TEAM WEIR NEWSLETTER - OCTOBER 2020

In This Issue…

  1. David’s Update
  2. Predicting Your Future Housing Needs
  3. The Inspection Ready Home
  4. When It Comes To Offers, It's Not Always About Price
  5. Did You Know?

DAVID'S UPDATE

The Canadian Real Estate Association just reported that the actual (not seasonally adjusted) national average sale price posted a 17.5% year over year gain in September this year.


In the Quinte Region, the median sale price was approximately $320K in January 2019. Presently, it is showing to be approximately $420K. I would suggest that this increase has been driven primarily by the influx of people from the GTA and surrounding area. A large part of this group is from the Durham Region, that is Whitby, Oshawa, Bowmanville, etc. 


We did see a drop in sales when the pandemic hit, however there was an unusually high uptick in sales during the summer. The amount of sales now appears to be slowing slightly but the sale prices have not declined. 


Local residents, especially first-time home buyers, find Quinte home prices high. However, people coming from the west look at the Quinte Region as good value compared to what they are used to. For example, we sold a home in September for well over list price and the buyer agreed to wait til the end of April 2021 to take possession. Needless to say, this was an ideal situation ideal for our seller, who is having a new home built!


For more information about your specific situation or our outlook for 2021 don’t hesitate to call our Team today!

David Weir BA, CD

Team Weir members are available to complete a no cost - no obligation market evaluation if you are considering selling your home.

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PREDICTING YOUR FUTURE HOUSING NEEDS

What will your housing needs be in three to five years? If you can figure that out, you can watch the market, target areas and neighbourhoods you might like to live in, and reap the benefits of planning ahead.

To begin the process, start by asking yourself the following questions:

  • What will my family look like in three to five years? Will there be a new addition (or two) to your family? Will you have kids that are grown up and about to move out? What is the possibility that an elderly relative (Mom, Dad or grandparent) will be living with you?

  • What will change regarding work and school? Will a teenager be off to college? Will you or your spouse be retired? Will someone in your household be starting a home business?

  • How will your lifestyle be different? Will you take up a hobby that you’d like to be able to reach easily (such as golf)? Do you see yourself wanting to live closer to shopping, theatre, walks in the woods, etc.? Will you eventually be traveling more often and, therefore, not be at home as much?

  • How is the neighbourhood changing? Where is it heading relative to your future needs in terms of residents, noise, sense of community, local developments, etc.? Do you see yourself wanting to live in a quieter community, or a more urban centre?

  • Will the type of home you need change? In three to five years, can you see yourself wanting a larger home? Smaller home? More bedrooms? Larger kitchen?

  • What are your dreams? Do you dream of living in a particular area or neighbourhood? Would you love to have a big backyard with a garden someday? Do you sometimes think, “It would be great to have a wooded park with walking trails just a few minutes away.”

By looking three to five years into the future, you will be able to predict your housing needs and make plans - today - to ensure you get what you want in the future.

THE INSPECTION READY HOME

According to Pillar To Post Home Inspectors, an inspection-ready home presents itself best for evaluation and helps the entire process go more smoothly. Pillar To Post Home Inspectors recommends sellers take these steps prior to the home inspection:


ACCESS

  • Provide keys to any locked areas.
  • Allow access to the attic, basement or crawlspace, garage and yard.
  • Make sure the inspector will be able to readily access:

The electrical panel

Main water shutoff

Water heater

Furnace

Central AC unit

Gas meter


GENERAL INFORMATION

  • Sellers should plan to be away from the home for the duration of the inspection, which is typically 2-1/2 to 3 hours. It may take longer if the home is very old or very large.
  • Store small valuables and medications out of sight and in a safe location or consider taking these items with them when they leave.
  • Remove pets or keep them safely crated.
  • Provide copies of records/warranties for any major improvements – furnace, roof, etc. to show when the work was completed.
selecting the right movers

WHEN IT COMES TO OFFERS, IT'S NOT ALWAYS ABOUT PRICE

TEAM WEIR REVIEWS

When considering which of two or more competing offers to accept for your home, there is no doubt price will play a huge role. After all, if Offer #1 is $10,000 higher than Offer #2, that’s an enticing difference that puts thousands of extra dollars in your pocket.


However, price isn’t the only thing you should think about when comparing multiple offers. There are other factors you need to consider too.


For example, you’ll need to think about the impact of any conditions that are in the offer. If Offer #1 is conditional on the buyer selling their current property, then what happens if they don’t? You could end up with an offer that dies and be forced to list your home all over again.


In that circumstance, accepting the lower offer may be your best move.


There’s also financing to consider. If you get an offer where the ability of the seller to get financing is in doubt, that’s a red flag.


The closing date is another important factor. Offer #2 might propose a closing date that’s perfect for you, while Offer #1 is four weeks later. If you’ve already purchased another home, you might require a month of bridge financing if you accept Offer #1. There’s nothing wrong with that per se, but the costs and additional hassle are factors you should consider.


As you can see, assessing competing offers isn’t as easy as it looks. 

DID YOU KNOW?

  1. On a Monday, almost 50% of employees are late to work.
  2. Tuesday is the day of the week that is least likely to have a Christmas Eve on it.
  3. In the Thai Solar Calendar, the color associated with Wednesday is green.
  4. As Jupiter is the Roman equivalent of Thor, the Latin name for Thursday was “lovis Dies,” meaning “Jupiter’s Day.”
  5. In the maritime world, it is considered highly unlucky to begin a voyage on a Friday.
  6. In Nepal, Saturday is the last day of the week and is the only official weekly holiday.
  7. Months that begin on a Sunday always have a Friday the 13th in them.