Here are 4 stats that make sense and every REALTOR® should be able to tell you right off the bat!
1) Days on Market. This information can be used to inform the customer how long homes are sitting on the market. The better you price the product, the faster you can expect to move it. Don't make the mistake of pricing too high, as the house will sit on the market and become stale. Even price reductions may not achieve the desired result, and both parties will eventually become frustrated with the process.
2) Sold-to-Ask. Show your clients what the market conditions allow them to expect. Buyers need these stats as proof that offering way less than asking price simply will not work (provided that the home is priced right to begin with). In today's market place, expect this number to be in the 95% range.
3) Homes Sold at 100% or More. Helps your client be realistic, and open to offers, while telling buyers, that some homes do receive 100% of asking price, and they need to be prepared to increase their initial offer if countered.
4) Units Sold. The most obvious statistic of the 4, but only if you can tailor it to the area in question. Cambridge stats are ok, but North Hespeler, East Galt or Preston are even more useful to your clients. Especially if you narrow it further by only including the type of home to be considered. Not much use including condo sales in your stats, when your clients are in a single detached home.
MLS has these statistics, and your REALTOR® should have these stats. Check out my "June 2009 Housing Market Update" to see what's happening in the Cambridge area. If you want to know the numbers for your specific part of town, just call my direct line or send an email to reach me.
Are you ready2move?
"Please help; do you have a buyer for my house?" It's a common request, but not always as desperate as the seller sounded this time. The answer in most cases, sadly is "no". I alone can only provide service to so many buyers, at a given time. But that's the power of the MLS system; there are a host of other realtors, that may have buyers for your home. They just need to be told about it. And that job falls on the shoulders of your Realtor, and the place to do it, is the MLS meeting. I'll talk in another article about the importance of attending MLS meetings with regularity. But in this column, I want to talk about how else we can spread the word about your house.
We need to tell not only other agents, but the whole wide world. I was shocked to learn that this home in question, did not have its own web-site and that two of the most common online Classifieds were completely ignored. I couldn't even find the listing agent in a Google search. And as you already know, if you are not on Page 1 of a Google search, you are irrelevant. If your property is not on the first page of a search, it's invisible to everyone. How can this be? In today's day and age, someone claiming to have your best interest at hand in marketing your property, has completely ignored the one place where studies have show most people start their search?! The internet.
Here is what I provide for you, at no cost. A professional web-site with 21 favourite photos of your house. I buy the URL (allowing people to type http://www.youraddress.com) for your property address and make sure it's used in all of my advertising? Where will your home be advertised? How about realtor.ca, ready2move.ca, cambridgenow.ca, kijiji, craigslist, activerain, facebook, twitter, etc... I guarantee, that when someone searches your property address, it will be found at the top of the first page on Google. Your house will no longer be hidden in the back pocket of some agent, but will properly be exposed to the entire world.
Do not hesitate! Let me give you a demonstration of my marketing plan, without obligation, and you'll see the competitive advantage you will have over all others. Isn't it about time, your agent worked for you?
Are you ready2move?
For many people, the idea of letting someone live in your home for a definite period of time seems foreign. But others view it as an opportunity to knock a few grand off their mortgage, especially if circumstance has them relocating to another city for an extended period of time.
Most Lease terms are for a period of one year, but can also be for longer periods. As always, you should work with your Realtor® to arrange the necessary paperwork. Not only to ensure that your rights are well protected, but to ensure that once you accept an offer, the transaction closes in a timely manner. This allows you to look forward to your pending move knowing, that your single biggest asset is well protected and your mortgage $15K - $20K lighter.
What are some conditions to include in a Residential Lease Agreement? Send me an email at email@example.com to find out.
Are you ready2move?
What is it about August that gets you excited? Is it the perfect beach weather, or the intoxicating smell of BBQ wafting through the air?
For me it's a combination of both, and so much more. Motorcycle trips, the start of the European soccer season and of course, the 15th annual Taste of the Danforth (Aug 8-10). Not only is North America's Premier Greek Festival worth driving to Toronto, but it happens to coincide with Toronto's Festival of Beer (Aug 7-10) and that makes the 2nd weekend of August a truly unforgettable event. Regrettable for some, perhaps... but definitely memorable.
We have our very own festival also kicking off it's 15th year, the Mill Race Festival (Aug 1-3) so I truly hope you get out and enjoy the festivities downtown Galt. Parking downtown will be very limited, and there will be road closures to look out for, but end justifies the means.
Are your ready2move?
I've been getting a lot of questions about the state of our housing market, and the potential ripple-effect coming from south of our border. There are some frightening things happening there (consider the recent $700B bailout proposal of the financial sector), that we are insulated against, as a result of tighter lending practices and more control over the sub-prime market. While close to 35% of loans in the US are in the sub-prime market, in Canada it's only 5%. It is estimated that in the US there is a 12 month supply of new homes on the market at the moment.
Fortunately there are steps being taken to avoid a similar situation as what's happened in the US and now in the UK, as I touched on in my September newsletter. 100% financing will no longer be available beyond the middle of October, and purchasers must have a 5% downpayment for a home. It has been shown, that lowering the downpayment requirement from 10% to 5%, will double the likelihood of a default on a house. Just how much incentive do you think there is, for someone to continue to make payments on a home that is 100% financed?
I'd love to hear your thoughts on this, shoot me an email at firstname.lastname@example.org
Buying and Selling Residential, Condominium and Investment real estate in the Waterloo Region since 2008. Oh, and also Ottawa! :-D