REDISCOVER REAL ESTATE

MARKET UPDATE FOR THE WEEK ENDING NOVEMBER 21ST

Things we are putting on our Christmas list….Warmer shoes, a better shovel and more listings.

It comes as no surprise that on the eve of the holiday season Toronto got its first dusting of snow which not only signals the traditional listing slowdown, but throws us even harder into traffic chaos. Well, at least we aren’t in Buffalo.

So what’s cooking in the freehold sector? Well, listings are down by 16% over the previous month and sales are down by as much as 67%. Our agents report that open house traffic has remained relatively strong over the last few weeks but its’ obvious that the snow really takes the wind out of buyer’s sails. “Days on market”, one of the key indicators of our market, have been getting longer but still over 45% of sales happened at or above the list price. >> read full update

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662

 

A third of investors unprepared for buying process....

It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.

It is a cardinal sin for investors not to be prepared or knowledgeable about the home buying process, but new figures point out that a third (32 per cent) of first-time investors admit to just that.
The survey, published by the Real Estate Council of Ontario (RECO), also found that 26 per cent of investors wished they had a better grasp of the buying process, 21 per cent wished they had looked at more properties and 14 per cent wished they had a better understanding of the contracts involved.
Other findings include:

• 43 per cent said there were sections of the real estate contract when they bought or sold a home that they did not fully understand.
• 36 per cent mistakenly think that after a real estate contract is signed, a buyer or seller has a trial period during which they can cancel it, and an additional 33 per cent said they do not know.
• 55 per cent incorrectly believe that if you place a conditional offer on a home and the deal doesn't proceed, you automatically get your deposit back.

"Signing your name on the dotted line is not something to be taken lightly when you're dealing with binding contracts for significant values, so we encourage home buyers and sellers to be comfortable with the details before they sign anything,” says Joseph Richer, RECO registrar.

Source: Canadian real Estate Wealth

Looking to buy?  Know your options. I can help! Direct line: 416-219-6662

Buyers: Don’t Chase the Real Estate Market

Go To Where the Puck Will Be, Not Where It Has Been

I’ve recently read a great Don R. Campbell article on strategic real estate investing and I thought I would share it with you, particularly with any buyer(s) out there finding themselves caught up in the game of “chasing the market”.

As Wayne Gretzky once said, “I skate to where the puck is going, not where it has been”. 

Wayne’s advice not only applies to hockey, it also applies directly to sophisticated property investing. I’m not the only one who uses that analogy: Warren Buffet once wrote in his annual letter to shareholders that he follows Gretzky’s advice and invests where the puck is going, not where it has been. So whether you play hockey or not, you can use this piece of advice when looking at the real estate market.

It has been proven that many investors make their decisions based on where the market (puck) is – and that is why they create average results while creating higher risk. Sophisticated investors understand it doesn’t matter where the market has been, it all has to do with where the market is going. And once you identify its destination, get there before the market does and you will do incredibly well. read full article >>

 

Looking to buy, sell or refinance? Know your options. I can help! Direct line: 416-219-6662