Monthly property sales were down by 295, totaling 534 compared to 829 in August 2020.
n August 2020.
Monthly property sales were down by 295, totaling 534 compared to 829 in August 2020.
n August 2020.
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When you are thinking about selling, it's not uncommon to be at least a little concerned about timelines. After all, if you're also buying a new home, it's important to know how long the selling side of the process will take. The good news is, you can get a reasonably good idea of how long you can expect your property to be on the market. That's because it's influenced by market conditions and other factors that can be determined in advance. For example:
Buyers' or Sellers' market? If it's a buyers' market, there are generally more listings than people actively searching for a home. In that scenario, buyers can take their time without worrying too much about losing an opportunity. On the other hand, if it's a sellers' market, properties tend to sell much faster.
Demand for your property. Whether it's a buyers' or sellers' market, the demand for your property may be an exception. There may or not be a lot of people looking for your specific type of home.
Condition of your home. How well your home shows plays a pivotal role in how many buyers view it and become interested enough to make an offer. Fortunately, this is something you have a lot of control over. There are many ways to make your home look enticing to buyers.
Listing price. The listing price of your home has an impact on how long it takes to sell. if you list for well above your property's current market value, you may attract only a few interested buyers or none at all! Setting the right list price is crucial.
Another factor that influences how long your home will take to sell is the real estate professional you choose to help you. It is very important to make your home looking its best. You want to hire a real estate professional that will help you in every way, starting from creating the best selling strategy, hiring the best company for your photos, video, floor plans, 3D model and etc., making sure all the minor repairs are done, creating the best curb appeal, decluttering, deep cleaning, and staging your home. All this is very important to successfully sell your home and get you the best sale price possible.
In line with the typical slowdown of summer months market activity, June home sales in the GTA declined by 7% from May. Although in comparison to the same month a year ago, sales soared by 28.5 %. Home prices also inched lower in comparison to May but jumped up by 17 % on a year-over-year basis.
This seasonal sales trend was also evident in the Oakville market, with homes sales declining by 6 % on a month-over-month basis, skyrocketing by almost 20 % in comparison to June 2020. Although the average home price followed the seasonal trend by declining 3 % from $1,476,467 in May to $1,437,986 in June, the detached and condominium apartments segments defied it.
The price for a detached home rose by 1 % a month-over-month basis, from $1,855,362 in May to $1,874,551 in June and condos jumped by 4 % from $685,109 to $710,067. In comparison to June 2020, the price growth was 19 and 17, and 27 % respectively.
" With sales still outpacing listings and with the growth of prices by around 25 % for both single-family homes and condominiums, it continues to signal the need for a shift to more affordable housing. This remains an issue throughout the real estate sector in Ontario, " says Lynn Hoffman, President of the Oakville, Milton and District Real Estate Board.
The housing market across the GTA showed signs of cooling down from the frenetic activity it saw during the first quarter of this year. Typically, the March-April period shows progressive increases in sales and prices as the Spring selling season goes into full swing. However, this Spring, most housing activity stats show a decline in value across the region, including Oakville. While year-over-year comparison shows huge sales and average price increases for most of the GTA and Oakville- triple-digit hikes in sales and high double-digit jumps in average price - this comparison is to a month last year when the pandemic decimated activity.
In Oakville, sales of detached homes sales slowed down month over month( 22 percent down), but the average price inched upward to an impressive $1,897,844 ( up by 1.1 percent). Semis also saw a slight price increase, up by 3 percent to $1,155,800, with sales count flat with March.
"Despite a modest slowing in market activity in April compared to March, selling prices for a major home type remained very high. Low borrowing costs during COVID-19 clearly had an impact on the demand for and price of ownership housing. While the pace of price growth could moderate in the coming months, home prices will likely continue on the upward trend. Renewed population growth over the next years coupled with a persistent lack of new inventory will underpin home price appreciation," says TRREB Chief Market Analyst Jason Mercer.
Are you sick of paying monthly rent that contributes to someone else’s mortgage payment? Are you craving the freedom to repaint walls? Or, are you looking to build wealth through what is often considered a smart investment? If so, it sounds like it may be time to start your home buying process.
Consider these six reasons that help affirm you’re ready to become a first-time homebuyer.
Owning a home gives you the freedom to express yourself by completely customizing the interior and exterior spaces. You no longer have to abide by regulations regarding wall colors or hanging art. Additionally, you can remodel and renovate your home as you see fit. From small projects, like changing cabinet pulls, to big projects, like tearing down a wall or adding hardwood floors, you have the authority to make decisions regarding design.
