Wednesday, March 21, 2018

Buyers Were Asking: Condominium versus Freehold Ownership

Condominium versus Freehold Ownership

Condominium ownership versus Freehold ownership preference suitability is more about the individual buyer.  Typically, we recommend one over the other depending on our buyers.  It isn't really a 'one size fits all' theory.  
If you take two similar homes built at the same time, one condo, one Freehold, generally, the Freehold will sell for a higher price in the year of build.  Why?  Because, all things being equal, the fee will be the deterrent for the buyer, making the Freehold more desirable.  Higher demand, higher price. Both homes are new, so why pay a fee?  Fast forward 12-15 years, the Freehold starts to devalue to the value of the condo.  Why?  Because, typically, new Freeholds tend to be bought by first time buyers who cannot afford the general mechanical upkeep, so, roofing, windows, doors and paving get neglected, while the condominium fees will generally cover these mechanicals.  
Now, the difference?  After year 15-18, the two become almost interchangeable and rely heavily on buyer preference.  In Burlington, our downsize market has the choice.  That I want to choose when I upgrade/upkeep or do I want someone else to decide?  It is a very personal choice.  One, in which, I believe is strongly determined by the personality and preference of the buyer. Many want to maintain control over whom they hire, they want to still remain land owners (with condominium ownership, you have no ownership of the land, you own inside your home, not outside).  Condominium ownership, I believe is how first time buyers should start as they are then not left to their own devices and the initial investment is always protected as the doors, windows, roofing and exterior are all kept up through the fees.  As a home owner downsizes, either is a good investment.  
I hope that makes some element of sense... any questions, just ask!  We're always happy to help. 

Wednesday, March 14, 2018

Sellers Were Asking: Talk to Your Sales Rep, Part 2

Talk to Your Sales Rep, Part 2

Price usually is the problem. Usually the reason a home isn't selling is because the list price is too high for the market. If a price adjustment is recommended, reduce the price as soon as possible. 

Your sales rep may have taken the listing at the price you wanted, however, the longer the property remains on the market at the inflated price, the lower you're going to get in the end. 

When we price out a property we give three pricing strategies; Best Case, Probable and Worst Case Scenario. In a low inventory market, many sellers wish to price their homes above the market. I will test the waters for sellers, but, only for a short period of time. 

Remember that the sales representative is outlaying money even before the sign goes up. If all their listings are priced out of the market, not only are they going to get stale, the sales rep will have to have very deep pockets to keep up the marketing costs on homes that are too highly priced for what the market will bear. 

Friday, March 9, 2018

Sellers Were Asking: Talk to Your Sales Rep, Part 1

Talk to Your Sales Rep, Part 1

Let's say your home has been on the market for months.  No one has made an offer.  Should you take your home off the market and try again later?  Before you take this step, have a heart-to-heart with your sales rep. 

Find out why your home hasn't sold.  Is your list price too high for the market?  What criticisms have prospective buyers and their sales reps made about the property?  Are there any cosmetic improvements that might help the property sell?

Next, consider your motivation for selling.  If you're only willing sell if you can get a certain price, and that price is not attainable in the current market, you're not highly motivated.  You should take your home off the market until either your motivation, or the market, changes.  Sellers who are highly motivated, that is, who need to sell as soon as possible, need to carefully plan their marketing strategy.

If the home has been on the market for some time without offers, several factors could be responsible.  It's possible that the home hasn't received an adequate marketing effort.  If this is the case, and you're nearing the end of the listing period, interview other sales reps in your area.

You need a local specialist who has a good reputation for aggressively marketing and selling homes like yours.  In most cases, however, the sales rep isn't the problem.  Price, location and condition need to be addressed!

If you'd like to see how you can 'Experience the Edwards Difference', give us a call to discover just what that 'difference' is!

Tuesday, March 6, 2018

February Stats Recap

The most new listings were noted in Milcroft with 63 just in the area alone! Sellers in north-west neighbourhoods are likely happy they listed last month with an average of 25 days on market and 100% price to sale ratio. A stark comparison to core areas where the last of the fall listings have been sold causing a shift of 62 days on average to sell.

Interesting to say the least with the average price across the City falling just under 2% short of last month. We also see a shorter number of days on the market… almost a full week less. My guess is, in April we’ll be seeing that number drop even further. Hitting the pavement these last few weeks, we’ve certainly watched an emergence of offers making timing of the essence. We’ve felt a shift but, how much is hard to say just a few days in… 

The mountain areas faired best over the last 30 days with the most new listings (with 133) and just 23 days on market turn around at an average of 100% of asking price… not too bad!  Like Burlington, we’ve noted a similar trend… lower sale prices, again by a full 2% but, reducing that time spent on the market. It does appear Hamilton has been a little more steady as it transitions into the midway point of the spring market. 

Neighbhourhoods of Burlington Stats: Aldershot

We're looking closer at Aldershot as a neighbourhood within Burlington; a village like community within the City.  Aldershot is the 30 area within Burlington, let's see how it's sales stacked up against the rest of Burlington this month... 

All in all, Aldershot is doing well in comparison to other neighbourhoods; with average days on the market being on the quicker end of the spectrum.  Total sale dollars have doubled in this area compared to the previous month, and average sale price is up, with days not the market sitting much lower at 27 days; versus 48 seen last month.  Listings are slowly starting to move, across the board, and we're seeing the list to sale price ratio creep up there again, with all of Burlington being 99% of list price, and aldershot reporting 98% of list price.  

It's a different Spring then last year, where we saw more sales, at 25 in the month of February, and an average sale price up over $800K.  On the flip side, inventory seemed to hang around longer last year, with the average days on the market at a whopping 35!  Interesting when the list to sale price ratio was at 100%!

For more on aldershot as a community, see our post on Neighbourhoods of Burlington: Aldershot... 

As always, if you have any questions, we're happy to answer them!

Monday, March 5, 2018

Neighbourhoods of Burlington: Aldershot

Located in West Burlington, Aldershot is a mature neighborhood, maintaining a small village-like feel.  With LaSalle Park and Marina and the Royal Botanical Gardens, its residents are able to enjoy a leisurely stroll or picnic, at a new location each time.  LaSalle also features a special events pavilion and wading pool / splash pad; or choose to keep cool at nearby Hidden Valley Park and Splash Pad.  

More great ways to keep active within your immediate neighbourhood, Aldershot features the prestigious Burlington Golf and Country ClubAldershot Community PoolAldershot Arena and Spring Gardens Trail.  

Host to numerous schools, Park Avenue Manor Retirement Home and LaSalle Park Retirement Community, Aldershot is a community for the young and young at heart!  
Some great shopping landmarks include IKEAFortino’s with Pane FrescoJYSK and nearby access to Mapleview Shopping Centre

Commuters enjoy access to Aldershot GO, and all major highways.
 In addition to Aldershot High School, the area elementary schools are Aldershot (French Immerision), King’s RoadGlenviewMaplehurst (French Immersion) and Holy Rosary (Catholic).  For specific school boundaries, visit the Halton District School Board or the Halton Catholic District School Board, and search by address. 

To see how where real estate stands within Aldershot, look out for our post on February Stats for the area and how they stack against last year... and last month!  Keep an eye on our website for monthly stats on Burlington and Hamilton. 

Have more questions about the neighbourhood?  Ask us, we'd be happy to answer them!  Know someone considering Aldershot?  Share the information!