Frank Steinhausen, Broker
FSteinhausen@REMAX.net
RE/MAX Rouge River Realty Ltd., Brokerage
Phone 905-428-6533
Fax 905-668-1850
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Archive for the 'Selling real estate' Category
A Housing Market Conditions Remain Healthy in September
October 7th, 2010 Categories: Ajax, Buying real estate, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Selling real estate, Whitby
October 5, 2010 — Greater Toronto REALTORS® reported 6,310 sales through the Multiple Listing Service® (MLS®) in September 2010. This represented a 23 per cent decrease compared to the 8,196 sales recorded during the same period in 2009. Through the first nine months of the year, sales amounted to 69,069 – up four per cent compared to the first three quarters of 2009.
“The level of sales in the second half of 2010 has been lower, representing a balancing out period following record levels of sales in the latter half of 2009 and first few months of 2010. We remain on track for one of the best years in history for existing home transactions in the GTA,” said Toronto Real Estate Board President Bill Johnston.
The average price for September transactions was $427,329– up five per cent compared to the average of $406,877 reported in September 2009. The average selling price through the first nine months of the year was $429,657.
“Resale homes in the GTA remain affordable,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
“It is important to consider the positive impact of declining mortgage rates over the past two decades. Simply considering home prices relative to incomes does not allow for an accurate analysis of affordability,” continued Mercer. “The share of average household income going toward a mortgage payment on the average priced home in the GTA remains within accepted lending guidelines. This is why the average home selling price has continued to grow.”
Median Price
In September, the median price was $360,325, from the $347,000 recorded during September of 2009.
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GTA REALTORS® Report Mid-Month Resale Housing Figures
September 20th, 2010 Categories: Ajax, Buying real estate, Durham Region, Oshawa, Pickering, Pickering Village, Real Estate News, Selling real estate, Whitby
TORONTO, September 16, 2010 †Greater Toronto REALTORS® reported 2,623 sales through the Multiple Listing Service® (MLS®) during the first two weeks of September 2010. This represented a 22 per cent decrease compared to the 3,361 sales recorded during the same period in 2009. Year-to-date sales amounted to 65,455, representing a six per cent increase compared to 2009.
“Sales remain below the record pace we experienced in the second half of 2009. The prospect of higher interest rates and new mortgage lending guidelines resulted in higher than normal sales in the first few months of the year. To balance this out, the pace of sales has slowed in the second half,†said Toronto Real Estate Board President Bill Johnston.
“It is important to note that year-to-date sales remain above the number reported through the same period last year,†added Johnston.
The average price for September mid-month transactions was $412,367 – up five percent compared to the average of $393,818 recorded during the first 14 days of September 2009.
“Under current lending standards, the average selling price is affordable for a household earning the average income in the GTA. The annual price growth we have been experiencing has been justified by this positive affordability picture,†said Jason Mercer, TREB’s Senior Manager of Market Analysis.
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Change The Things You Can When Selling Your Home
September 1st, 2010 Categories: Real Estate, Selling real estate
I couldn’t agree more with this post from the crew at Keeping Matters Current (www.kcmblog.com). It is a great reminder to keep some perspective and listen to the market:
How the Serenity Prayer Applies to Selling a Home
Great insight for all–even agents.
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Canadian Real Estate Association says “Canada’s hot resale housing market starting to cool”
May 28th, 2010 Categories: Buying real estate, Real Estate News, Selling real estate
(OTTAWA – May 17, 2010) Home sales activity in Canada came up short of the record for the month of April and new listings continued to climb, according to statistics released by The Canadian Real Estate Association (CREA).
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
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In The News
April 6th, 2010 Categories: Buying real estate, Real Estate News, Selling real estate
In Keeping Matters Current this morning, they highlighted that it matters what you read when it comes to understanding the real estate market.
I can’t present this any better:
Whenever a market is evolving rapidly, the most difficult thing to do is keep up with the changes. A home seller or a home buyer in today’s real estate market must make sure that they understand what is happening and why it is happening. They can then guarantee that they are making an informed decision in regard to what is best for themselves and their families.
