Thank heavens the good weather is returning and March Break has passed!
Through to mid-March there was a serious shortage of homes available for sale relative to the horde of purchasers actively looking to buy: A frustrating time for purchasers, as a disproportionate number of properties sold extremely quickly, in multiple-offer situations, for amounts well over asking - leaving these Sellers very happy but not so the people who offered and did not get.
Since March Break however, more properties have become available, which may provide more options and perhaps a somewhat less aggressive market place.
Even so, homes in Toronto are clearly appreciating at a constant rate (2006-2007 +3% with some pockets up 11%!), with no indication of a change in the trend. Mortage rates are stable (5% for a 5 year term), employment is strong and the economy is healthy (even with the exodus to Alberta and the high cost of gas).
Central Toronto March 2007
Average
D-o-M $Sale
District Detach Semi-Detach
W01 17 647,500 471,780
C01 23 626,400 507,206
C02 20 684,250 707,430
C03 22 971,274 814,627
C04 28 799,363 594,446
C08 24 - 504,705
C09 27 1,509,050 1,099,500
C10 16 821,122 578,181
C11 24 777,401 448,000
C12 29 1,301,418 -
E01 15 459,661 409,562
E02 17 549,782 430,039
E03 24 382,936 380,795
*Days on Market
Sellers
In addition to the age-old mantra of Location! Location! Location! we now have another principle - Presentation! Presentation! Presentation!
Presenting your home these days means much more than cleaning and de-cluttering. Each home has different needs: Possibly the walls, stairs, or front-porch need painting; perhaps crisp new linens are needed in the bedrooms &/or baths(s); maybe the furniture needs to be rearranged to improve flow, etc. An experienced home-stager will help you make the right choices (don't worry about finding one, I know several who are excellent!).
Buyers
When you first decide to start looking for a home, be sure to get your financing pre-approved and really understand what flexibility you have in your purchasing power and monthly carry costs. The current trend in central Toronto is:
1) put home on the market mid-week
2) hold Open Houses on the weekend
3) review offers early the following week.
When this happens you may have only 2-4 days to:
1) see a property
2) do your competitve analysis & make your decision
3) arrange for & complete a home inspection
4) get your Deposit Cheque (usually 6%-10% of purchase price)!
Therefore, when you learn of a property of interest Do Not Delay your first visit! If this is the right home for you, you will need any & all of the available time to get the tasks done.
There is a lot to know and learn... Call me early in the process so that I can help you to sell your home &/or get the home you want, with the least amount of struggle!
Linda 416-322-8000
