Greater Toronto Resale Housing Sales Up in First Half of May

TORONTO, May 19, 2009 - Greater Toronto REALTORS® reported 4,561 transactions in the first half of May – an increase of three per cent compared to May 2008.

“Members reported a rise in buying activity this month,” said TREB President Maureen O’Neill. “Many home buyers who were undecided about purchasing a home during the winter months are now proceeding with confidence as a result of the GTA housing market's affordability.”

The average price for MLS® sales was in line with last year, down by less than one-half of one per cent at $399,811.

“More sales and fewer listings resulted in tighter market conditions which pushed the average selling price back up to last year's level,” according to Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for new listings to increase as home owners react to the positive news surrounding home sales and prices.”

Is your Home Being Properly Presented???

In today's fast paced, Internet driven world, information is handled far quicker than it ever was just a few short years ago.

When it comes to selling your home, you want to make sure that information is not only correct, but also prsented properly, because most buyers today want good information fast!

In Real Estate, the old saying of "A picture says a thousand words" definately applies as a statistic from 2006, stated that over 77% of home buyers began their search online*.

Here is a excerpt from a February 11, 2007 New York Times Article: "Making every pixel Count"

In real estate, a picture can be worth more than a thousand words. Much, much more. When selling properties online, agents and Web designers say that the pictures buyers see of houses and apartments for sale are often the first — and sometimes the only — chance for a seller to make a good impression. Less-than-flattering pictures can turn buyers off and lead to lonely open houses.
“Good photos will grab people’s attention and help you sell a home,” said Jacky Teplitzky, an executive vice president of Prudential Douglas Elliman Real Estate in New York. “Bad pictures will absolutely give you trouble, because you won’t have any calls on it, and nobody will come to see it.”
Eighty percent of people across the country who bought a new home last year used the Internet while house hunting, and they rated photographs as the most useful tool in their search, according to a survey of buyers and sellers by the National Association of Realtors. The survey also found that 24 percent of home buyers got their first glimpses of their new homes on the Web, up from a mere 2 percent in 1997.

http://www.residential-photography.net/professional-images.html

When Selling your home, you want to make sure your Realtor is delivering what the buyers want to see... more pictures!

To see a list of Virtual Tours of Properties I currently have for sale, or have recently sold, please click on
*http://www.realtor.org/press_room/news_releases/2006/01/hmbuyersellersurvey06

Real Estate Market is Still Hot

If you are thinking of waiting to put an offer in on that cute house you like, but want to wait becuase you think that the prices are going to come down, it's time to get off your butt and make a move.

Homes are selling really well right now, especially the ones that are priced right and show well. This may be a recession, but there are still a lot of people working and with interest rates at hostoric lows, entry level homes are selling like hot cakes.

The sales-listing ratio is climbing again into a balanced market scenario, thus creating urgency for buyers as the inventory of available homes start selling faster.

Prices have declined slightly again, with an April average sale price in Newmarket $327,783, down over 6% from April of 2007 (the Year of the highest average price).

Sales volume is down just slightly from the record setting year for April, with only 8 fewer sales for the month than 2007.

As a general comment on the marketplace, the first time buyer is reaping the rewards of the current economic climate. Delining prices, low interest rates and lots of product to look at. However, those looking to upgrade or downsize are not in a bad position. You may not get exactly what your house was worth this time last year, but the value of the home you are looking at buying isn't likely what it was last year either, in most cases. Overall, if you lose on one end, you'll likely make it up on the other. If your lifestyle requires a change in living arrangements, then don't wait for the market to get hot again to buy or seell, because what you want may not be available, but if it is, I'll bet you it's going to be a lot more expensive.

Newmarket Real Estate Facts:

Lowest Sale for April 2009 Freehold - 3 Bedroom Semi-Detached Bungalow on Longford Dr sold for $162,500.

Highest Sale for April 2009 Freehold - 5 Bedroom Stonehaven home on Lockwood Circle Sold for $737,500.

Personal Note: I was salesperson of the month for Coldwell Banker Southlake Realty for the month of April 2009. Thanks to all my clients that help make that happen!

Open House Saturday May 2, 2009 ++ 2pm-4pm.

85 Franklin St, Newmarket

Click here for a Map of this location

Asking $284,900

Cute as a button 3+2 bedroom bungalow in downtown Newmarket, just steps to transit, GoTrain Station, and the shops of Main Street. Situated on a large fenced lot, this reno’d home features a Brand New: Kitchen, SS Appliances, Washer/Dryer; New Roof (Winter 08), Refinished Hardwood Floors & large finished walkout basement.

Extras:
New Roof (08), SS fridge/stove/dishwasher, Refinished Hardwood floors, New Carpet throughout basement, New Pot lighting, heated Dining Room Floor, Both Bathrooms completely redone.

