A few of the home buyers are finally taking a bit of a vacation from shopping.
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
Thursday, July 19, 2007
June 2007 Market Watch
A few of the home buyers are finally taking a bit of a vacation from shopping.
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
But even though the number of home sales slowed down by 6% compared to record-breaking May, June's sales were still up almost 20% over the same month last year.
The average price of a home went down slightly by less than one percent to $381,963, but don't take that as a sign of a declining market. It's simply a reflection of the slower summer season.
It's still a great time to buy. Inventory is still good but other shoppers may be on holidays.
If you are selling and have flexibility in timing, try to hold off until the fall. But if you have to sell now, you will still see solid activity.
On a record-breaking note, a Forest Hill home may be the most expensive piece of Toronto residential property - it sold for $15.8 million. Just think, if they bought it next year, they might have had to pay an extra $312,000 in proposed land transfer tax increases!
Neighbourhood Watch - June 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $647,049
Semi-detached: $477,510
Condo: $319,133
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $415,256
Semi-Detached: $388,488
Condo: $185,710
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $459,592
Semi-Detached: $419,510
Condo:$388,280
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $836,540
Semi-Detached: $512,750
Condo: $258,986
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,973,567
Semi-Detached: $1,448,333
Condo: $589,200
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $1,434,230
Semi-Detached: $462,913
Condo: $452,680
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,548,882
Semi-Detached: $390,000
Condo: $413,892
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
Tuesday, June 19, 2007
How to Survive Real Estate
While buying or selling a home may be one of the most exciting things you can do, it is also one of the most stressful. Anyone who says otherwise either doesn't know, or is lying!
Having just recently bought a new house and having sold my own home, I can tell you first hand from my experience...increasingly gray hair, a wife ready to permanently check-into a spa and no idea where most of my belongings are.
But we came out the other side with a new home we're looking forward to renovating, a 'perfect' home to live in the meantime until closing (minus the nice pillows the stagers brought in), and a sale price that made it all worth it.
But where does all this trouble start?
Let's walk through the rollercoaster of real estate and I'll give you a few good tips to minimize the stress along the way.
Let the shopping begin...
Sure, it starts innocently enough. Maybe it's your first home or you just started snooping at open houses. At some point, you get serious. The dreaming begins, you start to see your entire life unfold...all the great parties you'll host, the children running around in the yard, the visions of new kitchens dancing in your head.
Get your financing in order.
My wife says it's like finding a pair of Manalo Blahniks in her size, on sale, and no wallet in her purse. It's even worse to put a financing condition on a property that is getting multiple offers or putting an offer in without it and wondering if your banker will answer your call.
It's ok to want it.
While the shopping has been fun, the time comes when you find THE place. If you're competing with other home buyers for a home, you can't help but get your hopes up, despite everyone telling you not to. So go with it, let yourself want it but realize that if it doesn't work out, there truly is a reason.
Go big or go home.
If you are going to put an offer in, prepare to make your best offer. It's not just about price. First, get over paying more than what they are asking. Many people 'hold back' and list their home below market value to generate more interest in their home anyway. Pretend you never saw the listing price. What would you be willing to pay for the home?
Keep it clean.
Make your offer 'clean', as they say in the business. A home inspection may have been done already and your financing should already be in order. Try to work with their possession date. Living with the in-laws for a month may not be your idea of fun but if it means you get the home you want, it's worth it. Well, maybe.
Time to Sell Your Home...
You may not have one to sell, but if you do, this is where it gets a bit scary.
In today's market, people are often buying before they have sold. And when they've bought, it usually leaves them 2-3 months to get rid of their old place.
My wife has had a lot of experience with this approach, but when we bought our first house before I was an agent, we still had to sell our condo. I thought I was going to have a heart attack.
It's not as risky as you think.
If your home is made as attractive as possible to buyers, and is priced appropriately for the current market conditions (not when your cousin sold three months ago) then it will sell. You also have some financing options to bridge your mortages for up to 60 days.
Your home is a product to market.
It still shocks me when I see a home for sale with the christmas lights still up. You should be treating your home as a product that needs to be marketed to get the best price. So yes, this means putting your kids ant farm away and taking down the holiday decor.
Get Time, Get Help and if you can, Get Out.
You should plan to take a couple of days off work and book a weekend to get your home ready. Otherwise you will burn out and hate life. This is also a fantastic time to call in all of those favours for free labour, or find someone you can pay who can do all of the heavy lifting and won't ask for a beer every five minutes. Try not to live in your home while you are showing it unless you don't mind getting kicked out every two hours and have a cleaning fairy hidden in your closet.
