Durham Region Real Estate Blog

By all accounts, the Canadian economy is humming along at a healthy pace, adding pressure on the Bank of Canada to raise interest rates. The Bank must weigh our healthy, domestic economy against a bleak global backdrop, including signs of a stagnate economy in the U.S.

The central bank’s second quarter business outlook survey shows high hiring intentions by businesses and there is an upbeat outlook on sales, investments and financing. Housing starts in June, 2011 surged well past espectations.

All this would normally point toward a rate hike by the Bank of Canada but the global situation has worsend – weak U.S. employments, rising Chinese inflation and new euro zone woes – so the Bank of Canada may rethink how sustainable our good news is.

So where will interest rates go? No one knows for sure and any answer given today could change tomorrow. That’s how volitile the market is. The safest thing you can do is this: get qualified for your mortgage at 6%. Then sign up for the lowest rate that suits you (whether it is a fixed or variable rate mortgage) and make your payments as if the interest was at 6%. You’ll pay down your mortgage much faster and if rates go up, you’ll be o.k. Since you’ll be used to making payments at the increased rate, you’ll suffer no ill effects from the changes.

Need more information? Call me today!

Today the Toronto Real Estate Board is changing the districts we use to search for houses in specific areas. Yesterday we could search in specific citys and towns, but in order to narrow a search you need to either use the map provided on line or use a printed may. And not just any printed map, but a specific one. Years ago it was a Pearly’s Map but more recently we had to have up to date versions of the Map Art maps. And not those little pocket ones that might be easy to carry around. Nope, we had to have the big one with the metal binding. We searched page 24, row 27, column R. Well, don’t quote me on those numbers, but you get the idea. So if I was away from my map and someone wanted a search for a specific area within the Durham Region, say the houses around Windfield Farms, I was a little stuck for my search.

But not anymore! Want to see what is for sale in Lynde Creek? How about Northwood or Stevenson? There are completely new districts for searching now that aim to move us to the 21st century. If you are interested in seeing a map of the new districts or would like me to send you some searches for homes in the areas you are considering moving into, please let me know. I’d be happy to help you find a great, new place to call home.

Now….I wonder how long it will take me to get used to the new districts!

As a real estate agent I am constantly being told ask for the business, ask for the offer, ask for the referral. I’m not so great at the asking. Sure I’m out there and when I’m out on a listing interview or working with a buyer I always ask if they are ready to put something on paper, but I think I don’t put it out there enough. I love my job and have a real passion for helping my clients buy and sell houses at the time and in the price range that is right for them. But I need to keep asking. This isn’t my hobby, it’s my full time, all in, sink or swim job and I need your help.

As much as I am able to help you find a great place to live or to sell your existing home, regardless of the reason why, I need your help. If I did a good job and you have enjoyed working with me in the past, please pass my name and number along to your family, friends and neighbours who are looking to make a move. If I did a crappy job for you, please let me know so I can grow in my business and in my service to my clients.

Now that that’s out of the way, let’s talk a little about my shameless plug for new listings and how this is good news for those of you thinking about selling. There are buyers out there, searching for a home in the Durham Region, all over the Region! The problem for buyers is that there aren’t many listings on the market right now. Total active listings for the month of March, 2011 was 1,415, down 717 listings from March, 2010 and down over 1,000 listings from the 2006 to 2009 numbers. Is it any wonder why prices are increasing? Lack of competition is driving the price higher in most neighbourhoods with each passing month. It is fairly common now to see listings sell within three days of being listed, often in multiple offers and for 100% or more of the list price.  Buyers are discerning, but they have money, interest rates are low and they want to buy now, so if you’re thinking of selling, you might just want to get your house on the market sooner rather than later.

If you are going to sell, know that though there are plenty of buyers around, they are picky. Today’s buyer is used to having what they want right away. Gone are the days when you could leave in the green, shag carpet and orange and brown wallpaper. The buyer today is used to seeing great decorating, pared down furniture and clean homes. Your home needs to have its best foot forward or the buyer will walk in and out of your place without glancing to see if the house is actually perfect for them.  Call me and I’ll come by to talk to you about getting your home sold in today’s market – even if you’re just curious. It’s a good idea to know your home’s worth and what you can do to maximize your profits.

I expect that as the weather warms buyers will have more choices as new homes get listed. If a move is in your future this year, give me a call. We can discuss when it will be the right time for you to sell. And if you’re going to be selling soon, then let’s get your home listed while the competition is sleeping!

