Cool Homes: Stockholm Attic

Would you ever live in an attic? My first response would be no, until I saw this beauty from Stockholm. It's bright, airy feel has me packing up my bags and ready to move in. I love all the light that comes in from the big windows and how the owners keep remnants of the old walls as low level dividers that disappear into the walls or off into the ceiling. This attic is definitely not your typical dark, dingy space.

What do you think?









































Would you live here?

If you have a cool space or uniquely decorated place that you would like me to feature, make sure to contact me!
***Images via Home-Designing***

Great Find: Outdoor Benches!

I was at Ikea today and spotted these great outdoor benches. Since it's that time of season again and I need to update my patio furniture, I thought why not? The only problem I'm having is deciding which one I want. I already own a brown wicker outdoor bench which I will be using, but for my project home that I'm working on now, I'm going to need 2 benches, one for the front porch and one for the backyard. So I need your help! I will start off by showing you where the benches are going and then the actual benches. The best part is they are both under $100!!!!

Front Porch

Keep in mind the exterior is not 100% complete yet.....I'm thinking a brown bench here, either the wicker one I have or the new one from Ikea

Backyard

The second bench will go in the raised, framed in area...since I took this picture, patio stones have been added, so it looks much better. The bench will be placed on the new patio stones. I'm thinking the white bench from Ikea would go great here, but the brown one would match the pattern of all the wood in the backyard!

Benches

Malaro $90...I like the vintage look of this bench and the white colour


Applaro $95....I like the cozy feel and modern look, plus you can add cushions to complete the look!

What do you think? Which one should I choose and where should I put it, front or back?

Mid March Market Report

It's that time again to discuss the Toronto real estate market during the first 14 days of March, but before I share the numbers with you, I just have to say that the market is hot, hot, hot, if you haven't noticed.

Here are the numbers you've been waiting for, from TREB's report:

•  4,215 transaction reported through the MLS during the first 14 days of March, up 7% from March 2011
• Number of listings were down 2% year-over-year, hence all the madness between buyers
• Average selling price in the 416 area is.......$553,536, up 9%  from the same period last year
• Average selling price in the GTA is.............$502,155, up from March 2011

This is great news for all the sellers out there, who saw their homes selling for 100% of asking price and within 3 weeks! If you're a buyer, don't panic yet, although the numbers during the first 14 days of March 2012 reflect strong sellers market conditions, I've been seeing a lot more listings coming on the market in the last half of the month. Sellers have been hit with spring fever as Toronto has been experiencing above average temperatures and are excited about the upcoming spring market, which tends to be the busiest time of year in real estate. So my advice to all you buyers, be patient for just a little while longer as the tide is about to turn.

Also fueling this frenzy of multiple offers and bidding wars has been the current mortgage wars. BMO brought back their 2.99% 5 year fixed rate, which caused the other major banks to follow suit. Borrowing has never been so affordable and buyers are definitely taking advantage as the variable rate becomes less attractive in the long run. Now, before signing on the dotted line, make sure you review and understand the terms and conditions of your mortgage. I know BMO's offer is a "no frills" mortgage meaning, no prepayment privileges and higher penalties then normal for breaking the mortgage before 5 years, among other conditions. Meanwhile RBC started offering the same rate, but with "frills", so make sure to do your homework and choose a mortgage that suits your life now and in the future.

Bottom line, it's a great time to sell, so if you're contemplating that for sale on your lawn, do it sooner rather then later, as who knows where the Toronto real estate market will stand within a couple of weeks let alone next month. Don't forget that I can help you or your referrals, so make sure to contact me with all your questions and concerns. Now, don't get me wrong, it is still predicted to be a strong spring market, but why wait for your competition, when you can beat them to the chase and be the kid on your block that receives top dollars for your home due to low inventory levels. Also, who knows when rates will go up, so take advantage now of the large pool of buyers house hunting and willing to spend the dough!

What are your thoughts? Are you a frustrated buyer or an eager seller? I would love to hear from you!

Striped Ceilings....Yes Please!

I was given the honour of doing a guest post on my dear friend Renee's fashion/lifestyle blog, Eat.Live.Shop. Make sure to check out the post by clicking here, it's all about striped ceilings!!!

Would you ever try striped ceilings in your home?

Monthly Newsletter: March

The Toronto real estate market continues to be extremely busy due to an unusually low inventory of homes available for sale. The pool of 14,546 homes currently on the market is slightly more than 2 months of inventory and that has lead to strong competition between buyers, bidding wars and price increases. In fact, the average price on the Toronto Real Estate Board rose to $502,508 in February, breaking the $500,000 mark for the first time.

Now do not panic! It’s just one month, and these are very unusual market conditions. The market is strong and prices will continue to increase, but certainly not at the same levels as February. As we head into spring and more homes come on the market, some of the pressure on prices will be relieved.

February saw the sale of 7,032 single homes, an 11% price increase over February 2011. After two months, the average price of a home in the GTA stands at $487,254.

While the expensive homes get the publicity, it’s important to realize that many homes are still affordably priced. Of the 7,032 homes sold in February;

4,629 or 66% were under $500,000

3,274 or 47% were under $400,000

1,594 or 23% were under $300,000.

In fact only 6% or 407 homes sold in February were over $1,000,000!  Combined with low interest rates, houses remain affordable for a household earning the average income in the GTA.

Those two factors – availability of reasonably priced property and low interest rates –continue to encourage and allow buyers to enter the real estate market, ensuring a demand for houses and that real estate remains a good investment.

It is still a great time to buy, and I strongly encourage my clients to buy investment properties as Canada and Toronto continue to grow due to immigration and a strong economy.

