Durham Region Real Estate Blog

Durham Region real estate is steaming right along. August MLS® reported 659 sales which is 25% less than the 875 reported in 2009. With new listings of 1205, up 3% year over year and on par with July, 2010.  Average prices were up 12% to $312,290 from the $278,400 reported in August, 2009.

September reported 707 sales. 14% down from September, 2009 but the total year-to-date sales for the first three quarters of 2010 are 5.5% higher than the same period in 2009. With the record boom in sales we experienced in the early part of the year, the current lower than normal sales are unremarkable and anticipated. We should see a healthy year end results.

The average price in September was $296,395, 5% higher than 2009 and just shy of the 2010 year to date average of $300,182. The decrease in sales and in new listings is keeping the market stable, competive and supports a continued increase in average prices.

If you’ve never purchased a home before or if you haven’t purchased in a long time, I’m sure you have many questions about the process. The news is filled with reports about up and down real estate markets, up and down mortgage rates and trouble with the Competition Bureau. So where does that leave you? Hopefully in the hands of a capable, reliable, trustworthy Real Estate Agent. Someone who will be looking out for you and your family.

I certainly remember my first purchase. 21 and completely naive, I didn’t have any idea how to buy a house, let alone how to search for the right one, qualify for a mortgage, do up a binding contract, check out the title, get a lawyer, etc.. My parents, who had taught me so much in life, weren’t really able to help out. They had moved into their house as a rental home. Another family had lived in the home and they were moving out. They knew my parents’ family was growing and this was a great house to grow in to, so they introduced Mom and Dad to the landlord and the lease was signed. Years later, the landlord wanted to increase the rent to a level above what my parents wanted to pay so the landlord decided to sell the house. Well, my parents bought the house on a handshake, with a mortgage provided by the landlord. Payments were based on what my parents felt they could afford (oddly enough, they settled on an amount that was higher than the rent!), not on what the amortization chart said they had to pay. And they were home owners! Can you imagine buying a house that way today?

You might need or want some assistance in your search for a new home. Someone to discuss your dreams and requirements for your perfect place. Help with the Agreement of Purchase and Sale, the conditions to the offer and the closing arrangements. A great negotiator who can get you the best possible deal on the home you finally decided is right for you. Do you know what a latent or patent defect is? Are you willing to purchase with a “buyer beware” attitude? Or would you like a little piece of mind and guidance through the process?

Call or email a great Realtor®. Interview them. Ask questions until you are comfortable that this person knows what they are doing and is able to take what you tell them and find you the house that even you didn’t know you were looking for! If you have questions, ask me. I’m here to help you!

So yesterday, late at night, there was a news report that the MLS® rules are changing. Perception is that anyone can list their home on MLS and surpass a real estate agent. It is my interpretation that this incorrect. As a seller, you will be able to contract with a real estate salesperson to have them only provide you with the service of listing your home on the Multiple Listing Service. Then you can market, deal with buyers and enter into a contract on your own, with no further assistance from your Realtor®. The new deal would see the rules change so that sellers only need to hire an agent for the initial listing process, allowing them to complete the rest of the sale on their own if they so choose.

The CREA says it reached a deal with the Commissioner on Thursday. A press release states “the consent agreement … would avoid unnecessary and expensive litigation proceedings” to solve the matter. The industry still needs to ratify the agreement during a general meeting in St. John’s on October 24th, and officials say the deal will be held in escrow until members grant their approval.

We won’t know the full impact of any rule changes until well after any deals are ratified. There will be several deals done before we know if this is good or bad for sellers overall. But what will happen to Blair and me? We will grow with the industry, giving our clients the best service we can while protecting their interests all the way!