fall. Yesterday’s drop was 0.15%!
Rising rates have leveled for now. If bond yields continue to fall, we expect to see long term interest rates start to fall again! As mentioned in my previous posts, the factors of middle east tensions, higher energy prices, and uncertainty around US debt ceiling talks next month have given the US Fed pause in tapering this month. If all goes well, we may see tapering start at the end October. If not, it will likely occur in early 2014. Why the US did not taper - http://bit.ly/1aLvlLF
With the recent surge of buyers jumping in to capitalize on 5 year mortgages at less than 3%, Minister Flaherty has threatened more tightening if house prices and debt levels continue to rise. The obvious concern is one of stability. Canada remains the only jurisdiction where the housing market did not collapse as part of the Global Financial Crisis. With elevated debt levels, the government remains concerned about debt being taken at record low rates. They fear the burden of payment shock will be too much for consumers when rates normalize -http://bit.ly/156wLRU
EDMONTON - If I’ve read one story about a possible U.S.-style housing bust in Canada, I’ve read a hundred.
Indeed, the Toronto-centric national media, whose world view apparently extends from the Don Valley Parkway to Highway 427, seem absolutely obsessed by the topic. Barely a week goes by without another breathless warning from some Toronto economist, columnist or TV news anchor about a looming price collapse.
It’s complete nonsense, in my opinion. For starters, there is no national housing market. Prices vary wildly from place to place, and always will. So while Toronto or Vancouver look pricey, many other cities — including Edmonton— simply don’t.
Of course, I’m just a newspaper scribbler. But when one of the world’s top economic forecasters says the gloom and doom crowd is out to lunch, well, that’s not as easy to dismiss.
Stefane Marion, chief economist and strategist at Montreal-based National Bank, was recently ranked among the top 20 forecasters in the world by U.S.-based Bloomberg Markets magazine. He’s the only Canadian to make that prestigious list.
In Marion’s view, those who insist that Canada’s house prices are “bubbly” — as Britian’s Economist magazine recently argued, and as The Globe and Mail dutifully reported — simply don’t understand what drives housing in the first place.
It’s simple demographics, he says. Canada’s population grew by 1.2 per cent in 2012, versus just 0.8 per cent in the U.S., and 0.2 per cent in the eurozone. Japan’s population, on the other hand, has shrunk for six straight years.
The big reason? Immigration. Newcomers accounted for fully 60 per cent of Canada’s population growth last year, he says, far more than the U.S. or Europe.
What’s more, 55 per cent of those newcomers are between the ages of 20 and 44, when many are launching careers, getting married, starting families, and yes, buying new homes.
Japan is at the opposite end of the spectrum. Its aging population, low birth rate and aversion to immigration curbs demand for housing. Yet the same Economist article that slammed Canada’s housing market as bubbly argues that Japan’s house prices are “undeservedly flat,” Marion says.
“If you don’t have household formation where are your home prices going to go? That’s the key right there. That’s where Canada really, really is different from other countries,” he says, notably in high-growth provinces like Alberta.
“It does explain why the new housing market or home resale market in Alberta seems to be so tight all the time. This is key. Household formation is just surging,” he says. “So it fascinates me that we have economists coming out and taking a shot at Canada and not taking that into account.”
That was one of several key insights Marion offered to local bank clients and advisers at a packed luncheon that was organized by Angus Watt, managing director, individual investor services at National Bank Financial.
Marion’s generally upbeat outlook for the Canadian and Alberta economies jives with the positive tone of Bank of Canada governor Stephen Poloz’s latest comments.
“We are now close to the tipping point from improving confidence into expanding capacity,” Poloz told a Vancouver Board of Trade audience on Wednesday.
Looking ahead, Marion says he expects those demographic trends to continue over the next five years. In the key 20-to-44-year age cohort, he expects India to lead all nations in population growth, at seven percent, followed by Canada, at four per cent. On the flip side, countries like Germany, France, Italy, Russia, China and Japan will show marked declines.
“Alberta would be just behind India, at six per cent. So that shows you how potent this growth is for Alberta. Alberta actually has the dynamics or properties you’d normally see in emerging economies.”
Turning to the oil markets, Marion says despite declining U.S. consumption, falling imports and soaring production — up an astounding 47 per cent in the U.S. since 2006 — Canada’s exports south of the border remain strong.
The biggest loser? OPEC, whose share of U.S. imports has declined from 55 per cent in 2008 to just 46 per cent last year, he says.
“By next year the U.S. will produce as much crude as it did in the 1980s, so we have to cope with this energy revolution in the U.S. . . . but Canada is shipping as much oil and petroleum products to the U.S. as all of OPEC put together. I never thought this would happen anytime soon, so that’s a big, big deal.”
As for TransCanada’s proposed $12 billion Energy East oil pipeline, which would carry Alberta bitumen to refineries in Quebec and New Brunswick, Marion says the potential economic upside for Canada is big, since it would displace higher-priced Brent crude imports from unstable countries like Algeria, Kazakhstan and Angola.
