I'd like to list a few of these :-)
Jas Jagpal, Remax Dynasty- 647-272-6629
Morningside Heights, Markham Boxgrove Real Estate - – http://www.jasjagpal.com
Has The Tide Turned in Toronto's Real Estate Market?
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos Real Estate: http://www.JasJagpal.com
Hi Everyone,
I thought knowing what is happening with your largest investment (your house) and the current real estate market might be helpful. If you are not interested please do not read any further and delete it. If you find this valuable please pass it on to your friends and family.During the past 6 months we've seen a classic case of what happens when FEAR and misinformation causes people to make buying and selling decisions. We started the year with a handful of homes for sale putting pressure on Buyers. Then add the governments changes to the mortgage rules and the hysteria created by misinformed real estate agents and the media on the effects of HST and we have a recipe for madness. We saw a buying frenzy with multiple offers and house prices rise 10-15% - peaking in May so Buyers would have enough time to close before July 1st (HST) Average Prices: Jan:$409K Feb:$431K Mar:$435K Apr. $438K May: $447K June: $435KSo what is happening in the housing market now? You see in a balanced market prices generally rise about 5% annually. So now we see the market correcting itself. Unfortunately homes today are more likely to sell for prices found in early February. Why?Well if you recall from my January/ February newsletter any decent home would sell within a few days and most within 2 weeks with multiple offers and above asking. Unfortunately home owners and most realtors are clueless to the market condition today since very few actually look at the statistics. If the houses were priced right for the current market, most homes would sell within 2-4 weeks because hundreds of homes are selling each day. But the current statistics show they are taking much longer. As of July 12th.Morningside Heights has 27 Listings (twice as many as in January/ February) The real kicker is that the "Average Days on the Market" today is 35 days for these 27 listings. Which is only going to get bigger.Markham East - Average Days on the Market is: 45 days for 11 listings.Markham Boxgrove - Average Days on the Market is: 39 days for 26 listings.This points to a further downward trend on house prices in the GTA to offset some of the huge price increases that occurred in the earlier months. We should still have a positive price increase for the year, but we are giving back some of the high gains.If you are currently listed, you might want to rethink your pricing structure. Statistics show overpriced properties end up selling for less than market price than properties that were listed at market price from the beginning. Top Realtors would tell you this information up front instead of promising you the moon and later under delivering. Unfortunately many Realtors use this under-handed practice to get your listing because they know they can convince you to reduce your price later by blaming the market, etc. and since you will feel that you are stuck in a contract with them and can't get out. That is not true.So if you are considering buying or selling... or know someone who is, I'd like the opportunity to help out. I give you an Unconditional Guarantee of Satisfaction. Which means if my work as your Real Estate agent does not leave you feeling completely satisfied at the conclusion of our business, I will return to you all of my commission or whatever part you feel should be forfeited, even if you did not pay the commission as a Buyer. My intention in making this offer is to assure you that I operate my business with your best interests at heart.It's a good life. Jas Jagpal. P.S. This email is not intended to solicit buyer or sellers under contract or be considered legal advice. This information is solely advisory. Jas Jagpal, BSc. York University. C: (647) 272-6629 Fax: 416-352-5711"Email me for VIP savings for investment condos and get a FREE complimentary Pin-Point Market Analysis when selling your home.
Markham Boxgrove Homes, Morningside Heights Homes, Scarborough Town Centre Condos, Toronto Real Estate:www.JasJagpal.com Posted on: www.1stoprealestate.ca : www.LinkToMorningside.com: www.MarkhamBoxgrove.com
