As predicted in my February Newsletter, interest rates have risen and the HST (13% tax vice 5% GST) is still on the horizon. Like a pail of cold water, these two factors are going to combine to cool the real estate market in the second half of 2010 ... if not before. In the past few weeks the banks have raised the interest rates three times and it is anticipated that the Bank of Canada will now move their planned interest rate increase forward to 1 June vs later in the year.
I believe the fear of the HST and increased mortgage rates caused buyers to jump into the market with both feet causing exponential growth in sales activity nationwide. Because our local market has not seen the white hot increases and multiple offer situations that have been experienced in markets such as Toronto, Kingston and Ottawa, we should not see the downward market corrections that will be seen in those markets in the near future.
Many of our local military sellers are now experiencing the changes of the new relocation contract as well. However by taking our advice and listing early, many of our military sellers are now able to take advantage of the marketing incentives ahead of the listing competition. Our buyers will be made aware of these incentives as well.
As you know, I've also spoken about the 'Team' concept in the Real Estate business. In fact, some of our competing REALTORS® who, to this point, have resisted forming real estate teams, have now finally realized that this is indeed the way of the future in our industry. With our Team Weir approach, and backed by our own dedicated and outstanding administrative support, we can offer unmatched service to our buyer and seller clients. Given the move to multi-platform internet marketing sites, (i.e., we are on the first page of Google), and the increased time demands on sales staff, you can understand why individual REALTORS® can't compete. This is really driven home when you know that advertising costs continue to rise and, at the same time, commission fees are becoming more and more competitive. In other words, clients want and deserve more for their money, but single agents have a tougher time delivering.
Finally, if you know someone who is buying or selling this year we would really appreciate you passing along our names so we may compete for their business.
As always, I like to keep you apprised of the current market activity in the Quinte & District Real Estate Board. Following are the numbers for the month of March and Year To Date (YTD) to the end of March. Notice the '% Change' column shows all activity is on the rise over the same period in 2009. This supports my argument above that rising interest rates and the introduction of the HST may be having an effect on early buying and selling activity. Keep in mind that these statistics include all property types in the Board area and not just residential homes. If you would like to discuss any of these numbers and how they may affect your decision about when to get into the real estate market, be sure to send me an email or give me a call!
2010
2009
% CHANGE
Total # of Listings in March
857
775
11
%
Total # of Listings in 2010 (YTD)
2076
1873
11 %
Total # of Sales in March
255
227
12 %
Total # of Sales in 2010 (YTD)
555
469
18 %
Total Sales $ in March
$48.9M
$41.6M
18 %
Total Sales $ for 2010 (YTD)
$104.2M
$84.8M
23 %
Information provided by Quinte
& District Real Estate Board
Q: David, my friend is a first-time homebuyer and asked me how to choose a good REALTOR®. Although I know what I look for in a Real Estate Professional, what advice can you contribute?
A: In a transaction as important and intensive as buying or selling a home, it's crucial that you do some homework ... just as you would if you're shopping for any other professional service. Consider the following points:
• If you're looking for an agent to list your home, be wary of anyone who suggests they can get an unreasonably high sale price. An agent might use a high listing price to secure a contract, only to seek a lower price later, after little traffic is generated at the initial price level. Meanwhile, you've lost what can be the most critical time period in selling a home - the first weeks immediately after it's listed.
• Check on experience, education. Experienced agents know the market and the marketing process, as well as what the current group of buyers are looking for in relation to particular styles and price ranges of properties. A skilled agent can recommend changes that will enhance the saleability of your home, thus increasing the price and/or decreasing the time before a sale.
• If you're a buyer, does the agent discuss or offer buyer agency? More and more buyers are deciding they want full contractual representation on the same level as the seller.
• Does the agent know the market and is he or she knowledgeable about the community? Do they have a feel for the history of the area and the approximate price people are willing to pay? They should also know the competition and how much it will affect your sale.
• Is the agent part of a national network? This can be especially important if you're selling in one city and moving to another. Your selling agent can refer you to a professional, compatible REALTOR® in your destination city.
