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Master The Art Of Real Estate With These 5 Tips – The Seeker

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Forgive the harsh starter, but the real estate industry is not for the faint-hearted. It’s an industry that has gotten fiercer and higher chances are that things are not changing any day soon. But then, you may be wondering how all the other real estate investors (and realtors) are making it in the business, right? Well, you’ll be surprised to know that in real estate, it’s less about what you have or how much you can raise, but more about what you know, who you know, and how strategic you are when making your investments. With this in mind as a brief, below are some killer tips on how to master the art of real estate investing.

1. Prioritize On Preparation and Planning

If you’re getting into real estate, the first thing you want to do is to have a sustainable plan that will see you sail the mucky real estate waters. While it’s easy to be swayed away with the idea that it will be smooth sailing all the way, you may be in for a shocker. At times, it only takes one or a few investment blunders and you start faltering as a real estate entrepreneur. However, this may not be the case if you take your time to plan right and strategize. 

There are so many opportunities in real estate. Actually, it’s a gold mine, but only when the right strategies are implemented. So, do not be in a rush to showcase and sell properties, you’ll have all the time for that and more. Whether you’re a new real estate investor or a seasoned one, below are some strategies that can help propel your goals:

  • Create an organized system that works – The more organized you are, the better and easier it will be for you to manage your time, resources, and manpower. This is a strategy that will increase your chances of success while helping you to become better at what you do.
  • Research – To make an investment in real estate, you need to have an eye for quality. Yes, it may be a dilapidated house, but with an eye that sees things beyond the obvious, you can always turn any home into what your clients need. Additionally, you need to be out and about checking out the latest listings that promise to add value to your venture. But it can be a bit challenging to do secure the best deals on your own when starting out, so you may want to build your portfolio by joining a reputed company that does just that. They help you acquire the property, rehabilitate it, have it inspected, and acquires warranty before you purchase the property. If you’re interested in rental property, you may also not have to worry about management since these companies provide this service.
  • Find a mentor – In all honesty, not everyone will suit that title. It can take time to find the right mentor because as it turns out, most real estate brokers will only see you as competition and nothing good will come out of such a relationship. Find a mentor who is happy to share with you the secrets to making it in real estate, success strategies, and the experiences they’ve been through.

2. Fix Your Credit History

Before you dive into real estate, it’s crucial to check your credit history just to make sure that you’re a credit-worthy entrepreneur. This is because from time to time, you may need to get a loan to secure deals in good timing. Some credit history report issues are just minor mistakes that can be corrected easily. For these, get them sorted out as early as possible. The last thing you want is bad credit history getting the way when targeting profitable opportunities.

3. Monitor and Understand Economic Variables

This doesn’t necessarily mean turning into a finance Einstein overnight. However, it’s good to understand the various ways real estate prices are affected by the economy. Sometimes making it big in real estate means grabbing opportunities that don’t appear obvious to other people. For instance, fix and flip investors purchase properties at rock-bottom prices, renovate them, and sell them a much higher price for a handsome profit. To ensure you’re making the right decision, however, you may need to assess a few factors, including certain economic variables. These may include the current economic situation, lending statistics, bank interest rates vs. private lender’s interest rates, and the best time to invest based on demand and supply.

4. Knowing the Competition

There are so many pitfalls in real estate and unfortunately, most of them are due to the tough competition in the industry. Well, it may not console you enough, but the cake is big enough for everyone to get a piece. It just depends on the size you want and how much effort you’re willing to put in. Even as you conduct research, get your finances together, seek mentorship, partner with your successful predecessors, and put the right strategies in place, it’s important to know your competition. This way, you’ll know who you’re up against and what you’re getting yourself into.

5. Building a Reputable Brand

There are various ways to build a good reputation. Having a track record that supersedes your clients’ expectations will give you a better standing amidst the competition. Remember, your clients are not after you because you drive a classy car or dress in expensive suits, they are after your credible word, professionalism, and experience. Hone these attributes and see a dramatic change in your operations.

Finally, as the first rule of thumb says, learn, and then earn. Before you dump your resources into the pipe dream, find an inexpensive way to educate yourself. You don’t need to be in a flashy seminar, dressed in pearly whites, and drinking champagne just because others are doing it. There are various ways to educate yourself on how to manage real estate business, how to make sound financial decisions in real estate, and how to find the best real estate deals. You can find all these through a mentor, an online course, or through the tips provided above.

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Canadian Real Estate Correction Is Becoming The Deepest In Half A Century: RBC – Better Dwelling – Better Dwelling

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Canadian Real Estate Correction Is Becoming The Deepest In Half A Century: RBC – Better Dwelling  Better Dwelling



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Real estate prices continue to fall in Waterloo region – CTV News Kitchener

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The average sale price for all residential property types in Waterloo region continues to fall. The newly formed Waterloo Region Association of Realtors (WRAR) says the average price across all property types in July was $752,301.

This represents a 4.9 per cent decrease compared to June 2022, and a 1.2 per cent decrease from prices seen in July 2021.

“In the wake of July’s interest rate hike, home sales in Waterloo region continued to slow,” says Megan Bell, president of WRAR, in a media release. “We’re seeing a clear shift in the market and what people can afford to purchase or are willing to pay. On the bright side for buyers, it’s not the extreme sellers’ market it was.”