Setting the Stage
Many people will gripe about the cost of professional staging, or even better, think they can do it themselves. I have a philosophy in life that people should focus on what they do best and let the professionals do the rest. There is a reason why they are professionals and why home staging has exploded as a strategy. It works. Hire them, even at a minimum for a consultation. Do everything they tell you.
Let it go.
When preparing your house for sale, you need to get accept that it is no longer yours. It is the prospective buyer's home. You will not suffer any ill effects if your wedding pictures are not on display. Nor will you be in big trouble if you put the sports gear you no longer use anyway in storage. Neutral paint colours will not kill your spirit. In fact, you may feel suprisingly light from the elimination of junk and visual clutter.
Prepare for a good fight.
If you have the good fortune to have a partner throughout all this, then you can share in the excitement. But you also get to share in the stress. My wife and I made every effort to keep 'please' and 'thank you' in our conversations but we knew that one of us would snap at some point and a few words starting with 'f' and 'a' got in there a few times. Neither of us took it personally and let the other have a good meltdown here and there. A glass of wine makes an excellent mediator for repair.
Allow for maximum distraction.
Plan for some good times while the house is on the market. The waiting is probably the worst of it so the more you can do to fill your time the better. Just think, the house is perfect so you don't have anything to do at home for once! You may be staying with the in-laws so what better reason to get out.
Trust the man.
Back to letting the professionals do what they do best... Follow the advice given to you but make your goals, risk tolerance and options clear up front. Share what is most important to you in the process. Is it selling by a certain date? Getting a certain price? Minimizing risk or going for gold? You can also call me anytime to talk about what's happening. It's my job to be there for you.
Celebrate.
You're now the proud buyer, seller or both. Make sure you celebrate with those who helped you....and don't forget to thank your real estate agent over a pint or two :)
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
Sales Representative
416-690-2181
mrichards@trebnet.com
Having just recently bought a new house and having sold my own home, I can tell you first hand from my experience...increasingly gray hair, a wife ready to permanently check-into a spa and no idea where most of my belongings are.
But we came out the other side with a new home we're looking forward to renovating, a 'perfect' home to live in the meantime until closing (minus the nice pillows the stagers brought in), and a sale price that made it all worth it.
But where does all this trouble start?
Let's walk through the rollercoaster of real estate and I'll give you a few good tips to minimize the stress along the way.
Let the shopping begin...
Sure, it starts innocently enough. Maybe it's your first home or you just started snooping at open houses. At some point, you get serious. The dreaming begins, you start to see your entire life unfold...all the great parties you'll host, the children running around in the yard, the visions of new kitchens dancing in your head.
Get your financing in order.
My wife says it's like finding a pair of Manalo Blahniks in her size, on sale, and no wallet in her purse. It's even worse to put a financing condition on a property that is getting multiple offers or putting an offer in without it and wondering if your banker will answer your call.
It's ok to want it.
While the shopping has been fun, the time comes when you find THE place. If you're competing with other home buyers for a home, you can't help but get your hopes up, despite everyone telling you not to. So go with it, let yourself want it but realize that if it doesn't work out, there truly is a reason.
Go big or go home.
If you are going to put an offer in, prepare to make your best offer. It's not just about price. First, get over paying more than what they are asking. Many people 'hold back' and list their home below market value to generate more interest in their home anyway. Pretend you never saw the listing price. What would you be willing to pay for the home?
Keep it clean.
Make your offer 'clean', as they say in the business. A home inspection may have been done already and your financing should already be in order. Try to work with their possession date. Living with the in-laws for a month may not be your idea of fun but if it means you get the home you want, it's worth it. Well, maybe.
Time to Sell Your Home...
You may not have one to sell, but if you do, this is where it gets a bit scary.
In today's market, people are often buying before they have sold. And when they've bought, it usually leaves them 2-3 months to get rid of their old place.
My wife has had a lot of experience with this approach, but when we bought our first house before I was an agent, we still had to sell our condo. I thought I was going to have a heart attack.
It's not as risky as you think.
If your home is made as attractive as possible to buyers, and is priced appropriately for the current market conditions (not when your cousin sold three months ago) then it will sell. You also have some financing options to bridge your mortages for up to 60 days.
Your home is a product to market.
