In This Issue
- March Real Estate Market Update
- What You Need To Know About Deferred Mortgages & Rent Payments
- A Big THANK YOU
- Spring DYI Myths
- 3 Tasks To Complete Before You Sell Your Home
It has been an interesting entry for spring this year. With all that is going on, the month of March actually had growth when it comes to residential home sales in Lake Country compared to last year at this time. What unfolds in the coming months will be interesting and I will keep you up to date on the local marketplace with each month’s newsletter.
In this month’s newsletter are the most recent statistics that show an active real estate market for single-family homes in the month of March.
If you are currently in NEED of buying or selling a home there are ways to handle this situation with safety in mind. However, needing to buy or sell a home as you know is far different than wanting to buy or sell during this time of self-distancing. If it wasn’t for servicing a great need, real estate would not have been included as an essential service. Please consider this in your real estate considerations.
The Real Estate Council of Ontario this week issued the following statement.
“The Government of Ontario has updated its list of non-essential businesses in response to the ongoing COVID-19 pandemic. Although real estate services are still considered essential, the government has prohibited the hosting of open houses, effective 11:59 PM on Saturday, April 4, 2020.
Real estate brokerages, brokers and salespeople must cease hosting and attending open houses. In addition, RECO strongly recommends that brokers and salespeople follow the direction of health officials by limiting showings to situations where they are absolutely necessary.”
I would be happy to answer any questions you have and discuss your options and what can be done to assist you with your real estate needs while following all the guidelines that are in place.
The safety of my buyers and sellers, as always, remains a top priority and if delaying a purchase or sale is best for you at this time I will be the first to recommend it. If there is a great need right now I can explain the options to take to ensure your needs are met while maintaining the safety of you, your family and others.
Local Real Estate Market Update
The following statistics from the Lakeland Association of Realtors are compiled for the Lake Country Region which includes Orillia, Oro-Medonte, Ramara and Severn are for Single Family Homes. If you would like a breakout for other specific areas or types of properties contact me and I would be happy to provide this for you at no cost or obligation.
March 2020 Market Overview
Last month in the Lake Country region residential home sales had growth in both price and homes sold compared to last year at this time.
Average home sale prices are up 19% year to year and the days on the market (average days to sell a home) dropped from 51 days last March to 33 days last month.
There was a 5% growth in the number of homes listed for sale and a 19% growth in the number of home sales.
Buyers Market – Sellers Market – Balanced Market
Type of Market
Inventory is a reflection of how many homes sell in a month compared to how many homes are currently listed in the market.
Seller’s Market = 4 months (approximately 120 days) of inventory or less.
Balanced Market = 4-6 months (approximately 120 to 180 days) of inventory.
Buyer’s market = 6+ months (approximately 180 days) or more of inventory.
What type of market are we in now?
At the close March (2020), it was, for the most part, a Balanced Market for Freehold Single Family Residential Homes in the Lake Country region. The inventory of homes at the close of last month was 4 months in the combined areas of Orillia, Oro–Medonte, Ramara and Severn which was about the same as in March 2019.
What You Need To Know About
Deferred Mortgages & Rent Due During Covid-19
I contacted three area professionals dealing with mortgages to get their thoughts on three questions concerning mortgages in relation to the current situation with Covid-19.
1) What advice would you give to someone who has just lost their job because of Corvid-19 and is concerned about how to pay their mortgage?
2) What advice do you have for someone still employed who has a mortgage renewal in the next six months?
3) What advice do you have for someone who has lost their job because of Covid-19 and has a mortgage renewal in the next six month?
I provide their answers in the video below
THANK YOU, ESSENTIAL SERVICE WORKERS
I just completed fourteen days of self-isolation after returning from the U.S. and was more than happy to participate in this requirement.
We all need to take the required guidelines seriously and do our part in following what the experts are telling us to do at this time as there is still much to learn about what we are all going through.
I applaud the amazing efforts of nurses, doctors, hospital staff as well as those in emergency services, essential transportation services, grocery store employees, pharmacy staff, shelter staff, cab drivers and the endless list of people who daily continue to go above and beyond to serve others at this time.
THANK YOU – You Remain In My Prayers
Spring DIY Myths
Spring is here! The weather is finally turning nice, making now a great time to learn the truth about Do-It-Yourself projects and implement some fantastic technology upgrades in your home.
If you are looking for a way to use your time in a productive way while at home, you can’t do much better than taking on a new DIY project. However, before you pull out your hammer and nails, familiarize yourself with some common DIY myths.
Myth 1: You’ll Save Money with DIY
Doing a job yourself will remove labour costs and with simple projects, this is definitely a good option. However, there are many home improvement projects that will benefit from the experience of a trained professional. Trained experts know what products to use, already have the necessary tools, and will know the quickest and easiest way to complete your project. Also, if you are not handy, the work you attempt to do might actually cause bigger issues by creating an overall poor impression of your home. One repair or upgrade that clearly shows that it was not done by a professional in the trade can have a potential buyer questioning everything about your home.
Myth 2: Weekend Projects
Many of the projects you find online that are advertised as “weekend projects” may end up taking much longer. You never know when the need for a different tool, screw, or weather will delay your project. So, be prepared for your weekend project to take a little longer.
Myth 3: DIY Projects Don’t Need Inspections
Unless your home-improvement project is a cosmetic update, such as new paint or deck staining, there’s a good chance you need a permit, inspection, or both. If you fail to complete these steps and someone is hurt as a result, you could be liable for the injuries. You also might be asked to supply proof of a building permit by a buyer.
3 Tasks to Complete Before You Sell Your Home!
Do you need a bigger home or a space that more closely matches your lifestyle? Do you want to be nearer your family or job? There are many reasons to sell your current home. Give me a call once you know what yours is, and then I can help you through these steps to get started and during this time of physical distancing with Covid-19 we can do this together through a video chat while going room to room through your home to help you prepare for your sale.
Overview Of Your Home
Once you have the reason why you want to sell your home firmly in mind, we’ll move through your home and identify any areas buyers may note as less than ideal. Even minor details such as wall scuffs, faded paint, or older light fixtures could impact a buyer’s opinion of your home.
After identifying potential problem areas, take the opportunity to make repairs and upgrades to present your home in its very best light. Investing a little time and money in your home before you list can help it sell faster and for a higher price when the time comes to sell.
Stage your home.
Once your home is in top shape, it’s time for staging. The most important part of the staging process is decluttering. Clear out your closets and cabinets and remove bulky and non-essential furniture to make your home feel larger. Also, check this blog I posted earlier on the Three C’s In Selling Your Home
For more staging tips or information about buying or selling your home, give me a call! If you have time on your hands, now is a perfect opportunity to prepare your home for a sale down the road and in a time of physical distancing we can hook up through a video chat and go through your home together. I’m always here to help!
Get Monthly Newsletter In Your EmailSign up for to receive my monthly newsletter in your email HERE.