How Long Are Homes on the Market in Whitby, ON?

If you want to sell your home, give me a call at 905.428.8100!

We had an excellent spring market; the average days on market was just 18 days! As the summer comes, it is normal for that number to increase just a bit; people are on vacation and the market tends to move a little slower.

Another factor that may cause the market to slow is rising interest rates. Two weeks ago a five year loan was just 2.99%, now it is 3.29%. This isn’t a huge difference but it may discourage some buyers.

On the other hand, those buyers who are already preapproved will want to move quickly to lock in that lower interest rate.

What strategy do you recommend sellers to get their home ready to sell?

Now is a great time to sell! We are still floating around 18 days on market. The sooner you get your home the market, the better.

With back to school approaching, a lot of buyers with families are looking to close on a home fast! I worked on three different offers this week and everyone seemed to want to close quickly! So, sellers know that there are buyers out there who are willing and able to buy your home!

How to Succeed in the Current Market

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People often ask if the market is going up or down.  Although we saw decreasing sales, the market remains strong through February.   Here’s why.

While the number of listings decreased in January and February, prices increased year over year, which is a positive indicator.  A home sold on average for $325,000 in February 2012 and increased to $353,000 in February 2013.  

So we’re currently in a sellers’ market. One thing we always talk about is supply and demand, which we determine based on a figure called months of inventory (MOI).  The MOI indicates how long it would take to sell the current inventory if no other house came on the market.  In February, the MOI for the Durham region decreased to 1.5 months compared to 12 months earlier of 2.06 months, and anything under three months is a sellers’ market.  We’re half of that at 1.5 months!  When supply goes down, prices go up.  Right now, we’re seeing multiple offers on properties.  As we enter into the spring market, the number of listings will increase, which is good news for the buyer because they will have more choices.  

So what does this current market have to offer the seller?  To get top dollar when selling your property, you should take advantage of the low inventory situation.  Now’s the time!  When everyone who has been thinking about selling their home puts their home on the market is not the time to dive in—if you want to get the most out of your home.  If you wait for all the other For Sale signs to sprout up, you’ll have lots of homes to compete with.  At the end of the day, you have a better chance at success if you decide to sell now, instead of waiting until all the Joneses get into the market.

What does this mean for the buyer?  When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller.  Remember, homes are moving quickly.  If you hesitate, the property could be gone tomorrow because others will be making offers.      

To prepare yourself as a buyer in this market, think about what you want out of your dream home so you are ready to decide on a property.  Ask yourself questions such as how close do you want to be to your job?  To shopping?  To your place of worship?  Would you like to have a garden?  Do you need a garage?  How close do you want to be to a grocery store?  We can help you ask all the right questions and land your dream home.    

Give me a call so I can tell you where to be positioned and how to be successful in this market.  Please contact me at (905) 428-8100 or shawn@shawnlepp.com.  We’d be happy to assist you.  

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First Time Home Buyers Enjoy Many Benefits, Potentially Saving Thousands

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Buying a home for the first time can be an overwhelming and unfamiliar experience. But with the right person by your side, you can expect it to be an exciting time with lots of rewards during the process and afterward during your journey of homeownership.

Here are just a few of the benefits of being a first time homebuyer.

First Time Home Buyers Tax Break

This is a non-refundable tax credit that is based on the amount of $5,000. Calculated by multiplying the lowest personal income tax rate for the year by $5,000 your tax credit will vary each year. For example, looking at tax year 2009, first time homebuyers benefitted with a $750 tax credit. That’s $750 right in their pockets!

Land Transfer Tax Refund

This tax benefit is another that is only available for first time buyers. It must be processed within 18 months of original date of property transfer and the amount is a maximum of $2,000 – again saving you a LOT of money. Buyers that are not working with a very hands-on or experienced agent can easily miss out on these savings, so it is important to work with someone willing to guide you through and explain each step from step.

RRSP Homebuyers Program

This is probably the most useful program for first time homebuyers that are able to tap into their RRSP contributions and use those funds toward the purchase a new home. Under this program, you can withdraw up to $25,000 from the RRSP account and you will have 15 years to repay the funds, tax-free.

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Keep in mind, that without the right representation and real estate partner by your side you could easily miss out on some of the fantastic savings opportunities that come only to first-time buyers. Having the right agent is the key to a successful home buying endeavor. I welcome the opportunity to work with you and pledge my utmost sincerity as I walk you through one of the most exciting experiences of your life!