APRIL 2017 - AVERAGE SELLING PRICE IN DURHAM REGION

Pickering Detached Homes hit over $1M  - check out the latest selling prices.   More listings coming out daily, market is more balanced, Buyers now is the time to get out there.. the market in May seems to be shifting.  Less multiples.  Is now the time to buy?  Oshawa was actually ranked 2nd in Money Sense magazine as one of the best places to buy real estate !  Contact me if you have any questions about the real estate market, I would love to hear from you.

Why I Am Not Celebrating

Good morning real estate friends, I am going to keep this short.. and I am sure many of you have gone through this or similar in this recent market but I listed a mediocre townhouse in Ajax on Thursday... did all my marketing and professional photos to get this house the most exposure in a short period of time... client has relocated to U.S. so property was vacant.

 Offers were last night and I received 14 of them.. which was not really a surprise. I expected quite a few based on the showings. The home was by no means priced TOO LOW for the market. It was priced based on last sale and improvements that were made to the other unit as opposed to ours. The other property sold for 615K... so I advised my seller we should list at 579K based on the work that was done to the other home compared to ours. They agreed and said, if they saw a "6", they would be thrilled... well my friends, they saw a "7".

Now my job is done but why driving home did I just keep shaking my head. This cannot continue in my mind. I am not being negative. I am trying to wrap my head around a townhouse being over 7 when 2 weeks ago a nicer unit sold for 615. I feel bad for all the agents that I had to call. They all said, they cannot believe what is going on and I agree.

Agents are out working their butts off and the public thinks they are all getting rich .. and if the truth be told, many agents are writing 10 offers or more before 1 goes through and spending countless weekends showing them and sitting in their car... and if they don't win, they don't get paid... so please please please, stop making out like agents are benefiting from this craziness. I can almost guarantee if you took a poll 90% of agents would like to see a more balanced market. Not this.

So why is it that 132k over asking doesn't have me doing a happy dance? Because it isn't about the money right now. It is actually about what is going to happen to this market because surely it cannot continue like this. And tell me what happens when all these expensive homes have mortgage renewals in a few years and the interest rates are higher, can they afford the payments? Will the values have decreased and now the homes aren't worth what they have invested in them?

This is just a dangerous ride we are on right now... I liked it better when we could negotiate, speak about our buyers to the sellers, build relationships with agents and not tear them down at all costs, all that has gone to the wayside. It is all about winning at any cost. It needs to end or at least slow this down and let's get back to what we do .. which is buy and sell real estate.

Congratulations to my Seller... I am so happy it worked out for you and

congratulations to the new Buyer and their agent and to the other agents and buyers that I had to make "THAT CALL" to, better luck on the next one... and now what will the next one list for??? Mind boggling. Ok that's my coffee rant for this morning. Thanks for listening and have an awesome week everyone. Cheers, Michelle xo

 "Keeping the REAL in real estate"
Direct Line:  416-300-3004
(Posted from my LinkedIn Post of 03/07/17)

February Home Sales - Just Released for 2017

February 2017 Market Watch - JUST RELEASED from Michelle Makos

As you can see another steady increase in sales... on average we are seeing an increase of 27.7% from 2016 to 2017.... A true sellers market !   

The History of the Toronto Real Estate Market

I have had so many people ask me "What do you think is going to happen to the market?"   I do not have a crystal ball, nor do I predict the future.  I can only comment on my own personal experiences and in 1989 we saw the real estate market basically tank... and during that time I was heavily invested in the market and also pregnant with my first child.   So that will age me.. ha ha :)

To make a long story short, the last home I bought in 1989 which was the peak of the market, I sold in 2008 for the exact same price that I paid in 1989... so all I am saying is, if you are going to buy at the peak of the market, you must be able to afford to hold it until it rallies back. (AND it will rally back).. it always does.

I am not trying to scare anyone or say the same thing is going to happen because back then, interest rates was upwards of 16.0 percent... which is crazy compared to today's low interest rates... but when I looked at these charts it was chilling to seem how it matched my real estate lesson !  So you can say I am crazy or I don't know what I am talking about, but it is coming... I just listed a end unit townhouse and on the first day had 12 showings and 2 called for pre-emptive offers.

To read the complete article from where this chart was obtained click here.

So the answer to the question from me is "time will tell" but everything I read tell me we are in for a correction.   When I don't know... because the next chart makes it look like we have a way to go when it comes to percent change of prices but then again, the prices were half of what they are today.

Just some real estate history for my friends... off to work... have a great weekend everyone !  

Your friend in real estate,

Michelle Makos

P.S.  I always appreciate your referrals.

43 MIchaelman Rd., Ajax - Just Listed !

Are you looking to get into the market?  This home is the ONE !!  Wonderful freehold end unit townhome on a corner lot with fenced in yard and professionally finished basement.  Wrap around Porch.  Huge Master w/ 4 Pc Ensuite and Open Concept Main Floor... All this for $579,900.00  

If you would like to see the VIRTUAL TOUR - CLICK HERE

Offers being accepted Monday, March 6th by 7 pm... Don't miss your Dream Home.

