When the temperature starts dropping and kids are back in school, the fall real estate market gets into full swing!
With buyers coming out for this typically busy time of the year, inventory is starting to ramp up. And we know there is a good amount of pent up demand from buyers who have been searching during the summer but have not had the selection they are looking for.
If you’re thinking of listing your home, here are things you need to consider…
1. Allow time to prepare.
Although a home that is in great shape and well organized can be listed within a week or so, it’s important to allow a few weeks to maintain your sanity and take advantage of all of the things we can do to maximize the value of your home. For our clients, we go well beyond decluttering and touching up a few paint chips…
2. Buyers’expectations.
With the average detached home in E02 up to $840,000, and so much of our Beach market moving well into the $1M+ range, buyers’ expectations are higher than ever. And with the inventory coming into the market, you have to consider the competition.
Your home needs to be scoured from top to bottom from a buyer’s perspective to not only ensure there is nothing left to criticize, but to ensure they make a true emotional connection to your home.
Although buyers know logically that many homes could fit their needs (school district, # of bedrooms), you always hear them say “they just know” and “they have a feeling” about the home they end up buying so we go beyond staging to evoke that response.
3. Pricing Strategy
A home needs to be priced based on a combination of current market conditions and the seller’s personal goals.
Do you want a quick sale to minimize showings? Are you willing to take a bit of a risk by pricing just below market value to hold offers and go above asking? Or are you testing the market and the motivation to move is not as urgent?
We assess our detailed comparative market analysis and then determine the marketing and pricing strategy based on our understanding of your specific goals…it’s important to give this good consideration to maximize the outcome you’re looking for.
In Summary…
Many times people are thinking about listing but are not enthusiastic about talking to a real estate agent for fear they are not going to leave them alone until there is a for sale sign on the lawn!
We are there for our clients for the long term, whether the conversation starts weeks or even years before they are ready to make a move. We’ve even helped people start renovations on their homes when they aren’t even going to sell for a year or two.
So the best thing you can do now is know all of your options, get a good understanding of the market, your home’s potential value, and then decide if now is the time for you to sell.
To start that conversation, contact us any way you’d like and we’d be happy to help.
Cheers,
Mark
416.728.2499
mark@markrichards.ca
meet Shannon
With our background in renovation and our passion for design, it’s only fitting that a key role on our team is a full-time decorator and project manager.
Shannon not only manages the entire preparation of a client’s home for sale, but helps them renovate and decorate when they find their next home.
Shannon lives and breathes renovation and design. She and her husband (who is in custom home construction) continue to tackle project after project.
Check out photos of her most recent projects and listings and you’ll see why we’re so excited to have her join our team. Her full services are listed after the photos.
Full kitchen renovation…
Dining room…
Boy’s nursery…
Master ensuite…
Guest room…
Living room at 120 Westlake…
Master suite at 74 Lyall…
A guest room from 74 Lyall…
This list doesn’t do her justice but here are some highlights of what Shannon does.
When you list a home…
- a full design and improvement consultation
- provides a complete project plan and pre-list calendar
- sources our preferred trades and negotiates contracts
- manages all work and design decisions
- prepares your home beyond staging…inside and out
- take care of every aspect of the listing
When you buy a home…
- assists with furniture layout, paint colour selections and other design decisions such as furniture, accessories, finishings and fixtures
- sources our preferred trades and negotiates contracts
- assists in the management of any renovations
To meet with Mark and Shannon today about how they can make your home a place buyers dream of, contact Mark today…
416.699.9292 or mark@markrichards.ca
get your home back to school ready!
Check out these great photos for ideas on how to organize your home for the kids as they go back to school. For the full Houzz article, click on the link at the end!
If the desk doesn’t come with drawers or shelves, add other elements to help keep things in place. The addition of this pegboard creates flexible vertical storage space with room for decorations to keep it fun. A small freestanding shelving unit will keep papers and homework in the right spot.
Don’t feel like you need to find a desk-and-shelving combo. The freestanding Expedit Bookcase from IKEA is affordable, classic and a good way to get organized.
If you already have a workspace of your own, consider adding another table for the kids. That way everyone can get individual tasks done and still be together.
The start of the school year also means after-school activities, which tend to include a lot of stuff. Keep sports gear, instruments, coats, boots and more organized by installing cubbies. Build them with different compartments for large and small items, and don’t forget hooks for jackets.
Now that you’ve got all the activity stuff organized, it’s time to figure out how you’re going to keep track of everyone’s schedules. The Daily System from Pottery Barn includes a variety of items, including calendars, bulletin boards and storage racks you can mix and match to your needs.
