The home buying process can be stressful, particularly for first-time buyers.

But even seasoned buyers can be disappointed when their first offer is rejected.

Luckily, in real estate, “no” doesn’t usually mean “no.” It simply means “let’s talk.”

And it’s here that you can be glad you have a qualified real estate agent in your corner, because at that point it’s all about negotiation.

A rejected offer is not uncommon. As your real estate agent will explain, it sets the stage for what can be a long process.

Just as you and your agent worked hard on a first offer that was fair but less than your bottom line, you’ll both have to work hard now on a compromise.

In the case of multiple bids, your real estate agent might recommend you cut to the chase and submit your bottom-line offer.

Your real estate agent will likely point out to the seller’s agent that this is your best offer.

Take it or leave it.

You run the risk of losing, but if you’re a first-time buyer, you may not have the resources for a bidding war.

In most offers there are other items that can be the basis of trade-offs.

These include closing dates, closing costs, inclusions and needed repairs.

No matter how much you want the high-end stove and refrigerator, don’t tie your real estate agent’s hands by insisting that those appliances be included.

You may lose your dream home for a few thousand dollars.

And don’t let emotion get in the way. That’s why you have someone to negotiate for you. When you hire a licensed real estate agent, you can be sure that he or she is highly trained and has years of experience in negotiations.

You’re in good hands, so relax and let go.

It was almost a record May for GTA resale housing sales. But do these results have legs?

After months of sales declines, the Toronto housing market rebounded to pull off a second-best-on-record performance, according to figures released recently by the Toronto Real Estate Board.

Moving into positive territory for the first time this year, GTA housing sales increased 6% to10,046 in May 2011. This despite the fact that new listings continue to decline. May new listings dropped 15% year-over-year to 16,076.

TREB President Bill Johnston comments: “The market has become much tighter compared to last year, due to a substantial dip in new listings.”

It could be that this past May was the wettest on record in the Toronto area. Or it could be that sellers are still hesitant. But the reasons for such tight market conditions are anyone’s guess. It’s not that sellers lack incentives: the average sales price of a home in the GTA continues to increase, last month by 9% to $485,520. Clearly, indications point to a seller’s market.

The question is: will the sales gains of May translate into a great selling/buying season ahead? May 2011 results provide at least some hope of a balanced market to come, but it’s too soon to say for sure. We can, however, hope for better weather. Warm and dry weather could encourage sellers to list, and a plethora of new listings could win back discouraged buyers. So let’s hear it for a sunny summer!

It looks as if the rainiest spring on record has dampened sellers’ enthusiasm, according to April resale housing figures released by the Toronto Real Estate Board. New listings in the GTA dropped by 30% in April 2011 versus April 2010, and the resulting tight market is pushing up prices.

The average price of a home in April 2011 was $477,407, an increase of 9% year over year. Meanwhile, April housing sales dropped by 17% to 9,041 from 10,898 in April 2010, part of a pattern of declining sales seen over the past several months.

The Board puts a bright face on the double-digit decline, suggesting that sales in April 2010 set a record and that this April’s performance is consistent with the average level of sales reported in the previous five years.

The fact remains that buyers lacking choice in the market will do one of two things: They’ll plunge headlong into a price war to get what they want. Or they’ll pull away from the market entirely, waiting for an increase in the number of houses to choose from.

Attention, sellers: These are motivated buyers, encouraged by historically low interest rates to get into the housing market only to find there’s not much choice. What choice there is rapidly becomes the target of multiple offers and sells well over asking. No wonder they’re discouraged.

Summer will come. So get out there and list!

Searching for easy ways to spruce up your abode? Following are some ways to transform your home for less than $10.

Turn Your TV Into Art: Newer television sets can easily display family portraits, vacation photos or your favourite scenery with the touch of a button. Just upload to the gallery, add music if desired and enjoy.

Paint It Up: Add a splash of colour to a boring old chair or bring new life to a table with bold bright colours.

Sign Your Name: Decorations don’t need to be expensive. Use a template or vinyl letters to showcase your favourite quote. Simply select a blank spot on the wall or furniture to instantly apply a thoughtful expression to your daily life.

