How can today's Real Estate Buyers not be confused! The Globe and Mail's "Report on Business", of Aug. 26th, 2010, features an article by Sunny Freeman entitled "Home Sales drop 25% as prices climb". Read the heading alone, you will be gripped by fear--fear that if you're buying in today's real estate market you'll be sorry. But if you go on to actually read the article, you'll find the Canadian home prices are still on the rise even as sales fall and demand peters out.
Home sales fell by 25% since the peak at the beginning of the year, when there was very little real estate inventory , and more buyers than properties to buy. As more homes became available, and mortgage requirements became tighter, the "multiple offers" scenario decreased. But, according to a study by the Conference Board of Canada, Canadian home prices are still on the rise, a trend that is likely to continue, said conference board associate director, Michael Burt.
According to Michael Burt, "most of the costs associated with home ownership, such as mortgage costs and insurance, are outstripping inflation and income growth". "As a result, housing affordability in Canada, which has been deteriorating over the past decade, will continue to decline during the next two years."
Sales in the GTA for July were down 30% from 2009, but prices were essentially flat. As more resale houses come onto the market and fewer buyers compete for homes, the GTA housing market is at a "crossroads", between a balanced market and one that favours buyers. Some economists predict that the real estate market could move further toward a buyers market, which could lead to a deceleration of price increases, or a price drop.
Seasonally-adjusted homes sales in the GTA fell 8.2% in June from the previous month, and shrunk 19.7% compared to June of 2009, according to the Canadian Real Estate Association. However, the average Canadian home price sat at $342,662 compared to $326,689 in 2009. Real Estate sales activity this year is up 5.6%, compared to the first seven months of 2009.
Confused! Who wouldn't be! The best advice that I could give anyone wanting to buy a home or condo in the GTA is , if you're working and can afford home ownership, go for it! No one really knows what's ahead for us--no one economist, no one realtor, and certainly not the media. If you compare home ownership with any other investment that you can make in today's GTA marketplace, real estate has traditionally out performed them all. And besides, instead of paying your landlord's mortgage, you will be paying your own and have a HOME to show for it.
If you are considering home ownership is today's GTA marketplace, and would like the consultation of a REAL ESTATE PROFESSIONAL, feel free to contact Gitta Levi directly at 416-587-8222, or email gitta@gittalevi.com.
Thursday, August 26, 2010
Friday, August 13, 2010
The REAL World and You! The THORNHILL Seller.
by Gitta Levi, Broker, Century 21 Heritage Group, Thornhill, Ontario
Rantings of late, from the Competition Bureau and it's proponents, seemed to have died down for the time being. At least, the media isn't bombarding us on a daily basis, with talks of computerized services which can take the place of the "normal" Thornhill Realtor, and do just as good a job at selling your home.
Commissions are being challenged. What could your Thornhill Realtor possibly do for you to warrant the $$$ they get? You're right to think that way, if putting a sign on the lawn and downloading your listing to MLS is all you think your professional Thornhill Realtor does for you! But the reality of the job is very different.
In the REAL world, a professional Thornhill Realtor spends time reviewing all the activity in your Thornhill neighbourhood-what's been listed, what's sold, so that they can see the "market trends". The Thornhill Real Estate market literally changes on a daily basis, and a professional has to be up to date, because they're selling your most valuable asset. There may be viewings booked to see other properties, open houses to attend, interaction with the Thornhill realtors whose listings you're competing with, as well as calls to agents who have shown your property for feedback. Once your Thornhill agent has all this, then time is spent reporting back to you, the Seller, so that you're not left in a vacuum .
The internet is a very important tool, so your Thornhill home has to be prepared for showings, either through a stager, or in my case, myself, so that the most important features of the home will be highlighted. A professional photographer is hired to "showcase" your Thornhill home in photos and virtual tours, which are then downloaded to a variety of websites to ensure maximum exposure for your real estate.
The day is filled with calls and emails-prospective buyers from all the marketing efforts, other agents with questions about the property, financing queries, dealing with "tire kickers" and probing to see if they can really afford your home. And if you have family problems, or financial problems, or just need some "hand holding", your Realtor is there for you, because selling real estate is a personal, "people" service, with no set hours in the day, or weeks in the month.
And if that isn't enough, in the Thornhill Realtor's "spare time" they attend seminars and courses to improve their professional knowledge and marketing skills, because it's the marketing that gets the offer.
