Om034335 volume 8 issue 7_treb-a


Published on

Published in: Business, Real Estate
  • Be the first to comment

  • Be the first to like this

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide

Om034335 volume 8 issue 7_treb-a

  1. 1. New Listings, Prices, and SalesContinue to ClimbTREBInformation courtesy of the Toronto Real Estate Board.Sales & Average Price By Major Home TypeMay 2012 Sales Average Price416 905 Total 416 905 TotalDetached 1,480 3,868 5,348 $820,816 $579,892 $646,565Yr./Yr. % Change 6% 13% 11% 6% 8% 6%Semi-Detached 490 712 1,202 $591,067 $400,442 $478,151Yr./Yr. % Change 6% 11% 9% 7% 10% 8%Townhouse 488 1,256 1,744 $465,366 $359,382 $389,038Yr./Yr. % Change 17% 20% 19% 12% 6% 8%Condo Apartment 1,632 704 2,336 $368,147 $292,416 $345,324Yr./Yr. % Change 5% 12% 7% 4% 8% 4%Greater Toronto Area REALTORS®reported an 11 percent increasein sales for May 2012: 10,850transactions were reported throughthe Toronto Multiple Listing Service®this May compared to 9,766 salesin May 2011. Sales growth wasstrongest in the “905” regionssurrounding the City of Toronto.In addition to increased sales, newlistings also showed a substantialincrease on a year-over-year basis inMay, rising by more than 20 percentto 19,177. The average price for May2012 was $516,787, representing anincrease of 6.5 percent compared tothe average sale price of $485,362 inMay 2011.Jason Mercer, Toronto Real EstateBoard Senior Manager of MarketAnalysis, noted, “Strong competitionbetween buyers seeking to purchaselow-rise home types drove strongprice growth in May. However, ifnew listings continue to grow atthe pace they did in May for theremainder of 2012, the annual rateof price growth should begin tomoderate on a sustained basis.”If you’re interested in selling yourhome, talk to your real estate salesrepresentative first to find out whattoday’s buyers are looking for andhow to ensure a fast and successfulsale. If you’re in the market for anew home, call today to find outwhat’s on the market, and whichnew properties may fit your needs.Ensure buying and selling successthrough the personalized service ofyour real estate sales representative.Please call today for help innavigating through today’s busyToronto real estate market!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 7
  2. 2. 2How will the room be used?Function should dictate form: think about who will beusing this room and what activities they’ll be using it for.In a living room, for example, the space might be neededfor any combination of watching TV, reading, gameplaying, crafting, and conversing. Your layout will needto include a zone for each function that the room willbe serving, so you’ll want to figure out what furniture isneeded for each activity and how much space is neededfor each zone.How will traffic flow through the room?A layout may look great on paper, but if you can’t navigatethrough the space or get to other rooms without walkingthrough a conversation, bumping into the furniture,or someone yelling “Down in front!” at you, the roomisn’t functional. Ideally, traffic paths should afford thosewalking them two to three feet of space and furnitureshould be brought out from the walls so as to direct trafficaround the room’s perimeter (a floor plan that’s morerealistic in larger rooms).What about architectural/fixed features?Windows, doorways, closets, built-ins, niches, bump-outs,fireplaces, electrical outlets and switches, heating andcooling vents – the more architectural/fixed features aroom has, the more challenges it adds to your layout.Doors need enough clearance to open, outlets and switchesneed to be accessible, and vents, views and doorways needto be unobstructed. Bringing your furniture out from thewalls or angling pieces on the diagonal will help with atleast some of these problems.Where will the room’s focal point be?Without a focal point, the eye darts about the roomwithout a place to rest. If the room’s architecture doesn’tprovide a natural focal point, such as a fireplace or a baywindow offering a nice view, you can make one. Pick theroom’s largest feature, be it an armoire, sofa, bed, TV,painting or even an area rug, and arrange your furniture insuch a way as to direct people’s attention to your chosenfocal point. Because it anchors the room, your focal pointshould be placed on your floor plan first.Is the room balanced?Balance refers to the visual distribution of weight in aroom. If all the large, heavy pieces of furniture on are onside of the room, for example, it will look off-balance.When planning your layout, try to distribute visual weightevenly throughout the room, by “mirroring” a weighty itemwith another one or with a grouping of lighter items. Youalso want to be mindful of the scale of items placed nextto each other – setting delicate side tables next to a bulky,oversized couch won’t work.Whether you’re planning a room’s layout for the very first time or changing its layout for the fifth time, beloware a few factors you need to consider in order to end up with a floor plan that not only looks great, but thatfunctions well too.Everything in Place
