I thought I  would write a quick article on how we sold this home.  To give you some background,  the Toronto housing market in November 2022 is challenging.  

Interest rate hikes - meant to bring inflation back to 2% - have cooled the market, and prices have dropped since spring.  Consumer confidence is low.  News articles predicting home prices will drop between 14 - 30% in the next year creating uncertainty. 

The problem - "market value' pricing failed to move buyers off the fence

Many buyers dislike bidding wars, so you would think that pricing a home around market value would be effective.  Unfortunately,  this is not the case!  Even with many showings and over 800 video views, this home didn't get any offers.   Buyers were taking a wait and see attitude - with homes taking longer to sell there was no urgency.  

What worked to move buyers into action?

Pricing at an 'uncomfortably' low price point to bring as many buyers as possible through the house in a week.  We reviewed offers from buyers at a specific date & time.   In a hot market like this spring, this is how most homes were sold.  And it worked here.  The difference?  It requires a lower starting price than in the spring.  

The result

Over 80 showings, 1000 views of the virtual video tour & 12 offers on offers night resulted in a successful sale (in the range of our original price, too!)   The video is linked above. 

What the sellers said in their 5 star review:

"We interviewed 3 agents explaining what we wanted (i.e. buy a condo, sell our house).  Sue acted immediately.  Whereas the other agents waited for a listing to be posted on the MLS site, Sue found a listing and emailed us right away.  We asked for various analysis, and Sue produced listings of similar houses sold in our area, a comparison of the condo price to our house price, and many more.  We told Sue we needed hand-holding throughout the process, and she delivered!  She arranged for a handyman to do some minor repairs, and arranged staging.  As part of the selling process, she produced a beautiful brochure, and mailing cards.  She hand-delivered cards a as well as going door-to-door  in the local area, since residents often know friends/family who would like to move here.  She also prepared a high-energy video highlighting the features of our home.   


Sue handled a large number of showings (>80) which resulted in multiple offers in what is probably one of the worst markets in recent memory.  Real estate transactions can be stressful, but Sue kept us calm by explaining what was happening at each stage of the process.  Sue helped us buy the specific condo we wanted, and sell our home in what what may be considered an unknown market.  If you need a knowledgeable, intelligent, hard-working real estate agent that will keep you calm during the process, Sue is the one!"


What sellers can learn from this:

  • there are a lot of buyers looking for properties in the GTA as I write this 
  • many of those buyers are looking for properties in the $950,000 range (due to their financing approvals)
  • exposure to as many buyers as possible is key:  pricing properly, tons of marketing & a beautiful presentation are keys to the game

What buyers can learn from this:

  • attractively presented homes are still selling in competition 
  • if you're pre-approved to $950 or less, you will be in competition
  • reverse-engineer your search to find out what list price properties in your price range begins at and start there
  • look at homes that have sold recently in your price range to see what they look like so you can double check you're realistic with your needs/wants
  • work with a realtor who understands this
  • work with a skilled negotiator who can establish trust & a collaborative relationship with the sellers realtor to get the job done
  • try and focus your search on homes other buyers may have passed over, not ones that other buyers are attracted to! 
...

Wow, this home will impress!

Impeccably maintained larger 3+1 bedroom backsplit on lovely Langevin Cres in Centennial, Scarborough has an architect designed in-law suite.  

This Scarborough home for sale features gleaming hardwood floors, and large primary bedroom with walk-in closet & en-suite bathroom. Updated kitchen with white cabinetry & storage galore - including a pull out pantry & centre island with more storage. 

The architect designed basement in-law suite which is one of the nicest I've seen! No attention to detail spared; pot-lights, full size appliances, storage space & quality finishes.   Similar basement apartments rent in the area for around $1600.  Oversized garage with storage walls, parking for 3 cars.   

Why is this such a great neighborhood? The neighborhood of  Centennial, Scarborough is a quiet & safe neighbourhood near Port Union and Lake Ontario.  Sometimes referred to as West Rouge, or Port Union Village, this neighbourhood features good schools & only about 25 minutes downtown via the Rouge GO train.  If you're looking for a neighborhood with great community spirit, check it out!   

Are you a nature lover? You'll love the nearby bike trails along Lake Ontario waterfront and the Rouge National Urban Park.  Miles of trails lead to Morninside Park, UTSC & into Pickering.   Kayak & hike the Rouge National Urban park - a feature of this much loved neighbourhood. 

If you're a foodie, explore fantastic places like Lamanna's, Black Dog Pub, Azumi Sushi, the Six Social & more.  Famous neighbourhood institutions like  Shamrock Burgers & Amazing Teds (also the site of many TV & Movie sets!) will make you feel like home. 


Above average Home Inspection available upon request!  


1 minute video Tour of 14 Langevin


Explore all the homes for sale in the area here: 

Port Union Homes for Sale

West Rouge Homes for Sale

Highland Creek Homes for Sale

...