It still shocks me when I see a home for sale with the christmas lights still up. You should be treating your home as a product that needs to be marketed to get the best price. So yes, this means putting your kids ant farm away and taking down the holiday decor.
Get Time, Get Help and if you can, Get Out.
You should plan to take a couple of days off work and book a weekend to get your home ready. Otherwise you will burn out and hate life. This is also a fantastic time to call in all of those favours for free labour, or find someone you can pay who can do all of the heavy lifting and won't ask for a beer every five minutes. Try not to live in your home while you are showing it unless you don't mind getting kicked out every two hours and have a cleaning fairy hidden in your closet.
Setting the Stage
Many people will gripe about the cost of professional staging, or even better, think they can do it themselves. I have a philosophy in life that people should focus on what they do best and let the professionals do the rest. There is a reason why they are professionals and why home staging has exploded as a strategy. It works. Hire them, even at a minimum for a consultation. Do everything they tell you.
Let it go.
When preparing your house for sale, you need to get accept that it is no longer yours. It is the prospective buyer's home. You will not suffer any ill effects if your wedding pictures are not on display. Nor will you be in big trouble if you put the sports gear you no longer use anyway in storage. Neutral paint colours will not kill your spirit. In fact, you may feel suprisingly light from the elimination of junk and visual clutter.
Prepare for a good fight.
If you have the good fortune to have a partner throughout all this, then you can share in the excitement. But you also get to share in the stress. My wife and I made every effort to keep 'please' and 'thank you' in our conversations but we knew that one of us would snap at some point and a few words starting with 'f' and 'a' got in there a few times. Neither of us took it personally and let the other have a good meltdown here and there. A glass of wine makes an excellent mediator for repair.
Allow for maximum distraction.
Plan for some good times while the house is on the market. The waiting is probably the worst of it so the more you can do to fill your time the better. Just think, the house is perfect so you don't have anything to do at home for once! You may be staying with the in-laws so what better reason to get out.
Trust the man.
Back to letting the professionals do what they do best... Follow the advice given to you but make your goals, risk tolerance and options clear up front. Share what is most important to you in the process. Is it selling by a certain date? Getting a certain price? Minimizing risk or going for gold? You can also call me anytime to talk about what's happening. It's my job to be there for you.
Celebrate.
You're now the proud buyer, seller or both. Make sure you celebrate with those who helped you....and don't forget to thank your real estate agent over a pint or two :)
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
Sales Representative
416-690-2181
mrichards@trebnet.com
How to Survive Real Estate
While buying or selling a home may be one of the most exciting things you can do, it is also one of the most stressful. Anyone who says otherwise either doesn't know, or is lying!
Having just recently bought a new house and having sold my own home, I can tell you first hand from my experience...increasingly gray hair, a wife ready to permanently check-into a spa and no idea where most of my belongings are.
But we came out the other side with a new home we're looking forward to renovating, a 'perfect' home to live in the meantime until closing (minus the nice pillows the stagers brought in), and a sale price that made it all worth it.
But where does all this trouble start?
Let's walk through the rollercoaster of real estate and I'll give you a few good tips to minimize the stress along the way.
Let the shopping begin...
Sure, it starts innocently enough. Maybe it's your first home or you just started snooping at open houses. At some point, you get serious. The dreaming begins, you start to see your entire life unfold...all the great parties you'll host, the children running around in the yard, the visions of new kitchens dancing in your head.
Get your financing in order.
My wife says it's like finding a pair of Manalo Blahniks in her size, on sale, and no wallet in her purse. It's even worse to put a financing condition on a property that is getting multiple offers or putting an offer in without it and wondering if your banker will answer your call.
It's ok to want it.
While the shopping has been fun, the time comes when you find THE place. If you're competing with other home buyers for a home, you can't help but get your hopes up, despite everyone telling you not to. So go with it, let yourself want it but realize that if it doesn't work out, there truly is a reason.
Go big or go home.
If you are going to put an offer in, prepare to make your best offer. It's not just about price. First, get over paying more than what they are asking. Many people 'hold back' and list their home below market value to generate more interest in their home anyway. Pretend you never saw the listing price. What would you be willing to pay for the home?
Keep it clean.
Make your offer 'clean', as they say in the business. A home inspection may have been done already and your financing should already be in order. Try to work with their possession date. Living with the in-laws for a month may not be your idea of fun but if it means you get the home you want, it's worth it. Well, maybe.
Time to Sell Your Home...