The Goal
Keeping abreast of what is happening in today’s real estate market is no easy task. You may feel that you are doing a good job of staying on top of market fluctuations. You may read all the pertinent data and stories from all the best media sources. However, it is not just having the information but also being able to analyze the information that truly matters. And that is not easy.
The Challenge
Let’s look at two headlines from last week and a quote from each article: Â
Home Price Index Edges Up – Wall Street Journal 3/30/2010
The seasonally adjusted (prices) increased 0.3% in January from a month earlier, the eighth consecutive monthly increase. … The report “indicates that the worst of the declines are behind us and we can at least move forward from here,†said Adam York, an economist with Wells Fargo Securities.
Home Price Dip Extends to 4th Month – CNN Money 3/30/2010
After a five-month run-up in home prices starting last spring, prices have now fallen for four consecutive months … The market seems to have pulled the rug out from under housing industry hopes for a sustained early recovery.
I purposely left out to which report each article was referring in order to make a point. Each article was using as the foundation of their headline and story the SAME REPORT – the S&P/Case-Shiller Home Price Index of 20 cities.
So here we have the Wall Street Journal and CNN Money reporting on the same exact news but coming up with widely opposite conclusions. One used the month-over-month numbers and one used the year-over-year numbers. Will most people understand the nuances and be able to determine what they mean?
The Solution
In today’s market, whether you are buying or selling, you need a dedicated professional to help you analyze the preponderance of information available.
You need someone that is willing to take the time to understand what is happening and why it is happening. They must also be willing to sit down and simply and effectively explain what it means to you and your family.
As Dave Ramsey, the personal finance guru, said:
“When getting help with money, whether it is insurance, real estate or investments you should always look for someone with the heart of a teacher, not the heart of a salesman. About eighty five percent (85%) of the people in the financial world know how to sell and tell you what to do. They don’t know how to teach you what you are doing. Stay away from them.â€
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Bedside Manner or Skilled Hands
March 29th, 2010 Categories: Selling real estate
In Canada, we are not experiencing the same pain that the US has been experiencing over the last 3 years. Our growing pains are different. Recent press about opening up the MLS to do-it-yourself realtors has caused a furvor in the real estate industry. Who do you want to handle your most valuable asset?
This article from Keeping Current Matters blog can give you some perspective:
Imagine for a moment that you have been told that you need surgery. You have a choice between two surgeons:
The first has a wonderful disposition. He holds your hand as he explains the procedure, the risks, the rewards, and the likelihood of success. He may even shed a tear as you deal with the shock. His bedside manner is incredible; however, his personal success rate for this surgery is 80%.
The second doctor is a bit of a jerk… cold, with a “just the facts” approach. She seems to look right through you as she delivers her strategy for your recovery. At the same time, her personal success rate is 99%.
Who do you pick to do the surgery?
Well, your choice may be swayed by whether the surgery is life-threatening or not. Are we talking in-grown toenails or brain surgery here? Let’s assume it’s somewhere in between, say eye surgery. Your life is not in danger, but I think we all want to be able to see.
When I pose this scenario to most people, they choose “excellence in execution” over “likeability” virtually every time. We choose PROFESSIONALS based on results, often by referrals from others who can vouch for the results.
Why would it be any different when choosing who to work with on the largest financial decision you are likely to make this year (the buying and/or selling a home)? Of course, we all want real estate agents and loan officers who are both likeable AND competent, but we should be leaning towards knowledge of the market, advice and specific strategies to achieve our objectives.
No longer should we be hiring an agent or mortgage professional because we know them from the soccer field or PTA. Forget the days of listing your home with someone who you think you will enjoy working with because if your home doesn’t get sold, you aren’t going to like them for very long. Don’t be making loan applications with your nephew, just because he is your nephew. You need more than that.
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Pricing A House In Today’s Real Estate Market
March 26th, 2010 Categories: Selling real estate
Considering the press lately regarding do-it-yourself real estate sales, it is worth studying up on how the market value of your home is determined.
Most people have a rough number when asked what their home is worth. It is often determined by neighbourhood heresay or surfing the internet.
