Hi Everyone !!
Just reaching out for my February words of wisdom or wishful thinking.. LOL... but here goes.
Market is moving in Durham, albeit slow it is moving. Best priced homes are selling and those who still refuse to realize the market has definitely shifted and are trying to get more than the last Seller on your street are losing. Homes need to be priced correctly to sell. Realtors NOW must show their value !!! Don't hire someone because they are cheap... or are promising you the moon. Choose based on valued communication. A Realtor is an advisor and negotiator. The Seller is the client. At the end of the day, Realtors must follow their client's wishes but an educated client on "truths" rather than "wishful thinking" will benefit further by far than a bunch of clouded dreams.
As a Buyer, even with the new financing rules in place, the rates are still low. Keep in mind they will be going up again. Waiting isn't going to help... if you want to buy this year. Bond rates go up and usually interest rates follow. I think the next hike will be summer time and not before so if you are wanting to buy, get a pre-approval done. There are so many new builds coming up along Taunton in Durham Region... all these buyers of these homes will need to sell their existing home (or a good majority of them) and if the truth be told, the market has had a big swing since the frenzy of them buying those new builds, so now what do they do??? Can they close??? Can they sell their house for what they thought they would get (Odds are no).... I think we are in for a little bit of collateral damage here in Durham, unless these buyers have tons of cash or no mortgages on their previous home where they can shift some funds.
Another big thing I think we will see make a comeback is Vendor Take Backs... where the Seller is willing to take back a mortgage on their property so the Buyer can close on the deal. Let's face it, someone who is retiring and bought years ago and has little to no mortgage and are downsizing, probably doesn't need all the money from the sale and can give a 2nd mortgage to the new buyers at a higher than bank rate but it will still get the buyer in the market and the seller will get a monthly cheque... just options. A lot of Realtors don't even know how these work. You need to work with agents that have experience and are knowledgeable.
This past week my son put an offer on a home. This will be his first home and fingers crossed it will all work out. We were in multiples and did not pay over asking AND we had conditions. Don't always be quick to drop all your conditions just because you are in multiples. That was the case in 2016 and early 2017 but not necessarily the case now unless the comparables prove that this home is considerably undervalued.
I will say I have seen some "gong shows" out there when showing properties with my son. One was a semi with a so called basement apt. The agent had no clue what she talking about. It was a sin that some poor buyer would walk in there and have the wool pulled over their eyes like that. THAT IS WHY... YOU NEED A REALTOR you can work with that KNOWS the value, knows the questions to ask and is not afraid to speak up. So what if it awkward .. or calls the agent to task, that is what you want. Someone who protects YOUR interests. I was shocked and saddened when I heard some of the responses. It truly makes our industry look bad when there are agents that don't do their due diligence and educate themselves about the house and the market in the area they are selling.
I am happy to say I did call her out on a few things, she was not happy when we left and she promised to get back to me and never heard from her again. BUT that home is now sold conditional and I wonder if that Buyer knows what they have bought. Fingers crossed they do and that they used an agent to assist them that asked the right questions.
All I know is this, people will always either like you or not like you but when I am working with a client, they are my priority. WE work together as a team. Whether we are buyers or sellers. WE make informed decisions. I show them and back up my information. They see what I see so they are not making blind decisions. They are based on FACT.
I also am not writing this to get your business, I am writing this to educate everyone out there the importance of Realtors and there are good and bad in every business. This is your biggest investment. TRUST who you work with and KNOW that they are working for YOUR BEST INTEREST... not for a pay cheque.
The January stats will be out this week, probably Monday or Tuesday from TREB and DRAR and I will post them ... keep in mind, if you have any questions about real estate, you can always text, email or call me and I would be happy to answer or assist you.
Happy Super Bowl Sunday !!!!