Realty News From The Hearth

Open House in Clover Ridge on Sunday

Jacqueline Tai, ASA, Sales Representative — Fri, 25 May 2012 19:13:00 GMT

Clover Ridge, South Ajax - We invite everyone to visit our open house at 7 Bryant Road on May 27 from 12:00 PM to 4:00 PM.

Property information

45-740 Kennedy Road in Ionview is Sold!

Jacqueline Tai, ASA, Sales Representative — Fri, 18 May 2012 22:19:00 GMT

Ionview, Scarborough - TH 45 at 740 Kennedy Road has been sold!

Property information

Jacqueline's Bi-Monthly Newsletter

Jacqueline Tai, ASA, Sales Representative — Wed, 14 Mar 2012 01:43:00 GMT

The March-April MarketFlash has been uploaded! Go to www.j-tai.com and click the link on left to read current and past issues!

The National Home Show -- Sponsored by RE/MAX

Jacqueline Tai, ASA, Sales Representative — Fri, 20 Jan 2012 15:48:00 GMT

Note that this information is outdated.

•The National Home Show and Canada Blooms will be teaming up and co-locating this year at the Direct Energy Centre and creating the single largest home and garden experience in North America; 1 ticket, 2 great events •NEW DATE! The National runs from March 16 - 25 •FREE PARKING: Monday - Thursday after 5:00PM

LIMITED NUMBER OF RE/MAX VIP PASSES AVAILABLE -- CALL SOON!

Welcome to the Year of the Water Dragon

Jacqueline Tai, ASA, Sales Representative — Fri, 20 Jan 2012 15:37:00 GMT

January 29 marks the beginning of the Lunar (Chinese) New Year and a joyful 15-day celebration of what is considered the most powerful and auspicious sign of the Chinese zodiac! Read this article published in The Toronto Star.

GUNG HEI FOT CHOY !

Jacqueline's Newsletter

Jacqueline Tai, ASA, Sales Representative — Wed, 23 Nov 2011 16:42:00 GMT

My JANUARY-FEBRUARY bi-monthly newsletter is ready. Go to www.j-tai.com and click on the link on the left, Jacqueline's Market Flash, to view

CBCF RUN FOR THE CURE

Jacqueline Tai, ASA, Sales Representative — Tue, 13 Sep 2011 01:07:00 GMT

UPDATE:

Thank You, Canada!
Your commitment and support helped us raise over $30 million nationally in 2011!

For the 8th year, RE/MAX is proud to once again be participating in this year's Run for the Cure in support of the Canadian B reast Cancer Foundation. You, too, can make a difference by donating to the cause, volunteering in your community, or joining your local Team RE/MAX. Two Million Dollars and counting!

Realty News From The Hearth -- Digital Edition

Jacqueline Tai, ASA, Sales Representative — Fri, 19 Aug 2011 03:24:00 GMT

Moving with the times, my bi-monthly newsletter will now be delivered by email! To my friends who are not tech-savvy, fear not -- your copy will arrive by mail every other month as always. A copy will also be posted here on my website. Let me know your preference -- email or snail mail -- as I remain At Your Service, Always !

Oops! To get directly to my website from this blog: http://www.j-tai.com and click on Jacqueline's Market Flash on the left!

Find the Right Professionals: The Real Estate Professional

Jacqueline Tai, ASA, Sales Representative — Fri, 08 Jul 2011 18:11:00 GMT

Here are some tips on how to find, evaluate and select the experts.

The Real Estate Professional

Commonly referred to as agents, Real Estate Professionals must be licensed as salespersons or brokers to sell real estate in Canada. Each province has its own licensing body. In Ontario, it is the Real Estate Council of Ontario (RECO). You can check an agent's registration by using the Registrant Search link on RECO's website.

The best way to find a real estate agent is to ask your friends, colleagues and relatives to refer you to someone they have worked with in the past and who provided them with excellent service. You can also meet agents by searching real estate websites and newspaper ads, community directories and at Open Houses.

Personality and communication style are just as important as professionalism, knowledge and availability when it comes to buying real estate. You will work very closely with this person to find your home, so choose someone you are comfortable with. Ask questions about the agent's experience and professional designations, and ask for references. Here is a simple chart to help you quickly assess the agents you are talking to.

Do you have a real estate license and for how long? [Ask for ID if you are not comfortable]

Do you work full-time or part-time in real estate? [Full-time agents generally are more accessible]

How long have you been with your present company? [Get business card if one wasn't offered to you]

What are your professional designations and what do they stand for?

