Jenny Kotulak Oakville Real Estate

Real estate markets are determined by supply and demand. Markets can fluctuate from a buyer's market to a balanced market to a seller's market and back very quickly for a variety of different reasons.

A seller's market is one in which the buyers outnumber the available inventory. This results in putting the seller in a very solid position to sell quickly for top price. In order for a buyer to compete with a multitude of others looking in the same price range for limited product they must be fully prepared and educated.

• Make sure you work with a REALTOR who will keep you abreast of new inventory as soon as it becomes available. Good agents will network with their colleagues to spread the word as to what they are looking for.
• Be available to view the property as soon as possible. If you put in an offer before competing you are likely to get it for less money.
• Do not submit a low ball offer. In a seller's market there will not likely be much movement in the price when it has just been listed. Sellers have the confidence that if they don't get their price from you they will wait for the next offer.
• Make sure you are pre-approved for financing. This is not the time to be looking for a property that you aren't sure if you can afford or not. If you are going to make an offer conditional on financing make sure your bank or mortgage broker has all pertinent information such as income letters, amount of down payment, etc. and that you have discussed interest rate, taxes, maintenance and utility fees.
• If you do get into a multiple offer situation make sure you put your best figure forward. Your chances to negotiate are slim if you are competing so go with your highest and best.
• Make sure you are comfortable with your offer price when competing. You do not want to have remorse afterwards when you find out what the home sold for and you now wish you had put in a higher offer.
• If you know you are competing and you want to prepare a strong offer you may want to do a building inspection on the property before you submit an offer. If satisfied you are able to submit your offer without this pending condition. The cleaner the offer, the better chance it will be accepted.
• Stay positive if your offer or offers are rejected. Sit back and regroup. The right house WILL come along. Try not to feel pressured. Often times that may lead you to buy a home for the wrong reasons. Remember what your priorities were when you started out. Do not compromise just for the sake of "winning" a bid.
• Consider renting short term until there is less pressure. If you are being transferred and not familiar with the area or prices it may be worth taking the extra time to explore and get a better feel for what neighbourhood would work best for you.
• Make sure your REALTOR explains fully the multiple offer situation. It is important to know when offers are open and closed and how the negotiations will be handled. Strategy is very important when there are competing offers.

Remember, no matter what the market, the home buying process should not be overly stressful. No matter what your price range, you are looking for your future dream home. This should be an enjoyable experience. Make sure you choose a local real estate professional who will be your partner in this venture.

For information on the current seller's market in Oakville, Ontario contact Jenny Kotulak, Your Oakville Community Realtor.

Past President Oakville, Milton & District Real Estate Board

Taking a walk through the ravines and trails in Oakville, Ontario this fall, you will notice a collage of colours. Living in Oakville affords you the opportunity to explore the many mature forested areas and creek banks. No matter what neighbourhood you live in in Oakville, there is always a park, greenspace, bike paths or ravines nearby. Sitting on Oakville's Parks & Recreation Advisory Committee, I have the opportunity to hear about the Town's future plans for new and existing parks. Now's the time to get out and enjoy the last of the fall colours.

An article in today's Toronto Star with the headline " Pricey homes ride out the recession" led me to do some of my own investigative research on Oakville's "pricey" properties. Tony Wong the journalist who wrote the piece in the Star had this to say about Oakville.

"In Oakville, a favourite with Bay Street bankers, prices were down by almost 20 percent earlier this year. But prices have bounced back: this year's most expensive sale was a waterside home for $7 million."

The Star reporter is correct, the highest sale to date in 2009 in Oakville was a $7 Million Dollar property, but it wasn't on Lake Ontario if that's what he means by waterside. The home located in Oakville's east end was north of Lakeshore Road and next to a park although it did have over 3/4 of an acre of it's own parklike property. The newly built custom home offered 13,000 square feet of luxurious living space.

There have been 157 homes sold this year so far with a price tag of $1 Million dollars plus. Seven properties have sold between $3 Million and $7 Million. Of the 157 properties, 93 of them sold between $1 and $1.5 Million dollars.

