Top 10 Real Estate Articles of 2009

This year’s TOP TEN articles, from the most visited to the most commented are listed below.
We’ve noticed a lot of advice articles and tips are getting the most visits, as opposed to the property/development posts like in the 2008 top ten list.
Feel free to browse and comment. Happy reading!

1. Buying an Income Property to Live in
   http://montrealrealestateblog.com/buying-an-income-property-to-live-in
2. Describing Homes: what’s a 3 1/2 and all those numbers means
   http://montrealrealestateblog.com/describing-homes
3. A Staged house that sold in 3 hours
   http://montrealrealestateblog.com/a-staged-house-that-sold-in-3-hours
4. Credit: Biggest Myths, Mistakes, and Misconceptions
   http://montrealrealestateblog.com/credit-myths-mistakes-misconceptions
5. Property Hunting: Diligence is The Key to Your New Home
   http://montrealrealestateblog.com/property-hunting-diligence-is-the-key-to-your-new-home
6. STOP Paying Your Landlord’s Mortgage!
   http://montrealrealestateblog.com/stop-paying-your-landlords-mortgage/
7. Buying Real Estate for Non-Canadians
   http://montrealrealestateblog.com/buying-real-estate-for-non-canadians/
8. Home Staging – 10 tips for better sale
   http://montrealrealestateblog.com/home-staging-10-tips-for-better-sale/
9. Montreal MLS Barometer: Residential Market
   http://montrealrealestateblog.com/montreal-mls-barometer-residential-market
10. Condo Hunting: Price, Area and Size Matters
    http://montrealrealestateblog.com/condo-hunting-price-area-size
    À la recherche de Condos? L’important: Le prix, la superficie et les dimensions.
    http://montrealrealestateblog.com/recherche-condos-prix-superficie/

RE/MAX Housing Market Outlook 2010: Greater Montreal

You might remember last week’s RE/MAX 2010 Market Forecast, where we briefly quoted some of the report’s outlook for the Canadian Market. Today we’ve outlined the Greater Montreal market forecast, taken from the same report. So far the news are excellent and there is a lot to expect from the new year. The following text is one big quote. I’ve highlighted the most important areas for a quick & easy reading. To view the complete report (PDF file) click here.

Greater Montreal Market 2010- According to RE/MAX:

Despite a slower than usual start to the year, the Greater Montréal’s residential real estate market continues to experience strong upward momentum.

Spurred by rock-bottom interest rates and growing consumer confidence levels, home sales are expected to top 43,000 by year end, a 5% increase over the 40,916 units sold in 2008. Average price is forecast to escalate further, recording a 3% increase to $266,000 in 2009, setting a new record for the city. There is more to read >>

Describing Homes: what’s a 3 1/2 and all those numbers means.

If you are new to Montreal, you’ve probably seen the descriptions for the living space, apartments or homes, signs with 2 ½, or 5 ½ as opposed to “one bedroom condo/home” or “3 bedroom apartment” sort of thing. If you haven’t figured it out yet, here is a quick (and hopefully clear) explanation.

Understanding the way we describe apartments in Montreal can be quite simple once you keep these tips in mind.

First and foremost, remember that the “1/2″ half part, always refers to a bathroom.
After that, every room is counted.

For example: Read more >>

Condo Hunting: Price, Area and Size Matters

Lately I’ve been getting a lot of calls from buyers requesting condos in the downtown area for under 150,000. While we do have them in the system, a lot of these properties are either “fixer-uppers”, small in square footage or located in the basement and/or semi-basement (terrace level)

Remember that the price will be set according to certain factors: Location by neighbourhood (Downtown, Old Port, Plateau, NDG, Rosemont, etc), the floor level (for example: a top floor condo will be priced higher than the ones in the first floor or terrace) and if it includes a garage or parking, among others.

If your max. price does not match your criteria, perhaps you should look into different areas of the city that offer more space for lower price. Or accommodate your criteria in order to stay within the budget of the area you’d like to live in.

Revise the size of the property, if you have a max of 120K and you’re looking for a 1200 sq ft condo downtown…well, I don’t think it will be that easy to find. Just think: either you stay downtown, in a condo with less space or (again) find an area that is more affordable.

Keep in mind that a garage adds an extra value to the property, the average price for outdoor parking space is Read more >>

Who pays the buyer’s agent?

If you are in the market to buy a home for the first time, and never have used the services of an agent who represents buyers, it’s important for you to know that this service is free.

One of the most common questions from first time buyers is:
How much does a buying agent (or agent representing the buyer) charge in commission?

The answer will be: Zero.

The buyer’s agent (representing the buyer) works in collaboration with the listing agent (who represents the seller). The Listing agent will share the commission with the buyer’s agent if a sale takes place between the two parties.

This is how it works:

Mr seller decides to list their property with agent X (Listing agent). They write up an agreement (brokerage contract) in which, the asking price, description of the immovable, length of the contract (etc, etc, etc) and the service fee (commission) is set.

If a successful sale was made from a buyer brought by a collaborating agent, the commission will be shared.

So, who pays the buyer’s agent? The seller does.
It’s the seller who signs the contract, agreeing to pay the commission to the listing broker/agent, and (when applicable) shares it with the collaborating agent when a sale is made.

The buyer himself, already has many expenses to cover: down-payment, welcome tax, notary fees, etc. One thing that you don’t have to worry about (as a buyer) is to pay for the extra expense of an agent representing you. It’s free