Sara Kareer Century 21 Millennium Inc Brampton Mississauga Vaughan Real Estate

The Vales of Castlemore is a beautiful Brampton community built by Mattamy Homes. These beautiful homes are surrounded by ravines, parks, playgrounds, and walking/biking trails. This established Brampton community is conveniently located close to all amenities - schools, hospital, transit, major highways, shopping malls and plazas.

The prestigious Vales of Castlemore community provides an assortment of Bungalows and two-storey homes to accommodate your lifestyle. They range from 2 bedrooms to 5 bedrooms.

The Vales of Castlemore consists of the following streets:

Here are some recent statistics within the Vales of Castlemore:

From January 1, 2009 to March 31, 2009:

• 14 Homes were SOLD during this period (12 two-storey homes and 2 Bungalows);
  these homes ranged from 2 Bedroom homes to 5 bedroom homes
  
• Average SOLD price during this period was $434,529
  
• Median SOLD price during this period was $409,500
  
• Lowest SOLD price during this period was $349,900
  
• Highest SOLD price during this period was 602,500
  
• Average Days on Market (DOM) for these homes was 54 days

Current Availability/Inventory:

At the moment, there are only 22 homes available in this prestigious Vales of Castlemore area. They range from $399,990 to $796,559. Three of these homes have undergone a recent price reduction.

If you're ever in the market for a home in the Castlemore area, or would like further information, please feel free to contact me. I'm here to help you.

Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.sarakareer.com
(web) www.century21.ca/sara.kareer

Here is an interesting article I read today about the Psychology of House Hunting, written by Collin Ellard. With the Spring market upon us, Collin re-evaulates the psychology of buying a new home. Read and enjoy:

It's house-hunting season. The FOR SALE signs are everywhere. The weekend Open Houses are beginning to heat up (even though the weather isn't), and anyone thinking of moving house in the summer knows that now is the time for action. But in today's tight economy we're all working with a new set of unknowns. Gone are the days when we could treat a mortgage number as an abstract entity, assuming that somehow or other our wages would go up, the value of our properties would appreciate, and all would be well. Now, more than at any time in the lives of those currently in the housing market, we must think very carefully about our living arrangements. But it's not all doom and gloom. In fact, there may be some good that comes at a time when, rather than feeling pushed to buy beyond our means, we're being asked to reflect carefully on what we really want and need out of a home. Here are some points to ponder.

1. Avoid simplistic square foot equations.
Compared to people in many other parts of the world, we in North America have grown up in an age of rock-bottom real estate values. This has encouraged large building lots, houses whose size far outstrips our needs, and low-density suburbs that extend outside of a city's core. There's no denying the allure of having lots of elbow room and views of nature, along with all the conveniences of modern living, but we'd do well to remember that there's not much evidence of a connection between the size of a house and its psychological value as a home. In fact, ongoing scientific studies suggest that how we use our living space is much more important than how much living space we have. It's time to jettison the old-fashioned idea that the size of our home is a measure of our success and think instead of what we need to be happy.

2. Distinguish between what you want and what you want to be seen to have.
We each have many different selves and they can be difficult to keep straight. We have our inner, private selves, the selves we present to our partners and other loved ones, and the public faces we present to co-workers, acquaintances and strangers. When choosing a home, make sure that you are thinking of the person you really are rather than of the image you might want to convey publicly. This can be an exceptionally difficult distinction to make, but it is worth taking the time to do so. It's not your image of yourself that has to live in your home, it's you!

3. Value shared spaces.
When assessing whether a house will suit your needs, think of creative ways to combine functions within rooms to save space. Do you really need a separate dining room? Will a craft room ever be used? Does each child actually need a separate bedroom? Think carefully about how you use your current spaces and consider how you could consolidate, re-purpose and rationalize their various uses. Doing this properly can not only save you a fortune; it can transform the patterns of your life in ways that will increase your comfort and satisfaction.

4. Think creatively about outdoor play.
Most of us would like to have a giant backyard big enough for a play set, a pool, a garden and a small forest of trees, but building lots large enough to accommodate all of these wishes can constrain our house search and stretch our budget beyond the comfort level. If you have children, look for opportunities to stretch play areas by utilizing often-unused front yard spaces. Can neighbours join together to knock down some fences and make a shared yard? It can take some time to overcome our psychological resistance to such measures -- when it comes to home spaces, we're not used to sharing -- but evidence suggests that such communal outdoor arrangements promote physical and mental health in both children and adults.