Consider: how important is it to know the value of your highest asset? And what are the consequences of you being wrong?
Although there is no set way of determining the value of a home, there are a few things that help narrow the price range down:
- Recent comparable solds: Your home is worth what a buyer will pay for it. Analyzing solds in your area of similar homes can give a good foundation for value.
- Expireds: Expireds are considered homes that have not sold. For one reason or another, the buyers determined that they were not willing to pay for that property. Examining what didn’t sell and why can give insight into the buyer’s mind in your neighbourhood.
- Currently for sale: In the real estate world, what is on the market now is really a fantasy price. It doesn’t necessarily indicate what buyers are willing to pay, but it will show what homes yours would be competing against. Determining market value is partly about making your home more compelling for the buyer. How does it compete?
- Improvements: Not all improvements to a home affect the value. Some will just allow it to sell in a neighbourhood that has a slow turn over. You will need to separate pride of ownership from investment realities. There is a simple charted estimate that can illustrate the possible return on the improvements you have made.
- What Ifs: Understanding what is going on in your neighbourhood is important when considering value. You might be buoyed by the possibility of double digit price increases that the media is highlighting. However, not all neighbourhoods fare the same in a hot market. You will need to add that flavour to the price range you can expect for your home.
As a realtor, I offer free market evaluations to show you the current value of your home. This can help with relocation decisions that you might be making.
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Demand and Supply Coming into Balance in Resale Market
March 16th, 2010 Categories: Real Estate News, Selling real estate
OTTAWA – March 15, 2010 – With rising activity in Toronto offset by lower activity in Vancouver, the number of homes sold through the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards edged lower in February. In recent months, national sales activity has slowed while new listings continue to rise, resulting in a more balanced national resale housing market.
According to statistics released by The Canadian Real Estate Association, seasonally adjusted national home sales totalled 42,799 units in February 2010, edging down 1.5 per cent from January. Activity declined mostly in Vancouver, but this was offset by an equally large gain in Toronto. Sales were also down in a number of other British Columbia housing markets. Since there were no significant gains in sales activity elsewhere in Canada, the national figure for sales activity was pulled slightly lower.
“The Olympic Winter Games may have impacted February sales activity in British Columbia, so activity for the province in March will be closely watched,” said CREA President Dale Ripplinger. “Activity is expected to remain elevated in Ontario and British Columbia over the first half of the year, with buyers looking to beat the introduction of the HST and expected interest rate hikes.”
Across the country, actual (not seasonally adjusted) residential sales activity numbered 36,275 units in February, up 44 per cent from the same month last year. New records for February activity were set in Ontario and Quebec. The year-over-year gain in national activity was smaller than those of the previous three months. Since a year will soon have elapsed following the recessionary decline and subsequent rebound for the Canadian resale market, year-over-year comparisons are expected to continue shrinking.
The average price of all homes sold through Boards’ MLS® Systems in February 2010 was $335,655, up 18.2 per cent from one year ago. As with sales activity, this gain was smaller than in the past four months, and year-over-year gains are expected to become further subdued going forward.
The price trend is similar but less dramatic for the national weighted average price, which compensates for changes in provincial sales activity by taking into account provincial proportions of privately owned housing stock. It climbed 15.6 per cent on a year-over-year basis in February 2010.
The residential average price in Canada’s major markets was up 18.7 per cent year-over-year in February. As with the national counterpart, the price trend is similar but less dramatic for the major market weighted average price, which rose 14.7 per cent from levels reported in February 2009.
The seasonally adjusted number of new listings on Boards’ MLS® Systems across Canada climbed another 2.4 per cent on a month-over-month basis in February to reach 73,849 units, the highest level since October 2008. Five consecutive monthly increases have lifted new listings 16.3 per cent above where they stood last September, when they had fallen to the lowest level since late 2005. As with sales activity, new listings in February 2010 were up most in Ontario and down most in British Columbia. The actual (not seasonally adjusted) number of new residential listings was 71,197 in February, up 10.8 per cent from one year ago.