An obvious reason to move is when you’re tight on space. For many, this could be because you’re expanding your family – think a baby on the way, more pets, aging children who want their own bedrooms.
In apartment living, outdoor space is limited – and sometimes crowded. When you buy a home, a criterion may be a grassy yard, deck, or patio space. Whatever your preference maybe, you’re likely seeking a way to enjoy the outdoors with privacy. Having your own outdoor space means room for entertaining and room for exercise. Plus, you can accentuate the curb appeal of your home with exterior décors like potted plants, flower boxes, furniture, and seasonal holiday flare.
A major downside to renting is paying for a property that you do not own and therefore is not your personal investment. Apartment fees go toward necessary services, like garbage disposal, but also may contribute to amenities you don’t use, like a gym or pool.
Have you been saving for a down payment? Though the initial cost can often be a barrier to entry for first-time homebuyers, the down payment may not need to be as high as you think. Once you’ve saved enough money for that initial investment, however, the monthly costs associated with homeownership can be similar to what you would have paid in monthly rent. Only this time, your payments contribute to your property becoming an asset. The more you pay off your mortgage, the more valuable your home is to your personal net worth.
One of the biggest reasons to purchase a home is for the stability and security it provides you and your family. You can truly settle into space and life can slow down a bit. With the ability to personalize most aspects, and by thinking of it as a long-term investment, a home of your own becomes the place you cross milestones, celebrate holidays, and create lasting memories.
Before you put your house on the market, is very important to improve your home's presentation.
The following 10 steps are a way to get a good head start on preparing to sell your home.
1. Welcome buyers. Make your front door visible and accessible to buyers. Paint the door, replace your doormat, clear debris and clutter from the walkway and yard, mow the lawn, and prune hedges. Pot or plant colorful annuals and perennials to attract attention from the street.
2. Make it sparkle. Cleanliness implies a home has been well taken care of, so deep cleaning can win points with buyers. Buyers scrutinize homes, especially kitchens and bathrooms. Recaulk and repaint to give these grime-prone rooms a fresh and clean look. Clean rugs and carpets to eliminate unsightly stains or dinginess and eliminate odors. Tidy each room, including cabinets, closets, and the garage, before showing. Consider hiring a professional cleaning company to take care of all of it for you.
3. Declutter. Cramped and cluttered rooms turn buyers off and make your house look smaller. A home packed with your personal belongings also makes it difficult for others to envision living there. Start by storing away excess furniture, toys, and personal decorations, such as family photos. Pack up things you don't use on a daily basis, and put them away. Decluttering your house also gives you a head start on your move.
4. Paint wisely. A well-done, no-frills paint job is all you need. Put a fresh coat of paint on white or beige walls, and repaint walls that have eccentric or unconventional colors. Nature- and spa-inspired neutral colors, such as taupe and subtle gray, are the best choices. Definitely don't forget the trim and molding either.
5. Fix the small stuff. Repair or replace broken or outdated hardware throughout your home. You can install new door handles, faucets, towel bars, and curtain rods - fixtures that are readily visible to homebuyers - rather inexpensively.
6. Update lighting. Replace decorative light fixtures that no longer fit your home's cleaner, fresher look. Install new bulbs with the appropriate lighting for specific areas of your home. Use accent lighting to highlight focal points in a room, such as the artwork above a mantle, to draw buyers' attention to certain selling points.
7. Frame windows. Ensure you have the right window treatments, which enhance natural brightness and boost the appearance of a home. Window treatments also can impact a room's temperature because they reduce or increase the amount of light entering the space.
8. Set the table. Fresh, decorative flowers in the kitchen or on the dining room table are always a nice touch. Also, keep place settings handy for your tables so you can quickly set them out right before showings or an open house. Pull out all the formal stops for a dining room, and keep the table casual in the kitchen.
9. Hide unsightly everyday items. Don't leave children's toys and pet belongings out in the open during showings and open houses. Move litter boxes, pet dishes, toys, animal crates, and kids' entertainment to less conspicuous areas of the home, such as an outdoor storage unit or garage before each showing or open house. Also, think about where you can store things like dirty laundry and dirty kitchen sponges.
10. Don't forget your yard. Keep your backyard looking spacious and functional. Plant or pot colorful flowers and keep the landscaping trimmed and neat. Consistently pick up after your pets so buyers feel comfortable touring the yard.
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There are many other factors that may be contributing to the dramatic price growth across the Canadian real estate market.
at a time when condominium sales have dipped, and prices of detached homes are traditionally higher than condominiums. We’ve also seen an uptick in the luxury freehold market, with All of these factors tend to skew prices higher.