See Virtual Tour for more photos

More sales in March 09 than March 08!!!!

Homes are selling!

No doubt about it, the market has been busy with activity and rightfully so when you consider that this is likely the best buying environment we have likely ever seen.

March 2009 saw 128 sales in Newmarket, which was up 10 from the month of March in 2008. Now, weather may have played a slight role in that as I seem to remember March 2008 did not have the same weather that March 09 had. Compared to February 09's sales of 72 for the month, it seems apparent that the spring market is flourishing.

However, although the volume of sales has increased significantly, so has the volume of active listings. With 379 active listing in Newmarket at the end of March, the sales-Listing ratio is still quite low @ 33.77% which still should be classified as a buyers market (under 40%).

Still being considered a buyers market, prices are down from a year ago. The average price for Newmarket in March 2009 was $335,243 down from $357,226 in 2008 and the median price for March 09 was $315,000 down from $340,000. The lower prices, in my opinion, reflect the larger number of first time buyers entering the market into townhouses, semi's and smaller detached homes. However, homes from $350,000+ range have definitely seen a drop in demand compared to years past.

March 2009 Real Estate Facts:

- In March 2009, there where 13 sales in Newmarket's more prestigious neighbourhoods of Glenway, Stonehaven, and Wyndam Village.

- The highest sale price was for a Yonge street 3 bedroom bungalow on 7.37 acres, which fetched $2,650,000.

- The lowest sale price was $95,000 for a vacant 40ft x 134ft Lot in the older part of town.

Is it Time to "MOVE UP"???

Chances are when you bought your first home you were thinking of it as a "starter home" and dreamed of owning a larger and better home one day.

With today's mortgage rates in the lowest range they've been for almost 30 years, you might be pleasantly surprised that you can afford that "move up" house now. Using the equity you've built up in your current home, your carrying charges may not be much larger than what you've been used to paying. If you're curious to find out, ask a REALTOR® to help you calculate carrying costs on a "move up" home.

There are many reasons why you may wish to have a larger home including a growing family, the desire to have more bedrooms so the kids can have their own space. Or maybe you want a larger yard, a garage or a home with a private driveway. Whatever your reasons, moving up to a new home can be very satisfying.

It's also a smart move because the equity in your home will continue to grow and the value of a bigger and better home will be ultimately greater over time. As well, the pride of ownership in a bigger house will probably be even greater than you had when you bought your first home.
When you decide that moving up is the way to go, be sure to enlist the services of a REALTOR®. Your options can be confusing at times, but a REALTOR® can help you make the right choices.

He or she will help you determine the market value of your current home and therefore the price range you should be considering in a move up home. You'll need to determine where you want to move. Do you want to stay in the same neighbourhood or move on? There are almost as many individual choices on location as there are homes. A REALTOR® is skilled and knowledgeable in all aspects of a real estate transaction and can ensure you make a smooth move.

Moving up to meet your changing lifestyle and needs can be an exhilarating experience. Your home is probably the best investment you'll ever make so why not take advantage of current market conditions and enhance your investment today.

Buyers Market Means more SPP's

A warm March has seem to have brought out the buyers. Sales volume is way up over last month and the month isn't even over yet!

With only 72 sales in Newmarket (N07) in February 09, things were looking down, but as of the time of writing this, the Toronto Real Estate Board was reporting 112 Properties sold in March thus far, with another 20 properties marked as conditionally sold on various conditions, with 6 of those being SPP's.

SPP's are those offers which are conditional on the "Sale of Purchasers Property", which is where a buyer makes an offer to buy a home that is conditional on them selling their own home.

As we come into more of a buyers market, we see more an more SPP's, because the buyer is in a position to negotiate it. However, this does not mean that the seller will come a prisoner to the buyer selling their home, as most SPP's are always come with an "escape clause".

An escape clause is the Sellers out. Meaning, that because most SPP's are conditional for 4-6 weeks, an escape clause allows the sellers to still offer the property for sale to other buyers and accept other offers (Higher or Lower). If they decide to accept an offer from another Buyer (Buyer 2), because it is more favourable to them, the seller must then inform the First Buyer (Buyer 1) that another offer has been accepted and this is their notice period. All escape clauses have a notice period, which typically is between 24-48 hours, which is the length of time that Buyer 1 has to decide if they are able to remove their SPP condition, or walk away from the deal and retrieve their deposit.

If Buyer 1 decides to Firm up, then Buyer 2 retrieves their deposit and Buyer 1 Buys the House. If Buyer 1 decides to walk away, then Buyer 2 becomes the Buyer of the home.

It is important to note, that during the process, all facts of the offers remain confidential between Buyers and Seller to ensure that there is no disadvantage to any party.

So, this being said, in a Buyers market, don't be afraid to make your offer conditional on selling your home. With the level of inventory available, most sellers would be thrilled just to have some sort of offer on the table.