Would You Pay $1 Million Dollars For A Home... With No Parking?

"For a million bucks, we want a parking spot."

Those were the exact words my clients used.

Let's back up...

Last year I was working with some buyers who were looking to purchase a home in the Bloor West/High Park area.

A few weeks into our search a gorgeous house popped-up for sale.

It seemed to have everything these guys were looking for; it was fully detached, located on a great street, had a finished basement with remarkably high ceilings, an impressive master suite, a huge backyard...

It was missing one VERY important feature though... parking!

We explored the possibility of adding front-pad parking, but there was a massive tree in the yard that would've made it difficult (if not impossible).

And if it really was possible, wouldn't the sellers have added a parking spot during their time in the house?

There were just too many unknowns and the prospect of not having parking was a deal-breaker for my clients.

I don't blame them.

I told them flat out, "Even if you're okay with not having parking right now, it'll certainly affect the resale-abilty and hurt you when the time comes to sell."

Sure enough, the house sat on the market for 2 1/2 months and sold for almost $60,000 under the list price.

I guarantee you the lack of parking was to blame.

That's not to say there aren't buyers out there willing to spend a million bucks on a home without parking.

Last year in the Toronto area (north to Steeles, west to the 427, east to Scarborough) there were 78 sales above $1 million dollars with no parking.

Clearly, some buyers are okay with it.

Not many though.

For the 78 houses that sold without, there were 2884 house that sold with parking.

That's a 3% vs 97% split.

Thankfully, with odds like that you'll probably never be in the position my clients were last year... having to pass on an amazing million dollar home because it didn't have parking.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Spotlight: "The Residences of 8 Park Rd" in the Yorkville/Bloor Area

When one thinks of iconic Toronto intersections, Yonge & Bloor undoubtedly comes to mind.

From a real estate perspective, the area has a certain cachet that is undeniable and has been known to put buyers (and realtors) into a state of frenzy (remember all the hoopla surrounding the launch of One Bloor Condos a few years ago?).

Thankfully, One Bloor isn't the only option in the area!

There are a handful of condo buildings within spitting distance of Yonge & Bloor that actually offer relatively good value for the money.

The Residences of 8 Park Rd is one such building.

A bit more about The Residences of 8 Park Rd:

The building was completed in 2002 and stands 38 storeys tall.

The municipal address is 8 Park Rd, just north of Bloor St.

Take a look at the Google Street View map here.

The development team at The Residences of 8 Park Rd consisted of Page & Steele Architects Inc. (also responsible for the Ritz Carlton on Wellington St W, 33 Bay Residences, & Cinema Tower on Widmer St, among others) and H & R Developments.

The building amenities include 24hr concierge, party/billiards room, board room, library, 15th floor terrace w/ BBQ's and access to the underground PATH.

I’ve included photos of some of the common elements below.

                    

                    

If you own a suite in The Residences of 8 Park Rd and are thinking of selling, feel free to contact me for an evaluation of your property or for more info on my listing services.

If you’re thinking of purchasing a suite in The Residences of 8 Park Rd specifically, or in the Yorkville/Bloor Street area in general, feel free to contact me for more info.

Toronto Real Estate Market Report: February 2014 Statistics

Following is TREB’s market report for February 2014:  Toronto Real Estate Board President Dianne Usher announced that February 2014 home sales reported by Greater Toronto Area REALTORS® were up by 2.1 per cent compared to the same period last year.

Total February sales amounted to 5,731 compared to 5,613 last year.

“Despite the continuation of inclement weather in February, we did see a moderate uptick in sales activity last month.

The sales increase was largely driven by resale condominium apartments.

New listings of resale condominium apartments were up on a year-over-year basis, giving buyers ample choice.

This is in contrast to the listings situation for singles, semis and townhomes, where supply continued to be constrained.

Some would-be buyers had difficulty finding a home that met their needs,” said Ms. Usher.

“If we see renewed growth in listings for low-rise home types, the pace of sales growth will accelerate as we move through the year,” Ms. Usher continued.

The average selling price for February 2014 sales was up by 8.6 per cent to $553,193, compared to the average of $509,396 reported for February 2013.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 7.3 per cent year-over-year.

“While the strong price growth experienced over the last year should prompt an improvement in the supply of listings, sellers’ market conditions will continue to prevail this year.