If you know someone thinking of buying or selling, I would appreciate you letting me know so that I can help him or her. I promise to take extra special care of your referrals!

Have a great March!

Your friend in real estate,

Mortgages....Simplified!

Jason Skare | Mortgage Agent
Tel: 647-800-2977 Cell: 416-846-2609

Dominion Lending Centres Estate Mortgages

It's everyone's favourite topic, mortgages! Luckily they have been simplified today. Jason Skare from Dominion Lending Centres, is here to explain mortgages and the preapproval process, a great read especially for first time buyers.

Jason Skare is a real estate investor and a mortgage agent for the last 5 years, he brings his knowledge, experience and expertise to assist clients in navigating through the mortgage process and becoming mortgage free sooner and ensuring future affordability of his client's homes. Jason is licensed by FSCO and is a member of CAAMP and IMBA.

On top of arranging mortgages for you, Jason is also offering any new clients 6 months of FREE house cleaning for any mortgages $250,000 or more, what a great deal!!!

Take it away Jason......

Mortgage Tips for First Time Home buyers

Buying your first home can be exciting and stressful at the same time. Having the knowledge and expertise in your corner is one way to mitigate that stress. I want to share a few tips and tricks to ensure the mortgage process is a smooth one.

Pre-Qualification vs. Pre-approval

Many people are still confused about pre-qualification vs. pre-approval and what each means to your home buying process. Pre-qualification is a simple mathematical calculation that determines how much you can “theoretically” afford. There is no asset or liability factors taken into account or credit score so you may not even know if you can qualify. Pre-approval is done when an application is taken, a credit check is done on the applicants and you can get a rate hold. In order to qualify for the best rate on the market, most lenders require a minimum beacon score so it’s important to check your credit score at least on an annual basis to ensure you are at acceptable levels.

Pre-approval does not guarantee the house you decide to purchase will be approved by the Lender, especially now with tighter lending standards. It just means you are approved for a certain amount for a certain rate “conditional” on the approval of your home purchase. If you are taking a conventional mortgage (20% downpayment or more) the lender will usually require a home appraisal to ensure what you pay is in-line with other property values in the area. Remember that what you paid for the property may not be what the appraiser feel it’s worth.  Purchase price is not a direct reflection of a homes value. The best example is when a house gets multiple offers and goes for $50,000 above asking price. The appraisal may come in at $50,000 less and the lender may decide to mortgage for the lower amount requiring CMHC insurance or a higher downpayment.

What’s in your Future?

When we look at obtaining a mortgage, many people focus on the lowest rate. As important as rates are, your future plans should dictate your Mortgage product. Maybe you are a new couple buying your first Condo. After a couple of years you decided to start a family and find yourself in need of a house or your job relocates you or you find yourself having a relationship change.

Is your Mortgage “portable” (can you move it to another property and if so how much will it cost?) or what are the penalties to break the mortgage? In many cases, that penalty can be thousands. You probably have heard the record low 5 year fixed 2.99% mortgage. What you probably didn’t know is that many of these products were “no frills” which mean no prepayment privileges, no portability and on average, $6700 higher penalty for breaking that mortgage. A good Mortgage Professional should be asking you these questions to help locate a product that’s right for you.

Strategy against future rate hikes

One of the most common mistakes I see is the assumption that after 5 years of paying off your Mortgage, your payments will be lower. If you start with a 25 year amortization and 5 years later you are at 20 years and have paid off some principle, your payments will be about the same if rates are the same...here’s an example.

$300,000 Mortgage at 3.5% with a 25 year amortization= $1497.00/month

$258,000 Mortgage at 3.5% with a 20 year amortization= $1498.00/month.

That’s not too bad but what if rates rise and in today's ultra-low rate environment, it’s a safe assumption that rates will go up in the next 5 years. Let’s say that the same $258,000 mortgage after 5 years of payments has a rate of 5.5%...your monthly payment would now be $1772.00

For some people, that may be unaffordable. Having a proper plan in place can protect you against these rising rates when they occur is vital and not as difficult as you may think.

Having a professional work with you to ensure you future is secure or that you are making the correct decisions is crucial. Your Mortgage Professional should be reviewing your mortgage annually with you to ensure you are on the correct path to Mortgage freedom.

Did this help simplify mortgages for you? Still have questions, make sure to give Jason a call or send him an email (416-846-2609, jskare@dominionlending.ca)! You can also follow him on twitter, click here and make sure to "like" his facebook page, click here.

Don't forget to check out Jason's mortgage rates below:



 Thanks again Jason!

Creative Decor: Vintage Suitcases

I'm a lover of all things vintage, so this post should come as no surprise. I love when I walk into a home and see one of a kind items. The more interesting part is the way people are using their vintage finds, it can be very inspiring! I'm always searching for creative ideas that I can replicate in my flip homes to give them that unique touch and vintage suitcases fall right into this category. As I was doing some research on vintage suitcases, I came across some really cool ways to use them and showcase them in your home.

So here they are, I'm sure some of these ideas you have seen in the past, but nonetheless, they are still pretty nice to look at!

Weddings/Events







Pet Beds


How cute!!?!!


How About A Clock?




Bedroom (most popular use I found)











Storage/Organizer







Decorative













What do you think? Would you try any of these ideas?
Have a great weekend!!!
***Images via At Home, The Janelle Window Collection, Hitched, Cool Mom Picks, Homedit, Oh Darling Wedding, Bee And Mason, Elements Of Style, Well Appointed Desk, Mamie Janes, Funky Junk Interiors, Bowties And Bliss***