TEAM WEIR NEWSLETTER – OCTOBER 2020
In This Issue…
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.
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:
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.
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:
The electrical panel
Main water shutoff
Central AC unit
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?