Home prices, on average, will trend upwards at a pace well-above the rate of inflation.

The impact of strong price growth on affordability will be mitigated by low borrowing costs,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

The House Sold So Fast We Didn't Even Get A Chance To See It!

Earlier this week a gorgeous house popped up for sale in the west end.

The house was so gorgeous in fact, that it sold in a day and for more than $200,000 above the list price!

I have some clients who wanted to go take a look, but never got the chance as they're out of town until the weekend.

I'm sure they weren't the only ones who missed out.

There are easily 40+ realtors and prospective buyers who never got to step foot in the place.

Not to mention all the activity that a couple of open houses would've generated.

So, the question has to be asked, "Did the sellers leave money on the table by not exposing the property to the entire market?"

It's hard to argue with $200k over the list price.

Still... What if everyone who's in the market right now actually had the opportunity to see the property and submit a competitive offer?

Could the sellers have gotten another $25,000? Another $50,000?

There's no way of knowing.

It's actually possible that the sellers did so well because hardly anyone got to see the house.

In other words, whoever paid $200,000 over the list price was obviously very motivated to snatch the property up before anyone else had the chance.

Either way, I think this is a great example of how setting a specific "offer date" can benefit both the sellers and the buyers.

People seem to think that holding-back offers only helps sellers, by generating multiple offers and a higher sale price, but the truth is it helps buyers too.

Just look at those clients that I mentioned earlier, the one who are out of town.

A hold-back on offers would've ensured they saw the house, but instead it was listed and sold before they had the opportunity.

Remember, a house that sells in one day is only seen by the small pool of buyers who are able to drop everything at a moment’s notice.

A house that sells on offer-night is seen by the entire pool of buyers.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: January 2014 Statistics

Following is TREB’s market report for January 2014:  Home ownership in the Greater Toronto Area remains affordable and there are many people looking to purchase a home.

In January, the number of homes listed for sale was down quite strongly compared to last year, which means that it was difficult for some buyers to find a home.

Greater Toronto Area REALTORS® reported 4,135 sales through the TorontoMLS system in January 2014.

This result was down by 2.2 per cent in comparison to January 2013.

New listings entered into the system were down over the same period by 16.6 per cent to 8,822.

“Looking forward, it is possible that strong price growth, and therefore an increase in home equity, will act as a trigger for more households to list their homes for sale.

This is especially the case for households whose life styles are changing, including those with an expanding family looking for a larger home or empty nesters looking to downsize,” said Dianne Usher, President, Toronto Real Estate Board.

The average selling price for January 2014 sales was $526,528 – up by more than nine per cent compared to $482,080 in January 2013.

“The pace of price growth will remain strong in 2014. Similar to last year, competition between buyers for singles, semis and town homes in the City of Toronto and surrounding regions will continue to exert upward pressure on selling prices.

At the same time, mortgage rates will remain near historic lows, so despite strong price growth, home ownership will remain affordable for the average household in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

WTF? $20,000 For A Locker!

Depending on the building's location, a condo locker typically sells for $3,500 - $5,000 on the resale market.

A locker might fetch more if it's unique in some way.

Maybe it's larger than average.

Or maybe it's actually a separate room, thereby offering the owner more space and added privacy.

Most lockers aren't separate rooms though.

Most are nothing more than see-through "cages" (approx 3ft wide x 6ft high x 6ft deep) and sit in an open room, side-by-side with everyone else's locker.

Well, one of these "cages" is for sale on MLS right now... listed at $15,000.

$15,000!

(I did a spit take when I first saw the listing and covered my laptop in Tahiti Treat. You guys remember Tahiti Treat?).

That's not all though...

$15,000 is actually the reduced price.

They had it on initially at $20,000!

I wonder how much these guys would be looking to sell their parking space for...

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: December 2013 Statistics

Following is TREB’s market report for December 2013:  Greater Toronto Area REALTORS® reported 4,078 residential transactions through the TorontoMLS system in December 2013 – up by almost 14 per cent compared to 3,582 sales reported in December 2012.

New listings entered into the TorontoMLS system were down by almost four per cent over the same period.

Total sales for calendar year 2013, at 87,111, were up by approximately two per cent compared to 85,496 transactions in calendar year 2012.