Chalkboards are also an easy way to keep things in check. Either hang a freestanding chalkboard or cover a cupboard with chalkboard paint.
For the full Houzz Article – Click Here
Crazy 5 Year Fixed 2.94%!
Anyone interested in the all time lowest 5 year fixed mortgage rate in Canadian history!? As you likely know, most home owners prefer 5 year variable mortgages because they have proven to save more money long term … this is still the “top” choice. Meanwhile; for those that may be unsure that a variable mortgage is right for them (currently about 2.15%) please note that the recent US and European economic crisis has produced 5 year fixed mortgage rates as LOW as 2.94% and with 20% early prepayment privileges … CRAZY!!! Both these types of mortgages are excellent choices, yet each consumers needs vary. Let examine what is best for each individual?
Reach out to us to learn more ways to save more money.
Peter & Team 416-236-9300 www.mymortgageplanner.ca
*rates subject to change, and these low fixed rates may be temporary?
June 2011 Market Watch
July 6, 2011 — Greater Toronto REALTORS® reported 10,230 home sales through the TorontoMLS® system in June 2011 – up 21 per cent compared to June 2010.
This number represented the third best June result on record behind 2007 and 2009. The number of transactions during the first six months of 2011 amounted to 48,189 – down by 4.5 per cent compared to the first half of 2010.
“The strong June result capped off an interesting first half of 2011,” said Toronto Real Estate Board President Richard Silver.
“The pace of sales was a bit sluggish at the beginning of the year, but rebounded in May and June. Because of the positive affordability picture, home buyers remained confident in their ability to purchase and pay for a home over the long term.”
The average price for June transactions was $476,371 – a 9.5 per cent increase over June 2010. Through the first six months of the year, the average selling price was $467,169 – almost an eight per cent increase compared to the same period in 2010.
“While sales have been strong, we would be on track for a record number of transactions in 2011 if not for the decline in listings so far this year,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis. “Tight supply meant more competition between home buyers and an accelerating annual rate of price growth in the second quarter.”
“Home owners will likely react to the stronger price growth by listing their homes in greater numbers. A better supplied market would result in more moderate price increases,” continued Mercer.
Median Price
In June, the median price was $405,000, from the $367,750 recorded during June of 2010.
For the full Toronto Real Estate Board June 2011 Market Watch, click here.
What you need to know about income properties…
Mortgages – Renewal Time and Mortgage Planning
Check out this great reminder from Peter an Andre from Mortgage Architects…
RENEWAL TIME AND MORTGAGE PLANNING
There must have been a spike in new mortgages about five years ago.
Recently, we have noted a surge in enquiries about the best mortgage renewal options and strategies. Just like when getting a new mortgage, the decision on how to address a mortgage at renewal can be daunting. As a mortgage due date nears, there is a window of opportunity to revisit one’s entire financial situation and determine how a new mortgage can complement one’s financial well-being.
Currently, the mortgage retention teams at all lenders are very aggressive. The mortgage market is a very competitive space, and Banks and Trust Companies are focusing much of their resources into keeping other predatory lenders away from their borrowers.
The confusion usually begins when a lender reaches out with an “early renewal offer”… meaning there are no discharge penalties to negotiate a new mortgage with them before the actual existing mortgage comes due. This tactic ensures their borrowers can’t possibly explore “A Better Mortgage Plan” elsewhere!
Keeping in mind that most lenders’ biggest fear is an informed consumer, do not agree to a mortgage renewal until you “pause”, and do some research. Typically, a lender entices you to renew early with no questions asked and a low interest rate, which is actually a good start.
Having said that, there’s so much more to a mortgage than the best rate, which may only save you a couple of hundred dollars a year. There is such an excellent range of dynamic mortgage products and options that all of us should endeavour to save a couple of thousand dollars a year on our next mortgage.
Studies clearly indicate that mortgage borrowers’ biggest concerns are terms, policies and conditions of their mortgage, and not the actual interest rate itself… the devil really is in the details so be aware! Generally speaking, most are hoping to graduate to a “Mortgage & Line of Credit Combo” which is effectively the pinnacle of inexpensive and flexible financing.
So what is a “Good Mortgage Plan”?… Every borrower’s needs and expectations vary so there is no right or wrong choice. Prudent mortgage planning should include a certified financial planner (CFP), an accountant (CGA), and a mortgage planner (AMP) so together the team customizes a “Mortgage Plan” tailored to your needs. The collective goal being to set up the right mortgage the first time to avoid unnecessary future visits to lenders and lawyers.
