Most hot listings get snatched up the 1st day they come on the market. Know all the market values ahead of time so when a good deals comes along you waste no time and put the offer in right away.

They may accept a lower price than the balance due on the mortgage. If you happen to come across open house signs this means that the seller is eager to find buyers. You can also check with the local Brampton real estate agents for the houses that are on the market and the amount of time they have been listed. When there are more properties on the market then seller tend to be more anxious to find buyers. However, when interest rates begin to go up some buyers will stay out of the real estate market. This will make a more favourable purchase. The prices will fall as the interest rates rise. Another rule when buying in the market is to compare rents of similar properties.

What would the rent be for the house? If the rent annual rent is more than 6% of the purchase price then it is not a good deal. When you are considering the best time to invest in the real estate market takes into account the market and where you live and if it is stable? If the prices are going down you could owe more on the property you have purchased then the market value a year down the road. So unless you are going to hold onto the property for a very long time you will be trapped into a house without equity. At this point it would be impossible to refinance for any repairs or renovations or to lock in a lower mortgage rate.

The builders of new subdivisions have overstocks now as the prices have dived. There could be some good buys if you look into new construction. However, be careful and ask questions and make sure there is a new home warranty. The fact is as prices fall builder are tempted to cut corners during construction to lessen losses. When you find a property you like with long term workability and you have to pre-arrange a mortgage that you can afford then you can buy. Then have a home inspection done and not the costs for repairs and maintenance over the next couple of years.

If you can make all the mortgage payment, insurance, taxes and maintenance and you think the property meets your needs then it is the time to buy. However, if the economy inflates the money for your bills will deflate and you will be ahead in the long run. You will be building equity in your property as long as the housing prices don’t fall. Remember, before you invest in the Brampton Real Estate Market research the areas of growth and make sure you have a good investment.

You can expect the budget to be about 2% of the purchase price of the home in the closing costs. So if you are buying a $200,000 home you will be paying around $4,000 for the closing costs. This is a general outline. You have to ask the people involved with the deal to get a better idea of what the costs will add up to in the long run.

-Home Inspection: A qualified inspector can access your property and find any defects as well as give you information on your home. This will cost between $250- $350.

-Appraisal: The lender arranges for an appraiser that will give their professional opinion on current market values for your home. This can cost from between $100-$300.

-Legal Fees: For this your lawyer can handle all the paperwork for the purchase of your home. You will have to apply for the legal fees in the closing of your home and mortgage and any additional disbursement fees that will cover things like the courier costs, photocopies, faxes, supplies and other registrations. You must remember to ask for a quote. This will cover the disbursement fees and you won’t be caught and shocked later. The fees will vary but usually they will be around $1,000-$1,300 factoring in the lawyer and life events.

-Land Survey Title Insurance: The seller will probably give you the survey of the home. However, if not you can get a replacement for around $600-$900. There are also many lenders that will accept title insurance and that will only cost you a few hundred dollars which will save you money. Make sure you talk to your lender and see what can be worked out.

-Fire Insurance: You have to have and maintain fire and extended coverage insurance. This will continue for the length of the mortgage or for the replacement value of the building. The cost can vary and depends on the home, the amount of coverage and the insurance company you are dealing with. It will also depend on the city. However, you will probably pay anywhere from $250-$600 a year.

-Ontario Land Transfer Tax: You can find this on line and learn how to calculate them as far as your purchase.

-Interest Adjustment: Mortgage payments are due the first day of the month. However, if your closing date doesn’t fall on that day then you have to prepay the amount of interest accruing to the first of the next month. This is called the interest adjustment date. This period could be shorter if you have a bi-weekly or weekly payment.

-Mortgage Insurance and PST: The insurance premium is added to the mortgage so you don’t pay in cash on the closing date. You still have to pay the PST of 8% on closing.

-Closing Adjustments: This will cover the utilities that the seller prepaid and will get from you.

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Thinking of selling? Consider hiring a Brampton real estate agent that charges 1% real estate commission

The Tarion Corporation has honoured them with the “Presidents Award.” Recently, they also won the “Builder of the Year Award of Excellence” in the Large Volume Builder Category. The company’s success comes from their attention to detail along with their innovative design features. Their specifications are very different then the norm in the industry. Their “Innovation in Design” starts at the home design stage keeping the families and everyday living in mind. Arista brings unique design, attractive streetscapes and valued services to each community. They strive for attention to detail and success in every project.

One of the new home projects that Arista is developing is Magnolia. This community is surrounded with a beautiful landscape including a lake. The community will accommodate 1,400 homes and the first batch will have 238 homes. Arista Homes is offering many new designs of semi detached and detached homes. Through this community there will be trails, parks and ponds and the Heart Lake nature trails and the entire Brampton trail system. Another home project in Brampton is Green park Homes. It is Canada’s largest home builder and has over 52,000 homes that have been built and sold in the Toronto area.

They have 42 years in the business and serve with quality, location, selection and value when they design and build their communities. Green Park scans every site each week and every home project is reviewed for progress and gets updated. They are committed to the best in home quality. Another home project is Mount Pleasant Village in Brampton. This is all about the new era in community building. This can offer families everything they need to enjoy a great lifestyle and find everything they need within a 5 minute walk. The major features include transportation, recreation, shopping, entertainment, education and nature all in one neighbourhood.

The community will have a GO station and a Village Square that will have a reflecting pool that will convert to a winter skating rink. The main street will contain live work town homes. There will be a library, schools and green acres of fields, wood lots, waterways, trails, parks and scenic outlooks. Remember all this can be found with a 5 minute walk from home. The community will have more than 120,000 trees and shrub that will be planted to give the feel of nature and ensure there will be birds and wildlife in a safe habitat. If you want to get out with the family you can enjoy a nature walk right in your own community!

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If you have questions about any new Brampton homes projects you can drop me an email.

Here is a quick summary:

Semi-detached homes:  158 listings

Detached homes:          689 listings

As mentioned in Brampton homes, there are many older homes available for sale in Brampton as well as new.

If you are looking to buy or sell a house in Brampton or would like more information about Brampton homes, feel free to contact me.

There is a lot of new development happening in Brampton, especially to its north and east side. But along with that you’ll still find a lot of older and well established neighbourhoods. Which is the reason you’ll find a variance in price. No matter what your budget, there is a home to fit your need.

Up until December 7, 2009, over 5,900 homes were sold in Brampton.

That’s up from approximately 5,200 homes sold in 2008.

Of all the homes that were sold in Brampton, approximately 4,400 were detached/single homes, meanwhile semi-detached accounted for around 1,500.

If you are searching for homes in Brampton, feel free to contact me.