Scarlett Li's Real Estate E-Newsletter

GTA RE/MAX Agent Scarlett Li - A Realtor Who Knows Life With Style


	Featured Article: February 6, 2009 Increase Resale Value of Your House Dear friend, The 2009 Budget introduced three positive tax changes to support home ownership. Perhaps the most exciting personal tax measure for many Canadians will be the introduction of the new temporary (after January 27, 2009 and before February 1, 2010) Home Renovation Tax Credit (HRTC). According to the government, the purpose of the new HRTC is to "stimulate economic growth and encourage Canadians to invest in improvements to their homes." For 2009 only, individuals will be able to claim a 15% non-refundable tax credit for eligible expenditures made in respect of their homes. The credit applies to any expenditures above $1,000 and up to $10,000. As a result, the value of this new federal credit is equal to a maximum of $1,350 ([$10,000 - $1,000] X 15%). (For more details on HRTC, click here.) Renovations can drastically influence a home's market value. No time is better than now to plan on renovating your house if you have been thinking of that for a while. Re/Max conducted a Survey which found properties with updated kitchen cabinetry, hardwood flooring, new windows, an openconcept and a finished basement appeal most to today's selective purchaser. I recently did a "Flip the House" project, the kitchen and bathrooms where I identified as out-dated and likely have negative influence in the protpery were redone. Below are some BEFORE & AFTER photos to show the end result, which make the property much more appealing in the key area. For more details and larger photos on this flip project, click here. If you know of someone thinking of buying or selling, please let me know, I am never too busy for your referrals and I do appreciate your help!


	Market Watch The market today is the perfect market for buyers to buy in!! Moderated housing prices combined with low interest rates could present excellent long-term investment and homeownership opportunities in the GTA housing market. Current selling prices are a reflection of more choice in the existing home marketplace. At the same time, low mortgage rates have helped keep ownership housing an affordable option. Given that we are not facing an early-1990s-style affordability crisis, the rebound in the housing market will likely be quick once economic recovery takes hold. If you look at graphs of 1981-85 you will find that, although sales fell much like today, the average price actually went up...and the same is happening today. Market Watch says: "For 2008 as a whole, prices averaged $379,347, compared to the $376,236 recorded in 2007, and the $351,941 average recorded in 2006".(TREB) So prices are up and will continue to rise. Why would anyone wait to pay a higher price by waiting? A buyer has a choice, he can buy now while everything is in his favour or he can wait and take his chances as to how much the average price will go up before he jumps in, and when the choice will be lower, the conditions not in his favour. A buyers motivation should be much stronger to buy right now than any time in the past 5-8 years, or in the unknown future. Click here to read the TREB report on January market

Scarlett Li
RE/MAX Realtron Realty Inc., Brokerage
Direct: 416.705.5812
Office: 416.289.3333
E-mail: scarlett@liscarlett.com
www.LiScarlett.com

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