Stop to Smell the Roses: Bring a little of the outdoors inside with the creative use of flowers, grasses, leaves, pinecones or even rocks. They add interest and colour to any décor.

Cover Up: Use old wrapping paper, string and ribbons to transform plain cardboard boxes into ultra-colourful organizers.

Soft Spots: Create soft spots with the help of a semitransparent scarf draped over a lamp, table or armchair. Use different colours to create ambiance.

Create Interest: Repurpose old jewellery, buttons and other knickknacks by adding interest to throw pillows, pull strings or other ordinary items around the home. Sew on or thread together using ribbons and lace.

The GTA real estate market is flying high these days, posting the second-best March results on record.

According to the Toronto Real Estate Board, there were 9,262 home sales in March 2011, a decline of 11% year to year.

However, results were still strong enough to capture second spot, following the record set in March 2010. Prices increased 5% in March 2011 compared to March 2010, as the average price reached $456,147.

Interestingly, condominium apartments showed one of the strongest average annual price gains, at 7%.

The media has been full of stories on the GTA’s condo market: “GTA Condo Market on the Move”; “New Condo Sales Set Record in February for GTA”; and of course the inevitable “Has the GTA Condo Market Peaked?”

In March, sales of condo apartments in the GTA totaled 2,271 units. These results actually beat February’s record total, when sales of new condominium suites topped the 2,000 mark for the first time, reaching 2,202. And so it goes.

Apparently, the number of condo units now being developed and constructed in the GTA represents the highest such number for any North American city.

Pundits have been predicting the death of the condo market for some time, but to date the announcement of its demise has been greatly exaggerated.

Obtaining the services of a professional real estate agent is the first step in selling your home. In today’s tough economic times, though, every little bit helps. Following are five ways to reduce the risk of last-minute mishaps and get the deal done:

1. Make It Easy to Move: Small things can add up, especially when making a major move. Differentiate your property by offering to pay for secure storage, rental trucks or even a hotel room. Nearly everyone dreads having to move, so making it as easy as possible is a sure way to please even the most difficult buyer.

2. Pay for a Mini-Makeover: If the property is in need of a few repairs or upgrades, seal the deal by including funds, labour or supplies for a mini-makeover. It doesn’t have to cost a lot. For example, include a few gift cards and a couple of days of labour, help paint a room or put in new landscaping.

3. Offer Monetary Motivation: Provide an additional incentive to both the buyer and agent by offering a cash bonus for closing by a given date. You might be surprised how well this works, especially when trying to sell a home during the off season or other difficult time.

4. Entice Them With Incentives: Help prospective buyers control costs by including innovative incentives like a home warranty package or energy-efficient upgrades. A home warranty is a great way to provide additional protection against unanticipated expenses, especially when working with first-time homebuyers or others on a limited budget. Other attractive options include energy-efficient upgrades like new LED lighting, on-demand water heaters or new appliances.

5. Rent or Lease Options: Sometimes the property is perfect, but the timing isn’t. Instead of letting the entire deal turn sour, sweeten things up with the use of a well-executed lease. Allow the buyers to move in early if they need the home sooner than anticipated, or lease the property back from them if they need to delay a few months after closing. It’s a great way to create a win-win situation for everyone.

Deciding whether to buy a new home or renovate your existing one is no easy task.

There are pros and cons to both options.

However, it boils down to one simple question: What do you want out of it?

If space is the problem and you love your neighbourhood, an addition might well be the answer.

A floor plan that no longer works for your family, or outdated kitchens and bathrooms, may point to a renovation.

On the other hand, if you are looking for a better neighbourhood, want to be closer to family, and are looking for more amenities, then buying could fit the bill.

For the most part, empty-nesters looking to downsize to a senior-friendly home with like-minded neighbours are buyers, not renovators.

The issue of timing is of utmost importance in making your decision.

An addition, rebuild or major renovation will almost always take more time and be more disruptive than a move.

You can move from the nightmare on 42nd Street to your dream house in less than two months, while a major renovation could take up to a year.

Moving is also generally less costly.

The decision is a wrenching one.

Don’t expect an easy answer.

Just make sure you’re getting what you want and your decision will have been the right one.