A real estate agent in North York can help you get the most exposure and cash for property sales. These are professionals who undergo extensive training. In fact, some have undertaken the Humber College Real Estate Salesperson Program, which can take up to two years to complete.
Some homeowners are tempted to save the commission and use the for sale by owner (FSBO) method. This do-it-yourself method means a homeowner must navigate all the regulatory and legal requirements of a home sale. Real estate agents understand these, including compliance with zoning, building and other requirements when a property is divided into separate units.
When your car breaks down, you take it to a licensed auto mechanic. If a member of your family falls ill, you go to an accredited doctor. Selling or buying a home in North York is best done with the help of a professional real estate agent. Even negotiating the price for a property takes skill and experience. Finding a credible real estate agent in North York means checking a few boxes.
What Qualifications Should I Look for in a Reputable Real Estate Agent in North York?
These are the experts who help people buy and sell properties. It stands to reason that they need to be properly trained and licensed. The Real Estate Council of Ontario (RECO) regulates agents on behalf of the Ontario government.
RECO enforces the Real Estate and Business Brokers Act, 2002 and a Code Of Ethics. The first step to getting qualified is completing a basic real estate licensing course. Each province has their own that are administered through association boards or real estate councils.
For example, the province of Manitoba offers training through the Manitoba Real Estate Association (MREA).
Regardless of the province, there’s usually a written licensing exam that allows an applicant to become a real estate agent.
What Exactly Does a Real Estate Agent do?
Real estate brokers In North York specifically and Southern Ontario generally have specific tasks. These professionals help buyers find houses and help sellers market and sell their properties.
For The Seller
An agent looks after arranging for prospective buyers to view your house and determining what a fair market value is. They are also in charge of advertising. Plus, they can walk you through an agreement. The fair market value for any property is an important idea. It’s the basis that will help determine how much a seller actually gets. Several elements go into the calculation, including location and the price for comparable properties.
For The Buyer
Real estate agents work for buyers too. They can help these people find the right house at the right price in the right area. An agent can also help prepare an offer to purchase, which details any offer to the owner of the property. The RBC Royal Bank supplies a good overview of what an agent puts into one of these.
A real estate agent in North York can help you with the sale of your house. However, you should also know what kind of timeframe to expect.
How Long Does it Take to Buy or Sell a House in North York?
The answer can vary, but the general consensus is you can expect your transaction to go through in less than 25 days. There are a few things to consider like the fact that properties priced between $500,000 to $1 million might sell quicker than those in the $1 million to $ 3 million range.
There are some other factors you might want to consider. For example, North York is a desirable neighbourhood that encompasses a large portion of Uptown Toronto. It’s largely a residential location with many smaller neighbourhoods within its boundaries. A transaction to buy or sell in North York might be quicker due to the convenient subway system that can shuttle residents to the downtown core. Of course, how much you sell or buy any property for depends largely on pricing.
How Much Can I Actually Sell My Place for?
Your real estate agent in North York can also help you find the sweet spot for pricing. This is the most important factor. Overprice your property, and you’ll need to play catch up later by dropping it, and that might be too little too late.
A real estate agent can help you with the comparative market analysis (CMA). It’s an objective way to find the right price based on solid metrics like comparable home sales in your area. An agent will also know the proper radius to use. Coming close to the right fair market value means using numbers that are close to your location.
Even expired or withdrawn listings can be used to compare numbers to find a good sale price. An agent can also help you with a few suggestions that you can put into play before you use their services.
Should I Get a Mortgage Pre-Approval before Contacting an Agent in North York?
Getting pre-approved before you start the buying or selling process is the best way to understand what kind of budget you’ll be working with. It’s important to keep in mind that this is the maximum amount that you might get. However, it doesn’t guarantee that number.
You need to approach a broker /lender to get pre-approved. Make sure to ask a few questions, like how long you’ll get the pre-approved rate for. Find out if there are any extensions, and if the interest rates go down while you’re pre-approved, will you automatically get the lowest rate?
Depending on the lender, you can usually lock in an interest rate for 60 to 130 days. A lending institution wants to look at several things including your assets, your income and your debt level.
Applicants will also need to supply the following information:
- Identification and proof of employment. You should provide your hourly pay rate through a recent pay stub and your current salary for proof of employment. Lenders can also be interested in other factors like the length of time you’ve worked for an employer and your position.
- If you’re self-employed, you’ll more than likely need to produce Notices of Assessment from the CRA for at least two years.
Applicants should also be ready to provide numbers on credit card balances and car loans.
Finally, timing is everything, whether you’re buying or selling.
Is This a Good Time to Buy a Home in North York?
There are a few factors that make North York an excellent place to buy a home in. According to the rating site Areavibes, the area scores an A+ for amenities, healthcare and schools.
The Toronto Star has reported on market performance for March 23. Some neighbourhoods, like Bathurst Manor, saw prices rise 6.2 % annually. The average there was $1.16 million. Lawrence West had a higher average price ($2.31 million), but sale prices dropped 6.8 %.
Jonathan Alphonso is highly recommended for comprehensive, full-service solutions combining real estate and mortgage expertise in Ontario. Alphonso is a professional real estate agent and mortgage agent associated with MortgageBrokerStore.com and Royal LePage Terrequity Realty. To experience a comprehensive, full-service solution combining real estate and mortgage expertise, connect with him today at 647-710-1351 or jonathan@mortgagebrokerstore.com.