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

MARKET UPDATE - MID JUNE 2017 - WHERE DID ALL THE BUYERS GO?

I just wanted to give you a quick update.  The market is saturated with listings. 1:10 ratio.   So currently in Pickering, we are sitting with 232 Freehold Active Listings and in the past 7 days, 28 have sold.  What does that tell you?  Buyers choice !!!  They can negotiate and they have so much choice they can be picky !!!   This is where a good negotiator working on your side can save you thousands of dollars.  The same scenario  is happening in Ajax with 323 active listings and only 20 SOLD... and Whitby has a whooping 370 Active Listings and only 39 have SOLD.

Many of these people on the market right now have bought FIRM in March and beginning of April and are starting to panic.  They NEED to sell in order to close on the purchase they made.  Thank God I don't have any clients in this situation.  I had a feeling this was going to happen and now it has.  It is a desperate situation for many people out there... and it is unfortunate.  

BUT if they do not sell, they will not CLOSE on their purchase and in turn that 
will result in lawsuits galore.   The Sellers will sue the Buyers for not closing but it isn't just for the deposit, it will be for damages.   Damages can include penalties and the difference in the sale price if they have to resell the property and it sells for considerably less.  Unfortunately this is starting to happen now with June closing and many July closings where the homes are still on the market and not sold.

If you are thinking on buying an investment property or a first time buyer, this is the optimal time to find a good deal.  If you are looking to move and sell and buy, I highly recommend you sell first as it may not sell at all... and if you were looking to just list to "cash in", although the prices are still high, the days of multiple offers and no conditions (financing or inspections) are gone... That ship has sailed in Durham Region for now.  Let's see what the new stats say for Mid June when they are released.

And on a brighter side, I want to wish all the Dads out there, a Very Happy Father's Day and if you aren't a Dad, have a great day and enjoy the weekend. Take care and I will keep you posted.  Remember, if you want to know a sold or have a question, reach out and if you know anyone looking to buy or sell, do your research.  Use a Professional.     Have a great evening !!!

Home sells for $1.15M OVER ASKING

Ok so this just is more of the same.   Last week a home in Whitby sells for

almost double and now this one in Toronto sells for 1.15 MILLION OVER ASKING !!   The article is in the Toronto Star in the link attached.

Homes sells for 1.15 OVER ASKING in Toronto

Just thought I would share this.

Happy Valentines Day !

December 2015 - Best Year EVER in Real Estate

December 2015 TREB Market Watch from Michelle Makos

January 2015 - Housing Market - Sales Up, Interest Rates Low, Inventory Low

2014 Sales up 6.7%
Interest Rates Low
Supply and Demand

With low gas prices, will you be saving more money and investing in real estate? To me, real estate is and always will be your best investment.  

Whether a first time buyer or an investor, prices are continuing to rise and the market is strong.

I look back to what I paid for my first home and what it is worth in today's market and think, "Hmmmm, instead of spending money on some of the stocks I bought, I would have been better to buy an income property and let the rent pay for it."  That would be great for retirement.  It is just something to think about.

Real Estate will always be a great investment in my mind and not because I sell it but because I believe it... and the numbers speak for themselves.

Young people with savings who live at home, should also consider buying a small property and renting it out and invest in their future.

It is win/win.  

So if you are considering selling your home, the market is strong and prices are high.  Spring market starts NOW !   

If you are looking to move up, I recommend finding a good local agent, list your home first so you have more negotiating power when you buy.. remember the market is busy and the stronger your offer is, the better chance you have of winning.

With that being said, enjoy the information video courtesy of TREB and I hope if you need any real estate advice in the future, you will contact a full time Realtor who you can trust and work with, to maximize your equity and service all your needs.

Happy Buying & Selling !
To search current homes for sale in GTA and Durham Region - visit www.michellemakos.ca

Multiple Offers Everywhere !

Well I cannot believe the prices some of these homes are selling for?   Please, please, please make sure when you are purchasing a home to use a LOCAL agent ... they know the neighbourhoods and the comparables.   When you use an agent who is from another area, they don't.   People are paying ridiculously high prices for homes which in my humble opinion aren't worth it.

I understand there is a shortage of listings but does that mean Buyers are to be pressured into paying some of

these crazy prices... I say NO !!  I have told my clients on many occasions, walk away !

People are going in firm on homes that clearly have issues with no inspection conditions.  I have been in numerous houses and after inspections found mould in the attics, faulty wiring, etc.   Make sure you know what you are getting into and that your agent knows the age of the property etc.  

It is great to win in multiple offers and see your happy Buyer's face but make sure you are doing it for the right reasons.   I always say, "If I meet you at the local grocery store or park, I don't want to run and hide because I feel you overpaid."   People hire Realtors to protect their interest and from some of the shananigans I have seen lately, I have to wonder.

If you are a Seller, this clearly won't mean much other than you are going to get TOP dollar for your home right now.  But if you are Buyer, choose wisely.   Choose someone who knows the market and is diligently working on your behalf to protect your interests and your money.  

Ok my rant is over ... just looking at some of the sales the past few weeks and shaking my head.   I hope the market continues to stay strong but if it doesn't, I hope you have a lot of equity in some of these homes because if the market drops ... they won't even be able to sell them and get their initial downpayment out of them.

All I am saying is GET REPRESENTATION that you TRUST.  Yes it is great to win but at what cost !  

Good luck to all the buyers out there and to all the sellers... who are getting top dollar for their homes.  If you are thinking of selling - TRUST ME, now is the time to sell.  I have never seen a market so busy and desperate for listings.

To your success !!!  

If you have any real estate questions, please feel free to call me or email me ... I love what I do and will be only too happy to answer them.  Cheers !!!