2020 has been successful and impressive for home buyers. 2021 will be nothing less than promising as it follows some of 2020’s trends in the market. From impacts on the market due to the pandemic and an adjustment in living preferences, the new year will continue to show these aspects as we embark on 2021. […]
It’s almost that time of the year where children go back to school and we slowly see a change in colour as we pull out the sweater weather attire. Everyday operations continue to pivot towards the “new normal”. The world of real estate will see a consistent rise in demand for homes of a more […]
In today’s real estate environment it may be difficult to envision how a real estate company and its agents can safely and effectively serve those who need to buy or sell a home. At Remax Escarpment and Niagara we are prepared to serve you during these unprecedented times and still offer a top-tier home buying and selling experience.
We have been assembling a virtual suite of products and services over the past few years recognizing the importance of offering convenience and access to consumers. Our technology provides buyers with an enhanced search experience while giving our sellers the advantage of showcasing their property with state-of-the-art technology to a wide online audience of buyers. Our agents have the capability to do virtual live stream open houses and showings, 3D tours and our online multimedia storybooks. They can also provide you with virtual staging consultations and market evaluations. We have incorporated stringent safety standards with a mandatory comprehensive health questionnaire, we have created custom COVID-19 clauses and forms, we have an efficient deposit delivery protocol, social distancing at all our offices and essential staff working from home.
Our agents are equipped with pre-listing and market evaluation websites, we have lifestyle and neighborhood websites, all of our agents have been utilizing electronic signature for several years. Our team is proficient in our paperless document storage system and online resource tools. We have ongoing guidance from our in-house partners when it comes to mortgage finance and legal issues. Our agents partake in virtual conferencing and training with staff and their clients.
We invite you to experience our array of services encompassing online and virtual technology which has positioned us as leaders in our industry. As your real estate team we are fully capable to look after your essential real estate needs through a series of platforms which are accessible and seamless in this new real estate environment.
2020 is shaping up to be another year of growth in Oakville and Burlington-Hamilton. According to the RE/MAX Canadian Housing Market Outlook, the price of the average Canadian home is expected to rise by 3.7% in 2020. Meanwhile, PWC noted that the square footage of a home is becoming less important when compared to the […]
During warm summer days, it’s likely that you spend more time outside in your backyard cooking shish kabobs on the outdoor grill and spending time with friends and family. Imagine the convenience of having your very own high-end outdoor kitchen. With your guests eating and socializing outside, the last thing you want is to miss […]
Join Sarah Logue and Lynn Hoffmann, Broker Manager RE/MAX Escarpment Realty Inc. to discuss the current real estate market. Learn how this year’s market compares to 2017. Is 2018 a Buyer’s or Seller’s market? What do the numbers support? Why has the condo market average price increased? Hear advice for sellers in this competitive market. Get the key factors that are critical to your sale.
Sarah here. I’m just enjoying my morning Starbucks at our Brandt Street location where they’re so fortunate to have a Starbucks right across the street.
We’re gonna be chatting a little bit about today’s current market for 2018.
Hi it’s Lynn Hoffman. I’m Broker Manager for Remax Escarpment. I manage two locations Itabashi Way in the northern part of Burlington and also the 502 Brandt Street office which is the luxury office, the first of its kind in Canada.
Lynn, you are the expert, you follow all our numbers, you track everyone of us in detail. Give me an understanding on how our best way to pitch back to our buyers and sellers, what’s different this year VS last year?
Well actually, we are going to be better this year than last year. Surprisingly enough. The Hamilton Real Estate Board stats show that we are down 14.1% but Remax Escarpment is actually up 10% in unit sales for year over year 2017 to 2018, which puts us right now at a minus 3 position. Now we’re still going into November and December and surprisingly enough those are still good sales months. So I’m very confident that we are actually going to beat the 2017 year for unit sales.
Well I find even this November just the last 5 days, I was mentioning to you, we’ve had this great spike because inventory is going down again. So the buyers that are out in play right now are going “Sarah I need a house, what do you have?”, I am going, “We only have this little tiny place.” So they’re jumping on product and we’re even finding some competitive offers. It’s kind of an interesting November to be quite honest.
So you’re saying basically, that yes, we had a crazy year last year and we’re feeling the change and the shift towards some more balanced position, however Remax is still pushing forward and going in a growth cycle.
Yes. That’s what I’m saying.
That’s fabulous.
But I don’t say this about the balanced to buyers to sellers market, it really is dependent on pricepoint or price range your home is in.
Oh true.
So for example, properties that are over 2 million plus, they’re typically always in a buyers market. There is not as many buyers. But a great area for our 635 to a million, that number, inventory for those properties is definitely declining. So we are coming in to more of a sellers market. Now we just need to teach the general public that that’s actually what’s going on. So that they can feel it too.
You’ve covered some of the major factors that have caused this shift, is there anything that you really wanted to point out to people that have made that jump? That have made that change? Well I think it’s always inventory. So as the inventory depletes, we call that the absorption rate.
Yep.
Supply and Demand kicks in. Again, it’s in the price point, so if you’re looking for a house between 800 and a million and change, which is a very strong pricepoint for our town. You’re definitely going to find the inventory has gone down. Again that’s going to push up the competitiveness of the sales. I definitely believe it is supply and demand. They’re not making anymore land and they’re not building too many more new detached homes, so you’re going to see a little bit more condo growth that’s affordable for the young people that are families, parents, grandparents, are still living in Burlington. So we’re seeing a bit of a growth trend in that area as well.
Yea, the new builds for our condos are outstanding and are absorbing our first time home buyer group and they’re absorbing my downsizing group. And it’s leaving a nice middle level for all of those upsizing families. It’s really nice to see.
I asked a quick question here about, “What advice would you give to those in the marketplace today?”
Well I think some of them are still firmly rooted in the craziness of the beginning of 2017. What I suggest they do is work with a trusted real estate professional, and follow that real estate professional’s advice. And get the house priced right the first time. And by that I mean price it and position it in a spot where the market will accept that pricing, for that property. Too many people say, “Let’s try it for two weeks and see what happens”. Well what happens is, they end up not getting as much money as they would have if they had priced it in the right pricing point for that property, location and area and they would get more and it would sell faster. When they price it wrong it sits and according to our statistics, it takes 12.3 showings to have it sold. So if you overpriced your house, you’re not getting any showings, then you don’t get to the 12.3 to sell your home.
It’s so true and it’s what we preach everyday, right? If we’re priced right we can get your house sold, if you’re priced wrong, you’re gonna sit there and people are going to forget about you and the product has become stale. And you’ll actually make less money.
Absolutely because the timeframe is going to keep pulling your price down and people are going to play that waiting game with you. So my advice is listen to your trust real estate adviser, also any suggestions that they make about staging, because condition is very important. Pricing and condition, absolutely critical.
So my takeaway is continue to price your home correctly, make sure you’re talking to an agent whose solid on their pricing and is bringing you great statistical information to help you understand why that price is good.
