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What Can You Afford?

To get a better idea of what you can and can not afford you should ask yourself these questions:

  • What is your annual household income before taxes?
  • What are your debt payments?
  • How much do you have for a down payment?
  • How much time would you like to take to pay off your mortgage?
  • What kind of home financing may be right for you?
  • What are the estimated monthly homeownership costs?

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

What To Expect in 2016

As stated in one of Tembo’s previous posts, the average national sale price is expected to hit $448,700 this year.  This is an increase of 1.4% year-over-year which is a major decrease from the 8.4% year-over-year Canada experience in 2015.  So what can we expect from this year? The real estate market is expected to slow which will be quite noticeable after coming off one of its best years on record.  This slow is expected to be quite dramatic since the market is already showing signs of stress with markets outside of Toronto and Vancouver experiencing increasing downfalls.  An economist from the National Bank of Canada stated that “the Canadian real estate market is already in correction mode”.  Though these dramatic market changes

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Will 2016 Be Another Record Year in Real Estate?

The Canadian Real Estate Association (CREA) recently stated that they expect average national home prices to increase by 1.4% in 2016 to an average cost of $448,700 with Ontario leading the other regions at an increase of 2.9%.  Though the average home prices in Alberta, Saskatchewan, and Newfoundland and Labrador are expected to fall, the national average will still be up.  Canada’s most expensive markets: Toronto and Vancouver will see a slightly negative effect due to the newly announced federal reforms to mortgage rules.  CREA Chief Economist Gregory Klump says that the higher end market will be impacted the most from these federal changes, specifically for homes that sell for over half a million dollars.  Even with these negative factors, the national average will be on the rise again suggesting 2016 will be another record breaking year.

The Canadian Real Estate Association 2016 Housing Forecast can be viewed here (crea.com).

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

GTA Home Prices Up 10%

The average home price in the Greater Toronto Area (GTA) has increased by 10%. GTA Realtors reported nearly eight thousand residential transactions through the Toronto Real Estate Board (TREB) MLS in August of this year. This is nearly a 6% increase from the sales reported in August of 2014. Furthermore, the annual growth rate in new listings was greater than the annual growth rate in sales. During this period the average selling price for all types of homes were up substantially. According to Mark McLean, President of the Toronto Real Estate Board homes in the GTA were up approximately 10% year-over-year. With 2015 being a record year for home sales this increase was obvious as competition between buyers exerted upward pressure on selling prices. These trends have thus far remained consistent to last years transactions as we head into the winter months, now we question whether or not 2016 will be another record year.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

Open Houses

Many people question whether or not open houses are still effective when everything could be online.  Though it is more convenient to post photos online, open houses still prove to be the most effective.  If you are seriously considering a house, you must see it and definitely more than once.  This is also very important for the seller to understand.  Open houses are vital for potential buyers who do not have an agent.  Though many people use real estate agents, there is still a large portion who chose to do it themselves.  Open houses are the easiest way for people in the home search process to see homes.  It aids the decision process and leaves you with someone or if your lucky a group of people who are serious about purchasing your home.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Finding The Right Real Estate Agent

It is very important to find the real estate that suits you because they will be playing a key role  in your life, essentially helping you make the largest purchase you’ll ever make.  Your agent will represent you in the buying and selling process to other agents and people.  Your agent will ask some questions about you and your expectations to best suit your needs.  But remember you should also be getting to know them to ensure they are the agent for you.

Here are some questions to ask your prospective agent:

  • Is real estate your full-time career?
  • How well do you know this area?
  • What are your average timeframes for buying or selling?
  • How much of your business comes from referrals?

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

Take Out The Emotions

When selling a house you must think of it like you are selling a product. Take all of your own emotional attachments out of it. Sellers must accommodate potential buyers, those who request an appointment need to be your priority because they are attempting to make a commitment which separates them from the neighbours who toured the open house. It is important that your home is accessible to potential buyers, if they want to see it at a certain time, make it happen. Some sellers think the buyer should accommodate to the homeowners schedule whereas the seller needs to realize how many other homes (just like their own) the buyer may be looking at.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

Toronto’s High Priced Market

According the Economist, Toronto has the highest housing prices in relation to its rental rates around the world. This survey suggests that Canada’s markets are more than 30% overpriced. Canada has now joined Britain and Australia as countries with notable over-valued real estate markets. It was found that Canada topped the charts when comparing countries’ housing prices to their rental rates. Though property prices were on the rise around the world, rising at 4.7% annually, Toronto remains to be among the highest.

Furthermore, the average rental rate for a one-bedroom apartment is $1,200 per month, while the average one-bedroom condominium is over $400,000.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

Starting A Family With Rising Home Prices

A new survey found that 72.1 per cent of millennials believe their ability to start or expand their family is directly impacted by real estate prices in their region. For example, in Toronto a detached home now sells for an average price of $1 million which can be quite out of reach for many looking to start families. This leaves the only feasible solution other than renting to be condominium living, which can be done for much less than $1 million. However, the majority of condominiums available in Toronto are only one-bedrooms which would cause an issue for someone looking to start a family. Furthermore, according to Urbanation Inc. only five per cent of new condos in Toronto have over three bedrooms. Therefore, millennials looking for the typical family household with a backyard are forced farther and farther out of the city.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!

*Subject to qualification.

Tips for New Homeowners

After completing your home search, making an offer, and accepting the terms you are now on your way to becoming a homeowner.  Owning a home is a major financial task and with it comes a number of responsibilities.  Some of these include making your mortgage payments on time, planning and managing the operation costs of the home, saving for emergencies, living within your budget, and maintaining your home.  It is also important to go over home safety which includes: fire evacuation plan, fire extinguishers, smoke alarms, and carbon monoxide detectors.  You should also take security measures like eliminating fire hazards, protecting your valuables, and keeping emergency numbers.

If you are planning to renovate or make any changes to your home it is important to remember that though you want your home to meet your needs and personality, any changes must be appealing to another buyer later on.  The most appealing things to buyers are the bathrooms and kitchen so updating these areas could increase your resale value.  Landscaping is another factor that could be personalized to you and potentially also increase the value of the home.  Other ways to appeal future buyers include: new roof, resurfaced driveway and walkways, new windows, new garage doors, and new front door.  Upgrades like these will save the next buyer from having to do them and make the home more appealing, while also allowing you to enjoy them.

Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations?  Tembo Financial can help!  Tembo offers this unique service to homeowners in Ontario and the GTA.  You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you.  Don’t wait, start today!

*Subject to qualification.

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