It happens every summer, most winter breaks and whenever home prices stabilize for a short time … The potential home buyers take a break!

What confuses us the most is why so many home buyers wait until everyone is caught up in a frenzy to buy, before they decide to jump in?

The last few months were quite frustrating for so many buyers who were often in competition to purchase their home. Many buyers invested in home inspectors prior to even making an offer. Some just purchased their home without any inspection of any kind. Most buyers found themselves making offers well over the seller’s listing price – and within a day or so of actually seeing the home.

The pace was fast and the buyer’s were frustrated. Today the picture is a little different.

Although home prices have remained strong, homes are staying on the market for longer periods of time, allowing home buyers the luxury of seeing a home a few times prior to making a decision. There are fewer ‘bidding wars’ so one can actually make an offer and negotiate with the seller, have a  home inspection, and if desired, an appraisal, prior to committing to the purchase agreement.

Market and job conditions are the same as they were in the hot Spring market; interest rates remain unbelievably low!

So why are so many buyers ‘Waiting to see what happens’?  And if the Fall market turns out to be just like our Spring market – will those buyers choose to jump in on the frenzy or wait until the next time the market slows down?

Do you see the pattern?

We know that many people feel the market may drop in the next few months but keep in mind that Real Estate is a long term investment. It will drop and it will rise, again and again. One pattern we have found is that home prices always rise over the last highest price.

How many were caught this Spring wishing they had purchased a home back in 2008 when prices softened?

How many will be caught again?

Rather than trying to ‘time the market’ let us help you concentrate on finding the right home at the right price.

Take a look at the Toronto Real Estate Board’s June Chart. Pay especially close attention the the 4th chart;  Average Resale Home Prices. The orange bar represents 2010 and you’ll find it to be well above the previous 4 years.

If you’re curious about your local market, take a look at the Board’s Market Watch for June 2010.  Refer to page 2 to establish your Real Estate Board district.  If you live in the central North York area you are most likely in C07, C14 or C15.

The local central stats can be found on pages 10 and 11.  For example, there were 121 active detached homes for sale in C07 in June. Thirty one of them were sold in June.  Approximately 25% of the inventory sold in the same month. The list to sale price ratio was 97%.

If you’re interested in discussing even more local values don’t hesitate to call, write or leave a comment/question here.

Statistics reported for the first two weeks of March 2010 indicate that Toronto is heading into an exciting Spring market!

Greater Toronto REALTORS® reported 4,353 sales through the Multiple Listing Service® (MLS®) during the first two weeks of March.  This represented a 70 per cent increase compared to the 2,562 sales recorded during the same period in 2009 when resale transactions had dipped markedly due to the recession. 

View charts comparing sales numbers and prices here.

We are expecting to see more new listings hit the market in the next few weeks which should offer some relief to buyers who have been trying to buy a home in a hot market.

We are curious to know what are you think might happen to Toronto’s real estate market in the coming months. Share your comments here.

Welcome to the new Mulholland | Ross RealEstateToronto.com site! Our relevant local real estate site is an RSS campaign so that you can receive any changes to our site instantly – in real time.  Everything including Open House and New Listing announcements.  You can also search MLS listings – and access even more information!

What is RSS?

Have you ever noticed that little logo at the top of many professional websites? It’s a little dot that looks like it’s echoing. Ours is in a red circle at the top right hand side of our website. RSS stands for REALLY SIMPLE SYNDICATION and this allows readers to subscribe to websites. Subscribers then receive timely updates and information without having to continually check the site for updates.

Why Subscribe to RealEstateToronto.com?

Most importantly, our subscribers will receive instant notification of our new listings, price changes and posted sales prices.  We hope to keep you up to date on community events and developments and welcome your comments and ideas.

So while you can save our site amongst your ‘favourites’ (and we certainly hope you do) you can also subscribe to our site and you’ll be notified every time we post something new.

Try opening an IGoogle account and every time you subscribe to a site you like, the updates will be posted right there for your to find. You can also request updates get emailed to you. Its really easy – watch this.

So whether you are looking to buy, sell or simply stay where you are and keep up to date on the market, we welcome your input and ideas.

If you are considering a move, we offer our free ‘In Home’ moving consultation and evaluation. Please call Peter Mulholland & Ora Ross 416-230-8500 or email ora@RealEstateToronto.com

OPEN HOUSE FEB 27th/28th SAT/SUN 2-4pm

Generous sunken living room with open gas fireplace, hardwood floors and pot lights. The family room has a real wood burning fireplace! Warm Hardwood floors through main floor.