5. Buy for yourself and not for the next person.
When times are uncertain, it's hard to resist the urge to try to plan for every eventuality, no matter how unlikely it might seem. This can mean that we begin to assess potential homes as investments as well as living spaces. To a point, there's nothing wrong with this approach, especially if it helps our psychological comfort levels. But once we start looking at houses as if we are potential sellers rather than potential buyers, our perspectives can shift and we can lose sight of our own wants and needs. Think carefully about how to protect your own interests, but remember that right now you are the one who needs a home and your needs should come first.

If you have any questions or would like to search my Century 21 database for a list of homes available in your desired area, please don't hesitate to contact me. I'm here to help you.

Sincreely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel): 905-450-8300
(toll-free): 1-888-450-8301
(web) www.sarakareer.com
(web) www.century21.ca/sara.kareer

Here are some important factors to consider when Choosing the Right Neighbourhood:

When buying a home, the neighbourhood you select will not only play a pivotal role in your family's life, but in the resale value of the property.

One person's ideal neighbourhood however may vary greatly from another's. But, regardless, there are some needs and wants that generally do not change. The distance from your new home to schools, churches and shopping, for example, will not only affect how you and your family settle into your new home, it will also draw or turn off a perspective buyer.

Check the lifestyle

A home is a part of a larger community. And some are more desirable than others. Some communities are geared more to young families, others to older adults and still others to singles or an eclectic mix of residents.

Never buy in an unfamiliar community or neighbourhood unless you have spent some time there both during the week and on weekends, day and night. Drive and walk around. Talk to store owners and people you meet on the street. Ask what they think of the neighbourhood.

If there are vacant tracts of land where you plan to buy, check with local authorities to see what the proposed land use might be. The last thing most homeowners want is the development of a mall or a high-rise office building across the road from their newly-purchased property.

Don't let particular things in a home that appeal to you override its location and potential subsequent resale value. When analyzing a potential property, ask yourself if you can imagine living -- not just in this home -- but in this neighbourhood for quite a long time.

Remember that someday you may have to sell your home to someone else and things that may not be important to you -- such as distance to schools, shopping, doctors and work -- may be important to other buyers.

Location, location

In addition to finding the right neighbourhood, consider the immediate homes around the particular property you want to buy. Are they well maintained and worth the same or more than the home you are considering?

Is the location a quiet area or a major traffic thoroughfare? What kind of privacy does the backyard provide? Does it get the morning or afternoon sun? If there is no house behind you, who owns the property and how will it be developed?

Homes located further away from the centre of an urban area are generally cheaper. Are you prepared to invest the time and money it takes to commute and how long of a commute are you prepared to commit to? Is there public transit and good access to major highways nearby?

If you have kids in school, what kinds of schools and services are available? Will your kids have to be bused to their school? If a school is close by, will they have to cross any major intersections?

Being close to a school, on the other hand, may have some drawbacks -- few owners want the noise and disturbance of being located right next door.

Finding malls, grocery and specialty stores in urban, residential areas is rarely a problem. But in neighbourhoods further away from urban areas, you may need to drive to the nearest convenience store. And getting to the local grocery store, pharmacy and other support services may require an even longer trek.

It's great to be located near parks and recreational facilities, but few homeowners appreciate the high cast of tennis court lights beaming into their back yard. If the home you are considering backs onto such property, drive around the area and see how often the baseball diamonds, soccer fields, swimming pools and skating rinks are being used and when.

More serious concerns are having such things as gas stations, airports, railway tracks, commercial developments, major highways and cemeteries very close by.

Finally, if your heart is set on finding that one-of-a-kind 150-year old Georgian home, you're not going to find it in a newer development. If you want large bedrooms and bathrooms, narrowing your search to an older part of town where homes are generally smaller, may prove disappointing.

Before making any decisions, think of your lifestyle and how a particular location would enhance or detract from it.

Source: OREA

If you would like further information on a particular neighbourhood, please give me a call.
I'm here to help you.


Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.century21.ca/sara.kareer
(web) www.sarakareer.com

Buying a Home - Determining What You Can Afford

If you're thinking of purchasing your first home, you probably have a lot of great ideas about what you'd like - such as several thousand square feet of living space, a two-car garage, large fenced-in lot, one or two fireplaces and a panoramic view. But it may be time for a reality check.

Most first-time buyers want their dream home right away. However, that dream home likely sells for several hundred thousand dollars and the down payment is more than you earn in two years. Not to mention the mortgage payments - which are three times your monthly take-home salary!

The best way to deal with this reality is to match your financial capabilities with the home that meets as many of your needs as possible.

Many first-time buyers purchase what is commonly known as a "starter home." There's nothing wrong with this approach. In fact, it's good common sense to avoid buying a home that will stretch your budget to its breaking point. Remember, the starter home is just that - a way to get started in long-term real estate investment.

