Jenny Kotulak Oakville Real Estate

worth.....

Friday, October 24, 2008

How to Sell Your Home In a Buyers' Market

You read it in the paper and hear it on the t.v. everyday lately. The bottom is falling out of the real estate market. Doom and gloom. Prices are way down. Nothing is selling.


While there are areas in Canada that are feeling the big pinch, here in Oakville and the GTA we have a very resilient market.


Yes, sales are down. Statistics from the Oakville, Milton & District Real Estate Board show that sales from January - September 2008 are down 15% over the same time period in 2007. That figure is the number of sales, not the sales prices.


Prices in Oakville for the same time period are actually up over 8% compared to 2007.





The other good news is that the average days on market for this time period is 34 days, down from 36 days in 2007. The percentage of sale price to list price remains the same at 97%.


Is it a little tougher to sell a home in Oakville right now? Definitely and there are certain reasons why.


First off there is more inventory available. Secondly the buyers are not making rushed purchases. The pressure is off. We are seeing less and less multiple offers. It's simple really. More listings available, less buyers buying. The pendulum has swung back to to a buyers' market. The ball is in the buyers' court. No matter how you describe it the buyers are in the drivers seat.


So what does that mean? Buyers are waiting and watching. I am finding there are a couple of different types of buyers out there right now. The ones who are sitting and watching homes, waiting for price reductions and the others who are going ahead and making offers on properties but buying on their terms. If the offer does not come together, they move on to another property. They do not get emotionally attached to the offer or the property.


So what does this mean for sellers? There is a very high stress factor for many sellers right now. Some have already purchased another home and they are finding themselves in a position of being close to, or already owning two homes. Some have decided to lease their home if they have been unable to procure an acceptable offer. Unfortunately some have both properties listed with the hopes that one will sell.


This is definitely not the type of market where you purchase before selling. There is a tremendous amount of pressure on real estate salespeople right now. The usual internet, newspaper and magazine advertising isn't attracting as much attention as in the past. Open house signs dot the neighbourhoods on the weekends. In the real estate offices REALTORS are posting pictures of their listings and networking to try to sell their clients' properties. Some sellers are telling their REALTORS to spread the word they are motivated and open to offers.





What can a seller do to get the buyers in the door and generate an offer? The first thing they should do is listen to their REALTOR when they list the property. Know exactly what your competition is. How many homes are for sale in the neighbourhood? How do they compare? How many recent sales have there been? What is the average selling price? If a buyer has 10 homes to choose from, they are going to look at the ones that are priced well and show well. Don't list high and then try to play catch up with the market a month down the road. The first three weeks on the market are the most critical. After a certain time a listing becomes stale and buyers and buyer agents begin to wonder if there is something wrong with the property since it hasn't sold. Motivation for selling is another very important consideration when listing in a buyers' market. If you have to sell it is imperative that the home be in "model home" showing condition. Even if you have to spend some money to do some fluffing or staging it can be well worth it, perhaps not monetarily but in promoting a quicker sale.


I have talked about curb appeal in another article but I can never stress enough the importance of that "first impression" that a buyer will never have again. Make sure you ask your REALTOR what you can do to make your home show its' best. An experienced REALTOR will have been through this type of market before. I have seen lots of peaks and valleys since 1989.

It isn't rocket science to know what buyers' look for in a home. They want to walk in the front door and feel like they are walking into THEIR home. They want to feel positive vibrations and get the feeling that the home is a happy, well loved home. When they start placing their furniture in the rooms, it's a good sign. It really is the simple things that count. Fresh flowers, clean kitchens and bathrooms, sparkling windows, bright rooms, good smells, uncluttered and depersonalized. A neutral presentation is important. You may love your red and purple walls and rose coloured carpets but the majority of buyers don't.


If your home isn't selling it is very important to discuss with your REALTOR and listen to their advice. They don't get paid unless your home sells so their advice is free. Remember that homes sell in every kind of market. You only need ONE buyer. For over 19 years I have been professing that "If a house is priced right and it shows well, it will sell"





Until next time


Jenny


http://www.oakvillerealestateonline.ca/

Thursday, October 16, 2008

Colour Trends for 2009 --- Peach & Pink --- Been There - Done That

I have had the opportunity to view and show many homes during the last 19 years of selling real estate. It never fails to amaze me how differently first time buyers furnish their homes today compared to the early 1980's when my husband and I and many of our friends were setting up house for the first time.

Although home prices were much lower in 1981, mortgage rates were 18% and a $50,000. mortgage carried for almost $750. a month. We were delighted to receive hand me down sofas and chairs from our parents basements, mismatched lamps, homemade afghans, macrame plant hangers and embroidered doilies, all the rage at the time
These photos are my attempts at home decorating in the 1980's.


