May 2018 Market Updates

 


According to the Toronto Real Estate Board, approximately 8000 homes sold across the GTA in the month of April. While a very healthy number, the almost 8000 sales is not the average sales number for a typical April market. The long cold winter as well as changes in the mortgage qualification rules created a “wait and see” situation for many people that were thinking of buying a home.

We are expecting to see a market “take off” in the next few months as buyers that were on the sidelines will decide to proceed while the borrowing rates are still affordable and the home prices are reasonable.

From a seller’s perspective, looking at the TREB April 2018 stats for all types of homes, there were 2946 total sales in the Metro Toronto Area, with 4785 active listings. These numbers tell us that there were a total of 7731 homes available for sale (active listings plus sold listings), this means that there are nearly 3 available homes for each sale in the Metro Toronto area.

If you are wondering what does it take to win the competition of getting your house SOLD here are some things you can do:

1. Start with hiring a great Real Estate Agent, someone who understands the market and knows what kind of a micro market you are in. Numbers are very important. A top realtor paired with a professional home stager will be able to provide guidance on the steps in order to achieve the “show ready” status for your home. First impressions are very important, cleanliness is essential but so is the home de´cor and price.
2. Price it right. Work with your realtor and understand the process. A great realtor is not the one that promises you the highest price. It is the one that prices your property right at the market value, to get you the highest possible price in the shortest amount of time! Properties priced right, that show impeccably and are marketed properly attract more possible buyers, which translates into multiple offers and ultimately higher sold prices!
 
3.Be patient, provide access to the property as much as possible, exposure through open houses and short notice showings assist your realtor to go “the extra mile” for you!. A great realtor will guide you through the process painlessly and as stress free as possible.
 

To discuss your local market further, please don’t hesitate to give me a call. I look forward to showing you what your future holds in the always exciting GTA real estate market.

Happy spring!