Durham Real Estate - The Do's, Don't and Must Know's

Hi Everyone !!

Just reaching out for my February words of wisdom or wishful thinking.. LOL... but here goes.

Market is moving in Durham, albeit slow it is moving.  Best priced homes are selling and those who still refuse to realize the market has definitely shifted and are trying to get more than the last Seller on your street are losing.   Homes need to be priced correctly to sell.   Realtors NOW must show their value !!!   Don't hire someone because they are cheap... or are promising you the moon.  Choose based on valued communication.  A Realtor is an advisor and negotiator.  The Seller is the client.  At the end of the day, Realtors must follow their client's wishes but an educated client on "truths" rather than "wishful thinking" will benefit further by far than a bunch of clouded dreams.

As a Buyer, even with the new financing rules in place, the rates are still low.  Keep in mind they will be going up again.  Waiting isn't going to help... if you want to buy this year.   Bond rates go up and usually interest rates follow.  I think the next hike will be summer time and not before so if you are wanting to buy, get a pre-approval done.  There are so many new builds coming up along Taunton in Durham Region... all these buyers of these homes will need to sell their existing home (or a good majority of them) and if the truth be told, the market has had a big swing since the frenzy of them buying those new builds, so now what do they do???   Can they close???   Can they sell their house for what they thought they would get (Odds are no).... I think we are in for a little bit of collateral damage here in Durham, unless these buyers have tons of cash or no mortgages on their previous home where they can shift some funds.

Another big thing I think we will see make a comeback is Vendor Take Backs... where the Seller is willing to take back a mortgage on their property so the Buyer can close on the deal.   Let's face it, someone who is retiring and bought years ago and has little to no mortgage and are downsizing, probably doesn't need all the money from the sale and can give a 2nd mortgage to the new buyers at a higher than bank rate but it will still get the buyer in the market and the seller will get a monthly cheque... just options.  A lot of Realtors don't even know how these work.   You need to work with agents that have experience and are knowledgeable. 

This past week my son put an offer on a home.   This will be his first home and fingers crossed it will all work out.  We were in multiples and did not pay over asking AND we had conditions.  Don't always be quick to drop all your conditions just because you are in multiples.  That was the case in 2016 and early 2017 but not necessarily the case now unless the comparables prove that this home is considerably undervalued.

I will say I have seen some "gong shows" out there when showing properties with my son.  One was a semi with a so called basement apt.  The agent had no clue what she talking about.   It was a sin that some poor buyer would walk in there and have the wool pulled over their eyes like that.  THAT IS WHY... YOU NEED A REALTOR you can work with that KNOWS the value, knows the questions to ask and is not afraid to speak up.  So what if it awkward .. or calls the agent to task, that is what you want.  Someone who protects YOUR interests.  I was shocked and saddened when I heard some of the responses.   It truly makes our industry look bad when there are agents that don't do their due diligence and educate themselves about the house and the market in the area they are selling.

I am happy to say I did call her out on a few things, she was not happy when we left and she promised to get back to me and never heard from her again.  BUT that home is now sold conditional and I wonder if that Buyer knows what they have bought.  Fingers crossed they do and that they used an agent to assist them that asked the right questions.

All I know is this, people will always either like you or not like you but when I am working with a client, they are my priority.  WE work together as a team.  Whether we are buyers or sellers.   WE make informed decisions.  I show them and back up my information.  They see what I see so they are not making blind decisions.  They are based on FACT.

I also am not writing this to get your business, I am writing this to educate everyone out there the importance of Realtors and there are good and bad in every business.  This is your biggest investment.  TRUST who you work with and KNOW that they are working for YOUR BEST INTEREST... not for a pay cheque.

The January stats will be out this week, probably Monday or Tuesday from TREB and DRAR and I will post them ... keep in mind, if you have any questions about real estate, you can always text, email or call me and I would be happy to answer or assist you.

Happy Super Bowl Sunday !!!!
Cheers
Michelle
Direct:  416-300-3004
www.HouseHunting-durham.com
michelle.makos@rogers.com

January 2017 - Market Watch - Just Released !

No surprises here !  Market up 11.8% in sales compared to January 2016 and the prices are up 22.3%.   If you are thinking of selling, this might be the year to capitalize on the equity in your home and the strong housing market.  For a more in depth analysis of your home and what I can do for you, let me know.

TREB January 2017 Market Watch from Michelle Makos

Open Houses - Do they sell your home?

Open Houses ~ Do you think they sell your home or do you think Realtors use

them to find clients?

I may be stepping on some toes here but I, personally do NOT think doing Open Houses sell your home.   Not that I won't do them if a client wants them but I can think of many reason why they are a waste.

The majority of people coming into Open Houses ~ don't even know the price of the home walking in it.  The agent is trying to get a name and phone number/email to protect the privacy of the Seller and really, do we even know if they have a job?   What about security issues?  What about an agent in busy open house - can they properly monitor who and what is going on?  I have to wonder.

Open Houses are a personal preference.   Some people think agents should earn their money and sitting in their home for two hours on a weekend is showing you are working... but I personally could spend two hours being way more productive marketing your home online and locally than a two hour window of "Lookie Lou's".

I have seen many people walk up the driveway at Open Houses and they are either just running errands and nosy or they live on the street and want to compare what your home has with theirs... but honestly, in my personal opinion, the best showings are from agents that bring their clients through.  They have pre-approved them in most cases, given them the information from your listing and has a working rapport with them.

Opening your doors to strangers to walk in and out of your home to me, is not only dangerous but very rarely do homes sell from Open Houses... and the truth of the matter is, even if they have an agent and the agent sees there is an Open House, they will tell their client to pop in.  That is fine but even if they like it, would it not be in the buyer's best interest for THEIR agent to see the property... more often than not, they go back again with their own agent prior to doing up an offer.

So that is my take on Open Houses.   I believe there are all different reasons agents may like them but is it for their own business or for their clients??? 

And let's admit it, how many of us have been driving past a house and see there is an "Open House" and aren't in the market to buy a house but stop .. just because, we like the street or we want to dream or we want to see how it is decorated for ideas... LOL... :)    I can't say I haven't done it too....  

And truly in a market like this one, where inventory is low and listings are selling in days not weeks, are they really beneficial?   If you are considering selling your home in the next few months, remember Spring market starts in February, so list sooner rather than later.   If you would like a free home evaluation or even just a face to face chat about selling (no pressure), feel free to call me at 416-300-3004 (direct) or email me at michelle.makos@rogers.com and I would be happy to speak to you further.

Have an awesome weekend everyone and enjoy the 2015 Housing Market, it is going to be a good one... I can tell.    Cheers !