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

 

We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,= said TRREB President Kevin Crigger.


Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,= said TRREB CEO John DiMichele. The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,= said TRREB Chief Market Analyst Jason Mercer.


So what does all this mean?  As a realtor - my job is to interpret and analyze these numbers and know the local stats.  From discussing with my colleagues, speaking daily to buyers and sellers - in this short 2 minute video I share my top 3 insights:


...

Wherever you're buying a condo, whether it's a Toronto condo, a Scarborough Condo or a Condo in Durham, it's super important to do a walk through before closing to make sure the condition of the condo is the same as when you purchased it! 

Come join me as I walk through a condo purchased for a client & show you the steps we take in the final walk through (I've consolidated this into a quick 2 minute video, but this generally takes 1/2 hour to 1 hour depending on the size of the condo.

When do you do the pre-closing walk through? I generally advise to do these the week of closing, ideally after the occupant has moved out & with enough time to advise the seller & real estate lawyers should there be any deficiencies.  When you're looking for deficiencies, you are looking for things that will need to be repaired - like appliances not working, Missing window coverings or light fixtures, damage to floors or walls that was covered previously by furniture etc. 

What happens if somethings wrong?  Close to closing these can be done either with the co-operation of the other realtor and/or the lawyer.  You can discuss repairs, replacement or monetary credits.  You cannot arbitrarily decide not to close or hold back funds unilaterally (without the other side's agreement)

What condition should I expect?  The standard for any property on closing is what we call "broom swept condition".   Unless you have specified that the unit be professionally cleaned before closing in your contract, of course.  Broom swept means all personal possessions have been removed, and no garbage is left behind.  Generally cupboards and appliances are wiped down. 

The 9 most important things I check in a walk through: 

1. Make sure all items from the previous occupant have been removed 

2. Check the closets are cleared out.  

3. Check all the lights work (burned out bulbs don't count, the fixture has to work) 

4. Check all the blinds and window coverings that are included in the contract are there and in good working order 

5. Check that all the taps work, that the shower switches over from filler to shower and check that both hot and cold water are running.  Flush the toilets.  Check for leaks.

6. Check under all of the sinks to make sure there are no leaks 

7. Check that all the appliances are working 

8. On closing day, it’s super important to run a cycle in the dishwasher and washing machine to make sure they’re working. (We don’t have time to do that during an inspection) 

9. Check that the parking spot and locker are clean and clear! 



Be sure to check out my other videos about buying a condo in the Greater Toronto Area & subscribe to my channel for Real Estate Updates:

Tips on Choosing the best Condo for you!

Condo fees Explained

Red Flags in Condo Status Certificates

...
1
2
3
...
14

Recent Blog Posts

I thought I  would write a quick article on how we sold this home.  To give you some background,  the Toronto housing market in November 2022 is challenging.  

Interest rate hikes - meant to bring inflation back to 2% - have cooled the market, and prices have dropped since spring.  Consumer confidence is low.  News articles predicting home prices will drop between 14 - 30% in the next year creating uncertainty. 

The problem - "market value' pricing failed to move buyers off the fence

Many buyers dislike bidding wars, so you would think that pricing a home around market value would be effective.  Unfortunately,  this is not the case!  Even with many showings and over 800 video views, this home didn't get any offers.   Buyers were taking a wait and see attitude - with homes taking longer to sell there was no urgency.  

What worked to move buyers into action?

Pricing at an 'uncomfortably' low price point to bring as many buyers as possible through the house in a week.  We reviewed offers from buyers at a specific date & time.   In a hot market like this spring, this is how most homes were sold.  And it worked here.  The difference?  It requires a lower starting price than in the spring.  

The result

Over 80 showings, 1000 views of the virtual video tour & 12 offers on offers night resulted in a successful sale (in the range of our original price, too!)   The video is linked above. 

What the sellers said in their 5 star review:

"We interviewed 3 agents explaining what we wanted (i.e. buy a condo, sell our house).  Sue acted immediately.  Whereas the other agents waited for a listing to be posted on the MLS site, Sue found a listing and emailed us right away.  We asked for various analysis, and Sue produced listings of similar houses sold in our area, a comparison of the condo price to our house price, and many more.  We told Sue we needed hand-holding throughout the process, and she delivered!  She arranged for a handyman to do some minor repairs, and arranged staging.  As part of the selling process, she produced a beautiful brochure, and mailing cards.  She hand-delivered cards a as well as going door-to-door  in the local area, since residents often know friends/family who would like to move here.  She also prepared a high-energy video highlighting the features of our home.   


