TIMES ARE A CHANGING !!!

And just like that ~ we have a Buyers Market !!!

As you can see, the prices have fallen from April to June considerably.  Anyone waiting to buy a home, your wait time is over.  I would recommend locking in the interest rates now as next week we will see BoC increase Prime which will effect the mortgage rates.

If you have been waiting to get into the market, NOW is the time.  With the market being saturated with listings, you can negotiate the price like you have not seen for a few years.

If you are interested in being sent new listings, simply email/text or call and I would be happy to set that up for you !!!

Take advantage of this market change ... these don't happen often but when they do it is opportunity knocking !!  Investment property, first home... Let's go shopping !!

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

What the heck?

Well here we are in the first week of February and all the media has to say is about how bad the ecomony is and the recession will be long lived and BLAH BLAH BLAH !!!! I personally am off to my best start ever and last week sold a listing on the very first day it went out on TREB with TWO, not ONE, but TWO offers within 24 hours. So what is all the whining about !!!! :)

I think no matter what the media has to say, there will always be people out there looking to capitalize on the extremely low interest rates and great prices. On the other hand, if you are thinking of moving up in this market, THIS IS the time. When the market rebounds, you can make a killing on some of these homes.

Yes I know that sounds mean but the bottom line is, real estate is safer than ANY investment you can make. I am sure you have all heard how your parents bought their homes for $16,000 and worked for pennies etc., we now those houses (some of them anyways) are worth 300 to 400K. Where on earth would you get that return on your money ..... NO WHERE .... except maybe a lottery !!! : )

So lets stop thinking its the end of the world and capitalize on this. It is simple. Any way you look at it, there are deals to be found, money to be made and money to be saved. The market isn't dead. The market is what we make it !!!!

Good or bad, people will always want real estate either for investments purposes or security in their futures and now is the time to BUY !!!!!

If I can be of any assistance to anyone, please feel free to call my cell at 416-300-3004 and I would be happy to provide you with a no obligation home evaluation or discuss what is available out there to buy and get out of paying rent and someone else's mortgage !!!

The Spring market is around the corner !!!!!