You may not have one to sell, but if you do, this is where it gets a bit scary.
In today's market, people are often buying before they have sold. And when they've bought, it usually leaves them 2-3 months to get rid of their old place.
My wife has had a lot of experience with this approach, but when we bought our first house before I was an agent, we still had to sell our condo. I thought I was going to have a heart attack.
It's not as risky as you think.
If your home is made as attractive as possible to buyers, and is priced appropriately for the current market conditions (not when your cousin sold three months ago) then it will sell. You also have some financing options to bridge your mortages for up to 60 days.
Your home is a product to market.
It still shocks me when I see a home for sale with the christmas lights still up. You should be treating your home as a product that needs to be marketed to get the best price. So yes, this means putting your kids ant farm away and taking down the holiday decor.
Get Time, Get Help and if you can, Get Out.
You should plan to take a couple of days off work and book a weekend to get your home ready. Otherwise you will burn out and hate life. This is also a fantastic time to call in all of those favours for free labour, or find someone you can pay who can do all of the heavy lifting and won't ask for a beer every five minutes. Try not to live in your home while you are showing it unless you don't mind getting kicked out every two hours and have a cleaning fairy hidden in your closet.
Setting the Stage
Many people will gripe about the cost of professional staging, or even better, think they can do it themselves. I have a philosophy in life that people should focus on what they do best and let the professionals do the rest. There is a reason why they are professionals and why home staging has exploded as a strategy. It works. Hire them, even at a minimum for a consultation. Do everything they tell you.
Let it go.
When preparing your house for sale, you need to get accept that it is no longer yours. It is the prospective buyer's home. You will not suffer any ill effects if your wedding pictures are not on display. Nor will you be in big trouble if you put the sports gear you no longer use anyway in storage. Neutral paint colours will not kill your spirit. In fact, you may feel suprisingly light from the elimination of junk and visual clutter.
Prepare for a good fight.
If you have the good fortune to have a partner throughout all this, then you can share in the excitement. But you also get to share in the stress. My wife and I made every effort to keep 'please' and 'thank you' in our conversations but we knew that one of us would snap at some point and a few words starting with 'f' and 'a' got in there a few times. Neither of us took it personally and let the other have a good meltdown here and there. A glass of wine makes an excellent mediator for repair.
Allow for maximum distraction.
Plan for some good times while the house is on the market. The waiting is probably the worst of it so the more you can do to fill your time the better. Just think, the house is perfect so you don't have anything to do at home for once! You may be staying with the in-laws so what better reason to get out.
Trust the man.
Back to letting the professionals do what they do best... Follow the advice given to you but make your goals, risk tolerance and options clear up front. Share what is most important to you in the process. Is it selling by a certain date? Getting a certain price? Minimizing risk or going for gold? You can also call me anytime to talk about what's happening. It's my job to be there for you.
Celebrate.
You're now the proud buyer, seller or both. Make sure you celebrate with those who helped you....and don't forget to thank your real estate agent over a pint or two :)
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
Sales Representative
416-690-2181
mrichards@trebnet.com
Having just recently bought a new house and having sold my own home, I can tell you first hand from my experience...increasingly gray hair, a wife ready to permanently check-into a spa and no idea where most of my belongings are.
But we came out the other side with a new home we're looking forward to renovating, a 'perfect' home to live in the meantime until closing (minus the nice pillows the stagers brought in), and a sale price that made it all worth it.
But where does all this trouble start?
Let's walk through the rollercoaster of real estate and I'll give you a few good tips to minimize the stress along the way.
Let the shopping begin...
Sure, it starts innocently enough. Maybe it's your first home or you just started snooping at open houses. At some point, you get serious. The dreaming begins, you start to see your entire life unfold...all the great parties you'll host, the children running around in the yard, the visions of new kitchens dancing in your head.
Get your financing in order.
My wife says it's like finding a pair of Manalo Blahniks in her size, on sale, and no wallet in her purse. It's even worse to put a financing condition on a property that is getting multiple offers or putting an offer in without it and wondering if your banker will answer your call.
It's ok to want it.
While the shopping has been fun, the time comes when you find THE place. If you're competing with other home buyers for a home, you can't help but get your hopes up, despite everyone telling you not to. So go with it, let yourself want it but realize that if it doesn't work out, there truly is a reason.
Go big or go home.
