GTA Resale Housing Prices Stable in July

In viewing the current market it is important to try to keep it in perspective. The current changes are vs. an amazing year in 2007. To look at a broader picture I have also included a few comparisons with 2006, which was also a record year.


Prices remained stable throughout the GTA in July. In Central Toronto the average price of $467,743 was virtually unchanged from July 2007 and up 9 per cent from the July 2006.
In the City of Toronto 3,132 sales were recorded, in July, down 14 per cent from the record July 2007 but up 10 per cent from the sales recorded two years ago in 2006.


With more inventory available to choose from, and very few multiple offer situations, buyers are taking longer to decide on which house that they want to purchase. As an exanple, the average ‘Days On Market’ in Central Toronto increased from 24 days in June to 28 days in July.


This means that sellers are having to be more patient to achieve their desired selling price. The average home in Central Toronto still sold for 99 per cent of the asking price.
If you have any questions about the market or would like to discuss the best approach to your own real estate needs, please call me or email me. Also, have a look at the following articles and the selected listings that I am including with this newsletter.


Sincerely,


Armand


In This Issue...What to Expect When Selling Your Home PrivatelyThere's No Place Like HomeThe Shoe's on the Other FootHealey Lake Retreat $295,000New home in North Toronto $1,249,000Leaside Semi Detached $565,000


What to Expect When Selling Your Home Privately

If you're considering selling your home, you've probably thought about trying to do it yourself. Although some FSBO's (For Sale by Owners) sell their own homes, it's unclear whether they actually come out ahead financially in the end. Here are a few advantages of enlisting the services of a professional Realtor:


Exposure - A sign on the lawn's only visible to those who see it, so buyers aren't going to know your home's for sale unless they drive by. Your pool of potential buyers will be very limited whereas agents are able to expose it to the masses through the real estate board's MLS system. It's supply and demand – the more buyers (supply), the more demand which means more money!


Commission Sharing - The only reason a person would choose to sell on their own is to try and save money. Everyone knows that, including buyers, and most will expect to get a deal when buying privately as they know there's no commission built into the price. Half of the commission typically goes to the buyer's agent so if the buyers don't use an agent, they'll expect to pocket that portion for themselves.


Third Party Negotiator - Buying or selling a home is an emotional roller coaster so a Realtor's help is invaluable when it comes to mediating as an impartial voice. Some buyers may be reluctant to deal directly with the seller as emotions will certainly get in the way of negotiating an offer. All it takes is one wrong remark to make a deal fall apart. Having a third party negotiator provides a much needed buffer between the buyer and seller.


Experience - Real estate transactions are fraught with potential problems. An agent can advise you on many matters such as legal issues and inspection questions as well as rallying prospects to try and generate multiple offers. Do-it-yourself jobs are great under certain circumstances but when it comes to your biggest asset, you may want to think twice.


Convenience - If you're selling privately, you'll have to be available to show your home to complete strangers on short notice. You'll likely find yourself canceling important plans only to have no one show up. This process is frustrating and time consuming as many prospects are simply not that serious, haven't been qualified or are just plain nosy. An agent only works with qualified buyers so they don't waste their time or compromise their personal safety.
Selling a home privately can be risky which means you're gambling with your biggest asset. Although some FSBO's sell their own homes, there are many advantages to having a professional represent you in this complex transaction. Real estate agents are paid on commission so it's in their best interest to get you top dollar for your home and to provide you with exceptional service during the entire process.


There's No Place Like Home

With the price of gas skyrocketing, why not vacation closer to home this year. Going away can be stressful as you have to arrange for someone to collect your mail and look after your pets plus there's the worry of your home's security. Then when you return, there's all that laundry and yard work waiting for you. Here are a few ideas to consider when vacationing around home:


Contact the local tourist board and plan your trip as if you were visiting your area for the first time. This way, you'll be able to see all the places you take for granted and say you'll “get to one day”.


Go to a restaurant you've never been to before. To save some cash, find out when specials such as “2 for 1” and “kids eat free” are on and plan around the deals!


Your local library should have maps of community trails. Pick one you've never been to before and enjoy a relaxing day outdoors.


Visit an unfamiliar place an hour or so from home to experience a true getaway. If you really want to get into the spirit, book a night at a hotel -- you'll get a better deal if you go mid-week.
Involve your kids by letting them pick a playground they've never visited before. Nearby amusement parks and local farms are also great fun!


Staying home and seeing your area through the eyes of a tourist will give you a new appreciation of where you live and is often much more relaxing. By not having the stress that goes along with planning a vacation, you'll be able to return to work relaxed and with more money in your wallet. Not only will you save on gas but you'll also reduce your carbon footprint while supporting your local economy.


The Shoe's on the Other Foot

If you've ever been sitting around with friends and someone asks “What's that smell?”, you know it's time to take some action! There are easy, natural ways to deodorize your shoes, sneakers or boots that cost next to nothing. Here are a few great ideas:


To prevent bacteria build up, put your shoes outside on a warm day to thoroughly dry out.
To kill off the bacteria, pop your shoes in an airtight bag and put them in the freezer overnight.
Sprinkle baking soda into smelly shoes and leave them for a few days to absorb both odor and moisture.


With the embarrassment of smelly shoes a thing of the past, you'll no longer have to double bag them or toss them into the fire! Just follow one or two of these tips and the stench will be solved – at least for a little while.


Healey Lake Retreat $295,000

A wonderful summer getaway on a quiet bay on beautiful Healey Lake in the heart of Muskoka/Georgian Bay.This is an ideal summer cottage with exposed rafters and a stone fireplace for those cool fall evenings.There is also a winterized Bunkie for those times when you want to visit in the winter.Located across from Crown Land, you have a quiet retreat away from the city.