Each season it is your well-maintained entryway that gracefully welcomes friends and family to your home. The fact that most passers by can see it readily provides plenty of incentive for homeowners to make this first impression a good one.

Clean and clear walkways, pretty landscaping and plenty of lighting will all enhance your home’s main feature, a gracious entrance. But here we will focus on the doorway itself.

Have you thought about replacing your front door? If is is poorly hung or has an improper fit, not only will you have a disappointing first impression, it could contribute to energy loss and security risks. In these cases, the door requires replacing. You may wish to consider a complete entry system, instead of just a door exchange. With the system, the door is pre-hung in its frame, with each of its components designed to work reliably together – your best bet when it comes to dependable energy efficiency and overall strength.

Your existing door may be in great shape, so a simple update may be all that is required. Painting will allow you to change the colour in the future, while staining a wood door will lend to a sophisticated, formal entrance.

In choosing a paint colour for the front door, it is important to decide on the overall look and feel you wish to achieve. Do you want to draw attention to the entrance as a bold focal point? Then choose a standout colour that contrasts (but is complimentary) to the exterior of the house.

If you prefer to have a discreet front door, then opt for a more subtle colour. Choose this option if your door is awkwardly placed so as to avoid disturbing the overall balance of your home.

Classic black makes a formal and grand statement. Navy blue and deep green work beautifully with terracotta brick exteriors, while stone or siding in grey looks best with a selection from the red family. Keep in mind that secondary doors and garages should not compete with the front door. For these areas, use an entirely different colour or one that blends closely with the exterior.

And don’t forget the hardware. As your top priority choose security over aesthetics. You want protection for any forced entry attacks. But there are several great options in the market today. Coordinate door knockers, kick-plates, house numbers, mail slots and light fixtures for a harmonious appearance.

An improved appearance pays dividends in enjoyments and will increase the resale value of your home. Buyers will spend some time waiting for their agent to open the lockbox to obtain the key for your home. You want them to be able to see a pretty door, that is well-maintained, giving them a preview of what to expect when they see the inside of your home. So go ahead and splurge a little. You never get a second chance to make a good first impression!

I’m a real estate salesperson, so I think it’s a given that my answer to this question is, “Yes”! But let me go a little further with my answer. The real estate market has always been a good, long term investment so whether you buy in an up or down market, if you hold onto your property long enough, you will see a return (and sometimes a substantial return) on your investment. Is that true of just about every investment? Likely, but I’m not a stock trader, so you’ll have to go elsewhere for that answer!

Today the market in the Durham Region is great. News reporters are going to tell you that the market statistics are down and the “bubble” has burst because they sell based on sensationalism. Do they think we can’t remember that they were saying the bubble had burst at the end of 2008? I don’t think there ever was a bubble and most real estate analysts will tell you the same thing. We have had a slow and steady increase in sales and prices within the Durham Region and any dips we saw at the beginning of 2009 have been regained. There are always going to be ups and downs in the market, just as in any business.

So should you buy a house now? Or for that matter, are you thinking “Should I sell my home“? Sure, maybe you will get a little less for your home this month than you would have received last month, but the house you buy is going to be worth less also, so it’ll all work out in the end. And if you are buying now, don’t worry that the house might have been $5,000 less if you waited another 30 days, instead, buy your own home, start paying your own mortgage and building up the equity in your house. In five years, you’ll wonder why you ever hesitated. Mortgage rates are still really low. Go to my website and see a banner/link to Kyle Erickson’s website for amazing mortgage rates. He has lenders that he saves just for my clients and you won’t believe the deal he can get for you!

So call and see what type of mortgage you qualify for, then call me and we’ll go find the home of your dreams!

Your bathroom is an important room in the house and should never be underestimated. Often it’s in the smallest room in the house that we get to mke the biggest impact. And bathroom renovations can bolster the saleability of your home. No longer just a place to wash and go, bathroooms can provide sanctuary from the chaos of life. So let’s start with a few – Absolutely Do Not Do items.

1. Carpets. These nasty fibers can hold a multitude of fluids so opt for surfaces that can be wiped clean.

2. Coloured fixtures. Avocado is not back in style! A chocolate brown toilet is not the way to go. Stick with white fixtures and inject your colour elsewhere.