A popular wedding gift item in 1981 was the crockpot and we received FIVE. If anyone asks me if I have ever regifted in my life, I must admit I may have. My employer at the time asked me to pick out a pattern for our "good china" as our wedding gift. I still have the set minus a cup or two.

We purchased a used dining room suite and I recovered the chairs many times over the years. The table and chairs are long gone and the buffet cabinet is sitting in my garage waiting for a "makeover". My decorating skills were less than professional back then. Chicken and rooster themes were in. I painted the kitchen cabinets in our first home blue. Wallpaper borders were all the rage.

Jump forward to 2008. Do first time buyers have better taste today? Do they watch all the decorating shows and know how to stage their homes and live without clutter? Or is it the Leon's "Don't pay a cent event" that is furnishing these first homes? Are they saying thanks but no thanks to offers to reuse, recycle or reupholster mom and dad's wellmade, last a lifetime can't throw away furniture? How many people today are buying Ikea "disposable" furniture? Looks good but doesn't last long. Have you ever moved and taken apart an Ikea bed and tried to put it back together?

Decorating styles have changed tremendously over the years. Trends come and go. The smart move is to stay neutral with the large furnishings and be "trendy" with your accessories.

I just read an article today about upcoming paint colours for 2009. There it was, back from the eighties. Peach. Yikes. Can't wait to try it and see how it looks with my new shag carpet. Joking.


But seriously I remember my parents telling me that there first home consisted of "orange crate" furniture.

Today buyers have a chance to visit decorated model homes and pick up ideas for their own home. I still see lots of bad decorating out there but it isn't usually in first time buyer homes.

Until next time

Jenny Kotulak

www.realestateonline.ca

www.OakvilleRealEstateOnline.ca

Wife, mother, Real Estate Broker, Blogger??? A natural progression right? I figure with 20 years of experience selling Real Estate and 26 years experience as a Mother, I must have something to contribute. I can't think of a better community to raise a family in and I want to share what Oakville has to offer. What's that saying? A picture is worth.....

Thursday, October 2, 2008

A History Lesson

This past weekend I had the opportunity to volunteer for the first "Doors Open Oakville" event. Oakville decided to OPEN the doors to over 20 Heritage and Historical sites for the public to visit for free. This event already takes place annually in many Ontario towns and cities. Many people that I met over the weekend go touring different towns every weekend getting a first hand view of the history of our great Province.

Although the weather was damp on Saturday I was happy to welcome many people to the Old Lighthouse located on the harbour beside the Oakville Yacht Squadron and across from the Oakville Club. George Chisholm a descendant of Oakville founder Colonel William Chisholm entertained visitors with a history lesson of the Lighthouse and the harbour area.

On Sunday I helped greet over 250 viewers at the Granary. After a quick history lesson I was able to tell the story of how the Granary was built in 1855 as a simple grain warehouse. The Granary was built with two types of stones. The white limestone came by barges from Kingston, Ontario and the darker stone (shale) was stonehooked http://www.oakvilletrails.ca/bronteharbour-essay5.htm locally out of Lake Ontario in 6 to 12 metre depths.

Although the property is now being used as office space, the original integrity of the building has been retained and the structure is the only remaining Grain Warehouse on it's original site in Ontario.

I learned that approximately 8000 people visited the local sites over the weekend and the event turned out to be even more successful than anticiapated. Hopefully next year Oakville will again be part of Open Door Ontario and offer up even more of it's historic buildings for all to enjoy.

Until next time Yours in selling

Jenny

Oakville Real Estate Blog --- Opening Doors In Oakville

Friday, September 26, 2008

Sign Sign Everywhere A Sign

I was walking my dog in my neighbourhood today and remembered to take my camera as I had seen some strange things happening near Falgarwood School lately. Unusual signs had been erected and I must say I had never seen this particular symbol on a sign before. Looking closely I saw some resemblance to a bowler hat or a U.F.O (flying saucer).

According to the no parking sign added to the top of this strange sign, it became apparent that no U.F.O had better think about parking on Gainsborough Drive. As I continued down the street I arrived at the park beside Falgarwood school. A large metal post contained not one, but four signs of notices of do's and don'ts. Wow! Too much information. The restrictions and restraints today just to go to the park to play.

On the road across from the park was another one of those yellow signs, two raised black pads and a piece of yellow steel pipe between the black pads, arising from the pavement. There was not a No Parking sign above the yellow sign so I guess this is where the U.F.O's get to land, takeoff and park of course.

