Coldwell Banker
We Never Stop Moving
Wednesday, April 25, 2012
Friday, April 20, 2012
Closing on June 29??? Might want to try another date
I got this email today and wanted to share it with everyone!
REALTOR WARNING RE: CLOSINGS ON JUNE 29, 2012
All realtors are aware that the end of June (after schools close for the summer) is the busiest closing time of the year.
Typically, at a month’s end, real estate closings are spread between the last FRIDAY of a month and the last business day of a month PLUS the first business day of the following month. In 2012, at the end of June, the last FRIDAY is the SAME day (June 29) as the last business day of the month being before a long weekend. Therefore, few buyers and sellers closing in the end of June will want a month’s end closing day to be prior to June 29 or after the long weekend (Monday, July 3 will be the holiday and the land registry system will be closed).
THE PROBLEM is that with most buyers and sellers wanting to close at end of June on one day, FRIDAY, June 29, 2012 (being the last business day of June and being the last FRIDAY before a long weekend), the possibility of many closing failing to occur on such a date increases due to delays in getting mortgage advances for buyers which will have a chain reaction causing delays to other closings. Inevitably, many closings will occur very late in the day on June 29, if they do close.
• If people are trying to move using elevators in condo buildings (or moving out of a rental unit)...
GOOD LUCK!
• Moving vans will all be fully booked... WATCH OUT!
• Mortgage lenders will NOT be able to process mortgage advances adequately due to the heavy month’s end volume.
• Lawyers will be scrambling for late deliveries of closing packages to get deals closed and roads will be clogged (delaying deliveries of closing packages) as people try to escape the big city for the long weekend after school is out.
SUGGESTION: Recommend to your buyers and sellers NOT to select June 29, 2012 as the closing date.
Selecting any other date would be much more reliable as a closing day.
My website www.home-legal-cost.com allows anyone to print out legal fees and disbursements by clicking on QUOTATION for any purchase or sale price under $1.5 million. See our 8 Toronto area law office locations specializing in residential real estate closings at www.home-legal-cost.com. For questions, call me to 11pm 7 days at (416) 520-6120.
Regards,
STEPHEN SHUB
Stephen H. Shub Professional Corporation
Barrister, Solicitor, Notary
8 Toronto Area Law Offices with
34 staff serving you in many languages
www.home-legal-cost.com
Cell 416-520-6120
(to 11pm 7 days)
Saturday, April 7, 2012
Aurora/Richmond Hill Stats (3/31/2012 - 4/06/2012)
To show why Newmarket's market seems to be so hot, we need to look to the south to see whats been going on there.
Avg. % of List: 102.11%
# of sales: 18
Avg. Day's on Market (DOM): 18
Average Sale Price: $724,484
Avg. % of List: 101.96%
# of sales: 68
Avg. Day's on Market (DOM): 11
As you can see, the markets to the South make Newmarket look affordable for most, which is why we are seeing many of the buyers coming from the south and driving up the prices.
I have said it before, and Ill say it again, I do not forsee a dramatic crash in the market, simply due to the population growth and the demand for housing. Restrictions, such as Oak Ridges Moraine and the Ontario Greenbelt has meant that Urban Sprawl is coming to an end and intensification and infill development is the next move.
* All data from the Toronto Real estate Board
Aurora:
Average Sale Price: $530,483Avg. % of List: 102.11%
# of sales: 18
Avg. Day's on Market (DOM): 18
Richmond Hill:
Average Sale Price: $724,484Avg. % of List: 101.96%
# of sales: 68
Avg. Day's on Market (DOM): 11
As you can see, the markets to the South make Newmarket look affordable for most, which is why we are seeing many of the buyers coming from the south and driving up the prices.
I have said it before, and Ill say it again, I do not forsee a dramatic crash in the market, simply due to the population growth and the demand for housing. Restrictions, such as Oak Ridges Moraine and the Ontario Greenbelt has meant that Urban Sprawl is coming to an end and intensification and infill development is the next move.
* All data from the Toronto Real estate Board
The last 7 days in Newmarket Real Estate (March 31 - Apr 6, 2012)
Well, the past week has been very similar to the week before!
In Newmarket, there were 34 Solds, ranging from $285,000, for a Tidy 2 bedroom Century Semi in the old downtown area, all the way up to $804,000, for a large 4-Bedroom Wyndam Village home.
Average Sold price was $492,640 while the sold price as a percentage of list price worked out to be a 101.91%. 2 listings, one of which was mine, sold for 111% of asking!
The stat that amazed me the most this past week was which area of town had the most action... Stonehaven -Wyndam Village, with 8 sales, followed by Woodland Hill (New area behind Walmart) with 7 sales.
Take a look at the stats for more info!
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