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HOW DO I HELP FIRST TIME BUYERS!
...DURING THE HOME BUYING PROCESS:
By explaining the whole housebuying process in plain and easy to understand language.
By using my experience, knowledge and negotiating skills to get the best deal possible for my clients.
By having a big list of most needed services needed during the buying process including mortgage brokers, lawyers, home inspectors, stagers, movers etc.
...AFTER CLOSING:
By Keeping in touch with my clients regularly.
By providing market updates for the specific areas.
By having a recourse list of services that my clients mightneed in their new home (plumbers, electricians, HVAC, roofers, home décor, basement renovations and if it's not on my list, contact me and I'll find it out for you!)
Greater Toronto REALTORS® reported 1,506 sales through the TorontoMLS® system during the first two weeks of January 2012. This result represented a six per cent increase compared to the first 14 days of January 2011. New listings were also up on a year-over-year basis, but by a lesser 3.7 per cent.
"The market didn’t miss a beat after the holiday season, with robust sales growth continuing and sellers’ market conditions remaining in place. Strong competition between buyers continued to push the average selling price higher in the Greater Toronto Area relative to a year ago," said Toronto Real Estate Board (TREB) President Richard Silver.
The average selling price during the first two weeks of 2012 was $444,473 – up by more than 8.5 per cent compared to the same period in 2011.
"Prices were up for most major home categories in the GTA in comparison to last year. The strongest price growth was for single-detached homes in the City of Toronto. The average price of singles in the 416 area code was up by 22 per cent year-over-year, pointing to a greater weighting of higher end detached homes changing hands compared to the same time last year," said Jason Mercer, TREB’s Senior Manager of Market Analysis.*
Summary of TorontoMLS® Sales and Average Price (January 1 – 14)
2012
2011
Sales
Average Price
Sales
Average Price
City of Toronto (416)
552
$467,152
581
$416,647
Rest of GTA (905)
954
$431,351
839
$404,341
GTA
1,506
$444,473
1,420
$409,376
*TREB Source
TIGHTENING MARKET WILL MEAN HIGHER PRICES
Toronto SUN Column(as it appears each Friday in the Toronto Sun)
Tightening market will mean higher prices
January 27, 2012 -- I’m excited to share with you, a recent reporting addition to TREB’s monthly housing market statistics report.
Starting with its November 2011 Market Watch publication, the Toronto Real Estate Board (TREB) has been publishing a new Months of Inventory (MOI) indicator. MOI shows how long, on average*, it would take to sell all actively listed homes assuming the level of sales remained the same and no additional homes were listed.
When the MOI trends downward, the market is tightening with fewer listings from which buyers can choose. Generally speaking, tightening market conditions translate into more competition between buyers and more upward pressure on the average selling price. When the MOI trends upward, the opposite would be true: competition between buyers will ease and the rate of price growth will likely moderate.
The average MOI was 2.3 months over the last two years. In the years leading up to the recession (2000 through 2007) the average MOI was 3.0 months. In response to tighter market conditions, the average annual rate of price growth was stronger in 2010 and 2011 in comparison to much of the pre-recession period.
The low months of inventory over the past two years resulted from very strong sales relative to the number of homes listed. In 2011 in particular, there was a shortage of listings in the GTA. We continue to experience tight market conditions and considerable upward pressure on the average selling price.
The strong price growth we have seen over the last two years has largely been mitigated by low borrowing costs. TREB’s affordability indicator shows that a household earning the average income in the GTA can comfortably carry a mortgage on the average priced home, based on current lending standards.
Based on the current market tightness and positive affordability picture, TREB expects the average selling price to continue growing in 2012.
I asked Jason Mercer, TREB’s Senior Manager of Market Analysis to offer more insight.
“Barring a recession in Canada, the average selling price is expected to grow by approximately four per cent in 2012 to $485,000 dollars. This price will remain affordable based on current lending standards. At the same time, the lower rate of price growth in comparison to 2011 points to an easing of sellers’ market conditions in the second half of this year,” said Mr. Mercer.
So based on the current market tightness and positive affordability picture, we expect the average selling price to continue growing in 2012.
I encourage you to take a look at the latest reports, as well as TREB’s housing charts posted on our public website www.TorontoRealEstateBoard.com. I look forward to providing more market insight in the coming months.