Strong resale housing demand continues to draw down inventories, but supply is shrinking at a decreasing rate because of slightly softer sales activity and an increase in new listings in recent months. There were 188,334 homes listed for sale on Boards’ MLS® Systems in Canada at the end of February 2010, a decline of 15.4 per cent compared to levels one year ago. This is the smallest year-over-year decline in active listings since last August.
The actual (not seasonally adjusted) number of months of inventory in February 2010 stood at 5.2 months. This is well below where it stood one year ago (8.8 months), but on par with February 2008 and slightly higher than it was in the month of February in the years 2004 through 2007. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
On a seasonally adjusted basis, months of inventory rose nationally for the third consecutive month. There were 4.7 months of inventory in February 2010; up slightly from 4.5 months from the previous month, and 4.3 months in December 2009.
“Housing markets are becoming more balanced,” said CREA Chief Economist Gregory Klump. “There are still a number of major markets where sales negotiations favour the seller due to a shortage of inventory, but supply has begun rising. Further expected supply increases will continue to take the steam out of housing markets as the year progresses.”
http://www.crea.ca/public/news_stats/pdfs/media_feb10rpt_e.pdf
PLEASE NOTE: The information contained in this news release combines both major market and national MLS® sales information from the previous month. The Canadian Real Estate Association has previously released these separately.
CREA cautions that average price information can be useful in establishing trends over time, but does not indicate actual prices in centres comprised of widely divergent neighborhoods or account for price differential between geographic areas. Statistical information contained in this report includes all housing types.
MLS® is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry trade associations, representing more than 96,000 REALTORS® working through more than 100 real estate Boards and Associations. Further information can be found at www.crea.ca.
For more information or to arrange an interview, please contact:
Alyson Fair
Publicist / Publicitaire
The Canadian Real Estate Association / L’Association canadienne de l’immeuble
Tel: (613) 237-7111 X 2284 Cell: (613)884-1460
afair@crea.ca
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Sprucing Up Your Home For The Buyers
February 24th, 2010 Categories: Selling real estate
A perfect storm might be on the horizon for the real estate market. The HST is set to come in July, when interest rates might take a hike and mortgage rules are changing. Now, might be the opportunity to catch the rising market. To make sure you can earn as much as possible from the sale of your home, there are some easy interior design secrets that enhance the feel of your home for potential buyers.
As a seller, you can’t control mortgage interest rates, market fluctuations, neighbourhood and city influences. You can control how your home is presented when a realtor shows your home to buyers.
Having a pleasant environment can put buyers at ease and reassure them that the home has been taken care of.
Here are a couple of tips that might help:
- Change the lighting.
Changing the lighting can instantly change the mood in the room. For example, an overhead light in the bedroom tends to create a stark atmosphere. Instead, turn on side table lamps with opaque shades to create a relaxed, ambient feel.
Cramped, dim spaces can be enhanced with mirrors making the a room feel larger and warmer. You can also use window coverings to adjust the light. Blinds that open completely can give a bright, airy feel to a room and soft sheer drapes can add a touch of warmth.
- Add some accessories.
Changing or adding accessories are just about the cheapest way to enhance your room. They make the room more interesting. Adding vases, candlesticks, coffee table books, flowers, and wall hangings can add life to your room. Remember though, another rule in home staging is, less is more.
One very special accessory is often better than five or six knick knacks.  The knick knacks tend to just add clutter. Paintings and photos are good ways to add colour and character.Â
It is wise to get professional advice when decorating or staging your home, fifty dollars invested in paint or accessories could be money in your pocket.
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10 Home Features Buyers Want
February 2nd, 2010 Categories: Area interest, Selling real estate
Considering selling? Consider this:
Home designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don’t have lasting value.
“It’s all about family togetherness – casual living, entertaining and flexible spaces,” says Carol Lavender, president of the Lavender Design Group in San Antonio.
Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:
1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in the master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable
Source: MarketWatch, Steve Kerch (01/30/2010)
Read More
Blog: Styled, Staged & Sold
Inside REALTOR Magazine’s Special House & Home Issue
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