To see how much you can afford, you should take a close look at your financial situation. The vast majority of home buyers lack the funds required to buy a home without assistance from a bank or other financial institution (commonly called a "lender"). So, for most of us, buying our first home means combining our savings with money borrowed through a special type of borrowing arrangement called a "mortgage."

Borrowing to purchase is not only acceptable, it's desirable. Even people buying millions of dollars' worth of real estate borrow to make the purchase

There are two types of costs in buying a home:

• the amount of money you'll need for the initial purchase; this consists mainly of the down payment and other costs such as legal fees and taxes; and
• the ongoing costs of paying back your mortgage, along with monthly operating costs for utilities, maintenance, insurance and annual property taxes.

When lenders assess your ability to buy, they look at your ability to pay both types of costs in determining how much money they will lend you. Before you ever visit a lender, you can predetermine this amount, using the same formulas they do.

Lenders use several factors in judging your ability to handle a mortgage, including your income, employment record and credit worthiness. However, one way you can estimate the price range you can afford is to look at the amount of money you have available for a down payment.

The most common mortgage is a "conventional mortgage." In this type of arrangement, lenders will loan up to 75 per cent of the "appraised" value (estimated market value) of the property or the purchase price - whichever is lower. The remaining 25 per cent is the amount you will contribute as down payment.

If you want to buy a home that has an appraised value of $200,000, a lender may loan you 75 per cent or $150,000 on a conventional mortgage when you contribute a down payment of $50,000.

If you plan to borrow funds through a conventional mortgage, multiply the money you have available for a down payment by four. For example, if you have access to $40,000, you may be able to purchase a home with an appraised value of $160,000 ($40,000 x 4 = $160,000).

This assumes, of course, that you have sufficient income to make the payments on a $120,000 mortgage (75 per cent of $160,000). Most lenders will not permit a borrower to take on a debt load the borrower can't carry. That's why reputable lenders "qualify" potential borrowers before issuing mortgages.

Most lenders say that your monthly housing expenses (mortgage payment and taxes), plus condominium maintenance fee, if applicable, would not exceed 30 per cent of your monthly gross family income.

This is called your Gross Debt Service (GDS) ratio. Some lenders will go as high as 35 per cent, depending upon a number of variables.

Lenders also use a second calculation in qualifying you for a mortgage. It's called the Total Debt Service (TDS) ratio. Generally speaking, no more than 40 per cent of your gross family income may be used when calculating the amount you can afford to pay for mortgage payments and taxes plus other fixed monthly expenses.

These other fixed costs are your ongoing commitments and can include auto, student or personal loans, as well as revolving charge accounts. Again, the 40 per cent calculation may vary slightly among lenders.

By knowing exactly what you can afford, you can make your home purchase with confidence.

I hope you found the above OREA article informative. If you have any questions about determining your affordability, please don't hesitate to give me a call. I'm here to help you.


Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) http://www.sarakareer.com
(web) http://www.century21.ca/sara.kareer

The Government of Ontario is exploring the possibility of harmonizing the Provincial Sales Tax (PST) with the federal Goods and Services Tax (GST). This "harmonization" will result in an increase in "professional service" costs -- legal fees, real estate commission, home inspections, etc -- resulting in the current GST going from 5% to the proposed HST of 13%. This could add up to thousands of dollars in extra closing costs for the consumer.

As a result, the Ontario Real Estate Association (OREA) is asking consumers to voice their opinion and send a letter to their MPP. Please see letter below and click the link to send a pre-drafted letter to yoru MPP. Please note, your MPP's name and address will be automatically generated on the letter based on your information.

Call for Action
Harmonization of Sales Tax

On March 26th, 2009, the McGuinty government announced its intention to harmonize the goods and services tax with the provincial sales tax.

As a result of this change, provincial sales tax will now be levied on legal fees, appraisals, real estate commissions, home inspection fees and other services related to a real estate transaction.

OREA believes that this tax grab will severely hurt the resale housing market and reduce affordability for Ontarians trying to buy a home.

We encourage all OREA members and their clients to write their MPP to express their outrage at these new taxes and to tell them how badly they will hurt the real estate market in your area.

Send an e-mail to your MPP on this issue now by clicking here.

Should you receive a response from your MPP, please forward a copy to governmentrelations@orea.com or via fax: (416) 445-2644 to the attention of the Government Relations Department.

Thank you for your help.

Source: OREA


Sincerely,

Sara Kareer
Sales Representative
Century 21 Millennium Inc., Brokerage

(tel) 905-450-8300
(toll-free) 1-888-450-8301
(web) www.SaraKareer.com
(web) www.century21.ca/sara.kareer