This isn't your ordinary farmhouse, I'm a city girl through and through, but if I could live here in the country, it might be worth the trek up north. This place feels more like an urban loft then a farmhouse, from the outside it looks like there should be tractors and cows on the lawn, but once you step inside, it is definitely a pad for a modern family. This house boosts 4500 square feet of unique living space and I absolutely love how all the original barn wood that was removed was salvaged to construct the new stairs and interior doors, so up my alley!
The Toronto real estate market continues to be hot, hot, hot as we head into the spring market, actually who am I kidding, we ARE in the spring market! The continued lack of inventory is still fueling bidding wars across the GTA between buyers, pushing the average price higher and higher. In fact, the average price on the Toronto Real Estate Board in the GTA rose to $501,614 for the month of March, a 10% increase when compared to March 2011. In the 416 area the average price pushed to $548,354, which is a 9% increase from March 2011.
Although the number of new listings was up when compared to March 2011, they are still not at healthy levels when compared to the relationship of price and listings. I'm finding that the really good listings are far and few in between and of course either have offer deadlines or 24-48 hour irrevocable requests, which might as well be an offer deadline as it entices multiple offers still. There's no winning here for buyers, unless your pockets are deep! The one positive thing buyers have going for them is continued low historic rates, borrowing has never been so affordable.
For those buyers who are waiting for prices to drop or the market to cool before they enter the real estate market, better get off their butts and make some moves. Last year I had a few people who refused to buy because they were convinced there was a big real estate crash heading our way in 2012, all thanks to the media, are kicking themselves for not buying sooner, considering the average price is hovering around the half a million dollar point and will probably continue throughout 2012 as pointed out by Jason Mercer, Senior Manager of Market Analysis. Boy are they sorry they didn't jump the gun in 2011, so don't get suckered into the same rut this year. There is no such thing as a perfect market, it's always a catch 22, as they say. When prices are lower and the market is better supplied, interest rates are higher, when prices are higher and inventory is low, interest rates are also low. It's simple economics, supply vs. demand, so don't wait!
Sellers who are waiting to sell, for what reason I don't know, do some spring cleaning and decluttering and get that house on the market ASAP! No time like the present, with 9,690 transactions reported through the TorontoMLS in March 2012, why not sell your home now? Ton's of buyers and low inventory make it favourable conditions for sellers.
Bottom line, if you or someone you know is thinking about buying or selling real estate, I would appreciate you letting me know, so I can help! I promise to take extra special care of you and your referrals.
Now before I sign off, I leave you with a video, I'm mean who doesn't love to watch a video? It's the TREB Market Watch for March 2012:
Have a great April!
Your friend in real estate, ***Image via CanEquity*** ***Statistics via TREB***
Since I've been feeling under the weather these last few days, I thought I would treat you to a guest post today. Here are some great tips for your home, if you're planning a getaway this summer.
With summer only a few weeks away, your kids will soon be out of school for the summer and vacation season begins.Now is the perfect time to start planning your family getaway. When leaving your home for long periods of time it is extremely important to protect your home and family. According to a report from the Conference Board of Canada, Canada had 682 burglaries per 100,000 people, with the majority occurring in the peak vacation months of July and August. Home break-ins could be prevented if homeowners would take simple steps to burglarproof their homes. Break-ins may seem like random acts, but they tend to be crimes of opportunity. Do not give burglars the opportunity or the upper hand. Below are home safety tips to help keep your home safe while you travel:
·Stop delivery of your mail and newspapers—or have a friend or neighbor pick them up for you.
·Keep bushes and shrubs well-trimmed. Use timers on lights, televisions and radios to provide sound and lights the inside of your home.
·Keep the outside of your home well lit. Would-be thieves prefer not to be seen.
·Have your lawn maintained if you will be gone for more than a few days.
·Leave the air conditioner on. A silent compressor on a hot day is a good indication you aren't home.
·Unplug everything but the refrigerator, freezer, and the lights and radios you have set on timers.
·Where possible, turn off the water to your sinks, toilets, dishwasher, washing machine and hot water heater.
·Use your home alarm systems.Be sure to set your home security system before you leave and check to make sure the company has the best number on file to reach you if anything should happen.
·Contact your local police department. Check to see if they offer courtesy house checks. Also let a trusted neighbor or friend know that you will be out of town so that they can check on your house or report any unusual activity.
Follow these tips and you’re sure to have an enjoyable—and safe—summer holiday.
This guest post was by Portia S., a staff writer for Protection 1, one of the largest and most respected alarm monitoring companies. The company provides installation, maintenance, and monitoring of single-familyhome security systems,business security systemsand multifamily security systems.
For all of you either celebrating Easter or just the long weekend, hope it's a good one! I know I'm going to be stuffing my face with lots of Easter chocolates, how about you?
It was love at first sight when I laid my eyes on this house. It's not so much the house itself that I'm in love with, it's everything inside of it, from the furniture, to light fixtures, to knick knacks, I'm drooling! This home is located in London, England and was designed by Light Locations, a company in the UK that specializes in providing beautiful, inspiring lifestyle locations for the TV/film and photographic industry. I briefly checked out their website and I don't think there was one house I didn't like. Don't worry, I will post more of their inspiring designs on my blog! But back to the house, although I would be scared to do an all white interior, it really works here with all the bright pops of colour and eclectic pieces, I could definitely live here. What do you think?
Would you want to live here too?
