The Graff Girls Look At Different Buyers and Their Wants and Needs:
Generation Xers are born between 1965 and 1979, Generation Xers are currently between the ages of 40 and 54
A.Tech-savvy upsizing: Gen Xers are ready to upsize and they are using the internet to research and communicate with others to do so. Though not as tech-savvy as their Millennial counterparts, they spend about 2hours per day on social media looking for the latest news and keeping in touch with friends. Plus, they are more likely to use mobile than a PC/laptop when searching for a product to buy online (59% mobile vs 54% PC/laptop)
·According to an article from MediaPost.com, “Email is the primary means of messaging but they also like direct mail still…They like Facebook and YouTube, accounting for more than 1.5 billion YouTube views per day."
B.Upsizing preferences: Gen Xers are looking to sell their first home and upsize to accommodate their growing family. Their main focus in 2019 will be to find affordable housing in a family neighbourhood where there are high paying job opportunities so they can grow their families, have education opportunities for their children and save money for the future.
Whatever your age is The Graff Girls understand and respect your needs and wants.
March #'s are in The Toronto Real Estate Board (TREB) has released the housing figures for March, and with 7,187 sales reported across the region, volume was unchanged from the same time last year. The average sales price of all transactions rose to $788,335, representing a year-over-year gain of 0.5%. The average days on market for sold properties was 21. While March sales and pricing remained flat, the number of new listings fell 5.1% to 13,996. Active listings were also down 2.5%, leaving the current supply at approximately 2.2 months of inventory. Such low inventory would typically suggest seller’s market conditions, however, the OSFI stress test continues to impact buyers’ ability to qualify for a mortgage, which has largely kept prices and sales volume in check. As buyers look for more affordable housing options, it’s interesting to note the jump in March’s townhouse sales. Last month, 1,253 townhouses sold in the GTA, representing a 12.1% annual increase. In the 416, where housing is priced at a premium, the increase is even more pronounced, rising 15.2%. We expect to see increasing interest in similar property types until a point where pricing becomes less attractive. At an average price of $741,881, townhomes in the 416 were more than $500,000 less than the average single detached home, and only $140,000 above the average condominium, which went over the $600,000 mark. While at an average sales price of $603,969, the price of condominium apartments continues to appreciate, sales volume was down notably, as a result. In the 416, the 1,349 condo sales represent a 14.1% drop in sales from last year. As the price gap between condo apartments and high density low-rise continues to narrow in the 416, expect to see increasing demand for multi-unit low- and mid-rise housing or increased sales activity in the 905.
There are many questions homeowners ask themselves during the selling process. "How much will my home sell for?" "How much should I list my home for?" "Who should I select as a real estate agent to sell my home?" "What if the Real Estate Agent over prices my home?" But it is in January and February, The Graff Girls receive the following question the most "Is this a good time to be selling a home?"
There are pros and cons when making a decision in all things in life and choosing when to sell a home is no different. There are many factors that need to be taken into consideration before deciding when to sell a home. Many homeowners believe selling a home during the fall or winter months is not a good idea and that the spring is the only time a house should be sold. The Graff Girls have found this to not be true year after year. Certainly, the Toronto real estate market experiences a "spring market rush" every year. There is no doubt that the "spring market" is a great time to be selling and buying real estate, however, the fall and winter seasons may be the best fit for you for many reasons.
The following are reasons why choosing to sell your home now may be a better decision than waiting until the spring:
One way that you can tell the spring real estate market has arrived is by driving down a street in your local community. In all likelihood there will be For Sale signs up all over the neighborhood! One great reason to sell your home now and not wait until the spring market is there is sure to be less competition. The fewer number of comparable homes for sale, the greater the probability that a buyer will look at your home.
Serious Buyers Are Out There
Homes are sold and bought 365 days a year, period! Many homeowners believe that buyers aren't out there during the fall and winter months. This simply is not the case. Serious buyers are always out there! Some buyers may stop their home search because it is the fall or winter, but serious buyers will continue to look at homes, no matter what time of year it is.
The Best Agents Are Always Up To The Challenge Any real estate agent who tells you that the fall or winter months are a bad time to sell is not someone you want selling your home! A great real estate agent will know how to adapt to the current season and market their listings to reflect that. A great real estate agent can make suggestions and give some of their tips on how to sell during the fall or winter seasons. If a real estate agent doesn't have any suggestions on making your home more desirable for the current season, you should be concerned about the creativity they are going to use when marketing your home.
Right now, there are fewer real estate transactions than there will be in the spring. The fewer number of transactions means the mortgage lenders have less loans to process, attorneys have less closings to do, and home inspectors have fewer inspections to do. All these factors should lead to a quicker transaction and closing for all the parties involved. One of the most frustrating things for a seller to deal with while selling their home is not getting answers in a reasonable amount of time. A quicker transaction is going to be less stress for you.
By considering all the reasons above, you will be able to determine whether now is a good time to sell or if you should wait until the spring.
According to CTV news, the average price of houses was dropped by 2.1% in 2018. In 2017, the average price was $509,835 where as in 2018 it was $499,100. In the Country’s largest market, that is Greater Toronto Area, the decline was about 4% falling from $822,961 in 2017 to $787,000 in 2018.
Canada Mortgage and Housing Corporation (CMHC) expects the normal Canadian housing prices in 2019 to be under $525,000. Be that as it may, the regional sales and price forecasts contrast significantly. Urban housing markets in Ontario are relied upon to recoup from the "dampened activity in 2018" due to anticipation of strong job growth and immigration.
For potential home buyers especially young families, who are new in the market. Even after this fall in prices they still are not able to afford houses worth more than a million dollars. So, what is the option for them? They have two options, one is to move outside of GTA, or the second option is to live in a Condo Townhouse. Townhouses are the next best thing for the people who are unable to afford million-dollar homes. It is like a house but condominium ownership.
Few things to notice in 2019 are rising mortgage rates, more stringent lending requirements, and of course continued high home prices.
The Graff Girls will keep you informed of the market outlook each month.