If you are going to put an offer in, prepare to make your best offer. It's not just about price. First, get over paying more than what they are asking. Many people 'hold back' and list their home below market value to generate more interest in their home anyway. Pretend you never saw the listing price. What would you be willing to pay for the home?
Keep it clean.
Make your offer 'clean', as they say in the business. A home inspection may have been done already and your financing should already be in order. Try to work with their possession date. Living with the in-laws for a month may not be your idea of fun but if it means you get the home you want, it's worth it. Well, maybe.
Time to Sell Your Home...
You may not have one to sell, but if you do, this is where it gets a bit scary.
In today's market, people are often buying before they have sold. And when they've bought, it usually leaves them 2-3 months to get rid of their old place.
My wife has had a lot of experience with this approach, but when we bought our first house before I was an agent, we still had to sell our condo. I thought I was going to have a heart attack.
It's not as risky as you think.
If your home is made as attractive as possible to buyers, and is priced appropriately for the current market conditions (not when your cousin sold three months ago) then it will sell. You also have some financing options to bridge your mortages for up to 60 days.
Your home is a product to market.
It still shocks me when I see a home for sale with the christmas lights still up. You should be treating your home as a product that needs to be marketed to get the best price. So yes, this means putting your kids ant farm away and taking down the holiday decor.
Get Time, Get Help and if you can, Get Out.
You should plan to take a couple of days off work and book a weekend to get your home ready. Otherwise you will burn out and hate life. This is also a fantastic time to call in all of those favours for free labour, or find someone you can pay who can do all of the heavy lifting and won't ask for a beer every five minutes. Try not to live in your home while you are showing it unless you don't mind getting kicked out every two hours and have a cleaning fairy hidden in your closet.
Setting the Stage
Many people will gripe about the cost of professional staging, or even better, think they can do it themselves. I have a philosophy in life that people should focus on what they do best and let the professionals do the rest. There is a reason why they are professionals and why home staging has exploded as a strategy. It works. Hire them, even at a minimum for a consultation. Do everything they tell you.
Let it go.
When preparing your house for sale, you need to get accept that it is no longer yours. It is the prospective buyer's home. You will not suffer any ill effects if your wedding pictures are not on display. Nor will you be in big trouble if you put the sports gear you no longer use anyway in storage. Neutral paint colours will not kill your spirit. In fact, you may feel suprisingly light from the elimination of junk and visual clutter.
Prepare for a good fight.
If you have the good fortune to have a partner throughout all this, then you can share in the excitement. But you also get to share in the stress. My wife and I made every effort to keep 'please' and 'thank you' in our conversations but we knew that one of us would snap at some point and a few words starting with 'f' and 'a' got in there a few times. Neither of us took it personally and let the other have a good meltdown here and there. A glass of wine makes an excellent mediator for repair.
Allow for maximum distraction.
Plan for some good times while the house is on the market. The waiting is probably the worst of it so the more you can do to fill your time the better. Just think, the house is perfect so you don't have anything to do at home for once! You may be staying with the in-laws so what better reason to get out.
Trust the man.
Back to letting the professionals do what they do best... Follow the advice given to you but make your goals, risk tolerance and options clear up front. Share what is most important to you in the process. Is it selling by a certain date? Getting a certain price? Minimizing risk or going for gold? You can also call me anytime to talk about what's happening. It's my job to be there for you.
Celebrate.
You're now the proud buyer, seller or both. Make sure you celebrate with those who helped you....and don't forget to thank your real estate agent over a pint or two :)
Who do you know who is ready to buy or sell? If you or anyone you know is ready to take the first step, share my blog with them or give me a call.
Regards,
Mark
Mark Richards
Sales Representative
416-690-2181
mrichards@trebnet.com
Monday, June 18, 2007
May 2007 Market Watch
Busy, busy , busy....May blows away the record books!
We all thought April was something to talk about, having set the record for the most sales in the Toronto Real Estate Board's history. But May kicked April out by a whopping 18% increase for a total of 11,146 sales, now the best month ever in history.
So what does this mean for home owners and home buyers?
A better economy. According to stats compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (renovations, furniture purchases, etc.) over and above direct expenditures for the transaction.
This all adds up to a contribution of about $300 million to the local economy.
And check out headlines from the Toronto Stare today who reported that the City of Toronto is proposing an increase to land transfer taxes that could reap $300 million for transit and road spending to bridge the budget shortfall. The average home buyer would have to shell out an additional $1,900 for a home worth $382,787.
With all of this money flying around, who's spending what in your neighbourhood?