As I got to the end of the street I came across another unusual sign. On top of the NOW FAMILIAR yellow sign was a green and white sign with a picture of a house and the words Traffic Calmed Neighbourhood. Now I must admit, my four children all went to Falgarwood School and traffic congestion has been a longstanding issue and concern. I had never seen or heard the term Traffic Calmed Neighbourhood. I immediately Googled it along with the Town Of Oakville and there it was http://www.oakville.ca/Media_Files/trafficcalming/TC-finalreport-may04.pdf. I learned the black pads were called speed humps. I found that there are a number of other neighbourhoods in Oakville whose streets are all yellow signs and black speed humps.

I am very sad that our streets are becoming so visually unappealing and I am saddened that it has come to this. School zones and neighbourhood residential streets should be pedestrian friendly. Will these signs and speed humps lead to safer streets for our children? Is this a "Sign of the times?"

Yours in Selling Jenny from Oakville www.openingdoorsinoakville.ca


Posted by Jenny from Oakville, Ontario at 3:09 PM 0 comments Links to this post Labels: Falgarwood signs, Oakville signs, Photos by Jenny Kotulak

Oakville Real Estate Blog --- Opening Doors In Oakville

Wife, mother, Real Estate Broker, Blogger??? A natural progression right? I figure with 20 years of experience in Real Estate I must have something to contribute. I can't think of a better community to raise a family in and I want to share what Oakville has to offer. What's that saying? A picture is worth.....

Thursday, September 25, 2008

Jenny's 17 Reasons Why People Sell their Homes

Top Reasons Why People Sell Their Homes

(Not in any particular order)


1.Home is too small --- an increase in family size can cause the "starter home" to shrink especially with the size of baby toys and apparatus these days.


2. Downsizing --- the opposite of number 1. Empty nesters need less space. Some DON'T want to have extra rooms for the "kids" to come back home.

3. Deferred maintenance --- A home gets to a certain age when you must replace the roof, windows, furnace, air conditioner, kitchen, bathrooms, etc. Some people prefer to move to a new house before these large ticket items need replacing.

4. Purchase a new builder's home or custom built home -- In communities of large growth and development, new subdivisions offer homes with all the bells and whistles and the buyer gets to go shopping to pick out their upgrades, colours, etc.

5. New home property was too small --- On the other hand many people who move in to the new homes find that when the fences go up, the lot sizes are too small, the driveways aren't big enough, there is too much vehicle congestion on the street and nowhere for children to play.

6. Personal relationships -- Family separation or divorce.

7.Personal relationships Part 2 ---- Today's blended families require space for everyone.

8. Retirement --- Decisions are made to choose an alternate lifestyle --- condos, retiring to the cottage, moving closer to their children.

9. Moving closer to elderly parents --- We are also seeing the children moving to be closer to their elderly parents to help them with health care, etc.

10. Seniors moving to retirement homes and nursing homes --- many have been in their homes for 40+ years. This is a large adjustment and requires much care and understanding from their REALTOR.

11. Another sector of people must move due to physical ailments. Knee or back problems can force the need to move from a two storey or split level home to a bungalow to reduce the number of stairs.

12. Neighbourhood changes --- Anticipating highway construction, new home or condo development, changes to school boundaries, are some reasons that people decide to leave a neighbourhood before the situations arise, often because they feel the value of their homes may decrease with these changes.

13. Job transfer --- Depending on the commute, some people feel it necessary to relocate closer to their work.

14. Corporate transfer --- We are not seeing this type of transfer as much as in the past. Many Corporate Employers prefer that their transferee rent instead of purchase as often these moves are short term and the Employer does not want the risk of trying to sell the home in such a short period of time and perhaps losing money.

15.Renovating and Flipping ---- There are a percentage of homeowners who enjoy buying fixer uppers and renovating them only to turn around and try to sell them to see a monetary return on their investment. This type of buyer must be very careful to know what is happening with house values and know whether the market is favouring the buyer or the seller everytime they start a new project.

16. Cashing out --- Some homeowners decide that the time is right for them to take advantage of the equity that is in their home and sell so that they can buy a motorhome and travel, purchase recreational property up north or abroad or just rent in the city.

17. Last but definitely not least are the folks that move because they CANNOT STAND their neighbour. Yes this is a larger factor than you may think. Shared driveways can cause shared headaches. Thin walls can often let you get to know your neighbour more than you wish to. After hearing "naughty neighbour" stories from clients for the past 20 years I could write a whole blog on the subject.

Hmmm, but that would be another blog for another day.

Yours In Selling

Jenny

http://www.oakvillerealestateonline.ca/

Jenny Kotulak

Real Estate Broker

RE/MAX Aboutowne Realty Corp. Brokerage

Oakville, Ontario

905-842