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Exclusively Offered for Sale: 28 Hill Drive, Aurora

This home at 28 Hill Drive is not on MLS/Realtor.ca until March 30th, 2017. We are currently getting professional photos done and they will be ready soon. Until then it is listed exclusively with us here at RE/MAX Hallmark York Group Realty Ltd., Brokerage.

28 Hill Drive is absolutely gorgeous. It’s been renovated from top to bottom. The only thing that isn’t brand new is the roof which was done just a couple years ago so it didn’t need it!

On the outside of 28 Hill Drive you’ll find a gorgeous wrap around deck with doors leading out to it from multiple locations in the house. There’s pot lights, solid hardwood, and the home has had walls removed to make it more open. If you’re familiar with the original model this home was based off of, this has been upgraded quite a lot. All the work was done with the proper permits as well.

28 Hill Drive in Aurora has 3 bedrooms and 3 bathrooms. The master bedroom has a big master walk in closet and the ensuite bathroom has a soaker tub and beautiful shower.

If you want more information or to get photos sent to you when the photographer has finished just click the button below. We’ve included a few photos of the property below in the mean time while we’re getting ready to go on Realtor.ca on Thursday with this property.

 

Bully Offer Defined and What to Do If You Encounter One

 

bully offer

The term “bully offer” is not one you want to hear when putting in an offer. When you decide it’s time to sell your house, there’s a process you will be advised to follow. Once listed, a date will be chosen signifying to buyers when you will begin to accept offers. This date is usually seven days from the day on which the house is listed. Yet, there are circumstances in which you might receive a bully offer from a potential buyer.

 

What is a Bully Offer?

A bully offer is another term for a preemptive offer. The potential buyer will submit a bid to their agent. It will then be delivered to the seller before the official bid review date.

There has to be good reason for a potential buyer to submit a bully offer. Their real estate agent won’t waste your time by submitting an early offer that’s low. Nor will your agent take any such bids to you before your review date. A potential buyer that is submitting a bully offer is typically willing to pay above the list price to avoid competition. The offer is usually free of any conditions and will be submitted with a bank draft for deposit.

 

Accepting a Bully Offer

If you agree to look at the bully offer, then your official bid review date is void. Your agent will then be obliged to let all the other agents and buyers know that there is no longer a review date. This will also give other buyers a chance to submit competing bids right away.

To avoid competition, bully offers will generally have a short irrevocable date. This gives you only a short amount of time to make a decision. The buyer will do this to try and prevent competing buyers from getting their bids together.

 

You should always discuss the offer with your real estate agent to make sure you make the right decision.

 

 

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Listed for Sale: 23 Reuben Street in Aurora!

Listed for Sale!

Take a look at our beautiful new listing on 23 Reuben Street here in Aurora!

Nestled on a quiet street in the old Aurora Village surrounded by fine multi-million dollar properties sits this magnificent home that has been beautifully restored to resume its stately position. Extensively updated with today’s luxurious finishes, features that include a spectacular kitchen with a copper antibacterial sink and top-of-the-line Italian Bertazzoni & Fhiaba appliances, English hardwood throughout, state of the art bathrooms finished with marble, and stained glass and stone mosaic tiles.

Price: $1,498,900

For more information about this stunning home, contact us at info@northofthecityhomes.com

 

MLS#: N3733858

 

What’s the difference between a closed vs open mortgage?

If you’re planning on investing in buying a new house in Aurora, then odds are that you’re going to have to apply for a mortgage. There are two main types that you’ll have to choose between – a closed and an open mortgage. The following is a brief rundown of the differences between the two.

Closed


One big advantage of choosing a closed mortgage is that they have lower interest rates. There is a lot less flexibility in how you can pay it off. This is because there are penalties in place in the event that you pay your loan off early. Closed mortgages generally allow for accelerated payments. In some cases, a lender might allow you to pay an annual lump sum or double up on your scheduled mortgage payments.


The fees for paying off your loan before the term ends can be a bit stiff. These fees are known as break fees. They can amount to either the sum of three months of interest or the interest rate differential. If you end up having to sell your home before the loan term ends you could end up with less money because of the break fees.


