Real Estate

Oakville February 2018 Market Statistics

Oakville February 2018 Market Statistics

*SP= selling price   / LP= list price  /  DOM= days on market


Statistics supplied by the Toronto Real Estate Board

Oakville Year to date 2018 Market Statistics:

*SP= selling price   / LP= list price  /  DOM= days on market

Statistics supplied by the Toronto Real Estate Board

“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.

Posted by Christine Pecharich in Market Reports, Oakville, 0 comments
Burlington 2018 Market Statistics

Burlington 2018 Market Statistics

*SP= selling price   / LP= list price  /  DOM= days on market


Statistics supplied by the Toronto Real Estate Board

Burlington Year to date 2018 Market Statistics:


*SP= selling price   / LP= list price  /  DOM= days on market

Statistics supplied by the Toronto Real Estate Board

“When TREB released its Outlook for 2018, the forecast anticipated a slow start to the year compared to the historically high sales count reported in the winter and early spring of 2017. Prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress test guidelines and generally higher borrowing costs,” said Mr. Syrianos.

The MLS® Home Price Index Composite Benchmark was up by 3.2 per cent on a year-over-year basis for the TREB market area as a whole. This growth was driven by the apartment and townhouse market segments, with annual benchmark price increases of 18.8 per cent and 7.5 per cent respectively. Single-family detached and attached benchmark prices were down slightly compared to February 2017. The overall average selling price for February sales was down 12.4% year-over-year to $767,818. However, putting aside the price spike reported in the first quarter of 2017, it is important to note that February’s average price remained 12 per cent higher than the average reported for February 2016, which represents an annualized increase well above the rate of inflation for the past two years.

“As we move further into the spring and summer months, growth in sales and selling prices is expected to pick up relative to last year. Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments. This being said, listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability,” said Jason Mercer, TREB’s Director of Market Analysis.

Posted by Christine Pecharich in Burlington, Market Reports, 0 comments
5 Essentials for a Successful Sale

5 Essentials for a Successful Sale

1. LOCATION

The pricing of your home must reflect its location. The better the location, the higher the market price. When buyers choose a location they look for access to amenities, school districts, low traffic, easy highway accessibility, proximity to parks, etc. All of these things must be taken into consideration when determining the value of your home. We cannot control the location.

 

2. CONDITION

The pricing of your home must accurately reflect its condition. Your job is to make your home bright, shiny and clean (as close to a model home as possible). My job is to tell the world about it and gain maximum market exposure. Take a look around your home. What little things can be fixed that won’t cost a lot, but will have a big impact on how well your house shows? I will give you suggestions of things we can do to stage the house to get you the most money when you sell.

3. MARKET

The market is always shifting. Recession, inflation, mortgage availability, competition and the public’s perception of the health of the economy all play a role in house prices. It may be a buyer’s market (where there are a lot of houses for sale and buyers have more negotiating power) or it may be a seller’s market (where there are limited houses for sale and the sellers have more negotiating power). The pricing of your home must reflect the current market because we cannot dictate market conditions.

4. TERMS

Buyers often put terms in the purchase agreement (e.g. approval of financing, home inspection, etc.). If you are willing to accept offers with such terms, you increase the buyer pool. The price of your home must reflect the terms. For example, you can often negotiate a higher sale price if you are willing to accept terms that are important to the buyer (such as a longer/shorter closing date to meet their needs). The good news is that I’m an experienced negotiator, so I’ll be in your corner to protect your interests.

5. PRICE

Price is the most important factor in the sale of your house. If you price your home too low, you leave money on the table that is rightfully yours. If you price it too high, your home languishes on the market and other agents use it as a tool to sell their listings by showing better value in competing homes. Once a house is on the market for a while, all buyers ask the same three questions:

•How long has it been on the market?

•What’s wrong with it?

•I bet they’re getting desperate, should we try a low-ball offer?

Failure to properly price your home can cost you thousands of dollars. Setting the right asking price is the single biggest factor that determines the success or failure of your home sale. That’s where my knowledge of the market and pricing expertise come in. I will help you choose the right price that will get you maximum exposure in the market, so you sell quicker for the most amount of money.

 

Posted by Christine Pecharich, 0 comments