“After a slow start to the year, sales growth accelerated to a brisk pace in the second half of 2013. Despite the inclement weather in December, we finished the year with a respectable gain in transactions compared to 2012. Looking forward, I believe that home ownership in the GTA will remain affordable as borrowing costs stay low. The result could be a further increase in sales in 2014,” said Toronto Real Estate Board President Dianne Usher.

“The average selling price will be up again in 2014 and by more than the rate of inflation. The seller’s market conditions that drove price growth in the second half of 2013 will remain in place in many parts of the GTA. Some neighbourhoods, especially those characterized by low-rise home types like singles, semis and townhomes, will continue to have less than two months of inventory,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

The average selling price for December 2013 sales was $520,398 – up by 8.9 per cent compared to the average of $477,756 in December 2012.

The average selling price for 2013 as a whole was $523,036, which represented an increase of 5.2 per cent compared to the calendar year 2012 average of $497,130.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: November 2013 Statistics

Following is TREB’s market report for November 2013:   Greater Toronto Area REALTORS® reported 6,391 residential sales through the TorontoMLS system in November, representing a 13.9 per cent increase over the sales result for November 2012.

Over the same period, new listings on TorontoMLS were down by 4.4 per cent and month-end active listings were down by 12.1 per cent

“Growth in sales was strong for most home types in the Greater Toronto Area.

Sales growth was led by the single-detached market segment followed by condominium apartments.

Together, singles and condos accounted for almost three-quarters of total GTA transactions,” said Toronto Real Estate Board President Dianne Usher.

"With National Housing Day having just passed, housing affordability is top of mind in the GTA and indeed nationally.

Despite strong price growth and an uptick in borrowing costs this year, monthly mortgage payments on the average priced home remain affordable for a household earning the average GTA income,” continued Ms. Usher.

The average selling price for November 2013 TorontoMLS transactions was $538,881 – up by 11.3 per cent in comparison to the average of $484,208 reported for November 2012.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 5.7 per cent over the same period.

“Whether we consider the average TorontoMLS selling price or the MLS® HPI Composite Benchmark, annual home price growth remained well-above the rate of inflation in November.

This makes sense given the fact that competition between buyers increased last month.

Transactions were up strongly year-over-year while the number of homes available for sale was down,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Is Overpricing Really the Best Strategy?

If you want to get the best price for your home, should you:

A. Ask for more than you think it’s worth?

B. Ask for exactly what you think it’s worth?

C. Ask for less and count on a bidding war to push you over the top?

That's the question posed by a recent Toronto Star article.

The article points to a 2013 study in the Journal of Economic Behaviour & Organization that says the correct answer is option "A" - overpricing is often the best strategy for achieving the highest sale price.

Of course, that article goes on to say that, "pricing high pays off in an extremely modest way, a boost of about $100 to $200 on average over similar homes."

Seriously? A benefit of a mere $100 to $200?

Is that a typo? Did they forget to add another zero (or two) to those numbers?

I can tell you right now that overpricing generally leads to more days on the market. Often many more days on the market.

Is the chance at a few hundred bucks really worth having to live through more showings, more open houses, low-ball offers, etc?

Isn't a better strategy to list closer to market value and sell quickly and for top dollar (relative to list price)?

Some might say that it really depends on how much "overpriced" we're talking about.

Let's say the current market value of the property is $500,000.  Listing at $509,000 is certainly a different story than listing at $529,000.

In other words, one could argue that there are degrees of overpricing.

Others might say that a property is either overpriced or it's not.

Either way, there are two important things to consider when contemplating overpricing your property:

• How long do you want the selling process to take?
• Do you want to run the risk of eventually having to reduce the list price and then end up selling for less than you would have if you'd listed closer to market value in the first place?

Below is the Toronto Star article in full.  Enjoy!

------------------------------

How Best To Set Your Home's Selling Price?

by: Toronto Star Wire Services, Published on Fri Nov 8 2013

If you want to get the best price for your home, should you:

A. Ask for more than you think it’s worth?

B. Ask for exactly what you think it’s worth?

C. Ask for less and count on a bidding war to push you over the top?

A study in the Journal of Economic Behavior & Organization this year argues that the answer—despite what you’ve probably heard—is A: overprice.