This is the fifth straight month the average home sale price in Kitchener-Waterloo has fallen.

Monthly sales by property types. (WRAR)
  • In July, the average sale price for all residential properties in Waterloo Region was $752,301. This represents a 1.2 per cent decrease compared to July 2021 and a 4.9 per cent decrease compared to June 2022, according to WRAR.
  • The average price of a detached home was $842,241, representing a decrease of 7.0 per cent compared to June 2022 and a 6.0 per cent decrease from July 2021.
  • A townhouse’s average price is $642,750, representing a decrease of 3.3 per cent compared to June 2022, but a 3.6 per cent increase from July 2021.
  • The average sale price for an apartment-style condominium was $521,731. This represents an increase of 4.1 per cent compared to June 2022 and an increase of 20.4 per cent from July 2021.
  • The average sale price for a semi was $661,087. A decrease of 5.4 per cent compared to June 2022, but an increase of 1 per cent compared to July 2021.
Average sale price in July across Waterloo Region. (WRAR)

Real estate sales in Waterloo region also saw a major decline in some property types.

Leading the way was semi-detached homes with a drop of 41 per cent in sales and only 36 sold, followed by a 39.3 per cent drop in condominium units with 65 sold. Townhouse sales dropped 32.9 per cent with 112 sold. Detached home sales dropped 30.4 per cent with 337 sales.

In total, 550 residential homes were sold through the Multiple Listing Service System of the WRAW.

LOCAL REALTOR ASSOCIATIONS MERGE

WRAR is an amalgamation of the Cambridge Association of Realtors (CAOR) and the Kitchener-Waterloo Association of Realtors (KWAR). The groups announced their amalgamation on Wednesday.

The amalgamation of the two means housing prices from Cambridge will now be included in the average monthly sales and prices of properties. Prior, KWAR only included the sales and prices of homes in Kitchener and Waterloo.

Bill Duce, who has served as KWAR’s Executive Officer since 2008, is the Chief Executive Officer of the new regional association.

“Bringing these two associations together just makes sense,” says Duce in a media release. “As one board, we can better serve the needs of our Realtor members and stakeholders and give a voice to the region’s real estate market.”

The board of directors of WRAR appointed Megan Bell as president, Christal Moura as president-elect, and Val Brooks as immediate past president as officers of the new entity.

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GTA home sales tumble nearly 50% from last year, real estate board says – CBC.ca

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The moderation of the Greater Toronto Area’s housing market intensified last month as the region’s real estate board found July sales fell 47 per cent from the same time last year and 24 per cent from this past June.

The Toronto Regional Real Estate Board revealed Thursday that last month’s 4,912 sales were almost half of the 9,339 homes that changed hands the July before and are an indication that the market is easing from the frenzied pace seen in the first half of the year and at the end of 2021.

The board and real estate agents have attributed much of the moderation to the increased cost of carrying a mortgage after Canada’s key interest rate was increased by one percentage point in mid-July, making it the largest hike the country has seen in 24 years.

The hike has encouraged people to rethink their housing intentions. Prospective buyers are holding out for further drops they and brokers anticipate could materialize in the fall, while sellers are debating making what they can from their home now or waiting for the market to turn in their favour again.

Some sellers are even terminating their listings to take advantage of the hot rental market, where vacancies are dropping and prices are up.

While January’s hot market saw 380 terminated condo listings in the GTA, real estate company Strata said June brought 2,822 — a 643 per cent increase.

The moderation taking shape within sales is taking longer to appear in home prices.

TRREB found the average home price was $1,074,754 last month, a one per cent hike from $1,061,724 in July 2021, but a six per cent drop from $1,145,994 in June 2022.

The composite benchmark price was more than $1.1 million, up by 12.9 per cent year-over-year.

Detached home prices were down three per cent on a year-over-year basis to $1,362,598 last month, while their sales dropped by 46 per cent to 2,203.

Prices of semi-detached homes were up by nearly five per cent from last July to $1,077,750, while sales fell 45 per cent to 474.

Townhouse prices crept up by six per cent to $903,899 as their sales fell by 52 per cent to 816, and condo apartment prices saw a seven per cent leap to $719,273 and a 48 per cent fall in sales to 1,365.

The market also saw a drop in new listings, which amounted to 12,046 last month, down four per cent from a year ago.

TRREB felt the numbers necessitate government intervention, including boosting housing supply and reviewing mortgage policies.

Data firm Urbanation Inc. said Tuesday that it expects almost 10,000 GTA condo units to be delayed this year as increasing mortgage rates weigh on home sales.

“Many GTA households intend on purchasing a home in the future, but there is currently uncertainty about where the market is headed,” said TRREB CEO John DiMichele, in a release.

“Policymakers could help allay some of this uncertainty.”

He recommended the government review the Office of the Superintendent of Financial Institutions’ stress test. The mandatory test set the qualifying rate on uninsured mortgages at either two percentage points above the contract rate, or 5.25 per cent, whichever is greater.

Kevin Crigger, TRREB’s president, echoed DiMichele’s plea, saying longer mortgage amortization periods of up to 40 years on renewals and switches should be explored.

“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals,” he said, in a release.

“The federal government has a responsibility to not only maintain confidence in the financial system, but to instill confidence in homeowners that they will be able to stay in their homes despite rising mortgage costs.”

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