01.7.21 | For Buyers

December 2020 Market Statistics

December’s market update is here!

Before sharing December’s market stats, we first want to recap 2020 and then finish this off by touching on 2021 predictions.

2020 RECAP

Despite the year we had with COVID, economic uncertainty & lockdowns, it was a record breaking year in Real Estate. The average sale price across the GTA reached a new record of almost $930,000. That is up 13% year over year. We saw a lot of competition for single family homes last year, which resulted in them experiencing the strongest price growth in the suburbs.

DECEMBER’S MARKET STATS

 

Let’s look at the December stats for Milton, Burlington and Oakville.

 

 

 

 

 

PREDICTIONS

Now let’s talk about 2021 predictions. The real estate market was extremely competitive in 2020 and we are expecting 2021 to be no different.

There are 4 main factors that will impact the real estate market this year.

⁠1. Immigration – In 2020 immigration dropped although Canada is planning on welcoming 1.2 million people between 2021 & 2023. ⁠⠀

⁠2. Interest rates – Interest rates have been at an all time low and are expected to stay low throughout 2021.

⁠3. Housing supply – We have been in a sellers market for months now and with people continuing to make significant lifestyle changes we don’t anticipate this changing. Currently supply is extremely low, so if you have been thinking about selling now is a great time.

⁠4. COVID 19 – The pandemic has caused buyer preferences to change. 2020 had many of us reconsider what is important to us, especially when it comes to our home. We anticipate home-buyer trends to continue to shift in 2021. ⁠⠀

 

RE/MAX Canada is currently anticipating that Ontario will experience 7-12% price growth in 2021.

Do you have questions about the GTA real estate market?

Reach out to learn more about your local market—and how we can help!

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How To Hire a Real Estate Agent As a Buyer

12.21.20 | For Buyers

How To Hire a Real Estate Agent As a Buyer

You’ve planned and saved, and now it’s finally time to start your home search in earnest. Not so fast. Before you take the next step, you’ll want to ensure you have helpful expertise on your side.

The truth is, the right real estate guidance could mean a smoother, more enjoyable buying experience—and a better purchase price. If you’re ready to buy, read our top tips on how to hire the best local professional for you!

Conducting Interviews

Contrary to popular belief, not all buyer’s agents are the same. By speaking with a few different professionals, you can get a sense of what’s out there—and help ensure that you find someone who’s well-equipped to serve your unique buying needs.

Before interviewing prospective agents, jot down a few important questions. Some that you may want to touch on include:

• How well do you know my neighbourhoods of interest?
• Can you walk me through the buying process?
• Can you tell me a bit about your negotiation style?
• If I find myself in a multiple-offer scenario, how will you help me win?
• What’s the best way to contact you?

In addition to providing you with insight into the interviewee’s approach, sitting across from someone can help you get a sense of what they’re really like. If you feel at ease, it’s likely a good sign!

The Right Experience

It goes without saying that you want to work with someone who has a very solid grasp of the buying process. From obtaining pre-approval to making an attractive offer to wrapping up closing details, they should understand the common challenges associated with every step—and how to overcome them.

Next up, consider community expertise. If an agent has been working in your area of interest for years, they’re probably a great resource. If they can tell you about recent price shifts, local school districts, and the places that serve up the best coffee, it’s another potential sign that you’re in good hands!

You’ll probably also want to get a sense of whether they’re familiar with all property types. For example, you want to work with someone who has a reasonable amount of condo expertise if you’re buying a unit. Likewise, it may be helpful to know whether they’re used to working with buyers like you. In some ways, your needs will be different depending on whether you’re a first-time buyer or a downsizer.

Ask About Connections

These days, the best real estate agents offer full-service experiences. That means more than hands-on attention, ongoing expertise, and a willingness to help at any time. It’s also about having an available network of trusted professionals to assist you with anything that falls outside of their scope of expertise.

Trust us when we say, finding an agent with a reliable list of industry contacts is worthwhile. From mortgage brokers to real estate lawyers to professional movers, having insider connections who represent the best in the business can make the buying process much lower-stress.

Speak to References

Last but not least, don’t be afraid to ask for references. Some buyers are hesitant to take this step, but agents are used to it. Perusing reviews and testimonials can give you a good idea of the level of service (and results) a professional provides, but it won’t tell you the whole story. Nothing beats being able to ask questions firsthand!

There’s no doubt that finding the right agent takes a little more work than picking the first professional you come across, but it’s worthwhile. By doing your homework, you can help ensure a better buying experience—and a result you’ll be more than happy with!

 

Interested in learning more about our buying services?

Get in touch to learn how we can help make your next purchase a success!

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How To Hire a Real Estate Agent As a Seller | The Katherine Barnett Team

12.7.20 | For Sellers

How To Hire a Real Estate Agent As a Seller

Are you preparing to sell your home? The first thing you’ll want to do is find the right agent. Having a skilled professional by your side will help ensure that every step—from pricing to staging to negotiations—leads to the best possible result. It all starts with a practical approach to your search.

If you’re selling your home, here are a few tips for finding the ideal real estate professional for your needs…

Conducting Interviews

After some googling—and perhaps asking around amongst friends and family—you should have a shortlist of agents who seem like a good fit. Once you do, it’s time to start setting up interviews. There’s no better way to find out who you could work well with than by sitting down to chat one-on-one. Here are just a few questions to consider asking:

• How long have you worked in my community?

• What is your average sale-to-list ratio? (This is a home’s final sale price divided by the last list price).

• What sets you apart from your competition?

• Can you tell me a bit about your pricing strategy?

• How might you market my home?

Of course, one of the most important considerations is your comfort level. An interview will provide you with a window into how a given professional does business—and allow you to assess how well you’ll likely get along during the selling process.

The Right Qualities

There’s no one-size-fits-all approach to interviewing a seller’s agent. That said, there are a number of traits that the professional you work with should have. Here are just a few of the qualities to look out for:

Local experience

Whether they’re helping you set the perfect price or assisting you in marketing your property to local buyers, an agent’s area knowledge is crucial. A professional who knows your community—from neighbourhood schools to how much local homes have recently sold for—is well-positioned to help you locate and work with the right buyer.

Industry expertise

Of course, your agent should be more than a local insider. Before you start working with them, you should ensure that they understand the process inside and out. Try asking about everything from their staging and marketing to their strategies for handling multiple offers and unexpected closing details. Their answers will provide a lot of insight into their experience.

A strong track record

While hearing what an agent would theoretically do in various scenarios is helpful, their past performance is usually an even better indicator of how they’ll serve you. For the homes they’ve sold, what is their average days-on-market? How many homes did they sell last year? Asking for and carefully considering an agent’s statistics can be helpful.

What To Ask For

When an agent tells you about the results they’ve achieved for clients, you don’t have to take their word for it. If you want to learn what working with them is really like, consider requesting potential references.

On the marketing front, you’ll want to ask to view some past materials. From flyers to online listings, everything used to promote a home should be appealing, polished, and professional-looking. If you find the samples you see compelling, chances are that the agent responsible for them has what it takes to market your property with finesse!

Interested in learning how we can help you sell your home? Reach out today to set up a consultation!