Thursday, March 5, 2009
As we read the news of Real Estate markets in the US and in Western Canada having taken a turn for the worse we are seeing a stabling of the market here in Brampton. 2008 was a record year for home prices in Brampton. Neighborhoods to the west of the 410 Highway (Sector W23) saw home prices raise 2% over 2007 prices and neighborhoods to the east (Sector W24) saw home prices increase 3.4% over 2007 prices. While prices have increased we have seen a correction in the number of sales. In 2008 15,756 homes were listed For Sale and 6,863 sold compared to 2007 where total homes listed were 14,857 and sold were 8,151. The average Days on the Market rose by only 2 days to 34 days. These sold figures bring us in line with the 2002-2003 market numbers. The market in Brampton has been very robust over the past 5 years with many homes selling with multiple offers and well over predicted market value. As the market moves from a Seller’s Market into a Buyer’s market we are seeing great opportunities for the savvy Buyer and Investor. A Buyer’s Market means that the Buyer will have more selection to choose from and will be in a position to negotiate a fair price within predicted Market value ranges. A recent drop in the Bank of Canada rate has brought our mortgage rates to an all time low. If we combine this with the great inventory on the market today the Buyer has never been in a better position to buy into the Real Estate market. The Brampton Real Estate Board has over 740 REALTORS® who have the local knowledge and experience to guide you through this market whether as a Buyer or a Seller. Source: Market Watch 2007 and 2008Written by Leah Shaw REALTOR® and Brampton Real Estate Board President
Friday, October 17, 2008
The fact is, most people who try to sell their own home end up using a REALTOR® in the end anyway. Before anybody decides to fly solo through this complex, time consuming and financially perilous process, they should consider these questions.Will you really “save” the real estate commission?When buyers see a home for sale ‘by the owner’, they see a bargain. They imagine the REALTORS® fee going into their pocket, not yours.
Are you familiar with real estate law?Complicated and ever changing, real estate law governs nearly every phase of selling your home.One wrong move and an entire deal can fall through, or worse, a lawsuit can ensue.
How many potential buyers will you reach?Selling a home takes more than just hanging a “For Sale” sign. How will you promote your home? Will you write your own ads? How will you use the Internet, knowing that you’ll have no inside access to http://www.mls.ca/ and therefore will not be able to post your home on this service?
Do you have the time?Promoting a home is a full time job, and you may already have one. Will you be able to take calls at any time? How about screening the callers to figure out if they’re qualified to buy your home?Not everybody who calls is even suitable to walk through your home, but how do you tell?
Do you know the market well enough to get the most for your home?Lacking years of experience, the average do-it-yourselfer is merely guessing at their listing price. Often they set the price too low and miss out on thousands of dollars, or they price their home too high and drive away willing buyers.
What about your selling skills?If the personalities of prospective buyers rub you the wrong way, can you still deal with them effectively? What about your own defensiveness when you hear negative comments about your home? Best to keep it at arms length through a REALTOR®.
Do you have the negotiation skills to keep a deal on track?When an offer comes in, emotions can run high with so much money on the line. This is why direct seller-to-buyer deals often end in disaster. REALTORS® keep it professional and are indispensable when it comes to bargaining with buyers.