3. Cheap laminate flooring. Some of these products are nothing more than a photograph of wood grain on top of compressed fiber board or chipboard. When you add water they expand. Opt for water-resistant products.

4. Toiletries on display. No one wants to see how many pills and potions you use. Ick! Choose a mix of open and closed storage so your Chanel toiletries will be on display and your unmentionable creams won’t!

5. Wallpaper. Yes, there are papers out now that can handle the humidity levels in your bathroom, but why would you when there are so many great paints on the market? Add drama with great towels or artwork, storage boxes or candles. All these can easily be rearranged or changed to suit your mood.

So what if you have some issues with your lavatory and can’t afford to change the big ticket items? Work with what you’ve got. If you have a gold toilet, tub and sink, go with it! Make them poart of your colour scheme.

Match dominant colours to create a uniform and calming look. Bright colours that compete can create a chaotic mood. Do you have dark brown tiles? Get a luxurious chocolate brown shower curtain in canvas and some brushed nickel accessories for a streamlined hotel look. Keep your eye out for great towels in neutral colours that don’t compete with your bold fixtures. Candles and hand-milled soaps can offer an inexpensive decorative touch.

Before you know it, you’ll have a bathroom to envy whether you are selling or staying put!

So, we saw the third best year in history for sales within the Durham Region.   Statistics showed 9162 sales of single family homes in 2009, a 7% increase over 8563 in 2008 with the highest year being 2007 with 9978 sales.  Sales for the month of December came in at 507 which was down 27% from November’s 695, but still a very impressive number. Year over year average prices gained by 1.8% to $278,246 from $273,370 in 2008 even though the average price of a home in Durham Region in December was $286,724.  The total number of active listings continued to drop in 2009 to 15109, 18.6% lower than the18570 in 2008.  The resale housing market was slow at the beginning of the year but kept building to record sales in July, Sept., Oct. and Dec.  I predict that 2010 will be a positive year for real estate sales and we should see moderate growth in this important sector of our economy.

In the Durham Region there were 695 sales of single family homes in November which is down 19% from the 860 record sales in October, but up a whopping 70% from the 409 sales in November, 2008! Not bad at all. One year ago many people would have bet that the market would be back up tot the levels we saw in November 2004 to 2007 which averaged 661. At $286,497, average prices dipped slightly from October but did increase 6.5% from the $268,902 we saw in November, 2008.

The number of listings on the MLS® system have dropped again this month, to 1,593 from 1,753 last month and 44% less than the 2,838 of November, 2008.  This slumps is reflective of a seller’s market!

So what will the final numbers be for 2009? Tune here to find out and in the meantime, have a fantastic Christmas!!

Staging is big business these days. Depersonalize. Pare down. Go neutral. Well I’m one real estate agent who thinks you should go against the grain. Put up the fake spider webs and get out the straw bales. Maybe you should even hang a flying witch on the front porch. Have some fun. In our desire to please all and show how in touch we are with the current decorating trends, we are missing out on us!  I personally don’t decorate for Halloween; it’s not really my time of year.  I cringe when the scary movie commercials come out and anticipate November 1, 2009, when it’ll all be over. But if you like Halloween and your house is on the market, then decorate.  Have fun and show that your house has some personality.  Besides, you’re still living in the house and a buyer will be able to appreciate that.  Just remember that you must be diligent and remove the decorations as soon as the day passes.  Make no plans for November 1.  You have some clean up to complete.

The Durham Region Association of REALTORS® (DRAR) reported 825 sales in September 2009, down .5% from August 09’s 875, but up 9% from the 752 recorded in September ‘08’.

 Average selling prices were up 1.4% ($282,308) in September, from August’s $278,400, and up 5.5% from the $267,478 reported in September ‘08’.

Durham’s fall market is starting stronger than ever. With the reported 825 sales this September, it is the best selling September on record!

 Total active listings are down 36% (1920) from September 08’s 2989, and up 2.9% from last months 1865.

 This year’s real estate market has been a rollercoaster ride. With a weakened economy Durham’s first quarter started off rocky. Government incentives kicked the second quarter into gear and into a buyers market. Now with listings well below the same time last year the market has spun into a sellers market. In the first quarter we never would’ve anticipated setting any records, but with both June and September in the record books, the first quarter pessimism has come and gone with the changing of seasons.

I can’t wait to see what the final quarter brings!