Modern family size kitchen with granite counters and built in desk area. French doors open to the party size deck and fully fenced back yard.

View More Pictures and Print Flyer or read more here

Vaulted ceilings with skylights and glass block accents adds style.

Large bedrooms with double closets. The master suite includes a walk in closet and bright marble ensuite with Jacuzzi style tub.

The lower level is fully finished to include a self contained inlaw suite or quiet home office area. Oversize windows allows for an abundance of natural light.

Tons of recent upgrades include new shingles ‘09, gas furnace ‘06, many new vinyl casement windows ‘08 etc.

Steps to Public Transit, Churchill PS, Willowdale MS, Yorkview French Immersion.

The perfect ‘Move Up’ home without paying the high New Home prices!

267 Betty Ann Drive – Beautiful solid 3+ bdrm bungalow with professionally finished basement on 50 x 135′ south lot.

104 Bevdale Road – Lovely ‘Cape Cod’ with dormer windows and family room addition on 50 x 150′ lot.

See you there!

Can’t make it? We’d be happy to arrange a private viewing at your convenience. Send us a note or give us a call to arrange.

But this wise Toronto couple quickly saw ‘past the paint’ and realized that this house could be everything they wished for with just a little planning.

The buyers agreed that all four bedrooms were quite spacious. The bathrooms – although a little dated – were in excellent condition. The living spaces were bright and the main floor family room had newer hardwood and a walk out to a lovely deck and pool.

Take a look at these BEFORE AND AFTER shots – it’s inspiring!

All the windows had recently been replaced including a bright bow window in the living room.

The lower level had been designed by someone who must have missed his old English pub – dark wood beams and heavy bar. But there was also a terrific fireplace and a huge bathroom with large jacuzzi tub.

They bought the home at a fair price. A short time after closing the new owners installed beautiful maple hardwood floors. Some paint, some tiles, two renovated bathrooms, some artwork on the walls and this place looked like new!

I received some photos – the ‘new look’ is amazing.  Best of all – the identical home on the same street was sold recently for $130,000 more than what our buyers paid.

This recent sale had a renovated kitchen, and two updated bathrooms. The windows were updated as well. But on closer look the family room had parquet floors and painted pannelling, as was the finished basement -without the the bathroom.

The living and dining rooms had original hardwood floors though nicely refinished – clearly the home had been ’staged’ with art and modern furniture.

Home buyers should learn to really look at a home – the walls, floors, floor plan and location. Sometimes the unrenovated homes actually have new furnaces, central air, beautiful landscaping etc. Look past the paint colours and  you just might find your dream home at a great price!

For more Buying Smart Tips call Mulholland Ross 416-230-8500 or email info@realestatetoronto.com

In the menatime, tell us about your experiences.

We believe that the best time to sell your home…is when you’re ready.

Statistically, the average sale prices in the Greater Toronto Area tend to rise from March through to about July. In 2009 we witnessed sale prices dropping through spring yet rising from July right through winter and continuing to rise as we write this post.

One of the most important barometers to watch is the  inventory around your home. If there are many  homes for sale you can bet the buyers will have some options and that may effect your price. If there aren’t many homes for sale in your area, there just might be some pent up demand and you could end up with buyers bidding for your home – regardless of the season.

A little piece of advice; if you’re not sure when you’re selling, be sure to get some wide garden and patio photos this summer. Just in case it is February and a snow storm when you discover ‘You Are Ready to Sell’.

Any questions about values in your area? Ask them here or give us a call 416-230-8500 | email ora@realestatetoronto.com

When it’s time to make a move, whether buying and/or selling, call Peter and Ora and discover why so many families entrust the services and expertise of the Mulholland | Ross Team for all their real estate needs.

Watching averages can give a big picture of a trend, but is doesn’t always tell the true story of what a buyer will pay for a home. For exampe, while the average price tends to drop 2-5% in summer or winter months, this doesn’t mean that your home just dropped that amount in value.  It might mean that for one reason or another, fewer higher end homes were sold – this could impact an average price.

As always, each home is different. We understand that. If you’re at all curious about your own home’s value just give us a call or drop us a note.  Curious about what home prices have done on your street lately? Let us know.

What do you think will happen to home and condo prices this year? Share your thoughts.