Carl Stars

I am amazed how strong the market is considering all the layoffs in the manufacturing sector. The manufacturing sector has been hit hard. Low interest rates and a diversified economy have helped to hold up our Real estate market along with our strong Canadian Banks.

The Hamilton-Burlington area real estate market showed a total of 1,044 unit sales in March, this is a decrease of 4.7 per cent from March 2008.

The average price of freehold residential properties sold in the month of March was $277,406.In the condominium market the average price of condominiums in March was $210,519.

March's total average residential sales price decreased 9.4 per cent over the same month in 2008. Sales have been steady and many buyers are taking advantage of very competitive interest rates. Spring has certainly brought some welcomed activity to the market. I am hoping for a strong market in April.

Carl

Statistics provided by the Hamilton- Burlington Real estate Board

As many are aware we will likely have to not only charge 5% on our commissions, but an additional tax to a total of 13% on Realtor Commissions. However I thought it would be good to provide a summary of the rebate programs available by the Provincial and Federal Governments.

Home Buyers Plan A Program that allows you to withdraw up to $ 25,000 from your RRSP towards buying or building a qualifying home for yourself or for a related person with a disability .

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

Home Renovation Tax Credit You can qualify for $ 1, 350 on home renovations if they are completed by next February.

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html

First Time Buyer's Tax Credit First time buyers are getting assistance from the government. You can now qualify up to $ 750.00 on your closing costs.

http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhbtc-eng.html

Eco Energy Retrofit Program Should you decide to improve the energy efficiency of your home, an energy audit is completed on your home. You can qualify up to a maximum of $ 5000.00

http://www.ecoaction.gc.ca/index-eng.cfm

Land Transfer Rebate The Land transfer tax rebate program for First time Buyers is available and pays to a maximum of $ 2000.00

http://www.rev.gov.on.ca/english/bulletins/ltt/1_2008.html

The links work at time of posting , additional information can be found on my blog www.carlstars.com/blog

All information deemed reliable but not guaranteed.

I will be hosting an open house today at 592 Vanderburgh Drive, Burlington ON. This home is steps to NorthShore where you can have an enjoyable stroll to spencer smith park. The home has hardwood and ceramics with a year round celarium. Walkout to decks, pool patio with gas barbeque. Granite kitchen and updated bathroom by Opal. MLS # H3007740 . Looking forward to seeing you there. Priced at $ 439,900.

If you are buying a home in the Hamilton Market . There is currently a lead pipe replacement program. Details are on the city of hamilton web site. Now lead is new concern for older homes. It is my understanding if you have a shower in the morning and the water runs for five minutes your drinking water is safe. It is without argument good to replace any lead piping, this is a fact. However a more recent oversight is that of galvanized plumbing.

While there are some insurance companys that will provide insurance it will be 3 times the rate.

It is a good idea to have an insurance clause in the offer on older homes or at least extra time on the inspection clause to deal with any issues. Galvanized plumbing rusts from the inside out and cause pipes to break. Insurance providers have become much stickier on this issue in the last few weeks and this may become the new hot topic when buying an older home.

A good home inspector will look for these issues.

Carl

The February market has showed signs of life with 750 sales. However please note this is a 27.6% DECREASE from last years stats. We have showed a 58% increase since January which demonstrates people have come out of hibernation. The average price of residential properties is at $ 278,611 which is impressive compared to what has happened in the United States. The actual market price decline is 4.2%.

As mentioned the biggest mistake people are making is they are chasing the market. Listing your home on "fall Statistics" makes no sense. Pricing is extremely critical, however I cannot emphasize enough the importance of home staging.

On a personal note I have ran open houses the past four weeks and the number of visitors has totalled to 56 family's and first time buyers. This is tremendous traffic! Thats is 14 per open house ! Many buyers are taking advantage of the land transfer tax rebate and various credits to off set costs for the first time home buyer. It has been a challenge to move the more expensive inventory and in my view the reductions have been more dramatic. Interest rates are very low and most mortgage people have been posting 2.5 plus .80 = 3.30 variable.

This is an excellent time to buy but as always I caution people to buy what they can afford.

Carl

some statistics provided from the hamilton real estate board