Friday 13 September 2013
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Tuesday 10 September 2013
Hi there
This is Eric from Client Development here at Island House Sellers with Remax Camosun. I just wanted to share this article with you after receiving several requests about our BUY A HOME WITH LITTLE OR ZERO DOWN campaign. Many realtor's and mortgage brokers have probably told you that you need a hefty down payment to purchase a home; well I'm sharing this information with you on clients that have successfully purchased a home with NO MONEY DOWN!
You see, our team focuses on solutions and therefore we work with the best mortgage brokers in the industry. Our promise to you is to ensure you get the best deal that’s right for you!
As first time homebuyers my husband and I were a bit skeptical when we were told we could easily afford a new home with no money for a down payment. Our first thought was that we would suffer the consequences with a high interest rate or some other fine print nonsense that we wouldn't find out about until months after moving in. Despite our skepticism we comfortably bought a new house and seven months later are still finding the whole process to have been unbelievably simple and uncomplicated. There were just a few simple steps we took to ensure that we did the right thing before we signed ourselves away.
The first and most important step we took was deciding to find a good real estate broker that not only knew the facts about buying a home but was trustworthy. We got ours through a friend, but if you don't know anyone the best thing to do is shop around. The worst thing you could do is go to one real estate office and believe everything you are told, especially if they know you are a first time buyer and sense that you have no clue what you are talking about. Our first experience came about when our annual rent increase was about to occur and I spotted an advertisement in the local real estate book.
I had been dreaming for months of my new home, browsing through hundreds of ads in those little real estate magazines you pick up at the supermarket. Owning a home had seemed impossible since we couldn't seem to save enough money for a down payment. Yet I knew our high rent was equal to or even more than a mortgage payment. While looking through one of the magazines I stumbled across an ad that stated things like "absolutely no money down" and "anyone can own their own home". So I figured why not check it out? We called and scheduled an appointment with the organization for the following week.
Once we arrived the woman who greeted us was cheerful and happy to help us out. She had us fill out paperwork and ran our credit. She said our credit was great and we would have no problems buying a house. This was the first red flag for us. We were already well aware of our credit score having previously requested our credit reports from the three main credit agencies - Equifax and Trans Union, so we knew she was lying. Asking her for the score and having it be 100 points higher than reality was another clue. Being aware of your credit but not letting on that you know your score is one good way to test the integrity of the agency you are dealing with. It also helps to empower you in the process and allows you to be aware of what to expect.
After we met another agent who was the friend of a friend, we knew we had our guy. He immediately acknowledged that although our credit wasn't great he was certain he could help us out. He was upfront and honest about the home buying process and explained many laws to us. When we told him about our first experience he told us that many agencies use a "beefed up" system to boost the confidence of potential buyers. What determined our success was choosing to buy house that wasn't going to put us above our predetermined set amount for a monthly mortgage. We gave him a monthly number and he gave us a price range of homes we could start looking at.
After we found the house we wanted to buy our agent set us up with a mortgage broker who came up with three different options that met our monthly allowance. Due to our not-so-great credit score we would have to "buy points" to lower our percentage rate or suffer with a higher rate. After all was said and done, the fees were adding up to almost $10,000. We barely had half that amount so we worked it out with the homeowners to include the fees in the cost, raising the purchase price by $10,000 and adding the fees into our monthly mortgage.
If you know you are not going to have the money for a down payment or the fees, the best thing to do is look for a home $10,000 less than what you can afford. This way your monthly mortgage will still still be what you originally planned for. In fact, the fees turned out to be a little less than what we figured and we actually got a check at the closing! Not only did we not have to put any money down, but we received money when we bought our home!
It is also important to get a fixed rate mortgage so that your rate never increases. We wanted a fixed rate but needed to work something out so that we could afford the plan. Our mortgage broker was honest and spent a few weeks finding just the right plan for us. The fact that he took the time actually made us trust him more, as opposed to if he had just told us, "no problem" up front. Be wary of anyone who dismisses all of your concerns since they may not be thinking about what you are saying and just giving you a standard pacifying answer. Any agent or broker who never says, "I'm not sure" or "I'll have to get back to you on that one" either knows everything or may be lying.
Knowing this purchase would be our first home and likely be resold in the future, we opted for a 10 year interest only plan which got us the fixed rate. With this plan we would pay interest only for 10 years, but the rate would stay at the low rate of 5.4%, which we paid a few thousand dollars to get. In the end it was worth adding into the cost of the home to ensure we'd have a low rate that would never change.
Overall, the most important two things we did were become knowledgeable about our own credit as well as find someone we trusted as both a real estate agent and mortgage broker. Trust your intuition shop around as much as possible until you find the right person. Learn about your credit history and the laws involving home buying. Scour the web and read articles like this one written by real homeowners. Ask friends and family to share with you what they think they did wrong in their own home buying process or what they would change if they could.
Most importantly, crunch your numbers and know exactly what you are able to afford before you set out in the process. Going over your monthly limit can not only cause stress and problems in your household, but may cause you to lose the house. Odds are if you are paying rent and don't have money to save for a down payment, then you can't afford a mortgage that is more than your current monthly rent. Be realistic and remember to have fun in the process. Buying your first home can be a little frightening but if you make the right choices it can also be a very rewarding experience.
I hope that this article helped you and I look forward to hearing from you!
please click here and fill out the form with your information and I will personally contact you and explain how this great program works!
buyer and seller must agree on price and closing date**
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