Neighbourhood Watch - May 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $682,630
Semi-detached: $427,301
Condo: $293,475
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $380,091
Semi-Detached: $383,680
Condo: $177,658
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $462,205
Semi-Detached: $415,843
Condo:$306,267
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $854,433
Semi-Detached: $628,440
Condo: $361,532
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,542,038
Semi-Detached: $1,030,700
Condo: $536,346
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $851,433
Semi-Detached: $362,277
Condo: $453,313
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,429,394
Semi-Detached: n/a
Condo: $677,550
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
We all thought April was something to talk about, having set the record for the most sales in the Toronto Real Estate Board's history. But May kicked April out by a whopping 18% increase for a total of 11,146 sales, now the best month ever in history.
So what does this mean for home owners and home buyers?
A better economy. According to stats compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (renovations, furniture purchases, etc.) over and above direct expenditures for the transaction.
This all adds up to a contribution of about $300 million to the local economy.
And check out headlines from the Toronto Stare today who reported that the City of Toronto is proposing an increase to land transfer taxes that could reap $300 million for transit and road spending to bridge the budget shortfall. The average home buyer would have to shell out an additional $1,900 for a home worth $382,787.
With all of this money flying around, who's spending what in your neighbourhood?
Neighbourhood Watch - May 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $682,630
Semi-detached: $427,301
Condo: $293,475
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $380,091
Semi-Detached: $383,680
Condo: $177,658
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $462,205
Semi-Detached: $415,843
Condo:$306,267
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $854,433
Semi-Detached: $628,440
Condo: $361,532
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,542,038
Semi-Detached: $1,030,700
Condo: $536,346
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $851,433
Semi-Detached: $362,277
Condo: $453,313
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,429,394
Semi-Detached: n/a
Condo: $677,550
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
May 2007 Market Watch
Busy, busy , busy....May blows away the record books!
We all thought April was something to talk about, having set the record for the most sales in the Toronto Real Estate Board's history. But May kicked April out by a whopping 18% increase for a total of 11,146 sales, now the best month ever in history.
So what does this mean for home owners and home buyers?
A better economy. According to stats compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (renovations, furniture purchases, etc.) over and above direct expenditures for the transaction.
This all adds up to a contribution of about $300 million to the local economy.
And check out headlines from the Toronto Stare today who reported that the City of Toronto is proposing an increase to land transfer taxes that could reap $300 million for transit and road spending to bridge the budget shortfall. The average home buyer would have to shell out an additional $1,900 for a home worth $382,787.
With all of this money flying around, who's spending what in your neighbourhood?
Neighbourhood Watch - May 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $682,630
Semi-detached: $427,301
Condo: $293,475
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $380,091
Semi-Detached: $383,680
Condo: $177,658
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $462,205
Semi-Detached: $415,843
Condo:$306,267
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $854,433
Semi-Detached: $628,440
Condo: $361,532
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,542,038
Semi-Detached: $1,030,700
Condo: $536,346
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $851,433
Semi-Detached: $362,277
Condo: $453,313
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,429,394
Semi-Detached: n/a
Condo: $677,550
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
We all thought April was something to talk about, having set the record for the most sales in the Toronto Real Estate Board's history. But May kicked April out by a whopping 18% increase for a total of 11,146 sales, now the best month ever in history.
So what does this mean for home owners and home buyers?
A better economy. According to stats compiled by the Canadian Real Estate Association, every home sale generates about $27,000 in economic activity (renovations, furniture purchases, etc.) over and above direct expenditures for the transaction.
This all adds up to a contribution of about $300 million to the local economy.
And check out headlines from the Toronto Stare today who reported that the City of Toronto is proposing an increase to land transfer taxes that could reap $300 million for transit and road spending to bridge the budget shortfall. The average home buyer would have to shell out an additional $1,900 for a home worth $382,787.
With all of this money flying around, who's spending what in your neighbourhood?