Are you available weekdays and weekends?

What times during the day are you available?

In case of emergency, how do I reach you outside of these hours?

Do you communicate mostly by phone / email / texting?

Do you specialize in a specific area?

Do you work with a team or assistant?

May I call 3 buyers you have helped in the past for references?

Can you recommend other professionals to us? (eg lawyer/home inspector/mortgage broker)

Once you have decided on your agent, sign a Buyer's Agency Agreement. This Agreement means you will work with this agent exclusively for a certain period of time and, in return, the agent will work exclusively for you, as a Buyer's Agent, to get you the best deal possible and will protect your interests in all transactions. It also describes the type of property you are looking for and the compensation your agent can expect to receive at the end of the transaction. In Toronto, the Seller normally pays the real estate commission. If not, your agent will let you know.

Up Next: The Mortgage Professional

This Week In Real Estate: Week of July 4th

Jacqueline Tai, ASA, Sales Representative — Wed, 06 Jul 2011 20:23:00 GMT

The Toronto Real Estate Board (TREB, for short) has commissioned big changes to the way regions are labelled in its enormous MLS (multiple listing system) database. As of Tuesday morning, every single TorontoMLS search conducted by every single Realtor in the GTA must now be done in a whole new way. After years of the same routine that became increasingly familiar - and therefore more quickly used - for all, why would the entire system be revamped, just like that? For all of you future home buyers or sellers of course!

TorontoMLS: a system of the future!

Within the GTA, there are incredible numbers of homes to account for. With the advent of the Internet came a wonderful idea: imagine having each home in all of the GTA along with its address, listing price, availability and inquiry information, all in the same place! What emerged as multiple listing systems across the globe revolutionized Real Estate itself, making the access of listing information easier than ever. Through many ideas and updates over the years, a professional could use this amazing database to work wonders for home-buyers -- the key here being the special districts into which the GTA was categorized. These districts were an instrumental part of running a smooth, organized MLS and they provided Real Estate Agents with the clear, concise, readily accessed information that they needed to satisfy their busy working-class clients.

TorontoMLS: a living entity!

Since the inception of the Toronto MLS, we've come a long way, encountering many changes. For one, the MLS is no longer accessed via dial-up in MS-DOS, but more importantly - for which anyone who remembers the dial-up days can vouch - the GTA is just not the same. Recognizing the significant growth in urban sprawl, population and therefore number of homes, it would be ridiculous to expect the districts that were determined last decade to last forever. Besides, the district codes were seemingly random and meaningless. Though familiar to Real Estate professionals, the seller of the home was likely clueless when it came to the cryptic combinations of letters and numbers that supposedly told the world where his/her home was located. This was not the way it was meant to be. With business integrity becoming ever more valuable, why should it seem like Real Estate Agents are hiding or encoding information for our private usage? We work to make the home buying and selling process as smooth and safe as possible for our clients. City boundaries changing all the time, clients left in the dark - something had to change. It was time for something new. It seemed that the domino had toppled, pushing some of the top minds in Real Estate and in the Government to provide us with an updated, buyer/seller friendly system to once again push to the bounds of efficiency in the GTA. The TorontoMLS Re-districting had begun.

TorontoMLS: revised and better than ever!

Enough talk about the events leading up to our brand new system, what does it do? Particularly, what does the new TorontoMLS do for you? The best part about the new districts is that they all have meaningful names. No longer does a code looking like binary represent your neighbourhood. Instead, your community now has its own name! Previously, districts could be anywhere from a few city blocks square to the size of half of Toronto in some rural areas! Now, every scrap of land fits into three tiers of order for improved organization. The Area, or region, is the largest of these tiers and could be Durham for example. Pickering is a middle tier district on the municipal level. Finally, and it is in this tier that the revised MLS shows its worth, we have the community level as the smallest tier. With the addition of a community level, searches for homes can be more efficient than ever before! For example, an agent could look for homes in the Liverpool or Bay Ridges area of Pickering, Durham and be certain that the search will only return the homes in the select few neighbourhoods of these communities. Searching by community will give the best chance of providing buyers with various options within a target enclosure, ensuring results with similar appeal. Even better, the seller that lists on the MLS can understand why his/her house is listed where it is, and will likely even be familiar with his/her designated neighbourhood name!

The new TorontoMLS system is better than ever and completely for your benefit! Soon, when it is fully integrated and recognized across the GTA, you future home buyers and sellers will have an even better Real Estate experience With the best, ever-improving technology of today, we Real Estate Agents can provide each and every one of our clients with a home that fits. After all, it is our duty to make every house a happy home.

