Om034335 volume 8, issue 4 treb-a


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Om034335 volume 8, issue 4 treb-a

  1. 1. TREBCourtesy of the Toronto Real Estate Board.Average Price Surpasses $500KSales & Average Price By Major Home TypeFebruary 2012 Sales Average Price416 905 Total 416 905 TotalDetached 927 2,500 3,427 $818,815 $568,322 $636,080Yr./Yr. % Change 12% 29% 24% 13% 11% 10%Semi-Detached 283 474 757 $585,325 $384,320 $459,464Yr./Yr. % Change 7% 18% 14% 12% 10% 10%Townhouse 238 749 987 $432,493 $347,424 $367,937Yr./Yr. % Change -13% 11% 4% 11% 11% 10%Condo Apartment 1,212 514 1,726 $371,334 $270,143 $341,199Yr./Yr. % Change 7% 19% 10% 4% 4% 3%The average selling price reportedby the Toronto Real Estate Board(TREB) rose to $502,508 in February2012, showing an 11 percent increasecompared to February 2011. Thenumber of homes sold in Februarythis year compared to last year alsorose by 16 percent, to 7,032, whilenew listings rose by 11 percentto 12,684.“With slightly more than two monthsof inventory in the Toronto RealEstate Board market area, on average,it is not surprising that competitionbetween buyers has exerted verystrong upward pressure on theaverage selling price. Price growthwill continue to be very strong untilthe market becomes better supplied,”said TREB President Richard Silver.“It is important to note that bothbuyers and sellers are aware ofcurrent market conditions. This isevidenced by the fact that homessold, on average, for 99 percentof the asking price in February,”continued Silver.“If tight market conditions continueto result in higher than expectedprice growth as we move into thespring, expectations for 2012 asa whole will have to be revisedupwards,” added Jason Mercer, TREBSenior Manager of Market Analysis.“While price growth remains strong,the average selling price remainsaffordable from a mortgage lendingperspective for a household earningthe average income in the GTA.”Wondering how your buyingand selling needs fit into today’smarketplace? Please call for apersonal, no-obligation real estateconsultation today!Recine Team ReportCompliments of Melanie & Fabio RE/MAX Premier Inc., BrokerageEach office is independently owned and operated.Melanie Maranda Recine &Fabio RecineSales Representatives"Its your callCall Melanie and Fabio"RE/MAX Premier Inc., Brokerage9100 Jane Street, Bldg. L, Suite #77Vaughan, ON L4K 0A4Office: 416-987-8000Fax: 416-987-8001Direct Melanie: 647-836-4062Direct Fabio: 416-828-5441mmaranda96@hotmail.comfrecine@trebnet.comwww.RecineTeam.caGreetings! You’re receiving thisnewsletter with hopes that you find itinformative and entertaining.If you’re thinking of making a move, orare just curious as to real estate trendsin your area, please feel free to call atany time. It’s always good to hearfrom you!Best wishes,Melanie and FabioVolume 8, Issue 4
  2. 2. 2Its the Little ThingsNew hardware is about the cheapest, easiest way toupdate your kitchen – especially if you opt for unfinishedwooden hardware and do the finishing yourself; if youprefer contemporary to customizable, go for chrome orstainless steel hardware. You can pick up a high-qualityfaucet for around $200, and replace the overhead fixtureand/or add under-cabinet lighting for a relatively smallcost. Just be sure your new hardware and fixtures match(or at least complement) each other.Goodbye Harvest GoldIf your appliances work fine, but could use a cosmeticfacelift, you have a few options. You can order a frontpanel and trim kit from the manufacturer or a refacingcompany. Applying a vinyl film or magnetic cover is agreat way to inject some personality into your kitchen —they come in a variety of colors, themes, and materials(e.g., chalkboard, whiteboard, or stainless-steel panels).Or there’s also appliance paint, available in brush-on andspray-on varieties and found at home improvement andpaint stores.Make a SplashA new backsplash doesnt have to cost more than acan of paint; a chalkboard, whiteboard, or magneticbacksplash adds some whimsy (and some functionality) toyour kitchen. Other options include laminate; porcelain,ceramic, or glass tile; sheet glass; and mirror, ideal insmaller kitchens. If your kitchens size is enough to makedoing so affordable, you could splurge on natural stone(e.g. slate or granite) or metal tiles (e.g. stainless steelor copper).Ground LevelNatural stone, tile, and hardwood floors are great interms of resale value, but pricey. While those options maynot be out of reach if your kitchen is on the small side,if you have a budget and a big kitchen, laminate or vinylfloors are your best bet. Laminate flooring can replicatethe look of stone or wood and is relatively easy to install,thanks to its snap-together, tongue-and-groove design.Vinyl flooring, the most economical choice, comes in twotypes: sheet and tile; and though you can install bothtypes yourself, vinyl tiles are easier to work with.Blow the Doors OffIf your cabinets are in sound shape but look dated, youcan reface them with new doors and drawer fronts, thenpaint the rest of the cabinets to match. Its less expensivethan refinishing cabinets, sanding and/or stripping, andthen painting or staining them. If you dont like thestyle of your cabinets, however, refinishing them doesntmake much sense. If you really want to change thingsup, consider removing some cabinet doors altogether orreplacing door panels with clear or frosted glass.The kitchen is the epicenter of your home while you live there, and the most crucial room of your home whenits for sale. If your kitchen needs a new look, you neednt worry about breaking the bank. There are plenty ofways to give it a makeover without spending a fortune.Kitchen Aid