Open


An open mortgage allows for way more flexibility than a closed. There are no break fees, which mean that you can pay it off in its entirety any time without any penalties. This can be beneficial if you want more freedom or if you plan on moving to a new house within a few years.

Yet, there is a drawback. In return for this flexibility, you will most likely have to pay variable interest rates that can be high. But, an open mortgage does allow you to switch to a regular fixed rate.


Both open mortgages and closed mortgages have their pros and cons. Deciding which is best for you depends on what your personal needs are. If you plan on staying in your new home and want to save money on interest, a closed mortgage may is your best option. If you want the flexibility to pay off your mortgage, an open mortgage may be better suited to your needs

New Listing: 167 Carlyle Crescent

Welcome to our newest listing at 167 Carlyle Crescent in Aurora.

167 Carlyle Crescent is a 4 bedroom home that was originally 5 bedrooms. The home also has 3 bathrooms. It has a finished basement and is 2,700 square feet. It’s on a good sized corner lot on Carlyle Crescent which is one of the most sought after areas in Aurora. With good schools and a family friendly neighbourhood its a great place to be. The backyard in the summer is gorgeous. Who needs a cottage when you can hang out in your beautiful backyard?

This home is being listed for sale at $1,298,888 and is not expected to last long on the market.

 

Our photographer is currently putting getting everything together and photos/virtual tour will be made available once completed. In the mean time you are always welcome to reach out to us directly about this property.

For more information or to book a showing at 167 Carlyle Crescent you can call/text Barb Blaser at 905.841.6300 or email barb@northofthecityhomes.com.

 

MLS: N3729719

New Listing Coming Soon to MLS in South Aurora

We have a beautiful home coming on the market soon. We’re currently getting it ready for sale so pictures and more information will be coming soon.

This is an elegant 2-story home located on one of Aurora’s best streets. It has an open floor plan with great flow and large windows. A lot of natural light! There’s a grand circular staircase open from the basement all the way up to the second story. It has great spaces both inside and outside the home for entertaining.

The home has a new gourmet kitchen. Complete with granite counter tops and stainless steel appliances. You can walk out through garden doors to the large interlocking deck which has a water feature. Just wait until the weather turns!

The front and backyards have been professionally landscaped. The lot has many mature trees and perennial gardens that are both beautiful and provide privacy.

The home has a large master bedroom suite but if you wanted to you could easily retrofit to the original 5-bedroom floor plan. This home has too many upgrades to name. It’s truly a beautiful home.

Did we mention it has a finished basement with built-in cabinetry and lots of storage?

 

Do you want more information or to be notified when this home is available for showings? Just use the button below.

 

New Listing: 382 Downy Emerald Drive

 

Welcome to 382 Downy Emerald Drive in Bradford!

Price: $1,298,000

Bedrooms: 5

Washrooms: 4

Lot: 49.85’x114.8′

This home is an absolute gem in the Summerlyn Village by Great Gulf. It’s approximately 4,000 square feet (Oriole Model) with numerous upgrades. They include Professionally landscaped front yard. A large patio in the back and interlocked sides.

The home features 3.4″ Maple hardwood on the main level and an upgraded Maple Kitchen with Quartz counter tops. So many more upgrades to name. Watch the video or check out the photos below to see the home!

 

If you’d like to book a showing or get more information just reach out at info@northofthecityhomes.com or 905-727-1941.

 

SOLD!

Do I need a REALTOR When Selling my Home?

Have you ever asked yourself if you need a REALTOR when selling your home?

 

You’re an intelligent, well-informed, resourceful person, so you might be thinking that selling your own home is a good way to save money. Before you try selling your home yourself, however, consider a couple of questions. If you had cavity, would you treat your tooth yourself or hire a dentist? If you were facing life in prison for a crime you didn’t commit, would you defend yourself or hire a lawyer? If you chose to hire professionals in those situations, why would you trust a huge financial transaction like selling a home to anyone but an experienced professional? (With that being said, we acknowledge the apparent bias of REALTORS telling you that you need a REALTOR. Even if we 100% believe it to be true!)