That is what's happening This Week in Real Estate. Make sure to leave your e-mail address if you would like the weekly link to this blog, or if I may help you with any of your or your family/friends' needs. Thanks for reading!

Guest-written, with thanks, by Summer Intern and son, Christian

Is Your Realtor® for Real?

Jacqueline Tai, ASA, Sales Representative — Tue, 10 May 2011 04:47:00 GMT

By law, any person trading in real estate must be licensed in the province in which he or she is working.

In Ontario, The Real Estate And Business Brokers Act, 2002 (the "Act") defines "trade" in Sec. 1:

"trade" - includes a disposition or acquisition of or transaction in real estate by sale, purchase, agreement for purchase and sale, exchange, option, lease, rental or otherwise and any offer or attempt to list real estate for the purpose of such a disposition, acquisition or transaction, and any act, advertisement, conduct or negotiation, directly or indirectly, in furtherance of any disposition, acquisition, transaction, offer or attempt, and the verb "trade" has a corresponding meaning;

The Act furthermore states that no person shall trade in real estate unless registered under the Act, and no unregistered person may receive payment for functions for which registration is required.

In plain language, this means that anyone who assists in the transfer of property from one party to another for pay is considered to be "trading in real estate" and, therefore, must be licensed. The only exemptions are lawyers and persons selling their own property.

The Real Estate Council of Ontario (RECO), http://www.reco.on.ca, is the regulatory body that is responsible for administering the Act in Ontario, and has an easy Registrant Search link on its site. There are also helpful tips and information important to every consumer.

Until next time, this is Realty News From The Hearth!

What Would You Like to Learn About?

Jacqueline Tai, ASA, Sales Representative — Wed, 16 Mar 2011 12:30:00 GMT

Having been around the real estate industry for more than 30 years, since high school, in fact, I have seen and experienced the joys and frustrations that come with buying, selling and leasing real estate. From finding your first rental apartment to buying your first home, transitioning to a larger property as the family grows, or downsizing when you've had it with grass-cutting and snow-shovelling -- we all need a place to live.

It would be my pleasure to blog about topics that are relevant to you, so feel free to suggest ideas to talk about. A request for a first-time homebuyer series has spawned a 4-parter, the first installment of which is below. I look forward to bringing more Realty News From the Hearth!

Buying Your First Home

Jacqueline Tai, ASA, Sales Representative — Wed, 16 Mar 2011 12:11:00 GMT

Buying a first home is the single, most important decision most people will make in their lives, both emotionally and financially. Be prepared, do your research, surround yourself with knowledgeable, trustworthy professionals, and this can also be one of the most rewarding experiences ever!

While it may seem overwhelming, the #1 key to success is, simply, to start. Here is a blueprint that will make the process go smoothly and help you gather the information you need to make a sure and good decision.

Make Your Wish List

As a family, take some time to draw up a list of needs for each member. Keep this to the bare essentials. That is, minimum number of bedrooms, bathrooms, parking spaces, preferred school district, and so on. This will be the main focus of your search.

Next, add your wants. Perhaps you would like an extra bedroom to use as an office, or hardwood floors instead of carpets. These are items that you are willing to compromise on and will not affect the functionality of the property in relation to the needs of your family.

Personal situations sometimes change during the search period necessitating revisions to your Needs and Wants List. However, keep your basic needs in mind and this will keep you focused.

Know Your Purchase Ability

This very important step will be invaluable to you and your Real Estate Professional when you begin your home search. To start, create a balance sheet for the family by itemizing your assets (cash, investments, properties) and your liabilities (loans, credit card debts). Request a copy of your credit bureau report with the credit score. Gather employment letters, pay stubs and income statements to verify the family income. Decide how much of your own money you will use on a purchase, called the 'Downpayment”.

Once you have this information, it's time to visit your Mortgage Professional to see how much mortgage you will qualify for and to set the purchase price limit. If what you owe is greater than what you own, or if your credit score or your income is low, it may affect your ability to qualify for a mortgage but it is not impossible, as there are many different types of mortgage programs.

Finding a good Mortgage Professional is vital at this stage.

Start Your Research

The internet is an invaluable tool for research. Besides looking at houses, you will be able to find information on first-time homebuyer programs, keep track of and compare mortgage rates, find tips on house construction, neighbourhoods, schools and much, much more.

Beware of false information, however, by visiting official websites. I suggest you start here at the Canada Mortgage and Housing Corporation, the official site of the Government of Canada, http://www.cmhc.ca. Click on the Consumer link to gain access to tools, videos and tips.