The right mortgage should cover all potential unexpected scenarios. It is a matter of positioning one’s mortgage to insulate against job loss, allow for retirement investment opportunities, fit within a budget, and is optimize tax efficiency. It is critical to get unbiased advice from reputable sources. I advocate you review blogs, google and reach out to us to get all your questions answered before you renew.
Again, once you renew your mortgage, it is difficult and/or expensive to make mortgage changes before your next renewal date.
Finally, globally it appears 2012 will be a weak economic year compared to 2010/11. Even though no one can predict the future, one has to assume that interest rates will gradually creep up as inflation slowly takes hold… this bodes well for taking a variable rate mortgage even when factoring in this likely gradual interest rate increase.
Conversely, fixed rates are bouncing around weekly and are very unpredictable right now. They are based on a currently volatile Bond market that has been changing week to week and is significantly influenced by European economic woes, a large US debt, and the strength of the Canadian dollar.
In my opinion, I would stay away from a fixed mortgage rate for the time being. As the situation unfolds, I am committed to keeping everyone on our distribution list abreast of the next best mortgage move… when it comes to saving money we won’t let you miss a thing!
Let us help anyone who is in doubt on what “Mortgage Plan” is best!
Let’s connect soon… Peter, Andre & team.
New & Noteworthy for Your Home
Since we’re in full sourcing mode for the house, we thought we’d share some of our favorite spots as well as some new stores that have been popping up around the hood. There’s something for everyone here no matter if you are renovating, updating or furnishing.
Smash
For those of you who want to add a vintage/eclectic feel to your home, SMASH is the place to source industrial salvaged gems. You’ll have 4300 square-feet of showroom to peruse in the city’s west end and is considered one of the best sources for high quality vintage materials, furnishings, and fixtures. Check out their latest finds online…
2880 Dundas Street West (416) 762-3113
www.smash.to
Luberon
To infuse some French style and passion into your home, check out Luberon. Tucked in the Beach, this boutique takes you there the second you walk in. Accessories, luxurious soaps and incredible textiles will give your home the detailed touches that everyone appreciates.
2240a Queen Street East – (416) 693-7373
www.luberon.ca
New! Habitat Re-Store @ Carlaw
The Re-Store has relocated to a much brighter and convenient location at Carlaw and Lakeshore East. You’ll find the usual selection of reclaimed doors and kitchen cabinets but they have consistently had some good stock of new lighting (likely end of stock items) at rock bottom prices. If you’re thinking of re-doing a bathroom and want some pricey glass mosaic tile, they also seem to have that around most of the time. Just know the quantity and measurements for whatever you’re sourcing. I’ve seen some great deals including a Fisher Paykel fridge for under $1,000, sconce lighting for $20 that would cost $75 elsewhere and some great chandeliers for under $200.
3 Carlaw Avenue – (416) 755-7353 x248
www.torontorestores.com
New! Avenue Road
Avenue is definitely $$$ but if you are a connoisseur and fan of specific designers and love a mix of classic and contemporary pieces, this is the place to buy a statement piece. They also have The Rug Company located in the basement level. Their website is one of the best I’ve seen and allows you to peruse their inventory in it’s entirety. Given that so many of their pieces feel like art, expect to pay as such!!
415 Eastern Avenue
www.avenue-road.com
Hardware Interiors
All I can say is drool, drool, drool. Hardware creates the most incredible furniture. And if you don’t see something you like, they will customize it for you. Their prices are reasonable but an investment and you will get amazing quality and value. Dining rooms tables, cabinetry and shelving are at their core but you can find unique lighting and accessories.
760 Queen Street East – (416) 462-3099
www.hardwareinteriors.com
We love Houzz
We’ve mentioned this site before but have to mention it again – it’s just too good!
For those of you who are home magazine junkies, and especially those who rip out pages for ideas, Houzz is for you. You can create your own online ideabook and download an iPad app so you have your ideas handing when shopping and sourcing for your home.
The best part about this site is the database of photos – nearly 150,000, and the contributors – almost 25,000 professionals. Every week they email a series of features written by a myriad of designers. This site is part practical ideas that you can envision and implement in your own home, and a little part drool factor from the amazing homes.
They also have a great inventory of where to source many of the items shown, and if you have a question about any of the photos or ideas, you can ask the designer directly.
Here are some recent features that illustrate both inspiration and practical solutions…
Renovating….again!
For those of you who followed our blog on our last renovation, we’re happy to say we’re back with another! This one has been a long time coming…having a baby followed by massive indecision = starting the reno two years late.
We’ve had massive progress on the demolition and have been furiously selecting our finishes.
Check out our blog by clicking on the link below for more pictures of the demo. We’ll update you on what it’s all going to look like on the next edition!
Our Perfect Reno
Cheers,
Mark
