Blog › August 2012

ForSalebyOwner.com Founder Uses Agent to Sell Home

The founder of a popular for-sale by owner Web site used a real estate broker to help sell his 2,000-square-foot, two-bedroom New York apartment after it lingered on the market for six months.

Colby Sambrotto, the founder and former chief operating officer of ForSalebyOwner.com, tried to sell the property himself by listing it online and through classified ads, but after six months of it sitting on the market, he sought the help of a real estate broker.

Broker Jesse Buckler told Sambrotto the condo was priced too low and wasn’t attracting the right buyer for the condo.

"At first he wouldn't let me increase the price," Buckler said. "I told him I know what I am doing—the market is picking up."

The condo soon attracted multiple offers and ended up closing recently for $150,000 more than the original asking price.

Source: RealtorMag l Daily Real Estate news

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Scotiabank forecast: Canadian interest rates will remain low

The Bank of Nova Scotia has released a new forecast which tells Canadians to expect low interest rates until 2014.

In the forecast, Scotiabank economists Dov Zigler and Derek Holt estimate the economy will likely average 1.9 per cent growth this year, and 1.8 in 2013.

"At best, we're going to see a very slow-growth environment which downsides risks," said Holt.  He went on to note that most developed countries will be in a similar position.  He expects that strong growth will come from emerging economies like India, Indonesia, and China.

The report noted these factors should keep the Bank of Canada on hold at the current policy interest rate setting into 2014.

This goes against indications from Mark Carney who has signalled there may be a rate hike in the future.  An article from The Canadian Press explains Holt's argument, saying "that given the many global central bankers are easing lending conditions, any counter action from Canada will light a spark under the dollar, further weakening exports."


Home Inspections: Facts you need to know!

Myth or Fact: A home inspection is a warranty that everything in the home you are about to purchase is in order. MYTH! It is really important that you understand that a home inspection is one person's opinion about the state of the home at a given point in time.  That's all it is.  The home inspections industry is unregulated so while most of the inspections are pretty good, you should do some homework.  For example, are they insured? What is thier background? You have to be fair to your inspector.  He/she cannot see behind walls and is not responsible for Latent Defects.  The Seller is the only one who can advise you about that.  The inspector is not allowed to do any invasive exploration.  He can't go around moving furniture or opening walls.  Most of the time the inspector is going on instinct and experience and will often suggest further investigation.  This would require express permission from the Seller.  Read the limitations on the inspection report.  The warranty is usually limited to the price of the inspection.  Make sure you feel comfortable with your inspector and be realistic; he is not superman.  But he can help reduce your risk when buying real estate.