Stay tuned for the next installments: Find the Right Professionals, Making the Offer, Useful Websites

Condominium Purchases and Status Certificates

Jacqueline Tai, ASA, Sales Representative — Wed, 10 Nov 2010 18:36:00 GMT

When buying a resale condominium, whether townhouse or apartment, it is important to request a Status Certificate from the property management company that you can review before you finalize your purchase of the property. A Status Certificate provides you with a copy of the Condo Corporation's Declaration, By-laws and Rules, and more importantly, gives you a snapshot of the health (or lack thereof) of the Corporation, plus specific information about the unit you are purchasing. This is then forwarded to you and your lawyer for review and your lawyer will advise you of its contents and draw your attention to any items that should raise concern for you, as a new owner.

The cost of the Certificate is $100 inclusive of all taxes and fees, and management has up to 10 days from time of request to produce the document.

While it may feel necessary to know everything you can about the condominium you are interested in BEFORE you submit an offer, in a fast-moving market such as in Toronto, every minute counts when it comes to securing the unit you want. By making your offer conditional upon review of the Status Certificate, you are able to start your negotiations with the Seller, come to an agreement on price and closing date, and, in essence, prevent any other interested parties from buying the unit while you complete your investigation into the building and its status. If you or your lawyer find anything unusual or unsatisfactory, you are able to terminate the purchase agreement without penalty and receive your deposit back. If, however, all's well, you remove the condition and -- congrats! -- you've bought yourself a fabulous investment!

Whether it's a first-time purchase, an upgrade or a downsize, you can rely on your real estate agent to provide you with the details you need about current market conditions and to help you decide the Where, When, and How Much of buying and selling property. Just Ask!

Until next time, this is Realty News From The Hearth!

Where Does Your Loyalty Lie?

Jacqueline Tai, ASA, Sales Representative — Mon, 08 Nov 2010 04:02:00 GMT

Let's face it -- everyday, as we go about the business of life, you and I make hundreds of conscious and sub-concious decisions on how we will interact with those around us, and it's always about US first. But, what about the other guy that is on the receiving end of our decision?

Today, I received a call from a couple who had seen a posting on Realtor.ca, took a Sunday drive to preview the neighbourhood, liked what they saw and decided, on the spur of the moment, that they wanted to view the interior of the house "while they were in the area". Not an unusual request. The caller was very articulate and very excited -- had the earmark of a possible SALE -- what more could a real estate salesperson ask for on a sunny, Sunday afternoon?

But, there were challenges.

The property the couple called about was not one of my listings, and for some reason, they did not ask to speak to the agent whose name is displayed on the FOR SALE sign and on the MLS listing. Why not, I wondered, as it stood to reason that this particular salesperson would be able to answer all their questions intelligibly, quickly and efficiently. Well, that's because that salesperson wasn't in the office and they just couldn't wait for a call-back. Should the couple be loyal to the salesperson who had invested his/her money, time and effort to market the home?

Upon receiving the call, one of my first questions were, "Do you have an Agent?" and the prompt answer was, "Yes, but she's away." Whether the response was true or false, I wouldn't know; but I can tell you for sure that these nice people have been working with a real estate salesperson, they did not ask her to show them this home, and they had no intention of having me negotiate a deal for them if they liked the property. Should the couple be loyal to their own salesperson who has invested her money, time and effort to educate, qualify and show them property?

Regulation of the real estate industry has become more and more restrictive over the years as we try to find a balance between serving ourselves by providing for our families, respecting our fellow colleagues' client relationships, and serving the public in an ethical and fair manner -- all the while accepting that fact that there is no guarantee that we will earn our keep following hours of unpaid work. We are trained to disclose at our earliest opportunity what our working relationship will be with any individuals who ask us to work for them. That is, we must tell you if we are working for the Seller, or the Buyer, or both the Seller and the Buyer, or sometimes, neither. Perhaps Buyers should also be obligated to disclose up front what relationship they are seeking when they contact us.

Although this will sound strange to some, I told the couple that I was unable to show them the home and directed them to call their agent. The disappointment was tangible over the phone. I chose to be loyal to the spirit of my profession, and, really, the buying public should welcome the security they receive when a Buyer Agent pledges to work for them exclusively to protect their interests.

In our fast-paced world of instant gratification, few think about "loyalty", claiming no harm, no foul. But, is that true? No, not in my real estate world.

Until next time, this is Realty News From The Hearth.