How to pick a real estate agent that suits your needs

Many factors contribute to the experience and success of buying and selling homes, but even in the digital age of a more transparent real estate market, working with a good real estate agent continues to be one of biggest impacts on either side of the transaction.

But how do you pick the right person to represent you or your home?

Before you just start asking your friends or digging through the fliers in your mailbox or hunting online, here are a few dos and don'ts you should seriously consider when selecting an agent.

Do:

Ask people you trust for agent recommendations, but take what they say with a grain of salt. Did they recently buy a home in your same price range? Have they had a successful time selling their home? Just because this agent worked out well for them does not guarantee the same experience for you.

Research. Most real estate websites, including Zillow, have online agent reviews. This can be a good starting place.

Find an agent that specializes in what you're trying to do. Don't select an agent who sells $2 million homes to help you find a $200,000 home. Check out current home listings. Do you like the photos, the description? Try contacting the agent to see if they're available for you.

Interview the agent. What is their specific marketing plan for your home? How will they negotiate so that you can be the winning bidder on your dream home? Why are they the best option for you? Can you call some of their past clients?

Set up expectations. What do you want from them? Outline your needs from the get-go so there won't be any surprises down the road.

Make sure you get along with the agent. You don't need to be best friends, but ultimately there should be some sort of rapport that allows for a successful business relationship.

Don't:

Pick friends or family. You don't want to jeopardize a friendship if the buying or selling process gets difficult. Also, be wary of hiring even a friend of a friend, or someone recommended. If you're serious about real estate, find someone that you can be honest and professional with. Unfortunately, that may not include your cousin or your best friend's spouse.

Pick someone who dually represents the buyer and the seller of the property you're looking at. They may not be able to fully transparent with you.

Be afraid to break up with your agent. Be honest and simply tell the agent it's not working out. List your reasons and be respectful.

If you're not quite ready to be tied down to a particular agent, it's better not to engage one until you've made a formal decision. You can communicate with an agent and ask for advice, but be clear upfront where you stand.

Source: http://www.mercurynews.com/real-estate/ci_20260470/how-pick-real-estate-agent-that-suits-your

Canadian home prices to gain in 2012

OTTAWA — Canada's housing market will continue to be strong this year, with rising property values expected in all major markets, real estate brokerage firm Royal LePage said Thursday.

The company's forecast called for prices across to country to rise 2.8 per cent by the end of 2012, after stronger gains last year.

Even pricey housing markets in Metro Vancouver and Toronto — where standard two-storey homes averaged $1.1 million and $629,188, respectively, in the last quarter — will see continued price appreciation in 2012, though the gain for Metro will be more muted, according to the brokerage firm's forecast.

Metro Vancouver is expected to see its average house price climb 2.3 per cent to $802,000 in 2012, while Toronto is expected to see a 2.6-per-cent jump.

"Widespread calls for a major real estate correction in 2012 simply can't be justified," Royal LePage CEO Phil Soper said in a statement. "The industry has significant momentum entering the year, and buoyed by the stimulative effect of very low interest rates, we expect the market to continue to expand — albeit at a slower pace."

However, Royal LePage said stronger gains will be seen in cities benefiting from commodity-based economies, such as Calgary, Regina and Winnipeg, where price gains will be in the range of four to five per cent.

According to the company, in the fourth quarter of 2011, the average price of a standard two-storey home was $375,427, up 4.2 per cent from a year earlier. The average rate of a detached bungalow was up 6.1 per cent to $344,392, while condominiums gained 3.6 per cent to $234,680.

Statistics Canada reported Thursday that its new housing price index rose 0.3 per cent in November, following on a 0.2 per cent increase in October, and was up 2.5 per cent year-over-year.

Price increases in Toronto, Oshawa and Montreal offset declines in Calgary, Metro Vancouver and the Ontario metropolitan regions of Sudbury and Thunder Bay, the agency said.

In Vancouver, Statistics Canada said some builders offered promotional pricing in order to sell units, which helped push new-home prices 0.3 per cent in November from October, and made the

Builders in the other areas reported lowering prices in order to stimulate sales and remain competitive, while price increases elsewhere were attributed to higher material and labour costs.

The Canada Mortgage and Housing Corp. has forecast the average price of a listed homes for resale to be $363,900 this year, up 1.2 per cent from 2011. The Canadian Real Estate Association predicted that the average price would be relatively flat at $362,700. Both forecasts were made in November.

Source: http://www.vancouversun.com/business/Canadian+home+prices+gain+2012/5985432/story.html

Real estate bill is against consumer interest

It is common knowledge that most builders blatantly engage in various malpractices-be it delay in construction, use of substandard materials, deviation from sanctioned plans, failure to obtain the occupation certificate, avoiding the formation of a co-operative society, illegal sale of parking and other open areas, misappropriation of advance monies taken for maintenance etc. Flat purchasers are always at the receiving end, with builders flouting the provisions of the Maharashtra Ownership Flats Act. The only viable, time-tested and effective remedy available to a flat purchaser to fight the might of the builder was through the redressal mechanism provided under the Consumer Protection Act.

Will consumers get better protection with the introduction of the real estate (regulation & development) bill by the ministry of housing and urban poverty alleviation? Though this new legislation appears to project a rosy picture, an analysis of the various provisions will show that in reality it will be beneficial to builders at the cost of the flat purchasers.

Under Section 2 (c) of the new law, by a legal fiction, opens spaces are included under the definition of "apartment". Once the bill is passed, builders will be legally entitled to sell the open spaces (like parking space, terrace and private garden) for independent and private use. At present, as per the interpretation of law by the Supreme Court, sale of open spaces by a builder is illegal, as the land and other open spaces would belong to the society. The new law will help builders overcome this well reasoned judgment and profiteer by selling the open spaces.

Section 3 of the bill provides that a builder must compulsorily be registered with the real estate regulatory authority for plots measuring 4000 sq. metres or more. Most of the buildings are constructed on smaller plots. Hence this provision will not be applicable to most builders.

Section 18 of the bill provides for establishment of the real estate regulatory authority comprising of one chairperson and two members. There law does not mandate the appointment of any judicial officer on the authority. So, given the way our country functions, the appointments may be made to favour persons with the "right connections". The composition of the authority and its strength of three members will be inadequate to cope with the construction and development projects being carried out throughout the country. Also, it would be difficult for the common man to approach a remote centralized authority.

Similarly, the real estate appellate tribunal comprising nine members, to be constituted under section 35, will be unable to set up Benches throughout the country to deal with disputes. Accessibility to the redressal mechanism will become more difficult and costly.

Section 46 provides that the order of the tribunal can be enforced like the decree of a civil court. This proceeding is lengthy, cumbersome and costly. Unlike the consumer fora, the authority or tribunal under the new bill does not have power to adopt penal proceedings/criminal prosecution for non- compliance. Such proceedings would have to be initiated by the authority or tribunal by filing a complaint before a criminal court, and the flat purchaser would not have any idea about what is happening in such pro-ceedings.

Section 47 provides that the decision of the appellate authority would have to be challenged before the Supreme Court. The quality of adjudication by the authority with no judicial member would be questionable. The rates of appeal would be high. The cost involved would also be high. The tribunal would not be easily accessible to the common man. The three-tier redressal system under the Consumer Protection Act would be much more effective and economical.

The most anti-consumer provision of the new law is Section 60, which states that no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act. The new law, thus, takes away the alternative, efficacious remedy which was hitherto available to a flat purchaser under the Consumer Protection Act.

Source: http://timesofindia.indiatimes.com/city/mumbai/Real-estate-bill-is-against-consumer-interest/articleshow/11248135.cms