Andre Smit's Real Estate Round-up

Hi Folks,

So, the Bank of Canada, has once again decided to hold the overnight lending rate at 5%. The inflation rate increased to 2.9%, mainly due to the federal government's increase in the carbon tax. However, most economists are still predicting that the Bank of Canada will start reducing it's interest rate in June, this year.

I am starting to notice that weekend open houses are becoming well attended, as buyers are now looking at homes in anticipation of the decrease in interest rates. Home silent auctions are also starting to raise their ugly heads again, in order to encourage multiple offers and increased prices for sellers!

The actual sales to new listings ratio, has remained at 50% from last month, which indicates a balanced market. Remember that if the ratio is above 60%, then it indicates a sellers' market, and if below 40% a buyers' market.

According to the Toronto Real Estate Board, (the largest in Canada), compared to March last year, total new listings for all homes grew by 15%, while total actual physical sales were down by 5%. This resulted in the average price for all homes, increasing by 1.3% from the same month, the year before. The average days that listings spent on the market, before selling, has increased from 19 days to 20 days, or by 5%, for the same period!

Average detached house prices have decreased by 0.15%, compared to March, 2023. The number of total new listings increased by 13%, compared to the same period, last year. The average days that listings spent on the market, before selling, has remained at 17 days. However actual physical sales, in this category were down by 3.6% year on year.

Average condominium apartment prices have decreased by 0.5% for the same period, while new listings increased by 19% over the same month last year. The average days that listings spent on the market, before selling, has increased from 24 days to 28 days, or by 17%, for the same period! Actual physical sales, in this category were down by 13%.

It is interesting to note that semi-detached homes increased by 3% over the same period. This is completely due to them being in a more affordable price bracket.

So, if you are thinking of selling your home, now is the time to ready it, so that you can ride the current pent up demand, into early summer.

That is why, this month, I am going to focus my round-up, on preparing your home for sale. It is estimated that most families in the GTA, sell their homes at least 4 times in their lives, for various reasons, as they go through the cycle of life.

When preparing your home for sale, the main objective is to find at least 1 keen buyer, who sees enough value in your home, to make an acceptable offer, within a reasonable time frame.

We spend most of our lives personalizing our homes for our increased enjoyment. However, when the time comes to sell, we need to de-personalize our home, and present as neutral a canvas, as possible, in order to attract as many potential buyers, as possible. Here is a list of things to consider completing, before opening your doors to these potential buyers:

       - Replace worn welcome mat at front door
       - Ensure that the front door bell is working
       - Cut lawn and remove weeds
       - Add flowers to front walk up area
       - Clean front door and re-paint, if necessary
       - Polish brass door handle and knocker
       - Clean garage door and paint, if necessary
       - Power wash driveway, walkway, siding and deck
       - Repair broken fencing
       - Clean all windows, (outside and inside)
       - Tidy up garage
       - Tidy up all storage areas
       - Plan a trip to the dump, to get rid of all surplus items collected over the past years and

that are no longer needed

- Ensure all walls have light warm colours

       - Do not block off natural light, which provides added warmth to your home
       - Scale down furniture, wherever possible, so as not to over crowd any rooms 
       - Make sure that all light fixtures are working, with fresh bulbs
       - Polish, sand or replace worn hardwood floors
       - Steam clean or replace worn carpets
       - Clean kitchen and bathroom tiles and grouting
       - Remove all traces of inside moisture mould from windows and glass sliding doors
       - Replace discoloured, chipped, cracked or loose wall switch and electrical outlet covers
       - Repair dripping faucets
       - Fix sticking doors and ensure automatic door closers are working
       - Fix holes and chips in walls and repaint
       - Replace caulking around sinks, faucets, windows, doors and tubs, where necessary
      
For open houses and showings, the following should be considered, in addition to the above:

       - Try not to leave any pets at home, and remove all traces of pets, prior to the showing
       - Spray inside the home with a good air freshener
       - Empty all trash containers in the house, as if you were getting ready for the weekly pickup
       - Dust all counter tops and furniture
       - Clean BBQ grill
       - Wash dishes and store away
       - Clean oven, refrigerator, dishwasher and microwave oven, inside and out
       - Turn on all the lights
       - Place vases of fresh flowers in all the sitting areas
       - Place a bowl of fresh fruit in the kitchen

All this, together with a great realtor, (look no further!), should assist you in getting the best possible price for your home in any real estate market. As in life - "the more you put in, the more you will get out!"

SMIT'S REAL ESTATE TIP OF THE MONTH:
 

Check and clean gutters, down drainage spouts and splash blocks. Make sure that there is no blockage in the downspout, and that water is not holding in one area of the gutter. Ensure that drain water is being carried away from your foundation.

Folks, thank you for considering all of the above. Once again, if you, your family or any friends have any questions regarding real estate, or indeed, require the services of a great realtor, please do not hesitate to contact me, at anytime.

Until next month,

Stay dry, warm and safe!

Remember, to watch out for the spring flowers!

Kind regards,

André