They suggest that pricing high pays off in an extremely modest way, a boost of about $100 to $200 on average over similar homes. Underpricing in the hope of setting off a bidding war, the study says, nets average sellers a bit less than they otherwise would have received.

“The main takeaway for sellers is to not buy into the story that you will make more money if you under price,” said study co-author Julia A. Minson, an assistant professor of public policy at Harvard University’s Kennedy School of Government.

Whether overpricing is a smart strategy—as opposed to right-on-the-nose pricing—might depend on how quickly you want to sell.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: October 2013 Statistics

Following is TREB’s market report for October 2013:  Greater Toronto Area REALTORS® reported 8,000 home sales through the TorontoMLS system in October 2013 – up from 6,713 transactions reported in October 2012. Over the same period, new listings on the TorontoMLS system were down.

“The GTA home ownership market has been broadly characterized by a rebound in sales since the summer. Market conditions have been tighter in some market segments more so than others. Ground-oriented homes listed for below one million dollars in some areas of the GTA have been especially popular with buyers, while listings for these home types have been constrained,” said Toronto Real Estate Board President Dianne Usher.

“The supply of listings for many home types and price points has either been down year-over-year or at least not up by the same annual rate as sales. The additional Land Transfer Tax in the City of Toronto and the removal of the government guarantee on high ratio mortgages for home purchases over one million dollars have arguably led many homeowners not to list,” continued Ms. Usher.

The average selling price for TorontoMLS sales in October 2013 was $539,058– up by more than seven per cent in comparison to the average price of $502,127 in October 2012. The MLS® Home Price Index (MLS® HPI) Composite Benchmark was up by 4.5 per cent year-over-year.

“Growth in the average selling price and the MLS® HPI Composite Benchmark will continue through 2014. Inventory levels for ground-oriented home types will be low from a historic perspective and home ownership demand will stay strong as affordability remains in check due to the continuation of accommodative borrowing costs,” said Jason Mercer, the Toronto Real Estate Board’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

WTF? Showings Are Only Allowed On Thursdays, 6:00 - 9:00pm!

I was booking showings for a client the other day and one of the properties we wanted to see was restricting showings to Thursday evenings only, 6:00 - 9:00pm.

My client was only available on Wednesday that week, so we had to skip that particular property.

Too bad. It coulda been a contender.

When listing your home for sale there's a handful of HUGELY important things you need to do if you want maximize your odds of selling quickly and for top dollar.

One of those things is be as flexible as possible with showings.

Someone wants to come take a look at 8:00am on a Saturday morning? Let 'em.

Someone wants to get in at 9:00pm on a Tuesday? Let 'em.

Is being totally flexible with showings going to add a bit of stress to the selling process. Yes, likely. But it's worth it.

What if a potential buyer is only in town for a day or two? Refusing their request for a showing means there's no way they'll ever get to see your property.

"They'll reschedule if they're really interested in seeing the place".

Maybe. Hopefully.

It doesn't always happen though. In fact, I'd say that most of the time buyers move on to viewing other properties and never look back.

Selling your property is an odds game in some ways. The more potential buyers you allow to come through, the odds of selling increases.

Now, if you have a baby or small children at home that certainly changes things. I have a 15 month-old and I probably wouldn't allow showings past 8:00pm. If there was no way that the buyer could reschedule tough, I'd try to work something out.

If I thought that the property could sell within just a few days, I'd maybe consider not living there at all during the listing.

Either way, I'd do my darndest to avoid shutting the door in a potential buyer's face.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: September 2013 Statistics

Following is TREB’s market report for September 2013:  The Greater Toronto Area REALTORS® reported 7,411 residential sales through the TorontoMLS system in September 2013, representing a 30 per cent increase compared to 5,687 transactions reported in September 2012.

Year-to-date, total residential sales reported through TorontoMLS amounted to 68,907 during the first nine months of 2013 – down by one per cent compared to the same period in 2012.

“It’s great news that households have found that the costs of home ownership, including mortgage payments, remain affordable. This is why the third quarter was characterized by renewed growth in home sales in the GTA. We expect to see sales up for the remainder of 2013, as the pent-up demand that resulted from stricter mortgage lending guidelines continues to be satisfied,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for September transactions was $533,797 – up by 6.5 per cent year-over-year.

