November Market Minutes :)

Hello Website Friends !!!

Well the TREB stats are out.  The market is still moving .. SLOWLY but moving.   Sales prices are about 2% above the sale prices in October 2016 but sales are down 26.7% from the month before.   

I watched this video/link on Global yesterday :  RICHMOND HILL WOMAN CAUGHT IN HOUSE SQUEEZE.

I am sorry, this is getting ridiculous... everyone was warned that the prices were going up too quickly and the bidding wars were getting dangerously high and that buying FIRM with no inspections or conditions was a slippery slope and people still wanted to buy buy buy.  Now when it is not going up leaps and bounds,  they are upset with mortgage brokers and realtors.   I warned people at the beginning of the year.  I was good with people selling that weren't buying in that frenzy to cash in and get out.  I told BUYERS to wait.  Don't buy now.   It didn't help my pay cheque but it was the honest thing to do.  NOW and in the next six months, we are going to see another slight drop in prices and then we will be balanced out. 

I think if you have sold your home and/or are a first time buyer, NOW is the time to get out there.  So many people NEED to sell because they are caught in a mess,  like this woman in the video and will take a lower price than listed just to get out of the mess they are in.    If you are selling right now, you need to make sure you working with a solid agent who knows the market and has great exposure on the web because that is where the buyers are going or my WEBSITE of course, because it is always up to date.. :)

So the new market watch is below for any of you that are interested in looking at it.

Market Report for October 2017 - Residential Resale from Michelle Makos

With the new mortgage lending rules changing January 1st, people are looking to buy now, especially those buying with 20% down who will have to qualify for higher rates.  It is believe it will effect about 20% of their buying power BUT on the flip side, I have heard that you can qualify through Trust Companies and Credit Unions and they are not subject to those qualificaiton rules... so this may be a loophole in the new rules... or they may change it before .. who knows.

All I know is use a professional Realtor who will advise you of the market and help guide you to make informed decisions.   Anyone who has worked with me will testify to that.  I would rather see us walk away, than over pay or get in a mess.  The stress and aggravation are not worth it.  I have been there.   1989/90 and I wouldn't wish it on anyone.  So learn from my mistakes.. :)   Have a great November everyone and if you have any questions or know of anyone moving or looking to buy, I am always happy to help.

Cheers !!
Michelle
Your Friend In Real Estate
ROYAL HERITAGE REALTY LTD.
Broker
416-300-3004

And Just Like That !!

I just thought I would update everyone on what I see going on... especially in Durham Region.   It would appear that everyone who wanted to sell their home, waited until after Easter weekend and it seems that the we are now saturated with listings.

By looking at the listings and the sold listings it would appear the ratio is about 10:1... meaning for every 10 homes listed, ONE  home sells within a week.  Is this bad?  Not necessarily.  This just has not been the norm for so long that people are panicking.

Let's not panic.   The Buyers now have great opportunity to purchase homes without the bidding wars and without paying crazy over asking prices.  They may even be able to get a home inspection.  Those days were unheard of a few months ago.. hell, even a few weeks ago.

But it has definitely shifted and Realtors need to face the reality that the Sellers are no longer in the driving seat.....The BUYERS are... but many of the buyers were frustrated and didn't want to play anymore and have retreated.  It is time to revive those buyers because opportunity is knocking right now.  There are some sellers who are just hoping to cash in while the prices were at an all time high, and it is pretty safe to say, I think they may be a few weeks to late.  But there are also sellers out there who have bought in March and early April and MUST sell their home in order to close on the purchase.  This is where things get tricky.

Do they have options?   There are always options.   If you are in that position, you need to stay in close contact with your Realtor and get sound advice.  It isn't as easy as saying "keep my deposit".   If you think that, you are mistaken.   If you bought firm, you signed a legal contract.   If you are nearing your closing date, you need to discuss your options.... extend your closing to give you more time, if possible.   See if the Seller you bought from will take back a mortgage for you, if not, call on family to help you come up with funds to close the deal or speak to a mortgage broker about private funds.  But DO SOMETHING... don't wait until the 9th hour... nothing can be done a day before closing.  Deal with it sooner rather than later.

I was one of those people that bought in 1989 and my back up property didn't sell and what a nerve wrecking time it was.  I speak from experience.  Work with a Realtor that knows what they are doing.  I didn't and it took me years to recover from poor representation.   Have a plan of action.. what if... ask questions.