  3. 3. Volume 8, Issue 4 3The purpose of a home inspection is to give the client(whether buyer or seller) a deeper understanding of aproperty’s physical condition. Most home inspections arecommissioned by buyers, so that they may make a moreinformed decision about their purchase. It’s increasinglycommon, however, for sellers to commission inspections,so that they may have an opportunity to addressdefects prior to listing, and so, price their propertiesmore accurately.The inspector examines the property (including itsfoundation, roof, ceilings, walls, windows, doors, floors,basement, and heating/cooling, plumbing and electricalsystems), then gives the client feedback, pointing out theproperty’s strengths, the work needed to keep it in goodcondition, and any problems needing repair.The purpose of a home appraisal, on the other hand, isto assess a property’s value, as opposed to its condition.Home appraisals are commissioned by lenders, priorto approving a mortgage, in order to ensure the loanamount doesn’t exceed the home’s value and that thelender could reasonably recoup their loss by reselling theproperty should the buyer default.Performed by certified appraisers (typically chosen bythe lender and paid for by the borrower as part of theirclosing costs), appraisals can take into considerationcomparable sales, the property’s condition and location,and local market conditions. Also included in theappraisal report can be an estimate of the time it wouldtake for the property to sell.Over half of prospective homebuyers polled in arecent Ipsos survey didn’t understand the differencebetween a home inspection and a home appraisal.Let’s clear up any confusion right now.What’s the Difference? Depending on market conditions, buying before sellingmay be ill advised, leaving you burdened with twomortgages, an especially precarious position in buyers’markets. Plus, you may weaken your negotiatingposition: a seller under deadline may feel pressure toaccept a lowball offer; a buyer with a property to sellmay be one sellers would rather avoid. Failing to establish a contingency plan in the eventyou can’t move straight from your current homeinto your new one. Have you figured out whereyou, your pets, and your belongings will stay in theinterim? Leave such considerations to the last minute(or forego them altogether), and you may be in fora much more stressful and expensive move thanneed be. Not coordinating your closings. Timing is everything,especially when you’re juggling the sale of oneproperty and the purchase of another. There are a lotof people involved in these transactions – appraisers,mortgage consultants, inspectors, etcetera – so workclosely with your real estate representative to ensure asmooth transition. Failing to price it right, prep it to show, or get pre-approved. Pricing your current home competitivelyand making sure it shows well is key to selling it morequickly, which is obviously important when you’vegot another home to buy. And with another hometo buy, being pre-approved means you’ll have morebargaining power with the seller.With interest rates still low, this is a great time tomove up in the market. But things are a little morecomplicated for move-up buyers than first-timers.Below are a few mistakes to avoid as you trade up.Move-Up Mistakes
  4. 4. Will your house be on the market this spring? If so, you’llneed your property to make a great first impression on buyers.Be sure to avoid these top curb-appeal-busting oversights. Unkempt landscaping. Overgrown or brown grass; treesand shrubs in need of pruning; garden beds that have moreweeds than living plants and that aren’t well defined andfreshly mulched – such signs of neglect cause buyers towonder what else has likewise gone untended. Clutter. Just as it’s a turn-off inside your house, it’s a turn-off outside. So put away the decorative ornaments (yes,that means the gnomes and flamingoes!), the gardeningtools, and the children’s toys. And while your garage shouldbe tidied up before the “For Sale” sign goes up, keep yourgarage doors closed to avoid visual distraction against therest of the house. A dark house. Savvy buyers will make a point of returning toprospective properties at night to see what the area is likeafter sundown. Make sure your house looks inviting afterdark too, with an easily visible address, brightly lit entranceand walkway, and a welcoming glow from the inside. A neglected façade. Peeling paint, dirty siding, missingshutters, hanging gutters, tarnished fixtures. Just as aneglected lawn makes buyers wonder what else has beenoverlooked, so too do signs that the exterior of the houseitself has not been well maintained. Safety hazards. Nothing will put buyers off faster thanthe feeling they’d be putting themselves in harm’s way bystepping foot on your property. Walkways with loose ormissing bricks or stones will need to be addressed, as willsteps and railings that are in a state of disrepair.Please call today for curb appeal tips that will ensure apositive first impression!First Impressions Matter!Terminology TipClosing Costs — Also known as settlementcosts, closing costs are the fees, over andabove the price of the property, that buyersand sellers incur in order to complete a realestate transaction. These fees include, butare not limited to, loan charges, appraisalfees, title insurance, homeowner insurance,property taxes, legal fees and land transfertaxes in certain provinces. Non-recurringclosing costs are one-time costs associatedwith buying a property or obtaining a loan,while prepaid costs recur over time, such asproperty taxes and homeowner insurance.4The information and opinions contained in this newsletter are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the publishedinformation. This newsletter is provided with the understanding that it does not render legal, accounting, or other professional advice. Not intended to solicit properties or businesses listed for sale and agency agreements in place with other real estate brokers. Whole orpartial reproduction of this newsletter is forbidden without the written permission of the publisher. © Market Connections Inc.® 2012, Phone: (800) 387-6058.www.RecineTeam.caMelanie Direct647-836-4062Fabio Direct416-828-5441Fabio and Melanie RecineSales RepresentativesCompliments of Fabio Melanie Recine RE/MAX Premier Inc., Brokerage