Sue handled a large number of showings (>80) which resulted in multiple offers in what is probably one of the worst markets in recent memory.  Real estate transactions can be stressful, but Sue kept us calm by explaining what was happening at each stage of the process.  Sue helped us buy the specific condo we wanted, and sell our home in what what may be considered an unknown market.  If you need a knowledgeable, intelligent, hard-working real estate agent that will keep you calm during the process, Sue is the one!"


What sellers can learn from this:

  • there are a lot of buyers looking for properties in the GTA as I write this 
  • many of those buyers are looking for properties in the $950,000 range (due to their financing approvals)
  • exposure to as many buyers as possible is key:  pricing properly, tons of marketing & a beautiful presentation are keys to the game

What buyers can learn from this:

  • attractively presented homes are still selling in competition 
  • if you're pre-approved to $950 or less, you will be in competition
  • reverse-engineer your search to find out what list price properties in your price range begins at and start there
  • look at homes that have sold recently in your price range to see what they look like so you can double check you're realistic with your needs/wants
  • work with a realtor who understands this
  • work with a skilled negotiator who can establish trust & a collaborative relationship with the sellers realtor to get the job done
  • try and focus your search on homes other buyers may have passed over, not ones that other buyers are attracted to! 
...

Wow, this home will impress!

Impeccably maintained larger 3+1 bedroom backsplit on lovely Langevin Cres in Centennial, Scarborough has an architect designed in-law suite.  

This Scarborough home for sale features gleaming hardwood floors, and large primary bedroom with walk-in closet & en-suite bathroom. Updated kitchen with white cabinetry & storage galore - including a pull out pantry & centre island with more storage. 

The architect designed basement in-law suite which is one of the nicest I've seen! No attention to detail spared; pot-lights, full size appliances, storage space & quality finishes.   Similar basement apartments rent in the area for around $1600.  Oversized garage with storage walls, parking for 3 cars.   

Why is this such a great neighborhood? The neighborhood of  Centennial, Scarborough is a quiet & safe neighbourhood near Port Union and Lake Ontario.  Sometimes referred to as West Rouge, or Port Union Village, this neighbourhood features good schools & only about 25 minutes downtown via the Rouge GO train.  If you're looking for a neighborhood with great community spirit, check it out!   

Are you a nature lover? You'll love the nearby bike trails along Lake Ontario waterfront and the Rouge National Urban Park.  Miles of trails lead to Morninside Park, UTSC & into Pickering.   Kayak & hike the Rouge National Urban park - a feature of this much loved neighbourhood. 

If you're a foodie, explore fantastic places like Lamanna's, Black Dog Pub, Azumi Sushi, the Six Social & more.  Famous neighbourhood institutions like  Shamrock Burgers & Amazing Teds (also the site of many TV & Movie sets!) will make you feel like home. 


Above average Home Inspection available upon request!  


1 minute video Tour of 14 Langevin


Explore all the homes for sale in the area here: 

Port Union Homes for Sale

West Rouge Homes for Sale

Highland Creek Homes for Sale

...

The Greater Toronto Area (GTA) housing market continued its adjustment to higher borrowing costs in September 2022. Sales for the month reached 5,038, but were down by 44.1 per cent compared to September 2021. New listings were also down on a year-over-year basis by 16.7 per cent to 11,237. This was the lowest number of new listings reported for the month of September since 2002. This is especially troublesome given that the stock of homes in the GTA increased markedly over the last 20 years.

 

We must ensure that the temporary dip in housing demand is not allowed to mask the critical shortage of homes available for sale in the GTA. Candidates running in the upcoming Ontario municipal elections must ensure home buyers and renters have adequate housing options in the years to come. Municipal council decisions have a direct impact on housing affordability, in terms of the protracted development approval processes, high development fees and other related policies that preclude timely housing development,= said TRREB President Kevin Crigger.


Elected councils must also reconsider existing policies that preclude homeowners from listing their homes for sale, including significant added upfront costs like the land transfer tax. Potential new policies like mandatory home energy audits could also create unnecessary interference and delays in the home selling process and dissuade some homeowners from listing their homes for sale,= said TRREB CEO John DiMichele. The MLS® Home Price Index (HPI) Composite benchmark was up on a year-over-year basis by 4.3 per cent. Over the same period of time, the average price dipped by 4.3 per cent to $1,086,762. The average price was up compared to August 2022.

Hovering just below $1.1 million, the average selling price may have found some support during the last couple months of summer. With new listings down quite substantially year-over-year and well-below historic norms, some home buyers are quite possibly experiencing tighter market conditions in some GTA neighbourhoods. October generally represents the peak of the fall market, so it will be important to see where price trends head over the next month,= said TRREB Chief Market Analyst Jason Mercer.


So what does all this mean?  As a realtor - my job is to interpret and analyze these numbers and know the local stats.  From discussing with my colleagues, speaking daily to buyers and sellers - in this short 2 minute video I share my top 3 insights:


...
1
2
3
...
19