Through the first three quarters of 2013, the average selling price was $520,118 – up by over four per cent compared to the first nine months of 2012.

The MLS® Home Price Index composite benchmark for September was up by four per cent year-over-year.

The annual rate of growth for the composite benchmark has been accelerating since the spring of 2013.

“The price growth story in September continued to be about strong demand for low-rise home types, coupled with a short supply of listings. Even with slower price growth and month-to-month volatility in the condo apartment market, overall annual price growth has been well above the rate of inflation this year. This scenario will continue to play out through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Are Authentic Lofts Really That Hard To Come By?

Last weekend I held a couple of open houses at my new listing in the Massey Harris Lofts building on King Street West.

The turnout was great.

As with most open houses, there were visitors who saw the listing on MLS, there were visitors who popped-in off the street, and there were visitors who already live in the building and were curious to see their neighbour's unit.

Regardless of what pulled them in though, they were really all there for the same thing... the chance to see an authentic loft.

Unlike a city like New York, Toronto doesn't have many authentic loft buildings, relative to all of the new construction that's happening.

That's not to say that Toronto doesn't have any loft buildings. We certainly do. To name a few; Argyle Lofts, Wrigley Lofts, Merchandise Lofts, Gotham Lofts, Robert Watson Lofts, Candy Factory Lofts...

Compared to all the newly built condo units on the market though (or those currently under construction), the ratio is small.

As a result, properties like the one in the Massey Harris building really standout.

This was evident in the conversations I had at my open houses last weekend.

I heard things like, "I've been waiting and waiting for something to pop-up in this building because the spaces here are so unique." And, "We've been looking for months but the majority of listings on MLS are just regular condos. Hardly any are real lofts."

My experience in working with buyers looking for lofts is much the same as above. The search does take longer and there are fewer properties to choose from.

My advice? If you're looking for an authentic loft and a good one does come on the market... snatch it up!

There's no telling when the next one is going to come along...

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: August 2013 Statistics

t Following is TREB’s market report for August 2013:  Greater Toronto Area REALTORS® reported 7,569 residential transactions through the TorontoMLS system in August 2013. This represented a 21 per cent increase compared to 6,249 sales in August 2012.

“Sales were up strongly this past August for all major home types compared to last year. Many households have accounted for the added costs brought on by stricter mortgage lending guidelines and have reactivated their search for a home.

These households have found that a diversity of affordable ownership options exist throughout the GTA,” said Toronto Real Estate Board President Dianne Usher.

The average selling price for August 2013 was $503,094 – up by almost 5.5 per cent compared to the average of $477,170 in August 2012. The MLS® Home Price Index (HPI) composite benchmark was up by 3.7 per cent over the same period.

“Despite an increase in borrowing costs during the spring and summer, an average priced home in the GTA has remained affordable for a household earning an average income.

With this in mind, tight market conditions are expected to promote continued price growth through the remainder of 2013,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: July 2013 Statistics

Following is TREB’s market report for July 2013: Greater Toronto Area REALTORS® reported 8,544 residential sales through the TorontoMLS system in July 2013. Total sales were up by 16 per cent compared to July 2012. Over the same period, new listings added to TorontoMLS and active listings at the end of the month were up, but by a substantially smaller rate of increase compared to sales.

“Last month’s sales represented the best July result since 2009 and was the third best July result on record. Despite recent increases in average borrowing costs, home buyers are still finding affordable home ownership options in the GTA,” said Toronto Real Estate Board President Dianne Usher.

“We are a year removed from the onset of stricter mortgage lending guidelines and many households who put their decision to purchase a home on hold have reactivated their search. An increasing number of these households are getting deals done,” continued Ms. Usher.

Reflecting tighter market conditions, the average selling price for July sales was up on a year-over-year basis by eight per cent to $513,246. The low-rise market segment continued to be the driver of overall price growth. It should be noted, however, that the average condominium apartment price was also up by more than the rate of inflation on an annual basis. The MLS® Home Price Index (HPI) was also up on a year-over-year basis for all major home types.

