Thriving on unpredictability

The unpredictability of Toronto’s real estate market keeps it vibrant and exciting, particularly now in this active Spring market. I see houses sell every day, some for exactly what you would expect, some for far more (you’ve been hearing the stories, I'm sure), and, yes, still some for less. There is a science to pricing a house, and it is normally a very good predictor (though don't confuse the listing price with the predicted selling price), but on offer night, the price depends not on just the house; it also depends on the buyers who are out that night, how emotionally attached they are to the house, their personal circumstances, and how many houses happen to be for sale on that day. If you are selling your house, you can’t control some of these factors, but you CAN control what buyers see and feel when they come to look at your house. A well-prepared house will influence how many people come knocking on offer night and, ultimately, your selling price.

Buyers – don’t be discouraged in this competitive market. There are still great opportunities out there! Call me. I’ll show you.

Advance Preparation Note: I am getting more and more calls these days from people who want to know what to start doing now to sell their house one, two, even three years down the road. I think that’s great. Spread the work and cost over time, and enjoy some of the improvements you make while you still live in the house. If you’re thinking ahead, call me, I’m happy to look at your house with you and help you to make your project list.
 

April stays strong

TORONTO, May 3, 2006 -- The resale housing market remained strong in April as 8,361 homes changed hands during the month, Toronto Real Estate Board President John Meehan announced today. The month’s results represent the third-best April ever, though activity moderated by five percent compared with April of last year.

Overall year-to-date sales at the end of the month were nearly five per cent ahead of 2005’s pace, following a record first-quarter this year.

“The year began very strongly,” Mr. Meehan said. “The warm weather we experienced early on got activity going sooner than usual, effectively moving the peak spring market forward a few weeks.”

Jason Mercer, Senior Market Analyst for the Canadian Mortgage and Housing Corporation, noted that the Toronto Area market is supported by a healthy economic foundation. "The April sales results point to near-record demand for ownership housing,” Mr. Mercer said. “Because of steady job growth and low borrowing costs, consumers remain positive about the purchase of a home.”

A number of neighbourhoods consisting largely of detached houses were among the most active in the Toronto Area during the month, compared to April of 2005.

Wilson Heights in North York saw 29 per cent more transactions during the month, in comparison to April of last year.

Etobicoke’s South Humber district saw the largest increase in activity compared with April of last year, as 63 per cent more homes changed hands.

Outside the city, overall sales activity in the Richmond Hill North area was 35 per cent higher than last April.

“Active listings are up about four percent indicating a slight shift in what has been predominately a seller's market,” the TREB President said. “REALTORS® who had been employing the marketing strategy of holding off offers to a future date are now encouraging their sellers to entertain the offers as they get registered. With interest rates staying low it’s an excellent time to be in the market whether you are moving up, moving down or just getting started.”

(Source: The Toronto Real Estate Board)

Do you have Curb Appeal?

This is the best time of year to have a look at the outside of your home and assess its “curb appeal”. Does your house look up-to-date and well-cared-for? Walk out to the front of your house and look at it as objectively as possible:

• Assess the colour and condition of paint on porch, windows, trim and update/refresh as you need to
• Look at the lines of walkways and gardens – do you have curves to break up straight lines? Unless you have an exceptionally ultra-modern home, go for curves in the garden. Re-doing a curved walkway is a little more work, but if you can manage it, you’ll be amazed at how it changes the look of a property
• Look at what’s in your gardens – do plants have a variety of shapes, heights and colours? Do any bushes need to be cut back (or down!)? Evergreens in particular sometimes grow to block the front of a house – don’t be afraid to remove or replace them. Smaller, new bushes often add much appeal.
• Do you need to bring in new soil to give some texture to your yard and garden? Sometimes a yard looks tired or just “blah” without bringing in new soil from time to time.
• Is your lawn healthy? Consider seed or sod if needed.
• Is your front porch fresh, clean, nicely appointed and welcoming?
• Look at your front door – does it suit the house? – does it need to be painted or replaced?
• What about your roof – is it in good condition and integrated into the look of your house?

Go for a walk and look at other houses in the neighbourhood for ideas. Half the fun is deciding what you want to do. Once you make your wish list, do what you can, within your budget. Owning a home is an ongoing project, so take it one step at a time.

Creating A Look with Outdoor Lighting

At this time when we’re looking forward to summer evenings outdoors, consider your outdoor lighting and how it enhances the look and feel of your yard at night.

There are five basic styles/purposes of outdoor lighting:

Feature lighting: to highlight specimen plants, statues, and trees; adds depth and interest to a garden or yard at night
Ambience lighting: to add a glow for outdoor evening conversations - can transform the feel of a garden at night
Safety lighting: - on the edges of steps, driveways, sidewalks and patios – helps people to step safely in the dark
Security lighting: - uses timers and sensors - a valuable addition to home security.
Flood lighting: - this is generally used to display houses and large trees, more heavy-duty lighting for a strong effect.

To achieve these effects, there are basically two main types of lighting: stand alone (solar) and wired (electric). Solar lights are quick and easy, but are limited in the amount of light they produce and where you can have them. Electric lights take more effort and money to install but are the most reliable and effective. Safety note: Have all electrical installations done by a qualified electrician. Be sure all outdoor electrical outlets are weatherproof and protected by a Ground-Fault Circuit Interrupter (GFCI) outlet. The GFCI outlet protects you from a short circuit during wet weather or in damp areas.

Note: Even though its application is limited, solar lighting is a quick, inexpensive, environmentally-friendly way to bring your garden to life at night.