People that think they just lose their deposit are dreaming... that rarely is all they lose.   So be informed.   But if you are a buyer out there, the market is your playground right now.  With the market full of listings, you are able to shop til you drop.   What are you waiting for?   There are deals out there to be had.   You just need to find them.  I think this summer is going to be a great time to capitalize on some great deals.

Just know - the market is quiet.  You may have noticed all the "FOR SALE" signs out there and the SOLD riders are not going up like they used to.  This is becoming more balanced.  Agents can now really negotiate on your behalf.  If you have older children living at home, this may be the time for them to grab something.  There are homes out there selling for UNDER asking now.

Homes are being listed at the price they are expected to get and not silly under value prices and encouraging bidding wars.  Those days are slowly disappearing. This is good news for buyers.

On top of all the uncertainty, we are also seeing some Buyer Remorse out there.   Buyers who haven't closed yet on their deals and now seeing all the choice out there are feeling they overpaid. This is always going to happen if you are caught when the market is shifting.   Timing is everything and no one has a crystal ball.   All I can say to that is, I am sure in 10 years from now, you won't regret your purchase because real estate is one thing, if you buy it and hold it long enough, you will NEVER lose.   So hold on to your hats and get ready for a wild ride.

If you are looking to purchase a home or sell a home, work with someone you trust and is working in your best interest.   This too shall pass but for now, it is definitely been a fast turnaround.  Scary for some and opportunity for others.

Keeping it real in real estate !
Your friend
Michelle Makos
Broker/Manager - Royal Heritage Realty Ltd.,
Direct:  416-300-3004

February Home Sales - Just Released for 2017

February 2017 Market Watch - JUST RELEASED from Michelle Makos

As you can see another steady increase in sales... on average we are seeing an increase of 27.7% from 2016 to 2017.... A true sellers market !   

Thinking on buying or selling a home?

Are you thinking on buying a home?  If you are like most, you think you need to search the internet endlessly

Passion & Real Estate = Success

to find your Dream Home.  Most people don't realize if you choose a reputable full time Realtor to work with, THEY will find you the right home for the best price.  They know the market.  They know if a home is over priced or in a bad location.  

Trust is hard thing to earn and you can lose it in the blink of an eye.  That is why I am writing this.  I work hard for my clients.  I don't sell them anything that I personally don't feel is the best value for their dollar.  Just as many of you, I always think sales people are just out to make a quick buck.  Maybe that is why I am a little different.  

I always think if it walks like a duck and talks like a duck... chances are... It's a DUCK !!  Working alongside myself you will see a different quality of real estate.  One that is filled with knowledge, laughter and most of all integrity.  It is my reputation on the line.  I have no interest in being a "walk-away-Joe"... sell you a home and never see or hear from me again.

I am going to become an integral part of your home ownership.  I will update you on market trends and recent solds in your neighbourhood so that you are always aware of your home's value.  I am in the business of building - relationships.  Once we work together, you will see that the home buying or selling relationship last well beyond the actual closing of the sale.

If you are looking for a professional, trustworthy Realtor to protect YOUR best interests and serve your needs, answer your questions and educate you on the sales and listings in your neighbourhood.  Give me a call,   I would love to hear from you.  Also feel free to visit my website www.Homes4Sale-Durham.com

Looking to find a helpful friendly and knowledgeable Realtor in Durham Region and surrounding areas, why not see if I can assist you.

Have a super day everyone and remember, you deserve to be treated like you MATTER !!  I will do my utmost to make that happen.

Talk to you soon !  :)

Thank you for another great testimonial Charlotte and Deen !

Michelle Makos is the real deal! Her professionalism, tenacity and infectious

enthusiasm distinguishes her from other agents. You know exactly where you stand and what to expect. Michelle went above and beyond when it came to guiding us through the process for selling our house. Our emails and phone calls were answered within minutes and it is evident that she is highly regarded by her peers. As a Director for TREB, she is extremely ethical and I witnessed first hand her educating other agents who visited our property with their clients and left our home in unsatisfactory conditions.

I have sold several properties, but I have never had an agent work harder for me. Michelle makes it abundantly clear your needs come first. She is more than an agent, she has now become a very good friend.

Thank you for the edification, support and guidance during this real estate transaction.