Realtors Can Tap Hidden Information and Resources

Lots of information about the real estate market is available in newspapers and online, but there are a variety of hidden factors that affect selling your home that are only visible to professionals who work in the market day after day. If a REALTOR doesn’t know something specific, they know someone else in the profession that does. In order the get the price for your home that you truly deserve, you’ll need the information that Realtors have that may not be available to you.

Realtors Have Expert Negotiating Skills

Negotiating the price of a home isn’t quite the same as getting a good deal on a used car or television. When large sums of money are involved with selling your home, people’s fears and anxieties emerge in strange ways, but Realtors have enough experience working with buyers to know what makes them tick. A Realtor will both know what to say and what not to say to get a buyer to move in the direction you want.

Realtors Understand the Complexities of Closing

Selling a home involves a wide range of complex documents and contracts that require specific information and timing. A single piece of missing data can prevent a sale from closing, and even non-stop studying of regulations and guidelines is unlikely to give you all the knowledge you need regarding inspections, deeds, warranties, contracts, and other documents. A Realtor can make sure all your papers are in order on your side of the transaction. There’s no price you can put on your peace of mind during the process of buying and selling homes.

Whether you’re selling a modest single-family home or a luxurious estate, a Realtor will provide support and guidance that simply isn’t available from any real estate book, magazine, or Internet search engine. Realtors operate on a strict code of ethics. You can even look up REALTORS through the Real Estate Council of Ontario (RECO) and see if any of them have had any ethical breaches. It’s all public information.

Buy a Brand New Condo in Aurora!
 

Want to own a brand new condo in Aurora? This is your opportunity. Our client bought a brand new 1 Bedroom + Den condo in the Aurora Arbors condo development by Brookfield. It’s a gorgeous unit. Our client is no longer going to be living there and is looking to sell her unit.

You get all the benefits of a new build without as much of the hassle. Due to current agreements in the purchase agreement we are not allowed to put too many details in the post (this is not uncommon for new condo sales, its the norm). This is whats called an assignment sale. We want to assign the purchase contract to someone else who wants to.
Since the building hasn’t been finished and our client hasn’t taken possession yet they can’t technically sell the unit the traditional way since its still owned by the developer. What’s actually happening is they are assigning their current purchase agreement to whoever wants buys it. So you’re buying their contract to buy the unit off of them. All that means really is that the paperwork you do the deal on is slightly different. You’ll still have a lawyer review it and the end result is exactly the same!

What we can tell you right now:
Its approximately 722 square feet with 1 Bedroom + Den
1 Bathroom
Breakfast Bar
Large Windows
9′ Ceilings

If you want more details about this unit please reach out to Barb Blaser at 905-841-6300 or email us at info@northofthecityhomes.com.
Changes to the Mortgage Rules

Did you hear the news that the Bank of Canada changed some rules in an attempt to cool the real estate industry? Its a series of new regulations mainly aimed at the Toronto and Vancouver markets but its designed to try and help keep people financially healthy if and when the mortgage rates rise.
On October 17th, 2016 the biggest change thats coming that people will notice is the change in how they get approved for a mortgage. If you’re going to have less than 20%  downpayment on a house in Aurora then you’ll have to get approved at the posted rate.
For some, this will have a significant effect on what they can qualify for. For example, if you were only putting 5% down on a property, and depending on credit score and your debt situation, you may have qualified for $738,000. Once October 17th comes and goes then you’ll only be able to be approved for mortgage of $585,600.
These changes can be significant for some. If you plan on purchasing a home over $1,000,000 or have more than 20% down than this change does not apply to you. Homes over a million dollars or homes with 20% or more downpayment are not insured through CMHC.
That means if you want to qualify at the current rates instead of the higher posted rate you need to either have more than 20% down or be buying a home over a million.
This will have a short term effect on the townhouse market in Aurora and we will have to wait and see if it has any more than a negligible impact. It may eventually trickle up the price points and start bringing down the average price but that is not expected to be in the short term.
If you have any questions about how the changes may effect you then get it touch and we can help you out.