Neighbourhood Watch - May 2007
E02 -The Beach (coxwell, danforth, victoria park)
Detached: $682,630
Semi-detached: $427,301
Condo: $293,475
E03 - Danforth North (DVP, victoria park, danforth)
Detached: $380,091
Semi-Detached: $383,680
Condo: $177,658
E01 - Danforth South & Riverdale (DVP, danforth, coxwell)
Detached: $462,205
Semi-Detached: $415,843
Condo:$306,267
C04 - Bedford West & Lytton Park (allen, 401, yonge, eglinton)
Detached: $854,433
Semi-Detached: $628,440
Condo: $361,532
C09 - Rosedale (yonge, st.clair, bayview, bloor)
Detached: $1,542,038
Semi-Detached: $1,030,700
Condo: $536,346
C03 - Forest Hill (allen, eglinton, yonge, st.clair)
Detached: $851,433
Semi-Detached: $362,277
Condo: $453,313
C12- Lawrence Park/Bedford East (yonge, 401, leslie, eglinton)
Detached: $1,429,394
Semi-Detached: n/a
Condo: $677,550
Source: Toronto Real Estate Board April 2007 MarketWatch - for the full report, click here.
To have this blog sent to someone you know who is looking to buy or sell, send their email to info@markrichards.ca
Thursday, May 17, 2007
The Truth About Real Estate
This blog is inspired by a great article published by the Toronto Star late last year...
We've all heard them at various cocktail parties or the minute you tell someone you're thinking of buying..."Buy the worst house on the best block!"
Here's a look at which real estate truisms are worth paying attention to and which are as fluffy as your down pillow.
Truism #1: Location, Location, Location
First, let's define 'location'. It can mean more than just the neighbourhood.
Some of the obvious location features of a home are always going to help home owners retain and increase value in both good markets and bad...being in a sought-after neighbourhood, proximity to downtown, access to highways, great schools, lakes etc.
If you can afford to get into the typically desirable areas such as Rosedale and Lawrence Park you are, of course, going to see steady increases in value. For those who are thinking towards the future, there are many indicators of a great 'future' location.
Let's take Leslieville and Riverdale for example. We've seen huge increases in values in those areas, even though years ago they were less than desireable and still have a long way to go. But look at the fundamental characteristics of those areas.
They are both close to the waterfront and main highways like the DVP and Gardiner. They offer great TTC access and are less than 15 minutes from downtown.
Look for areas where the 'early adopters' are hanging out, where the hot new restaurants seem to be opening, and if you can, get in before the first Starbucks opens! Case in point - Logan and Queen. Not a great area even a year ago and guess who just opened on the corner.
Also look at the edge of great neighbourhoods. The stretch from Woodbine to Coxwell was not considered to be part of 'The Beach' but now commands property values that are just as high, and you don't have to deal with the tourist traffic.
Other things to note when considering location...
You may be in a great area or up and coming area, but watch out for low-income housing (sorry folks, this is true), homes where the neighbour is a nasty parking lot or where you have great view of the back of those new restaurants who will be dumping garbage in their bins, the noisy TTC streetcar turn-arounds, train tracks etc.
Think about your buying area first, then consider the immediate radius around your future property.
Truism #2: Always Buy the Worst House on the Best Street
Fabulous idea if you have the funds to renovate. If done well and within budget, home owners can stand to make a great deal of equity or profit. It may also be the only way you can afford to get into the neighbourhood.
But watch out for fundamental property and building flaws that could make it a money pit. Or features than can not be rectified with a reasonable amount of money.
When it comes time to sell, you will only get as much as your home is worth, not how much the best house on the street is worth. If you have a 2 bedroom home and the biggest, best house is a 3 bedroom in similar condition, it will always get more money.
You also need to consider you own personal goals. Do you want to live in the worst house on the street? Or do you actually want to be in the best house? Are you buying for re-sale value in years to come or are you buying the right house for your family?
It all depends on what you are looking for.
Truism #3: Price To Sell
Of course you want to price to sell—but what’s the right price?
Some sellers deliberately price low or 'hold back' to encourage multiple bids with the hopes of getting a final offer over the asking price and possibly over market value. But your home has to be highly appealing and in a sought-after neighbourhood.
This means investing in professional staging and effective marketing. It also means being able to tolerate risk. Other sellers prefer to price in accordance with the highest sale on the block. They assume or think their home is comparable. Or they say, "Let's just put it on at $X price and see what happens" hoping they will luck-out.
But both routes are risky. Going too low in the hopes of sparking a bidding war can just as easily backfire, leaving the seller with offers that don’t exceed the too-low price, while pricing too high can mean you’ll just have to cut the price later.
The experts suggest…consulting the experts.
Have the house appraised by a realtor. They should provide you with a detailed Comparative Market Analysis that shows what other comparable homes in your area have sold for that. Then make a cold-eyed comparison: how does your house really stack up?
