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 !

This is the new reality in Durham Region ! Crazy or What

Ok so I have been telling everyone how the market is crazy out there and multiple offers are everywhere.  Well folks, this is the new reality.  This was last night !!!  In Whitby, a bungalow with a single car garage... listed for 549,900 and had 32 offers and sold for $900,000

When is this nonsense going to stop !   That means 31 families LOST.  31 agents left with disappointed clients.  And now what happens with the next listing in or around that street.  Is it worth $1,000,000 ... C'mon people, stop this madness.

Either agents are pricing this stuff ridiculously low or the public has gone stark raving mad !  I am sorry but that house should never have sold for 900,000...

Please be careful out there.  Don't get caught up in this nonsense.  Have the common sense to walk away !   I hate to say it but I think we are on a very slippery slope right now ... and I am starting to worry about how this will end.

Just thought I would show you the reality of my every now !  Oh and I passed my Brokers exam.  I figured after this long, I should get it done... :)   Have a great night everyone and Happy Valentines ... maybe a house is a better investment than a ring but a ring is a lot cheaper !  LOL

The divorce may cost you !  LOL... have a great night !

January 2017 - Durham Region - Up 36% !!!!

Well everyone, the numbers are out !!!  The average selling price in Durham Region reached $608,417 last month.  In comparison, the average selling price was $446,117 during the same period last year. That is a 36% percent increase !!!  Wow !

Who knows how long this ride will continue but if you are thinking on selling I would love to meet with you and show you how these numbers will affect your bottom line.  You might be pleasantly surprised.  And if you are buying, stick with it....every month you wait, the prices are going up.  

Have a Walk Away Number !

Hey everyone,

Just thought I would give you a quick update with what is happening in the market out here.   Buyers are completely frustrated and so are the agents.  The prices are going up every day.  This weekend a house in Whitby listed for 7 something sold for over ONE MILLION dollars... Complete craziness.

So I guess what I am trying to say is work with someone you trust.   Don't get talked into some of this nonsense.  There will be another house... be informed and be ready ... but don't be stupid.

AND... don't put in conditional offers .. chances are you are going to lose (at least out here anyway) and you are only boosting up the prices because the other firm offer, isn't being told yours is conditional.  They just see another offer and then jack their offer up another 10K to beat you and yours wasn't even in the running.

So please use good judgment.   Have a walk away number !  Don't get sucked into the emotional roller coaster .. be smart !   Yes the house prices are on the rise and yes you are going to pay top dollar but you don't have to be reckless.   Stay calm, listen to your Realtor and follow their lead.  They are working for you. They know the market.  They want YOU to win as much as YOU do.  They don't earn a living either when they lose.  They are writing offers and and losing all the time.  Imagine if someone said to you, go to work and if you win you get paid (not right away mind you but in a couple months when the deal is closed) or go to work and do your best with what you have and lose and don't get paid... and keep doing it, week in and week out... for FREE.  So please understand not all Realtors are making tons of money like the media portray.  We have a lot of great agents that are working 10 times harder and making ZERO !!

So let's all work together, quit blaming each other or the Seller or the agent.  It is just a crazy time in real estate and hopefully we get some more inventory so this crazy pace slows down and people can negotiate again... like the good ole days !

But when you are ready to make an offer, be careful.  Don't get caught up in the winning of it.  Have a WALK AWAY number... Play until you hit it and then throw in a towel.  It is just crazy what some of these houses are selling for and I wonder how many people are waking up the next morning sick thinking what they just paid for that house !!   It is supposed to be a special time, buying a home ~ not a game.   Surround yourself with professionals that know the market and understand how to play the game ~ because right now it is a game !

Don't get so invested in a home that you can't walk away.   It's bricks and mortar. Another one will come out tomorrow and probably better than the last..... Slow and steady wins the race.  Be patient.  Do you homework.  Get pre-approved.  Be informed and work with someone you trust to direct you to the finish line !

That being said, enjoy your evening.  Super Bowl Sunday !!!   If I can ever help or answer a question, don't be shy.  I am always here to help.   Hang on to your hat though, I think we are in for quite the ride ... :)

Cheers to that my friend !
Signing off, your real estate friend,

Michelle xo

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

December 2016 - Average Selling Prices

Great info about the Durham selling prices.  No end in sight .. Look out 2017.  

It's a definite Sellers Market !  

Market Watch - December 2016

Low borrowing costs, relatively low unemployment and strong demand ended 2016 with another record year.  

Up 11.8 percent from 2015.    Let's see what happen this year !  

Stay tuned for the Outlook Report being released January 31/17,.

Read it here first !

December 2016 Market Watch Report

TREB December Market Watch 2016 from Michelle Makos

Interesting Fact - December 2013 - Average Selling Prices was $520,398 and December 2016 - Average Selling Price is $729,922... not a bad return on investment !

For more information if buying or selling a home, feel free to contact me for personal and professional service.  Michelle Makos, Royal Heritage Realty Ltd., 416-300-3004

Buying in 2017

Happy 2017 everyone... just a quick message as the website has had many visitors over the past two weeks and I don't want anyone to get discouraged.  The listings have been few and far between over the holidays as most sellers are waiting for "normal" to return to the workplace and kids to be back at school etc.   Today, TREB released the market stats for December 2016 and it showed continued rise in prices and the second consecutive "record breaking" year in real estate.

So here is my advice, if you are looking to buy, stay on top of the listings you receive or if you see one and I didn't send it and want info, just ask me and I will find out what I can.   I think we are going to have another crazy year as far as prices.   I do not think the foreign market is going to affect Toronto or Durham like it did Vancouver, as a matter of fact, Toronto Real Estate Board took a poll with agents and only 5% felt the buyers were international.  This is strictly lack of inventory.

Prices rose over 20% last year which is a phenomenal return on your investment... and for many it was beyond 20%, especially in Durham Region where our prices were the most affordable.  So don't get discouraged, keep checking back and you will see more and more listings coming out over the next few weeks and by end of February, we will be in a FULL SWING OF THE BEGINNING of SPRING market.   Most people buy to close end of June when kids finish school.. so keep that in mind.  If you are more flexible in your closing, the better your odds of winning.  We need good strong offers, with as little conditions (actually NO CONDITIONS) as possible so have your pre-approvals done in advance and I can give you a couple mortgage brokers to contact if you want that done... I find mortgage brokers USUALLY give you better rates than your bank 90% of the time.

As far as home inspections go, most offers will need to be firm but now that most sellers are holding offers, I do have inspectors that will do a quick walk through with you prior to putting in your offer,  if you have concerns about anything and want to go in firm during the offer process, so that you can put your mind at ease.   Just remember, buying is usually BEST OFFER wins and it can save you a lot of headaches if you have an experienced agent who is protecting YOUR best interests and not the sellers.... it's a lot of money - make sure you are represented at the table !

As always, I look forward to hearing from you and I will be at the Market Outlook on January 31st,  with Chief Economists and CEO's from BILD and other real estate associations and will send you an update on what they predict.  So for now, hang on and get ready for another crazy year.... You are in good hands and Happy House Hunting !

Your Friend in Real Estate.

Average Selling Prices for November 2016

Well as we wait to see what the December numbers are, here are the November numbers released from the Durham Region Association of Realtors. The numbers speak for themselves.

  

I will be sure to post the year end numbers for 2016 as soon as they are released.

At this time I would like to wish everyone a happy, healthy and prosperous New Year.   Looks like it is going to be another crazy year in real estate.  Please remember if you have any real estate related questions, buying, selling, investing, no matter how big or small, reach out, I would be only to happy to help.