*The MOI is calculated by dividing the 12-month moving average of active listings by the 12-month moving average of sales. This smooths out recurring seasonal volatility.
Richard Silver is President of the Toronto Real Estate Board, a professional association that represents 32,000 REALTORS® in the Greater Toronto Area.
FEATURED LISTINGS FOR SALE IN MISSISSAUGA
CHURCHILL MEADOWS NEIGHBOURHOOD
$499,910
Beatiful Detached Arista house in Churchill Meadows neighbourhood in Mississauga with 9' ceilings, Eat-in Kitchen with extended cupboards, Open concept Living/Dining area, master bedroom with Ensuite and walk-in closet, finished basement and the list goes on.
TIPS FOR THE BUYERS
Buy a House close to School, YES OR NO?
The school started today and all the rush is back. Prepare the clothes, lunches, backpacks and...run. How close is your school?! Do you need to drive, do your children need to take a school bus or you LOVE to walk them to school. Well, that depend on how close is the school to your home. I know that almost everybody like to be close to it but, lets look at that from the professional side.
I've shown properties that were gorgeous from outside, inside and even had a decent backyard but...it was backing onto a school's backyard!
My clients ran out of the house and I felt bad for the sellers knowing that they've spent so much money into the upgrades (granite, new kitchen, floors, bathrooms etc). The size and the price of the house was in the higher range and not much for the clientele we would like to see in the eminent school neighbourhood!
This kind of situation will repeat no matter if the house is in Mississauga, Oakville, Brampton, Burlington, Toronto or anywhere else. The house, the price and the neighbourhood have to match!!!
if you are first time buyer and you have small children please be aware that if you choose the house that is backing onto the school backyard, it will probably take you longer to sell it, once you decide to move, unless you are lucky one and have the buyers we are looking for the first day on the open house!
If you are an INVESTOR , please think twice before you invest lots of money to make the house look like a mansion...in the wrong neighbourhood. Most likely it's going to either be on a market for a REALY long time or, you will have to sell it for less and, maybe not even get a return for the money you've put in the house. My favorite motto is RESEARCH FIRST BUY LATER!
I know that the buyers think for today but MY JOB is to think about your house's tomorrow. I should be able to figure out if the house you would like to purchase will appreciate in time and that your new home is your GOOD INVESTMENT TOO!
That is the main reason why you need me and other Real Estate Professionals and not just to unlock the door for you.
TESTIMONIALS
"Testimonial straight from our hearts : We would like to thank Matilda for helping us find our first home .Her extensive knowledge and understanding Of the current market trends made our home buying experience a fun and a memorable one. We were extremely impressed with her consistent professionalism and how prompt she was in replying to our messages and phone calls , even late at night. Her honesty won our hearts , she is a very easy person to work with. We our firmly convinced that we got the best representation from initial listing search to final closing . Me and my husband would definitely recommend Matilda and would not hesitate ourselves to use her services again." Ekta -Manav
http://www.matildanestoroska.com/ is a real estate website provided by Matilda Nestoroska - Oakville and Mississauga real estate agent that specializes in Bronte Creek, West Oak Trails, Glen Abbey, Old Oakville and Falgarwood area -detached, semidetached, town houses and condominiumsin Oakville and Mississauga houses, Mississauga condominiums, square one condominiums for sale , Erin Mills area. http://www.matildanestoroska.com/ will provide real estate buyers and sellers information on real estate for sale in Oakville, real estate properties for sale in Mississauga,real estate properties for sale in Brampton, real estate properties for sale in Milton andreal estate properties for sale in Toronto areas. It will provide real estate buyers tips on buying a house, condominiums apartment and lofts, condominiumstown houses in Oakville, Mississauga, Brampton, Milton and Toronto and will provide real estatesellers tips on selling a house, condominiums apartment or lofts and town houses and condominium town houses whether you live in Oakville, Mississauga, Milton, Brampton or Toronto. http://www.matildanestoroska.com/ provides tools for both real estatesellers and buyers such us, mortgagecalculators, real estate information, homesfor sale and lease, staging tips for sellers, mortgage financing services, home inspection services, home evaluation services, real estate evaluations and home improvement tips.
January 27, 2012 -- I’m excited to share with you, a recent reporting addition to TREB’s monthly housing market statistics report.