It also depends on your circumstances and those of the market. Have you already purchased another home and need to sell by a certain date? Or are you flexible and able to tolerate some risk? Is there very little supply in your neighbourhood or 'for sale' signs everywhere?
At the end of the day, your home is worth what the market is willing to pay. If you are not comfortable with 'holding back' for multiple offers then price as close to the current market comparables to get the best price for your home.
Know anyone who is looking to buy? Please forward this blog on!
info@markrichards.ca
(416) 728-2499
Regards,
Mark
We've all heard them at various cocktail parties or the minute you tell someone you're thinking of buying..."Buy the worst house on the best block!"
Here's a look at which real estate truisms are worth paying attention to and which are as fluffy as your down pillow.
Truism #1: Location, Location, Location
First, let's define 'location'. It can mean more than just the neighbourhood.
Some of the obvious location features of a home are always going to help home owners retain and increase value in both good markets and bad...being in a sought-after neighbourhood, proximity to downtown, access to highways, great schools, lakes etc.
If you can afford to get into the typically desirable areas such as Rosedale and Lawrence Park you are, of course, going to see steady increases in value. For those who are thinking towards the future, there are many indicators of a great 'future' location.
Let's take Leslieville and Riverdale for example. We've seen huge increases in values in those areas, even though years ago they were less than desireable and still have a long way to go. But look at the fundamental characteristics of those areas.
They are both close to the waterfront and main highways like the DVP and Gardiner. They offer great TTC access and are less than 15 minutes from downtown.
Look for areas where the 'early adopters' are hanging out, where the hot new restaurants seem to be opening, and if you can, get in before the first Starbucks opens! Case in point - Logan and Queen. Not a great area even a year ago and guess who just opened on the corner.
Also look at the edge of great neighbourhoods. The stretch from Woodbine to Coxwell was not considered to be part of 'The Beach' but now commands property values that are just as high, and you don't have to deal with the tourist traffic.
Other things to note when considering location...
You may be in a great area or up and coming area, but watch out for low-income housing (sorry folks, this is true), homes where the neighbour is a nasty parking lot or where you have great view of the back of those new restaurants who will be dumping garbage in their bins, the noisy TTC streetcar turn-arounds, train tracks etc.
Think about your buying area first, then consider the immediate radius around your future property.
Truism #2: Always Buy the Worst House on the Best Street
Fabulous idea if you have the funds to renovate. If done well and within budget, home owners can stand to make a great deal of equity or profit. It may also be the only way you can afford to get into the neighbourhood.
But watch out for fundamental property and building flaws that could make it a money pit. Or features than can not be rectified with a reasonable amount of money.
When it comes time to sell, you will only get as much as your home is worth, not how much the best house on the street is worth. If you have a 2 bedroom home and the biggest, best house is a 3 bedroom in similar condition, it will always get more money.
You also need to consider you own personal goals. Do you want to live in the worst house on the street? Or do you actually want to be in the best house? Are you buying for re-sale value in years to come or are you buying the right house for your family?
It all depends on what you are looking for.
Truism #3: Price To Sell
Of course you want to price to sell—but what’s the right price?
Some sellers deliberately price low or 'hold back' to encourage multiple bids with the hopes of getting a final offer over the asking price and possibly over market value. But your home has to be highly appealing and in a sought-after neighbourhood.
This means investing in professional staging and effective marketing. It also means being able to tolerate risk. Other sellers prefer to price in accordance with the highest sale on the block. They assume or think their home is comparable. Or they say, "Let's just put it on at $X price and see what happens" hoping they will luck-out.
But both routes are risky. Going too low in the hopes of sparking a bidding war can just as easily backfire, leaving the seller with offers that don’t exceed the too-low price, while pricing too high can mean you’ll just have to cut the price later.
The experts suggest…consulting the experts.
Have the house appraised by a realtor. They should provide you with a detailed Comparative Market Analysis that shows what other comparable homes in your area have sold for that. Then make a cold-eyed comparison: how does your house really stack up?
It also depends on your circumstances and those of the market. Have you already purchased another home and need to sell by a certain date? Or are you flexible and able to tolerate some risk? Is there very little supply in your neighbourhood or 'for sale' signs everywhere?
At the end of the day, your home is worth what the market is willing to pay. If you are not comfortable with 'holding back' for multiple offers then price as close to the current market comparables to get the best price for your home.
Know anyone who is looking to buy? Please forward this blog on!
info@markrichards.ca
(416) 728-2499
Regards,
Mark
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