The Condo Inspection – yes? no?
Wednesday, June 12, 2019
Saturday, June 8, 2019
We managed to make it through the rainy days of May - it looks like within this first week of June, the beautiful weather has finally arrived! For both Burlington and Hamilton we saw number of new listings climb even higher than those in April, with average sale price remaining within a couple thousand dollars in both Cities. While Burlington began to see a fall in total sales within the month, Hamilton saw a 16.2% increase in May!
Wednesday, May 29, 2019
- The neighbour’s barking dog.
- The leak you had 15 years ago that has since been repaired.
- What price you want.
- The fact that you have sold your house and have to move.
- How much work you feel the house needs….and then staying an hour in the home.
- Sending all your relatives in to talk to the rep hosting an open house.
- Loudly announcing to other buyers what is wrong with the house.
Wednesday, May 15, 2019
Saturday, May 4, 2019
April's market stats are in and boy are things just ticking along in this Spring market. The number of listings are on the rise both in Burlington and Hamilton and average days continued to fall. As for sale prices, they're maintaining their ground from March through April.
In Burlington, the average sale price has risen slightly since March with an increase just shy of $4K, though more significantly higher than April 2018. Number of listings are at a 2019 high, which falls in line with the trend in previous years, where we didn't see the record number until May. Looks like we're following the same timeline, so should have nearly 30 more days of this solid Spring market, leading us into Summer. If that's the case, we might see that April's average days on the market, at 27, could be the quickest turn around this Spring. Last year, while May was strong, this is the turning point for when listings started to take a little longer to sell. Speaking of sales, we're up by 73 dales since March and nearly 150 compared to January/March stats.
Hamilton is following the same pattern with average days having fallen, and listings and sales continuing to make the climb! While the Average Sale Price fell by a couple hundred dollars, it has remained consistent with a variance of only $8,000 over the past three months! Looking back at 2018, numbers are upper the Hamilton market. This April our pricing is nearly $25K more than last year. Days on the market for Hamilton are quick at 23, and the list to sale price ratio remains equally as consistent at 100% for the third month in a row.
The market is strong and we would expect to see this flurry of activity continue through May! Enjoy this more seasonal weather we have on our way...
For all the stats compared month to month, find them here, on our website.
Monday, April 29, 2019
Friday, April 26, 2019
Condition on Sale of Buyer's Property
As a seller, it’s important to understand the facts behind the property in question. As such, the condition, price and timing of market entry will all factor into the risk associated with the ‘saleability’ of that back-up home. In a slowing market it’s a much higher risk to accept a condition on sale of a $2 million-dollar home not yet on the market than it is for a $500k townhome in a hot market. It also begs the question of financial stability of your buyer... why do they require the condition in the first place? On the positive side, the inclusion of an escape clause will allow you to continue to offer your home for sale in the event another buyer is willing to make you an offer.
As a buyer, the motivation can vary as to why they feel it’s needed. For some, it’s a financial requirement and others it’s a safety net if they don’t reach their set goals or expectations on the sale of their home. It’s important to understand the ins and outs of what the condition will mean. You are asking the seller to take a chance on your home selling within a set period of time. As such, you should be in a position either already on the market or rather imminently. In that case, your Realtor needs to have an understanding of your home and value in order to properly convey to the other parties involved. We have also seen instances where offers have been ‘bumped’ by a firm offer and buyers not being able to meet their condition on sale requirements so, this cannot always be used as a buffer to get your home on the market.
Overall, proceed with caution when negotiating a condition on sale and protect your largest asset. We have seen the condition used unsuccessfully, but also to reach a very happy end for both the buyers and sellers as of late.
Monday, April 22, 2019
Preparing for Market
Market conditions aside, a move-up buyer will have a completely different strategy than a downsizer looking to takeaway a set amount. Sticking to the experts in the field, as hard as it may be, will have your best advice on how to approach the next stage of home ownership.
Having a Realtor assess your home can actually cover off more than just the value of your home. It can be a visit about renovations both required or unnecessary, a discussion of financial goals or even of market timing. It also provides your Realtor with the information about how you live and how best to guide you in your next purchase. Not to mention, allows them to gauge how ready, willing and able you are to purchase and sell.
It’s a common misconception that you should only call a Realtor into your home once you’ve bought, but our advice is actually the opposite... if you’re considering making a move, the sooner the better to seek professional advice!
Thursday, April 18, 2019
We Realtors should really be calling it something else as it definitely does not start in April. The best market of the year always begins just after the holiday season. Some years, that means right in January with a rolling start and a mid-way point, typically somewhere in March. April is usually the over half way point with June 1st signaling the start of a market shift slow down.
Markets in real estate are very weather dependent. And this year, with heavy snowfalls in February, the market at that time did slow up which produced a faster paced March into April. Think of it this way; when parents start to consider summer vacation and daycare as we head to June 30th, their moving plans have either already been made or shelved as they have bigger fish to fry, so to speak. Their closing date will be geared toward June so their kids can spend the summer in their new neighbourhood. So, looking backward a mere 60 days, their purchase will likely occur somewhere in March so they can get their own home on the market.
Most buyers take at least 30-90 days to buy....so, dial that back from April and we have a January start. Then, you start to consider what home you are trying to market and to which buyer? All things considered; the ‘Spring’ market starts in January.
Tuesday, April 16, 2019
|Market Conditions & Summer Forecast|
With the return of the warmer weather, as well as return of the area’s snow birds, we saw the family buyer and downsizer collide in the market to create almost a second market resurgence. Buyers are still getting the opportunity to revisit homes a few times over so, sellers must hit the market prepared to be viewed with a more critical eye.
With values once again increasing in most areas overall we look ahead to the Summer and what it holds in store for our buyers and sellers. All appears to be status quo, with a continued balanced market ahead.
Monday, March 25, 2019
Wednesday, March 13, 2019
We sincerely thank each and every one of you for all your hard work, your continued trust and of course your loyalty throughout these last 40 years without which this milestone may not have been achieved. Your kind words and enthusiasm for this special event will not be forgotten.
We toast to you, our clients and friends, as we look towards the future ahead of us!
The words you shared...
I started working for J.M. Edwards as a part-time Deals Administrator in 2012. I now work here full-time still handling deals, but also doing so much more. This is a great brokerage to work for as Jamie and Sherry allow you to grow, take on new responsibilities and be part of a great Edwards Team. Congratulations on 40 years and to many more!
When I think back to the company that decided to take a chance on an unqualified 14 year old and give her a job through to her first year of university, I am amazed that company is now celebrating its 40th anniversary ;)
I worked for Jamie at his first location on Plains Road, only to move to Guelph Line when Jamie took over Ted Finnigan’s business. Many great memories of working with Kay Henderson, Ted Brethour, Tom Dowling and Larry Chettle… to name a few!
MARY ELLEN RANDALL | CO-AUTHOR of REAME & FRIEND
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