“We are forecasting continued average price growth for the remainder of 2013 and through 2014 as well. Months of inventory for low-rise homes remains near record lows, suggesting that sellers’ market conditions will remain in place in the second half of 2013. An increase in listings in 2014 would lead to more balanced market conditions and a slower pace of price growth next year, albeit still above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Toronto Real Estate Market Report: June 2013 Statistics

Following is TREB’s market report for June 2013:  Greater Toronto Area REALTORS® reported 9,061 sales through the TorontoMLS system in June 2013 – down by less than one per cent compared to June 2012. Over the same period, new listings were down by a greater rate than sales, suggesting market conditions became tighter.

"The sales picture in the GTA improved markedly in the second quarter of 2013. While the number of transactions was still down compared to 2012, rates of decline were substantially improved compared to the first quarter," said Toronto Real Estate Board President Dianne Usher.

"As a growing number of homebuyers, many of whom put their purchase on hold due to stricter lending guidelines, now reactivate their search, the expectation is for renewed growth in home sales in the second half of 2013," added Ms. Usher.

The average selling price in June was up by 4.7 per cent year-over-year to $531,374. In line with the 2013 norm, June price growth was driven by the single-detached and semi-detached market segments, particularly in the City of Toronto. Over the same time period, average condominium apartment selling prices remained in line with 2012 levels.

"The short supply of low-rise home types in many parts of the GTA relative to the number of households looking to buy continued to prompt strong upward pressure on selling prices of singles and semis," said Jason Mercer, TREB's Senior Manager of Market Analysis. "We have also seen enough buyers in the better-supplied condo apartment market to provide support for selling prices at current levels."

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

Don't List Your Home On The Weekend

As a realtor, I have access to up-to-the minute updates on mls. And I'm checking-in periodically throughout the day, scanning the hot listings for anything that might be a good match for my buyer clients.

Additionally, I have all of my clients set-up to receive daily automated emails with any new listings that hit the market the day before. For example, they receive an email early Tuesday morning with listings that were posted between 12:00am and 11:59pm on Monday.

So, regardless of whether or not I forward a specific listing that looks good, they are still going to see a full list of everything that hits the market. This is a great way for them to get a sense of what's popping-up in their price range, and it provides context for when a really great listing does come along.

Of course, I'm not the only realtor who does this. Every morning, all over the city, buyers receive automated emails with links to new listings that were posted on MLS the previous day.

I'd say the majority of these automated emails arrive on Tuesdays, Wednesdays, and Thursdays. They arrive on Fridays as well, although this is less common.

What about Saturdays and Sundays?

Simply put, Saturdays and Sundays are less-than-ideal days to have your property reach the market.

By the time Saturday rolls around, buyers and realtors have already compiled their list of properties to view for the weekend. Anything that lands in their inbox on Sat/Sun is more likely to fall through the cracks.

The odds are just better that a buyer is going to see your newly listed home if it's put in front of them on a weekday.

Sifting through the MLS updates becomes a part of many buyers' Mon-Fri routine. They open the links in the morning at breakfast, then they connect with their realtor during the day to highlight the best of the bunch, then they run through them again at home later that night. It becomes ritual. A weekday ritual.

That's not to say that buyers aren't looking at listings on Saturdays and Sundays. Real estate is addictive and many buyers are plugged-in 24/7.

Generally though, weekends are spent on social obligations, trips away from the city, and running a week's worth of errands.

Not to mention that weekends are when a lot of buyers are actually out viewing properties!

Despite all of the above, sellers still list on Fridays and Saturdays (which means buyers see these listings on Saturdays and Sundays).

Why?

Why would a seller (and/or their realtor) actually choose to have their home pop up on a Saturday or Sunday?

Why would they choose to have their most valuable asset make its debut on a day when the least number of potential buyers are going to catch it?

I think there are probably two main reasons;

Some realtors struggle with the ins-and-outs of how to best market a home.

It's no mistake that a lot of the listings I see pop up on Sat/Sun are also the ones that have crappy photos...

Some realtors are afraid that waiting a few more days to list will also be giving the seller a few more days to possibly change their mind.

Sad but true. Some realtors have been burned in the past and they think, "Hey, I need to get this place under contract and listed IMMEDIATELY, whether or not it's what's best for the seller."

I think there's a third reason to consider as well. It's possible that, despite their realtor's advice, some sellers are in a position where they need/want their home on the market ASAP. "Saturday, Sunday, Christmas Eve, New Year's Day... doesn't matter. We need it on the market NOW."

