Archive for April 2021

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Protect Your Real Estate Investment: Price It Right The First Time

Most people think all Realtors are pretty much the same. That is so far from the truth. Picking the wrong agent can cost you anywhere from tens of thousands of dollars to $100,000+. Even if your neighbour picks the wrong agent, that can cost you as well. The reasons vary, but the results are the same. I was talking to one prospective client who was selling her deceased father’s home. She had also talked to an out-of-town agent with whom she had a loose family connection. I explained to my client that understanding the local dynamics is important. Sure, her house might sell, but at what price. Pricing it wrong could cost her $50,000. Where I come from $50,000 is a lot of money.

I sold her deceased father’s home for over $100,000 more than she expected, after receiving 5 offers. The same day, a comparable house on a neighbouring street was also listed for sale. That house was in much better condition. The out-of-town agent listed it for the same amount I sold my client’s house. It did sell, but for exactly $50,000 less.  My client said to me “there’s that $50,000 you talked about”. And guess what? That house is now a ‘comparable’ sold property for other houses on that street.

The same thing can happen in condos. Everyone thinks their place is the best. That’s human nature. If you start out with a price that is too high, you could kill your chances of selling or experience many agonizing price cuts. You may sell far below what the original market value should have been. I have seen that where condos linger on the market for 3, 6, 9 months. Sometimes even more than a year.  No one wants to experience that disappointment.

Another thing to consider is marketing. Will the agent market your home as aggressively as possible?  There is one condo I know of which was listed “exclusively”. Exclusively sounds great. But what that really means is that it is not on the MLS and likely not advertised at all. That condo unit had the same layout as one my client-owned. Even as a Realtor I could not find the listing or the price without picking up the phone and calling the agent, who was in another part of town. It wasn’t on the MLS. It wasn’t even on that agent’s website or her broker’s website. It languished on the market and finally sold well below market value. I felt bad because I know the 90-year-old seller needed to get the best price possible. When my client wanted to sell a year later, that lower than average sold “comp” worked against him and others who sold after him.

So, work with an agent who is on your team who will market your property appropriately at the right price.

Call or text me anytime for a personal conversation about your individual situation.

 

Chip Barkel’s Virtual Home Selling Program

Chip Barkel’s Virtual Home Selling Program

With Covid-19 concerns in mind, I have instituted a Virtual Home Selling Program that allows the maximum number of prospective buyers to view your home with minimal physical interaction.

 
 
 
 

 https://www.youtube.com/c/ChipBarkel/videos

 
 
 
 
 

Luxury in Humber Heights: An HGTV Inspiration House

54 Lockheed Blvd Toronto

Luxury in Humber Heights

An HGTV Inspiration House

 

 

Welcome to 54 Lockheed Blvd

54 Lockheed Blvd has it all. Enough room for a family and finishes that will encourage you to entertain in style. Just inside the front door, you’ll find a very private office for those who work from home. The rest of the first floor is entertaining space with the beautiful high-end finishes you’d expect of a home of this caliber. The covered terrace and open patio will bring the party outside. The basement has a huge family room just begging for a celebration. Workouts will be easier to do when you have your own home gym and can relax afterward in your own sauna.

www.54LockheedBlvd.com

Offered for sale at $2,800,000

Featured in an upcoming episode of HGTV Making It Home as an Inspiration House

 

 

54 Lockheed Blvd Toronto Spa Bathroom & Sauna

 

Call me for a private showing  416.463.6369

 

March 2021 Toronto Real Estate Market Report

March 2021 Toronto Real Estate Infographic

 

Last month I went on record that 2021 would be the best year ever for the Toronto real estate market. Just a couple of days later CREA, the Canadian Real Estate Association, made the same prediction. The pandemic hit a year ago. Normally, we look at monthly figures on a year-over-year basis. March 2020 had a split personality in terms of the real estate market. The first two weeks of March 2020 reflected activity normal pre-Covid shutdown and the last two weeks of March 2020 was a much different story, once the shutdown began. This month there were 6,504 sales reported during the first 14 days – up 41% compared to the pre-COVID period last year. In the last two weeks of this month, there were 9,148 sales, an increase of 174% compared to the shutdown period in March 2020. This is a stark reminder of the initial impact COVID-19 had on the housing market and overall economy a year ago. We learned things can change on a dime.

Last month I talked about the fact that the number of properties sold in the Greater Toronto Area in February was just under 11,000 (10,970), a number we hadn’t reached until July of last year. We never even reached that 11,000-property threshold in any month in 2019 and 2018. Well, we have now smashed through that 11,000 number by almost 143% to 15,652.

New listings are up 57% (15,137) and the number of Days on Market (DOM) is down 41% to an unbelievable 10 days. These statistics show that we are in a very strong Sellers’ market, especially considering that Canada’s border is closed to immigration.

Prices were up on a year-over-year basis for all major home types, both in the City of Toronto and surrounding GTA regions, except for condominiums. The numbers for the surrounding 905 regions are even higher than in the City of Toronto, continuing the trend we have seen for many months.

In the City of Toronto, the average sale price came in a bit lower at $1,083,322 which represents a +10% change over last year. Both Halton and York region’s average sale prices were about 16% higher than Toronto, with only Durham region being lower (-16%).

It is also worth noting that the higher end of the market continues to be robust. In March 1,906 properties having a sale price of $2 million or more were sold, only 45 of which were condominium apartments. By comparison, only 245 properties in this category were reported sold last year (9 were condo apartments), a whopping increase of 677%. When compared to two years ago, the difference is even more striking: a 1,152% increase. This illustrates something we already know; prices are rising dramatically, and confidence remains high across the price spectrum.

In March, condominium apartment sales were up 86%. Despite the fact that the average selling price of condos is down (-1%) year over year ($707,835), buyers are once again embracing condominiums. Bidding wars and pre-emptive offers are the norm.

For now, demand is much stronger than supply. I am witnessing bidding wars and early pre-emptive offers in all housing types, disappointing many would-be buyers, often before they can even see a property or make an offer. How long will this runaway train continue at breakneck speed? No one knows for sure, but it is unlikely to go unchecked indefinitely. For now, it is a great time to be a seller.