Tag Archive for buyers and sellers

Laurin Jeffrey | April 18, 2011
No comments

When to sell?

By Anna Vozza, The Windsor Star

Homeowners face a double dilemma when dealing with the prospect of selling their homes. How do you make sure the decision to sell is the right one? When is the right time to sell?

Traditionally, the four major reasons why and when people sell their homes are financial and market conditions, employment changes, family matters and lifestyle changes. However, the current issue of low interest rates and a large selection of homes also has a great bearing. These reasons not only affect your decision to sell, they can greatly impact your options about when to sell.

- Financial and market conditions: Almost every aspect to real estate involves market conditions and financial issues. For the seller they are of the utmost importance because it’s the seller who’s putting property, equity and maybe years of hard work on the line.

With so much at stake, it’s really beneficial that sellers contact a realtor who has the experience and knowledge of the real estate industry.

The terms “buyers” and “sellers” market refers to the proportion of people wanting to buy versus the number of homes on the market. If the number of homes for sale exceeds potential buyers, then it’s a buyers market. If there are not enough homes to satisfy demand, then it’s a sellers market.

If selling for financial gain, you’ll want a sellers market. But if you plan to purchase a home after sale, there isn’t as big a difference as you’d first imagined. In a sellers market, you may sell your home more quickly and for a better price, but you’ll be facing the opposite challenges when purchasing. In a buyers market, you may have to wait longer to get a fair price, but you’ll have more selection and pricing options when looking for your new property.

- Employment changes: Employment changes can influence a decision to sell, such as relocation when a new job or promotion is in a different city and it’s necessary to move, unless the homeowner wishes to retain a property for investment or other purposes. Moving to a smaller urban centre may allow you to purchase a similar home for less money or a bigger one for the same outlay. Even if a new job doesn’t require a move, it’s a good opportunity to assess your needs.

- Family issues: The family issue homeowners cite more than any other when deciding to sell is children. Most often, people want a bigger home to accommodate a newborn, or may find their family has simply outgrown their current house. Often, a parent may be rejoining the family and a separate suite or nanny quarters is in the plans. As life goes on many different situations can arise requiring a change in homes.

- Lifestyle changes: Lifestyle changes and retirement are common reasons that motivate sellers. It’s wise to look far enough ahead in order to use the market to your advantage and sell at a good price. Changes in lifestyle can include moving to a condo or simply changing your pace of life from city dweller to country living.

Whatever the “why” or “when” for selling, make sure you are working with an expert — one with honesty and integrity and the highest of professional standards. Make sure you are working with a realtor.

————————————————————————————————————–

Contact the Jeffrey Team for more information  -  416-388-1960

————————————————————————————————————–

Category: Ajax Real Estate, General Real Estate, Pickering Real Estate, Selling Real Estate | Tags: , , , , , , , , , , , , , , , , , ,
Laurin Jeffrey | March 22, 2011
No comments

Majority of canadians confident about buying a home

Say housing market is more balanced

An overwhelming majority of Canadians (90%) are confident about real estate in Canada as an investment and 85% feel that they are doing a good or excellent job of paying down their mortgage, according to the 18th Annual RBC Homeownership Study. Almost three-quarters of Canadians (73%) believe that they or their family are well-positioned to weather a housing drop.

“Canadians believe in the long-term benefits of owning a home including the value it can provide, both personally and as a long term investment,” said Marcia Moffat, RBC head of home equity financing. “Last year’s survey showed that people were looking to buy ahead of rising costs. This year marks a return to more normal levels of purchase intentions and recent housing data reflects this move to a more balanced market.”

Interest in purchasing a home over the next two years has declined slightly but remains high overall, as 29% say it’s likely they will buy. This is down two points from 2010 yet higher than any other year since 2006. Compared to last year, fewer Canadians are saying it’s better to buy now (55%, a drop of 12 points) than wait (45%, up 12 points). Among those likely to buy, over half (57%) are looking to buy within 18 to 24 months while almost one-quarter (24%) are planning to buy in the next year.

The poll found that 40% of Canadians feel the current housing market is balanced equally between buyers and sellers, a rise of five points over 2010. Homebuyers list rising home prices (26%) as their number one concern about purchasing a home followed by rising mortgage rates (22%).

“There’s a lot more to owning a home than just the price, as taxes, fees and repairs can quickly add up. Online tools and calculators along with the advice of a mortgage advisor can help you be prepared for these costs while also looking at which payment features fit your financial plan,” added Moffat.

Confidence is high when it comes to housing payments, as with 69% saying that the value of their home has increased in the last two years, a rise of five points over last year.

Ontario leads the country in seeing the current housing market as balanced (46%). The majority of Ontarians (72%) say they are not likely to buy a home in the next two years, a rise of six points over 2010. Those intending to buy a home are looking longer term, with four-fifths (80%) planning to purchase in the next one to two years, the highest rate in the country.

————————————————————————————————————–

Contact the Jeffrey Team for more information  -  416-388-1960

————————————————————————————————————–

Category: Buying Real Estate, General Real Estate, Real Estate Investment | Tags: , , , , , , , , , , , , , , , , , ,
Laurin Jeffrey | February 26, 2011
One comment

2011 Off To A Positive Start In Resale Market

PropertyWire.ca

Building on the momentum from the end of 2010, 2011 started off strongly in the Canadian property resale market, according to the newest report released by CREA.

This spike in numbers does not come as any major surprise, given the introduction of the new mortgage lending restrictions. Buyers, it seems, are hurrying to beat the deadline for when these measures will be fully enacted- in spring 2011.

Reaching levels not seen since last spring, across the country, seasonally adjusted home sales activity went up by 4.5 % in January 2011 over December’s numbers.  Vancouver and Toronto topped the list for seasonally adjusted sales activity.

Additionally, monthly gains were realized in more than half of all local Canadian markets in January. According to the report,”National sales activity has improved steadily since last summer, and now stands almost 25 per cent above the low point reached in July 2010.”

“We anticipated the recent announcement of tighter mortgage regulations, which will come into effect this March, would pull forward sales activity into the first quarter of 2011, particularly in some of Canada’s more expensive housing markets,” said Gregory Klump, CREA’s Chief Economist. “The sharp rise in sales activity in Toronto following the announcement provides early evidence confirming this,” said Klump.

It will take some time before the longer term impact of the latest mortgage regulations on the housing market can be known,” said Georges Pahud, CREA’s President. “For that reason, further action shouldn’t be taken until the impact can be measured. In the meantime, if last year can be used as any guide, sales activity may heat up further as we get closer to the date on which tighter mortgage regulations come into effect, especially in some of Canada’s pricier markets. That said, local housing market trends often diverge from national trends, so buyers and sellers should consult their local REALTOR® to understand how the market is shaping up where they live.”

Balance is the word best associated with the current sales environment. In January, the housing market began to see signs of improved stability- balanced out by matched numbers of sales activity numbers and levels of inventory.

At the lowest levels seen since last March, the seasonally adjusted number of months of inventory remained stable at 5.5 months at the end of January, nationally- which is another indicator of balance.

In terms of average prices, upwards of two-thirds of local markets reported gains  from this time last year. The national average price for homes sold in January 2011 was $343,675. This price is similar to those seen in the three months prior, but signals a rise of  4.5 % compared to January 2010.

————————————————————————————————————–

Contact the Jeffrey Team for more information  -  416-388-1960

————————————————————————————————————–

Incoming search terms for the article:

Category: Buying Real Estate, General Real Estate, Selling Real Estate | Tags: , , , , , , , , , , , , ,
« Older Entries