Detached Home Prices Jump 29.4% in 2016 - Will 2017 See a Higher Jump - January 2017

Wednesday Feb 01st, 2017

Happy New Year!!!

I hope your holidays were extra wonderful!

2016 GTA Market Update & Prediction for the 2017 Housing Market

The average price of all homes across the Toronto region rose to $762,975, a 21 percent increase from a year ago. The hottest activity was in the surrounding 905 region (Mississauga, Oakville and Hamilton) with the average price of a detached home jumping 29.4 percent to $948,191!

The sales growth came despite new mortgage rules that were announced by Finance Minister, Bill Moreau, that are designed to take some risk out of the market with mortgage stress test requirements.

One of the more recent issues that could affect the real estate market is the impact of the U.S. election, which elected - to the shock of many Canadians Donald Trump as President. Many housing analysts feel it's too early to know what it will mean for the Canadian housing markets, but for those who already see Canada as a safe and stable place, the U.S. election could heighten that appeal.

Moving forward into 2017, the Seller's Market is maintaining its strong momentum - even as we head into what would traditionally be a slower time in the market.

If you are curious about what your home is presently worth, please email me and upon my return I would be pleased to: 1) email you with the recent sales in your neighbourhood; or 2) Schedule an in- person detailed evaluation of your home. Please let me know which option you would prefer when you email me and please don't forget to include your current address and if you have completed any major renovations to your home since you purchased it (i.e. finished basement, new roof/furnace/windows/air conditioner, changed the flooring, updated the kitchen etc.).

Is there any other way I can be of service? Please let me know!

Please continue to scroll down to learn great tips for your home...

Warmly,

Evelyn Lacerda, SALESPERSON

Viewing Your Home From A Buyer’s Perspective

There is an old adage in marketing and sales: Before trying to sell something, you need to put yourself in the buyer’s shoes. When it’s time to sell your home, you’ll need to do the same thing. Imagine that you’re the potential buyer and then view your property from that perspective.

Start with what a buyer sees first, the outside of your property from the curb. Does your home look inviting and attractive? Are there ways you can improve the look of your home from this vantage point?

It may be as simple as trimming the hedges.

Then, walk into your home through the main entrance. What is your first impression? Does your home look clean, uncluttered, and appealing from the foyer? Is there anything you can do to improve the look?

Even a small change, such as moving a coat rack that is cluttering the space, can be a significant improvement.

Finally, tour the rest of your home. Most buyers viewing homes will visit the kitchen, the living room, and other rooms on the main floor and then check out the upstairs bedrooms. As you are pretending to be a potential buyer and looking around, what impression are you getting? What features do you especially like? What don’t you like? Are there any issues that concern you?

Don’t forget to view your garage and backyard too.

By doing this simple exercise, you’ll be able to see what changes and improvements will make your home show better.

Want more ideas on how to sell your home faster and for the best price? Call today.

Imagine The Home In Five Years

When you view properties listed on the market, you will see them as they look today. Yet, once you purchase a new home, you’ll likely plan on living there for years to come. Since homes and neighbourhoods change over time, it’s a good idea to imagine what the property and the surrounding area will be like over the years you plan to be there.

How do you do that?

To begin, take a close look at potential maintenance issues that may be coming up. Will the roof shingles need to be replaced in a couple of years? Is the furnace more than 15 years old? Will the bathrooms need to be renovated in four or five years?

Then, take a look around the neighbourhood. Find out what construction projects, road improvements, and other improvements are underway or will be happening soon. Are there plans for a new school nearby? Is there a major shopping centre due to be built down the street?

Also try to get a sense of the trends in the neighbourhood. Does it seem like it will be a nice place to live over the next few years? Do the homeowners take good care of their properties?

Understanding How Homes Are Priced

Whether you plan on putting your home on the market someday soon, or you’re just interested in how much your property is worth from an investment perspective, it makes sense to know how homes are priced.

When a home goes on the market, there is an overwhelmingly high probability that it will sell for somewhere close to its market value.

So if a three bedroom, detached home in a neighbourhood sold for X dollars, then you can expect a similar home down the street to sell for roughly the same price.

That’s why REALTORS® look closely at recent home sales in the area in order to advise clients on the best listing price.

Are there other factors that determine selling price? There are many. Home improvements, special features such as a large deck as well as the general attractiveness of your home, can all increase its value to potential buyers.

While some of these characteristics may help boost its selling price, others may simply help you sell your home more quickly.