  3. 3. Volume 8, Issue 7 3Lack of light. At most, a dark home is one that buyerscan’t see their way around, possibly causing injury;at least, a dark home can feel unwelcoming and looksmaller than it really is. So let in all the natural light youcan, turn on all your light fixtures, and swap dim bulbsfor high wattage.Clutter. Like dark spaces, cluttered spaces feel smallerthan they are. Also problematic, clutter signals neglect,distracts buyers’ eyes from what they’re there to see (theproperty itself, not all of your stuff), and makes it hardfor buyers to picture their own lives and belongings inthe space.Offensive odors. Whether the source is smoking, cookingor pets, few things turn buyers off a home fasterthan an unpleasant odor. Eliminating odor may be assimple as keeping your trash emptied or as involvedas professionally cleaning your carpets, draperiesand upholstery.Outdated décor. While you don’t need to be updatedon all the latest design trends, your décor should beappealing to the greatest number of prospective buyerspossible – and an interior that looks like it’s stuck in atime warp doesn’t have broad appeal.Neglected repairs. Drawers without hardware, crookedcabinet doors, missing pieces of molding – like clutter,these little imperfections signal neglect, giving buyersthe impression your home hasn’t been well maintained.Make sure they’re fixed before potential buyers startshowing up at your door.Unfortunately, many potential buyers can’t seepast a property’s aesthetic flaws; fortunately, suchflaws are easily remedied. Below are five aestheticmistakes you don’t want to make during showings ofyour home.Aesthetic Appeal Is the Price Right?Your likely starting point is comparable sales – thatis, recent sales of properties similar to the one you’reconsidering in terms of location, age, square footage,number of bedroom/bathrooms, etcetera. Knowing theselling price of “comps”, as they’re known, gives you anidea of how competitively priced the property is.Where can you find information on comparable sales?The Multiple Listing Service®, a centralized databasethat your real estate representative will access for you.In addition, your real estate representative can find outabout pending sales, providing you with the most up-to-date information.But these numbers don’t paint the whole picture. Rarelywill comps be exactly like the property you’re eyeing,making it necessary to be evaluated on its own merits.Only by viewing the property first-hand can you andyour real estate representative see what upgrades it hasand what condition it’s in, for example.You’ll also want to have any property you’re seriouslyconsidering professionally inspected. Though a homeinspection won’t tell you what a property is worth, itwill give you a deeper understanding of the home’sphysical condition, which is helpful information when itcomes to evaluating a seller’s asking price.Ultimately, it’s up to your lender’s appraisal to assess theproperty’s worth, though your lender won’t order theappraisal until you apply for mortgage financing. Butyou can get information on comparable sales right awayby calling your real estate representative today!When a homeowner decides to sell, there’s no limitas to what they can list their property for. So howdo you know if the asking price of that home you’vebeen eyeing is on the money?
  4. 4. From high winds to heavy rains, extreme weather can swoopdown anytime and cause devastating damage. Should yourproperty suffer storm damage, would you know what to do– and what not to do – when dealing with your insurancecompany in the aftermath? Here are some tips.Do secure your property against further damage, if youcan safely do so. For example, cover up broken windows inorder to prevent rain from entering your house and causingwater damage. If you neglect to secure your property, yourinsurance company may not cover damages sustained afterthe initial event.Don’t make extensive, permanent repairs to your propertyuntil after the insurance claims adjuster has inspectedyour property to assess the damage, and has approved arepair cost.Do get detailed estimates for such repairs so you can submitthem to your adjuster.Do make a detailed inventory of the damage. Describedamaged items and list their approximate purchase dates,their cost at the time of purchase, and their estimated repairor replacement cost. Take photos/videos of the damage; try tocapture brand names, model numbers, etc. in the images.Don’t get rid of damaged items until after the insuranceclaims adjuster has visited. Like your photos/videos, damagedgoods provide important evidence as to the losses incurred.Do keep all your receipts, such as those for materials andlabor needed for temporary repairs, living expenses incurredshould you require temporary accommodations, and interimstorage needed for your belongings. You’ll want to keep trackof every dime you spend so your insurance company canreimburse you for all your expenses.After the StormTerminology TipGross Debt Service (GDS) Ratio — Thisis a mathematical calculation used by lendersto determine a borrower’s capacity to repaya mortgage and qualify for a loan. It estimatesthe maximum home-related expenses theborrower can afford to pay each month as apercentage of the borrower’s gross monthlyincome. It takes into account mortgagepayments (principal and interest), propertytaxes, approximate heating costs and, in thecase of condos, half of any condominiummaintenance fees. A ratio of up to 32% of theborrower’s gross monthly household incomeis generally determined to be acceptable.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