And what's a realtor to do in that situation? Of course they're going to list the property. They've given their best advice and now they're going to follow their client's directions.

For those sellers who have the option of waiting just a few more days though, listing on a weekday is almost always the way to go.

And if you're realtor is insisting that timing isn't crucially important to a successful listing, maybe it's time to find another realtor.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: May 2013 Statistics

Following is TREB’s market report for May 2013: Greater Toronto Area (GTA) REALTORS® reported 10,182 sales through the TorontoMLS system in May 2013, representing a dip of 3.4 per cent compared to May 2012.

Sales of single-detached homes in the GTA were up by almost one per cent compared to the same period last year, including a three per cent year-over-year increase in the City of Toronto.

“The sales picture in the GTA has improved markedly over the past two months. While the number of transactions in April and May remained below last year’s levels, the rate of decline has been much smaller.

A growing number of households who put their decision to purchase on hold as a result of stricter lending guidelines are starting to become active again in the ownership market,” said Toronto Real Estate Board President Ann Hannah.

The average selling price for May 2013 sales was $542,174 – up by 5.4 per cent in comparison to $514,567 in May 2012. The annual rate of price growth was driven by the tight low-rise segment of the market and particularly by single-detached and semi-detached home transactions in the City of Toronto. Average condominium apartment prices were also up slightly in comparison to last year.

The MLS® Home Price Index (HPI) Composite Benchmark was up by 2.8 per cent year-over-year.

“The annual rate of price growth in May was not surprising given the competition that still exists between buyers, particularly for low-rise home types such as single-detached and semi-detached houses. We remain on track for a three-and-a-half per cent increase in the average selling price for 2013 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.

How Important Is The View?

With so many new condo buildings popping up, great views are getting much harder to come by. Heck, even decent views are getting harder to come by.

So, if you're selling your condo and it's got an exceptional view - shout it from the rooftops!

I recently had a condo listing in the Yorkville/Bloor area.

The last comparable sale in the building was listed and then re-listed twice before finally selling. It was on the market for a total of 158 days.

Our's sold in just 2 days. And for 103% of the list price.

Why the difference?

While I'd like to think it all came down to my exceptional skill as a realtor, I have to admit there was another factor at play as well: Our unit had an incredible view and the other one didn't.

The other unit was on a much lower floor and stared directly into the brick wall of the building next door.

Our unit was located all the way up in the 35th floor and had a an unobstructed view.

It was quite something, actually. You faced east and could see over the Rosedale Valley and downtown all the way to Lake Ontario.

Needless to say, playing this up in the marketing of the property was a no-brainer.

The photos, the virtual tour, the feature sheets & the online advertising all highlighted the incredible view.

And it served us well.

We ended up setting a record price for that layout in the building.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

Toronto Real Estate Market Report: April 2013 Statistics

Following is TREB’s market report for April 2013:  Greater Toronto Area REALTORS® reported 9,811 sales through the TorontoMLS system in April 2013, representing a dip of two per cent in comparison to 10,021 transactions in April 2012. Both new listings during the month and active listings at the end of April were up on a year-over-year basis.

“Despite the headwinds we have experienced in the housing market this year, April sales came in quite strong in comparison to last year. As we move through the spring and into the second half of 2013, the demand for home ownership should continue to firm-up relative to last year,” said Toronto Real Estate Board President Ann Hannah.

“It has been almost a year since the federal government enacted stricter mortgage lending guidelines. It is realistic to surmise that some households, who originally put their decision to purchase on hold, are once again looking to buy,” continued Ms. Hannah.

The average selling price for April 2013 transactions was $526,335 – up by two per cent in comparison to April 2012. The MLS® HPI Composite Benchmark Price was up by 2.9 per cent.

“The condominium apartment segment in the City of Toronto was a key driver of price growth in April, with both the average selling price and the MLS HPI apartment index up on a year-over-year basis. The improved condo sales picture, with Toronto sales down by only one per cent compared to last year, suggests that interest in condo ownership may be improving," said Jason Mercer, TREB's Senior Manager of Market Analysis.

If you’re thinking of making a move and would like to know how I can help, feel free to contact me for more info.

For complete copies of TREB’s Monthly Market Watch Reports, visit my archives here.