Join the Modern Family Realtor team for a Home Buyer Workshop to learn more about the real estate market, financial planning and legal issues to help you on your way to home ownership.
Selling your home involves many important decisions, one of which is determining the right asking price. This month’s article explains why overpricing your home can potentially lead to disaster.
Thanks so much for checking out this month’s newsletter. Please get in touch if you have any questions or comments regarding the articles, or real estate in general — it’d be great to hear from you!
Paul Chan and Ewan French
|MODERN FAMILY HOME BUYER WORKSHOP|
|Looking to buy a new home? Our panel of professionals will address some of the financial, market and legal issues to help you on your way.|
Who Should Attend: First Time and Repeat Home Buyers
When: Monday, October 15th, 2018 at 6PM* *6-6:30 food & beverage served, 6:30 presentations begin
Where: IG Wealth Management, Suite 2800, 145 King St W., Toronto ON., M5H 1J8
Paul Chan, Founder Modern Family Realtor
– Is it a good time to buy? Get a current update on Toronto and the GTA real estate market.
– Advantages of home ownership for first time home buyers and investors.
– Buy vs Lease – Which is the better option for me?
Wayne Chodikoff, MBA, CPA, CGA, CFP ®, RRC Associate Consultant, IG
– Planning for a New Home: one-time and on-going expenses
– Financing the Purchase: sources of the down payment and mortgage planning basics
– Covering home expenses in the event of death or illness: personal insurance
Colin Lyle, B. Comm. LL.B., MPPA, Barrister and Solicitor
– The mechanics of closing
– Ownership structure
– Common legal issues and how to manage
RSVP by Friday October 12 by phone to Paul at 416-705-2444 or email [email protected]. Seating Limited.
|TORONTO REAL ESTATE MARKET UPDATE|
|Home sales up compared to same time last year.|
Toronto Real Estate Board President Garry Bhaura announced that Greater Toronto Area REALTORS® reported 6,455 sales through TREB’s MLS® System in September – up 1.9 per cent compared to last September.
The average selling price for September 2018 sales was up by 2.9 per cent over the same period to $796,786. The MLS® HPI composite benchmark price was up by two per cent year-over-year.
New listings entered into TREB’s MLS® System in September 2018 amounted to 15,920 – down by 3.1 per cent compared to September 2017. With sales up year-over-year and new listings down, market conditions became tighter. Many buyers may have found it more difficult to find a home meeting their needs.
“While higher borrowing costs and tougher mortgage qualification rules have kept sales levels off the record pace set in 2016, many households remain positive about home ownership as a quality long-term investment. As the GTA population continues to grow, the real challenge in the housing market will be supply rather than demand. The Toronto Real Estate Board is especially concerned with issues affecting housing supply as we move towards municipal elections across the region,” added Mr. Bhaura.
On a monthly basis, after preliminary seasonal adjustment, sales edged up by 0.2 per cent in September 2018 compared to August 2018. The average selling price, after preliminary seasonal adjustment, edged lower by 0.5 per cent month-over-month.
“Generally speaking, annual rates of price growth have been stronger for higher density home types in 2018, including condominium apartments, townhouses and semi-detached houses. In many neighbourhoods, these home types provide more affordable home ownership options. This is why a policy focus on increasing mid-density housing options throughout the GTA is important,” said Jason Mercer, TREB’s Director of Market Analysis.
|THE ROYAL AGRICULTURAL WINTER FAIR|
|The Royal Agricultural Winter Fair will soon be trotting into town!|
The Royal Agricultural Winter Fair is returning to Exhibition Place on Friday, November 2nd and runs right through the week until Sunday, November 11th.
Since its inception way back in the fall of 1922, the “Royal” has become the largest indoor agricultural and international equestrian competition in the world, drawing more than 340,000 visitors each year.
The Royal Agricultural Winter Fair, which is the largest of its kind, is a strong Canadian tradition. Animals are definitely the stars of the show including incredible horses, expert sheepherding border collies, amazing jumping rabbits and much more!
There’s so much to enjoy at the Royal Agricultural Winter Fair including tons of agricultural displays, a variety of kids’ activities, a wide range of culinary events and lots of shopping opportunities so bring along the entire family for a great day out!
|THE PRINCIPLES OF PRICING|
|Your asking price can either make or break your sale.|
Pricing your home correctly is critical to a successful sale as it will help ensure that your home sells for the most amount of money, in the shortest amount of time.
Determining a home’s asking price involves comparing similar homes in nearby areas that have recently sold while also taking past, present and future market trends into account.
Although you may have your own personal opinion of what your home’s worth, it’s important to be unbiased and realistic. At the end of the day, it’s the market that determines your home’s true value.
There’s always a huge buzz when a new property hits the market but if the price is too high, it will quickly become stale and there won’t be any incentive for buyers to make a swift, strong offer. Worse yet, if it sits on the market too long, it’ll develop a stigma. We’ve all walked past a home that’s sat on the market for ages and wondered, “what’s wrong with it?”
Having your property sit on the market is also very inconvenient as you’ll constantly have to keep it in a show-ready state which can be extremely stressful, not to mention exhausting. Furthermore, carrying costs such as mortgage interest, insurance, taxes and utilities will quickly add up if you get stuck carrying two homes at once.
Overpricing your property will actually help your competition as buyers will see other homes in your area as much better deals since they’re less expensive. If, on the other hand, your home is priced close to fair market value, those same buyers will consider your home much more seriously.
Pricing a home is part art and part science. Market factors such as the economy, time of the year and interest rates can all make a huge difference. Your home only gets one chance to make a great first impression so it’s important to enlist the services of a highly-qualified real estate agent to help you get things done properly from start to finish. Please don’t ever hesitate to ask if you have any questions!
|HALLOWEEN IN THE ‘HOOD|
|Halloween’s a great way to get to know the people on your street!|
It’s not often that the people on your block are out roaming around in full force so why not use Halloween as an opportunity to build some community spirit! Here are a few fun ideas to consider:
- Scariest House on the Block – Hold a competition for the best-decorated house, get everyone involved by voting and have a small prize for the winner.
- Open House – Forge new friendships by hosting an open house. Serve a few simple drinks and snacks and invite everyone on your block either before, after or during trick or treating.
- Grossest Grub – Have all the families on your street bring a Halloween-themed food item and then vote on the grossest, scariest food to see who wins!
It’s easy to avoid contact with those who live close by, so this Halloween, why not help build up your community with some spooktacular fun and make some new friends!