Home sells for $1.15M OVER ASKING

Ok so this just is more of the same.   Last week a home in Whitby sells for

almost double and now this one in Toronto sells for 1.15 MILLION OVER ASKING !!   The article is in the Toronto Star in the link attached.

Homes sells for 1.15 OVER ASKING in Toronto

Just thought I would share this.

Happy Valentines Day !

This is the new reality in Durham Region ! Crazy or What

Ok so I have been telling everyone how the market is crazy out there and multiple offers are everywhere.  Well folks, this is the new reality.  This was last night !!!  In Whitby, a bungalow with a single car garage... listed for 549,900 and had 32 offers and sold for $900,000

When is this nonsense going to stop !   That means 31 families LOST.  31 agents left with disappointed clients.  And now what happens with the next listing in or around that street.  Is it worth $1,000,000 ... C'mon people, stop this madness.

Either agents are pricing this stuff ridiculously low or the public has gone stark raving mad !  I am sorry but that house should never have sold for 900,000...

Please be careful out there.  Don't get caught up in this nonsense.  Have the common sense to walk away !   I hate to say it but I think we are on a very slippery slope right now ... and I am starting to worry about how this will end.

Just thought I would show you the reality of my every now !  Oh and I passed my Brokers exam.  I figured after this long, I should get it done... :)   Have a great night everyone and Happy Valentines ... maybe a house is a better investment than a ring but a ring is a lot cheaper !  LOL

The divorce may cost you !  LOL... have a great night !

January 2017 - Durham Region - Up 36% !!!!

Well everyone, the numbers are out !!!  The average selling price in Durham Region reached $608,417 last month.  In comparison, the average selling price was $446,117 during the same period last year. That is a 36% percent increase !!!  Wow !

Who knows how long this ride will continue but if you are thinking on selling I would love to meet with you and show you how these numbers will affect your bottom line.  You might be pleasantly surprised.  And if you are buying, stick with it....every month you wait, the prices are going up.  

Have a Walk Away Number !

Hey everyone,

Just thought I would give you a quick update with what is happening in the market out here.   Buyers are completely frustrated and so are the agents.  The prices are going up every day.  This weekend a house in Whitby listed for 7 something sold for over ONE MILLION dollars... Complete craziness.

So I guess what I am trying to say is work with someone you trust.   Don't get talked into some of this nonsense.  There will be another house... be informed and be ready ... but don't be stupid.

AND... don't put in conditional offers .. chances are you are going to lose (at least out here anyway) and you are only boosting up the prices because the other firm offer, isn't being told yours is conditional.  They just see another offer and then jack their offer up another 10K to beat you and yours wasn't even in the running.

So please use good judgment.   Have a walk away number !  Don't get sucked into the emotional roller coaster .. be smart !   Yes the house prices are on the rise and yes you are going to pay top dollar but you don't have to be reckless.   Stay calm, listen to your Realtor and follow their lead.  They are working for you. They know the market.  They want YOU to win as much as YOU do.  They don't earn a living either when they lose.  They are writing offers and and losing all the time.  Imagine if someone said to you, go to work and if you win you get paid (not right away mind you but in a couple months when the deal is closed) or go to work and do your best with what you have and lose and don't get paid... and keep doing it, week in and week out... for FREE.  So please understand not all Realtors are making tons of money like the media portray.  We have a lot of great agents that are working 10 times harder and making ZERO !!

So let's all work together, quit blaming each other or the Seller or the agent.  It is just a crazy time in real estate and hopefully we get some more inventory so this crazy pace slows down and people can negotiate again... like the good ole days !

But when you are ready to make an offer, be careful.  Don't get caught up in the winning of it.  Have a WALK AWAY number... Play until you hit it and then throw in a towel.  It is just crazy what some of these houses are selling for and I wonder how many people are waking up the next morning sick thinking what they just paid for that house !!   It is supposed to be a special time, buying a home ~ not a game.   Surround yourself with professionals that know the market and understand how to play the game ~ because right now it is a game !

Don't get so invested in a home that you can't walk away.   It's bricks and mortar. Another one will come out tomorrow and probably better than the last..... Slow and steady wins the race.  Be patient.  Do you homework.  Get pre-approved.  Be informed and work with someone you trust to direct you to the finish line !

That being said, enjoy your evening.  Super Bowl Sunday !!!   If I can ever help or answer a question, don't be shy.  I am always here to help.   Hang on to your hat though, I think we are in for quite the ride ... :)

Cheers to that my friend !
Signing off, your real estate friend,

Michelle xo

January 2017 - Market Watch - Just Released !

No surprises here !  Market up 11.8% in sales compared to January 2016 and the prices are up 22.3%.   If you are thinking of selling, this might be the year to capitalize on the equity in your home and the strong housing market.  For a more in depth analysis of your home and what I can do for you, let me know.

TREB January 2017 Market Watch from Michelle Makos