Real Estate Curve

These Stats Are Compared to February 2009:

Active Listings –> 32% LESS

Monthly Sold –> 77% MORE

Year To Date Sold –> 81% MORE

Year To Date Average Selling Price –> 19% MORE

Sold Price To List Price –> 4% MORE

Average Days On Market –> 51% LESS

$200,001-$300,000
Sold to List Price: 98.37%
Average Days On Market: 42

$300,001-$400,000
Sold to List Price: 100.33%
Average Days On Market: 13

$400,001-$700,000
Sold to List Price: 99%
Average Days On Market: 15

$200,001-$300,000
Sold to List Price: 98.61%
Average Days On Market: 23

$300,001-$400,000
Sold to List Price: 99.17%
Average Days On Market: 22

$400,001-$700,000
Sold to List Price: 98%
Average Days On Market: 41

Last month(December 2009) there has been roughly -47% Active listings compared to 2008.

The amount of real estate sales in (December 2009) was at a high of +115%, highest in the last 4 years.

What does this mean, is that there aren’t that many active listings and people are still buying real estate in Toronto, Mississauga and the greater Toronto area more then ever.

What will happen in the future for Ontario real estate when the HST will start in July?
I personally think that sellers will want to sell their properties before hand to avoid additional costs. What I mean is that on a average home worth $400,000 a seller will have to pay $1600 more in taxes on commission when the HST will be in effect. Therefore a lot of people will want to save that money and sell/close before hand to avoid the additional cost.

Since when did we go into bidding wars in Mississauga, once in a while before but now it seems each good listing has a bidding war. Buyers are becoming angry and feel the pressure to buy. First time buyers are shocked and feel extreme pressure from their agents as well.
Banks are appraising the properties and wonder where are the sale prices coming from. Well its easy, in a bidding war the final price comes from the person who is willing to pay the most for the house.
People now is Mississauga are even buying real estate without inspections, what’s next?
Houses selling in 1-4 days, others over listed are staying on the market or getting low ball offers.
The majority of the activity is coming from the 300-500K homes.

Stay tuned for the next update…

Through out the last few weeks, the market in all parts of Mississauga specifically in Meadowvale, Clarkson, Port Credit Real Estate has been moving like hot cakes. If the property is rennovated or not but priced right, it will sell quick. People are not being that picky as they use to be due to the lack of extreme LOW inventory.
Have you been looking for a house, did you find one, were there mulitple offers on it or even worst did it sell before you could take a look at it? These are all the symptoms which buyers are experiencing currently in Mississauga Real Estate and through out the GTA.

As of November 2, the inventory of Mississauga and the GTA is extremly low, ATTENTION SELLERS IT IS YOUR MARKET!!!

With all the bad inventory in the Gta’s market, buyers are getting mad on their agents. Is this right? I don’t think so, but apperntly if your agent can’t find you a home it is the agents fault. People have to think before they accuse other people, they have to ask themselves as a buyer,”am I too picky” ? Are the houses over priced or if there is no good inventory available. Before blaming your agent ask yourself all those questions. Real estate agents are there to help you purchase the biggest investment of your life, they want to be referred again and again (well some just want to make a quick buck) but most of them will work for your best interest. So before you start screaming at your agent, sit down with him or her and talk about the market and why it is what it is.

In the greater Toronto area, the demand for housing is high. The inventory is low, well at least with good houses, let me explain. If there are 10 houses for sale in a specific area 3 house are good houses, meaning they are priced at market value and are valued what the vendors are asking for. The other 7 are either over priced or just in too of a bad shape to sell it for the asking price and the vendors don’t realize it. It is a shock to first time buyers but good homes sell for close to asking price with in 1-5 days on the market, so do youself a favour and get yourself an agent and don’t miss out, before the good ones are gone. If a house goes on the market go out and see it the same day, if you like it put an reasonable offer the same day and don’t insult the vendor with a low ball offer.

Cheers

The statistics show that an average family will change their home every 3-5 years. Now in most cases this is true, but there are exceptions. For example, you get married buy your first condo, live there 2 years have 1 or 2 kids, the condo gets smaller you have to get a bigger living space(most likely a house) After the next 3-5 years the kids get bigger, you need more room, one for each child or even a older parent to help them out, so what now, you sell and buy bigger. Once you get older (kids move out)you don’t need that big house and you down size. Now this case doesn’t apply to all people there is tons families that live in a house for over 10, 20 or even 30 years, but the statistics show 3-5 years an average a family changes their home.
People change for many reasons they slowly move up to that Dream Home, over many moves/years. Buying your dream homes won’t happen on your first home purchase, well unless you got the cash or win the lottery. Just though this could be useful to know.

What is everyone’s though on open houses?
Do the people that come to the open houses are they the nosy neighbors?
Are the people going to open houses serious about buying?
If you ask me, if I want to buy a house I go to an agent, what are the chances going to an open house and it beign the one you will buy? Come on realistically slim.
From what I noticed either people are sent by their lazy agents to open houses, because they don’t feel like showing homes which have open houses schedules, or its people that are in the “maybe” stage of thinking to buy a house. Now don’t get me wrong there is cases that people walked into a home fell in love with it, put an offer and purchased that home, but it doesn’t happen that often.
What are your though?

US February 2009 video includes topics on: 6.5% rise on home sales includeing California, Arizona, Nevada and Florida.

Newest report on the Canadian Real estate curve affecting buyers and sellers, RRSP new restrictions for first time buyers, consumer confidence and more.

Another great short video talking about lower interest rates, who should buy and why to sell in the US.

Great short video on the Canadian Real Estate Curve Impact, talks about some provinces decreasing and some even increasing in sale and value. This report is for the month of January 2009, great short informational video.

Every time you buy new or used real estate, it is a good idea for a qualified inspection to take a look at all possibilities of something being wrong with the property. From wiring of electrical components to water drains and plumbing, lead pipes to copper and pvc pipes. It is important that you get the qualified experts advice on any problem the potential property may face.
When buying a new property, do a home inspection as well, some may ask why, its a brand new home. The answer to this is that most homes now are build on sub divisions, making them have less quality and time put into them. Most workers on sub divisions are paid by the job or by the piece, the more they do the more they get paid. A lot of new homes face problems which the new home owner wouldn’t pick up on his/her own. Simple problems like reverse wiring to outlets, electrical panel issues, plumbing draining going upwards instead of down wards, you get the idea.
For used homes, people are generally too excited to find problems themselves when buying the property there is too much excitement and emotion. Don’t make this mistake, always book your professional inspection.
Try not to be cheap and get your uncle or neighbor to help you out, an inspection may cost you anywhere from $200-$500 but the inspection can advise you of future problems or even get your price reduction on that home for any problems the home inspector finds.
Be wise and do your inspection on every real estate you buy.