Tips On Selling Your Home
Selling a home in today’s market can be challenging and Cory McArthur understands this. In spite of a shifting market hundreds of homes are sold each month in London. What’s the difference between selling your home or failing to do so? The details. Whether it’s our proven sales approach, effective marketing campaigns, or utilizing our existing network, with Cory McArthur, no detail is overlooked. With a proven track record and years of experience, Cory McArthur has all the tools needed to sell your home. If you’re serious about selling your home, we’re serious about getting the job done. It Matters Who You Work With!
May market update: Spring fever is in full swing!
With temperatures soaring running into the beginning of June, we see the real estate market doing the same. As you know, we have been seeing record numbers all year long in London's real estate market. Seller's continue to sell in record time for record prices. Buyer's on the other hand have at times had to endure frustrating attempts at purchasing a new home with little success.
Like any market, supply and demand are the two variables that have the largest impact on the health of a market. London's real estate market is no exception. As we have have seen most of 2016, demand for homes is much higher then supply. At the end of May we saw that inventory was at a historic 10-year low of 2,914 homes. Not only that, we have seen sales at their highest in the past 10 years. Reference Figure 1.1 for more details.
To express the point a little further we broke sales down by month and compared it to the five year average in each of those months (Figure 1.2). The number of homes selling this year is out pacing the 5 year average in every month of the year. When we see sales grow like this and set that against the backdrop of a low inventory market it exaggerates the strength Seller's have when dictating prices and conditions.
As we know, history provides prospective, at least when it comes to real estate price growth. 2016 has seen the average price grow by over 6% from the previous year. 6% growth is something that all home owners should be happy with. We have not seen that kind of price growth in the past 10 years, with the exception of 2010. Both 2015 and 2014 saw a solid 3% growth for the year, so having a price growth of 6% already this year is a strong indicator that prices are being driven up in light of the strong demand and lack of homes on the market. It would be a mistake to not note that this trend may not continue throughout the year. The spring is typically always a time where we see record high prices. Once we hit the end of 2016 we may see this number more in line with the growth we saw in 2015 and 2014. Reference Figure 1.3 for a more detailed look at historical price growth.
It is important to note that while we look at city wide numbers, every neighbourhood is different and these numbers would all be different if we looked at each neighbourhood individually. While it would be exhaustive to break down every neighbourhood, we have broken the city into three sections, North, South & East, as determined by the real estate board. We can see that South London has had the strongest price growth, with the east having the smallest growth. These three areas of London's real estate market have all had great growth, but if you are in South London and are considering selling then you need to know that right now might be the best time to sell your home in the past 10 years. To see a 7% growth in value in just one year is unprecedented.
If you have given any thought to selling or buying this spring then now, more then ever, is the time to have a Realtor working for you. We have helped multiple clients in the past few months set records for their neighbourhood when selling; and we have helped clients find homes off the market so they don't have to compete against the rest of the buyers out their looking for homes. Contact us today to setup a meeting for us to chat with you about how we can help you navigate the "crazy" market we are experiencing right now. Simply fill out the form below and we will be in touch soon.
Q1 Market Update ~ The strongest seller's market in 10 years
If you have been watching my videos at all and been following along with the local real estate market you know that things are pretty hot right now. Seller's are selling in multiple offers and Buyer's remain frustrated with having to compete for properties and the lack of inventory.
We took the time to look back on historically how this market shapes up to markets over the past ten years. Watch the video for an in depth look at why the 1st quarter of 2016 made history and what we can expect moving in to the 2nd quarter.
Q1 of 2016 saws the local London real estate market see an all new level of Seller's market. This was the lowest we have ever seen inventory (supply) in the last 10 years. Furthermore, we saw sales (demand) at an all time high, second only to 2007 (See chart below for reference).
If you are planning on making a move, now more then ever, you need an experienced Realtor in your corner to help you navigate finding your next home. Equally important is having a Realtor represent you that has a track record of success in helping you put the most money in your pocket when you sell your home.
Every home and situation is unique and as such requires a custom plan to help you make the most of your move. We will create a custom plan, unique to you to protect your interests and put you in the best position possible to negotiate both your sale and purchase.
For a no-obligation chat with a local real estate expert, call or text 519.476.7016 to get connected.
Is it time for realtors to step it up?
If you pay attention at all to what is happening in the London real estate market you know that things are moving quick. It is not uncommon for you to see a For Sale sign pop up on your street and soon see a Sold sticker posted on it. We often talk about Buyer and Seller markets, and right now we are in a SELLER'S MARKET.
While this is great for Sellers in most cases, it can cause Realtors to get lazy. Many Realtors think if you put a sign in the lawn and pop it on the MLS the house is going to sell itself, and it may be the case, but that isn't what Sellers hire Realtors for. When markets are as favourable for Sellers as they currently are there is no reason that homes should not be sold in multiple offer for asking price or above.
So, what makes the difference? The details!
Every home is unique and requires a specialized plan to generate the best results. We have proven time and again that an appropriately priced, well positioned, and properly marketed home sells faster and for closer to asking price. All Relators know this, or at least they should, but few of them know how to accomplish that reusult consistently. For a no obligation chat about making a move call or text to connect with me, 519.476.7016
TIME FOR A MOVE? DO YOU GO NEW OR RE-SALE?
I have recently had clients who were asking the question, should we buy new or purchase a re-sale home? I will be up front and tell you there is no right answer to that question, but there are a lot of factor that need to be considered to make sure you make the right decision for you.
There are pros and cons to both building new and purchasing a re-sale home. In this video I give a short synopsis of some of the key factors that need to be considered when making this decision.
- You have complete control of design and finish
- You have additional costs above and beyond the purchase price such as, fence, window coverings, driveway, landscaping, just to name a view. However a good Realtor can help limit your out of pocket cost for these items.
- You may be living in dust and dirt for a while as homes continued to be built around you
- What you pay for the house may not be what it is worth. If you were to turn around and sell your new house the day after you move in could you sell it for what you paid for it?
- Move into an established, mature neighbourhood
- No more development around you
- Fencing, landscaping, and window treatments are most often already completed.
- Re-sale prices are established and you can more confidently negotiate your purchase price.
- You may inherit past issues from the house
This is just a few of the factors that are relevant to making the right decision for you when it comes time to purchase. If you have questions about buying we would love to chat, no pressure. You can call or text anytime 519.476.7016. We are here to help.
Let Us Help
To reach out to us about selling your home and making a move, simply fill out the form here and we will be in touch soon. We are here to help and are excited to connect with you.