• Finally, does the agent share expertise and market knowledge in an honest and straightforward manner? Or does the agent seem more interested in telling you what you want to hear. When you're selling or buying what might be your most expensive investment, look for someone who can provide you with reliable information ... even if it's not necessarily flattering regarding the home you're selling ... or encouraging regarding a home you're thinking of buying!
Have a concern or need more information about your home? David is happy to answer any question you may have about any real estate related topic. An email is all it takes!
Rockfest 2010
Once again this summer, the Empire Square will be hopping with amazing performances by three world-reknowned artists ... Alice Cooper, Lynyrd Skynyrd, and 3 Doors Down ... accompanied by special guests Alannah Myles, Thornley, Mitch Ryder & The Detroit Wheels.
David has purchased tickets for each show and 3 lucky winners will enjoy VIP seating! Send an email to Donna if July 22 - 24th works for you. For more information about this great event, check out the Empire Theatre.
Florida Resort Giveaway Don't forget that we accept names on an ongoing
basis for our annual Florida Resort giveaway. Send Donna an email if you're interested in throwing your name in the hat. Anyone who has
bought or sold Real Estate with Team
David Weir, or who has referred clients
to us, is welcome to participate! Check out our Giveaways page for more information about any of our promotions.
Digital Camera We invite all Buyers and Sellers of
Team David Weir to let us know how
we're doing. Take a minute of your
time to fill out our client satisfaction survey and you'll be entered in our draw to win a digital camera at the end
of the year.
The City of Quinte West recently launched its newly designed website, allowing the city to keep connected with its residents and the business community. Its new design will provide visitors with a fully integrated experience and allow users to access in-depth information such as maps, an industrial directory of vacant property, demographics, and a current community events planner. Check it out at www.quintewest.ca.
Charity begins at home! Royal LePage will be hosting its annual National Garage Sale for Shelter on Saturday, May 15th at Empire Square 357 Front Street in Belleville. Timing is 8:00 AM to 2:00 PM.
100% of every dollar collected goes directly to the Shelter Foundation & to our local Three Oaks Foundation which was founded in 1983 and has provided shelter for over 36,800 women and children in our area since its inception.
Whether you'd like to contribute your gently used items or join us for our yard sale, BBQ, Bake Sale, Raffle, or Cash Wash, we'd love to see you there. Come help a worthy cause!
Many home-based businesses are either under-insured or un-insured because the owners believe their business activities are covered under their homeowners policy. This is not always the case! In fact, unless your insurance company is aware of your home-based business, you may even void your home policy.
As a business owner, you may be exposed to insurance risks that aren't covered by your homeowner's policy. For instance:
• if your computer is stolen, you may find that it's not covered by your homeowner's policy because business property is excluded
• if a delivery person slips and falls when delivering a package, you could be sued and find out you're not covered for injuries associated with business deliveries
• if your house burns down, you may find that your fire insurance is void because you didn't tell your insurance company that your were using your home for business.
Be safe. Contact your home insurance company to confirm what your policy includes or to add a home-based business extension.
The 'spot' on 7UP comes from its inventor who was albino & had red eyes.
•
The first product Motorola started to develop was a record player for automobiles. At the time, the most known player on the market was the Victrola, so they called themselves 'Motorola'.
•
There are no words in the dictionary that rhyme with orange, purple, or silver.
•
Upper and lower-case letters are named 'upper' and 'lower' because during the period when all original print had to be set in individual letters, the 'upper case' letters were stored in the case on top of the case that stored the smaller, 'lower case' letters.
Trenton Real Estate • CFB Trenton • Trenton
Ontario Real Estate • 8 Wing Trenton • Trenton Realtors •
Trenton Homes for Sale • CFB Trenton Housing • Trenton HHT
• IRP • Military Relocations • Quinte West Real Estate
• Quinte Real Estate • Quinte Homes For Sale • Real Estate
For Sale • Trenton • Frankford • Belleville • Brighton
• Royal Lepage • Military • DND • National Defence
• MLS Houses • Quinte Homes • Houses For Sale •
Real Estate Listings • Home Sales • MLS • Relocations
• Realestate • Buyers • Sellers • Mortgages •
Ontario
