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Well, we are off and running to the races! So far this year has been good for us, in spite of some of the market challenges we are facing. We have been buying and selling, doing open houses, calling clients, door knocking, and keeping people up to date with the market conditions.
We hope you had a good Canada Day - we certainly did. We were able to spend the weekend in Ottawa with family. As you know, Andrew & Cameron live there, so we had a place to stay, and our son Douglas came in from Waterloo as well as my brother Stephe & sister-in-law Kate. We were able to avoid the rain and got to watch the fireworks from Andrew's building on the 16th floor facing Parliament Hill. So much fun.
Wow, it has been a crazy. Once the government started talking about their "fair housing plan" Buyers decided to see what it would do to the market and Sellers were still expecting multiple offers and high prices - which didn't happen. There has been an adjustment in the market - prices are down slightly from March's highs, but they are still up about 10% over last June. We believe things will pick up and prices will remain strong - the market is already showing signs of more sales and healthy prices. That being said, it's a great time to buy with more inventory to choose from and none of the frenzy of the last year. Sellers? you may think it's a bad time, with all the new properties coming up, but if your place is in selling condition, you'll be in a favourable position, which leads us to our next point - what do you need to do to make your home shine above the competition.
GETTING READY TO LIST
It may take a little longer than in the past, but your home will sell with a few pointers. Before you list you may want to consider some things that will give you a good return on your investment:
1. The biggest returns are kitchens and bathrooms. You don't need to go overboard, but a nice refacing of cupboards and new counters & sinks can make a big difference - even if you just repaint your cupboards and put on new hardware. You don't have to go custom for a kitchen, Lowes, Home Depot & Ikea can design some reasonable kitchens and as long as you keep the same footprint, without redesigning and taking out walls, it can be a good idea.
2. Flooring is also a good update. We have been in homes where there are 3 different types of hardwood on the main level, and that can turn a prospective Buyer off - keep things simple.
3. Painting is a quick and economical fix - you wouldn't believe what a difference it can make to have a fresh neutral coat of paint.
4. Curb appeal is another easy fix. Make sure your lawn is in good shape, your garden isn't overgrown with weeds, windows cleaned and some fresh paint on a front door and garage doors will do wonders.
5. Lastly, make sure the mechanics of your home are in good working order ie. furnace, air conditioning, windows and shingles. These are things that will be brought up in a home inspection and the negotiation for these items tend to run higher than their actual value. Best to have things repaired or replaced before your home is listed.
Having these items looked after will make your home more appealing than the one down the street that hasn't been maintained. In this market it will be important to have a leg up on the competition as there is now more available for Buyer's to look at. As we said, the market is still good, you just have to be ready for it.
Here's a chart showing year over year number of listings - you can see that the number has increased by quite a bit for May & June but becoming more balanced:
Please call or email us if you'd like us to pop by to give you some pointers on what you might want to do before listing your home - better to plan ahead than rush around just before you list. Also give us a call or email with any questions you may have, or if you or someone you know is thinking of a move. We have a large geographic area which includes Markham, most of Toronto and the GTA and north of the City. Also remember us for your kids and grandchildren - we'd love to help.
We look forward to connecting soon,
Kelly & Michael
Remember us when someone asks if you know a good Real Estate Agent!
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purchase, sale and lease of real estate as part of a cooperative selling system. Canadian Real Estate Association Last Updated: 11/15/2019 10:14:03 AM