If you have a cool space or uniquely decorated place you would like me to feature, make sure to contact me! ***Images via Home-Designing***
The studio is located behind Shop Girls in Parkdale, Toronto, at 1342 Queen St West. On your way to one of Renee's fabulous classes, make sure to pop by Shop Girls, you will not be disappointed, talk about killing 2 birds with one stone! Now the studio would not be complete without Renee's creative design sense and handmade touches everywhere, I promise you, there's nothing like this in Toronto. So whether you're a craft and DIY fanatic or craft challenged, like me, make sure to sign up for a class or two or three, you will not regret it. I've tried a few classes and although I thought there's no way I could do this and make something look pretty, I was surprisingly wrong. Not only did I create beautiful projects, but I did not want the fun to end, Renee had to pry me away, otherwise I would have kept going all night! By the way, did I mention, there's kids classes too? Amazing, perfect after school activity for the young one(s)!
I know you're dying to see the studio, as who doesn't like a good before and after project, so here it is:
Before:
After:
What a difference!
Art supplies, how fun and pretty!
Seating area....love this pallet/cushion combo
DIY wall, done by Renee
So in love with this armoire and you guessed it, Renee's unbelievable furniture makeover
Some of the DIY projects offered
They sure are!
Make sure to sign up and help support not only this one of a kind studio, but also the Parkdale community! You can also follow Renee and all her craft adventures on Twitter and Facebook.
I will be attending the bloggers craft night tomorrow and can't wait to share with you my completed project, so stay tuned until then!
In the meantime, here are some teasers for the types of classes offered, for a full list of classes and availabilities visit Re:creative:
Kids:
Adults:
What do you think? Can you see yourself signing up for a class? Leave me a comment if you did sign up and which one, maybe I will come too!
So it's definitely no surprise that bidding wars have become the norm in today's Toronto real estate market. As a buyer, you either prepare yourself to get ahead of the game or sink with the rest of the fish on offer night. As much as bidding wars are very frustrating, as a realtor, I also get an adrenaline kick out of it and must say there is no better feeling then winning one of these wars for my client.
I compiled a list of what to do when preparing for battle. Please note, there are no guarantees, even if you follow all these tips:
Research the neighbourhood and see what similar homes have sold for and when they sold, pay extra attention to the homes which are very similar and were listed for the same price as the home you are preparing to bidding on because if the home sold over asking, the sellers will expect the same price minimum, if not higher
Once you completed tip #1, ask yourself if you're willing to pay this amount or higher and establish a cut off point where you are willing to walk away comfortably without regret. At the same time remain a bit flexible especially if your offer is in the running and other offers have been sent home
Mortgage preapproval, even though this does not guarantee that the bank or CMHC may think what you paid, is what the home is actually worth and what they are willing to lend you, it gives you a general scope of affordability and how you look in the banks eyes
Pre-home inspection, if there is a recent one that has been provided by the sellers, then request a copy and go through it in detail, maybe even revisit the home and pay extra attention to the details that caught your eye in the report to gage how bad the problem may be, try even bringing a general contractor
If there is not a pre home inspection done already by the sellers or if you think it may be bias and you really want the house, then hire a home inspector before offer night
As a buyer agent I always talk to the selling agent beforehand and try to get as much information about the proceedings, the sellers, the house, etc so I can prepare my buyers
As a buyer agent, I always call throughout the day to see how many offers are registered and keep my buyers up to date, again to mentally prepare them for the night ahead
Try to register your offer as close to the cut off time as possible so that your offer is not used as ammunition for the seller's agent to gain more offers, remember people want what they may not be able to have
Bring a certified cheque or bank draft to offer night for at least 5% of the purchase price you're offering, if not higher, the bigger the better as it shows the sellers you're very serious and the seller's agent feels more comfortable advising their clients to accept your offer rather then worrying about chasing after the deposit the next day
As a buyer and buyer agent, show up to the offer presentation, again shows the sellers how serious you are and that you want to strike a deal tonight! Try to avoid faxing offers unless the sellers are being very insistent, always request a presentation
Further to tip #10, by being there, you can observe the type of people that are bidding on the house and how long the seller's agent is holding the other buyer agents hostage. The quicker one comes out, the worse their offer is, it's all about observation and reading body language
Come in strong, sellers hate when people play games and give low ball offers, it's insulting! Your first round should be 80%-90% of the price you're willing to pay. A weak offer may not get a call back for a second or third round, plus if there are a lot of offers to contend with, you want your offer to leave a lasting impression on the sellers
Be flexible with your closing date, offer the exact or as close as possible date to what the sellers are looking for, once again, it will make your offer look really favourable
Firm offers are always best, meaning no conditions on financing or home inspection, amoung others. If you feel comfortable doing so, then why not? 9 out of 10 sellers will choose an offer that is firm, even if the price is a bit lower because it guarantees them that the house is sold firm once they sign on the dotted line
Write a hand written note to the sellers expressing how much you like their home and how excited you are for the possibility of living their with your family.....pull on the seller's heart strings as people make decisions based on emotions all the time and real estate is no different
If you're approaching the last round, never offer whole numbers ie. $445,000, offer numbers such as $445,600 or $446,100, (I think you catch my drift here), to separate yourself from the others, I've seen people win bidding wars by $100-$500!
Trust your agent, if you don't, then why are you working with them in the first place, this is one of, if not the biggest purchase of your life, by trusting your agent to do the best job possible gives your agent the confidence booster they need to negotiate the s**t out of the offer and potentially win the war!
Just remember as a buyer, to look at the situation from the sellers perspective, constantly. The selling agent is hopefully doing their best to get their client the BEST terms, price and conditions, always!
Let me know if these tips help or if you have any of your own, I would love to hear from you! ***Image via Move***