The average sale price was $1,632,339 with the average days on market being 68 days.

How do these statistics compare to 2008?

For the same time period in 2008, Jan 1. - Nov. 4, 153 homes had sold for $1 Million dollars or more. Two homes shared the highest sale price of $5,500,000. Twelve properties sold between $3 Million and $5.5 Million dollars. Again the popular price range was between $1 - $1.5 Million with 87 transactions.

The average sale price was $1,688,563 with the average days on market being 52.

What do these stats show us?

• # of sales up by 4 this year for same time period
• Average price off by only $56,000 from last year same time period
• Average days on market was 2 weeks longer this year same time period

For buyers looking to spend over $1,000,000 there are currently 162 properties available for sale in Oakville. The highest priced listing can be had for $11,900,000. There are 32 homes available over $3,000,000.

If Oakville is indeed a favourite with Bay Street bankers as stated in the Toronto Star, I would be more than happy to give those potential buyers a tour of available homes. Although inventory is depleted in the lower price ranges, the upper end affords a great selection of homes in all Oakville neighbourhoods.

Statistics Source :OMDREB Tarasoft Matrix

Photo Source : Jenny Kotulak - Dundurn Castle, Hamilton, Ontario - Not For Sale

Jenny Kotulak Broker

Your Oakville Community REALTOR

Past President Oakville, Milton & District Real Estate Board

What's new in Oakville?

Construction of Oakville's new state of the art sports facility is well under way on the west side of Neyagawa Boulevard, just north of Dundas Street (Highway 5). Currently the 79 hectare sports complex is known as North Park.

The building currently under construction holds a quad pad arena featuring a 1,500 seat Olympic sized ice surface plus three NHL sized ice pads. Four soccer fields are to share the property along with a playground, splash pad and leash free dog park. Future plans also include a cricket patch and BMX/skateboard park.

The Town of Oakville also plans to add a community centre and library at this location once the the area is developed with new housing in the future. Oakville Transit will also have to look at servicing the facility.

For more Oakville Community information contact Jenny Kotulak Broker

Your Oakville Community REALTOR

www.oakvilleontariorealestate.ca

Many people feel that November and December are less than stellar months to buy or sell a home. I don't believe there is ever a bad time of year to make a real estate transaction. Here are 10 reasons why these months present great opportunities.

1. Unmotivated sellers take their homes off the market. Therefore there is LESS COMPETITION for serious sellers. Unmotivated sellers will put their homes back on the market in January when a rush of other will also. Chances are they still won't sell unless they are priced correctly and show well.


2. Homes SHOW WELL over the holidays. Seasonal decorations, warm fires, wonderful smells from the kitchen entice buyers. TIP: Leave some cookies on a plate for the potential buyers.


3.There may be LESS SHOWINGS but most showings will be from SERIOUS BUYERS. People are busy at this time of year and if they are out looking at homes they are usually MOTIVATED TO BUY.


4. Buyers who have just sold their homes in the FALL MARKET are looking to buy another home. These are FIRM BUYERS. Many want to be in their new home for Christmas. TIP: Treat offers from firm buyers like gold.


5.Selling your home in November or December gives you the opportunity to wait until the New Year to buy. There will be more inventory and you will be in the driver's seat.


6. Many buyers getting transferred need to relocate for the New Year. Chances are they are scouting for a new home during the holiday season when they have time to bring their family to look.


7. Many people buy homes or condos for their children who are beginning College or University in January. If you live in a College or University area this is prime time to sell. TIP: If you live in a college or university town, you should consider buying an investment property to rent out to students.


8. For BUYERS, there may be more room to NEGOTIATE PRICE as most sellers on the market are MOTIVATED to sell.


9. REALTORS are not usually as busy at this time of year. You will receive their undivided and devoted attention. The same goes for lawyers, mortgage brokers, moving companies, etc. Moving costs may be reduced.


10. Don't forget that life circumstances force people to buy and sell at any time of the year. The market for marriage, divorce, retirement, inheritance, empty nest syndrome, first time buyer, single buyer DOESN'T STOP in November and December.

TIP: Consider the months of November and December as Opportunity Time.