Offer day-how exciting! Once an offer is "registered" , your professional Thornhill Realtor goes to work in calling all the Agents who have shown your property, to let them know that there's an offer and see if they can solicit another offer for you-the more , the better. Your Thornhill Agent is working for you and wants to get you the best price possible. Even if you only receive one offer, it's the Agent's negotiating skills that help you with the bottom line-what you Net in your pocket, once the sale is completed!
After you have "sold" the Thornhill property, there are usually conditions which have to be satisfied, i.e. financing, home inspection or status certificate. Your Agent is the one that is in charge of making sure these conditions are all met, and that all the paperwork is received, liasing with your Solicitor and Bank, as well as making sure that the certified deposit cheque is received. Up until closing date, the Thornhill Agent is still representing you, and deals with numerous calls , more paperwork, emails, etc.
When everything is complete, your Thornhill Realtor receives a small percentage of the sale, and you reap the financial benefits of having dealt with a professional. Can a computer service replace all this? I don't think so, because this is, and will remain, a "people" business.
If you want to reap the benefits of a THORNHILL REAL ESTATE PROFESSIONAL , then call GITTA LEVI , BROKER, CENTURY 21 HERITAGE GROUP, Thornhill at 416-587-8222 (direct line), or 905-764-7111 x 1226 (office), or email Gitta at gitta@gittalevi.com. I'm never too busy for you!
Rantings of late, from the Competition Bureau and it's proponents, seemed to have died down for the time being. At least, the media isn't bombarding us on a daily basis, with talks of computerized services which can take the place of the "normal" Thornhill Realtor, and do just as good a job at selling your home.
Commissions are being challenged. What could your Thornhill Realtor possibly do for you to warrant the $$$ they get? You're right to think that way, if putting a sign on the lawn and downloading your listing to MLS is all you think your professional Thornhill Realtor does for you! But the reality of the job is very different.
In the REAL world, a professional Thornhill Realtor spends time reviewing all the activity in your Thornhill neighbourhood-what's been listed, what's sold, so that they can see the "market trends". The Thornhill Real Estate market literally changes on a daily basis, and a professional has to be up to date, because they're selling your most valuable asset. There may be viewings booked to see other properties, open houses to attend, interaction with the Thornhill realtors whose listings you're competing with, as well as calls to agents who have shown your property for feedback. Once your Thornhill agent has all this, then time is spent reporting back to you, the Seller, so that you're not left in a vacuum .
The internet is a very important tool, so your Thornhill home has to be prepared for showings, either through a stager, or in my case, myself, so that the most important features of the home will be highlighted. A professional photographer is hired to "showcase" your Thornhill home in photos and virtual tours, which are then downloaded to a variety of websites to ensure maximum exposure for your real estate.
The day is filled with calls and emails-prospective buyers from all the marketing efforts, other agents with questions about the property, financing queries, dealing with "tire kickers" and probing to see if they can really afford your home. And if you have family problems, or financial problems, or just need some "hand holding", your Realtor is there for you, because selling real estate is a personal, "people" service, with no set hours in the day, or weeks in the month.
And if that isn't enough, in the Thornhill Realtor's "spare time" they attend seminars and courses to improve their professional knowledge and marketing skills, because it's the marketing that gets the offer.
Offer day-how exciting! Once an offer is "registered" , your professional Thornhill Realtor goes to work in calling all the Agents who have shown your property, to let them know that there's an offer and see if they can solicit another offer for you-the more , the better. Your Thornhill Agent is working for you and wants to get you the best price possible. Even if you only receive one offer, it's the Agent's negotiating skills that help you with the bottom line-what you Net in your pocket, once the sale is completed!
After you have "sold" the Thornhill property, there are usually conditions which have to be satisfied, i.e. financing, home inspection or status certificate. Your Agent is the one that is in charge of making sure these conditions are all met, and that all the paperwork is received, liasing with your Solicitor and Bank, as well as making sure that the certified deposit cheque is received. Up until closing date, the Thornhill Agent is still representing you, and deals with numerous calls , more paperwork, emails, etc.
When everything is complete, your Thornhill Realtor receives a small percentage of the sale, and you reap the financial benefits of having dealt with a professional. Can a computer service replace all this? I don't think so, because this is, and will remain, a "people" business.
If you want to reap the benefits of a THORNHILL REAL ESTATE PROFESSIONAL , then call GITTA LEVI , BROKER, CENTURY 21 HERITAGE GROUP, Thornhill at 416-587-8222 (direct line), or 905-764-7111 x 1226 (office), or email Gitta at gitta@gittalevi.com. I'm never too busy for you!
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