Welcome to episode nine of the Monday Market Update!
On this episode of the Monday Market Update, Matt provides you with numbers and facts about the London, Ontario real estate market including new listings, homes sold, and homes conditionally sold. In this segment Matt also gives his opinion on what the current London, Ontario real estate market looks like, as well as the surrounding areas! Matt also shares his predictions on what the real estate market will look like going forward.We are already into the third week of April, and In the last week in London, Ontario’s real estate market we saw 272 new listings come to market and 300 sold and conditional sold homes. We continue to see the sales outpace the new listings here in London, Ontario and we are still in a strong sellers market. What we are now starting to see is some anxiety towards moving. People want to move and they are looking to move, and to me the best option for them is new construction, which there is a lot of here in London, Ontario. What I have been seeing more of in the last couple weeks than before, is Toronto buyers coming in numbers to purchase new builds in the London, Ontario area. However, I am noticing that these buyers are looking into more of the new builds. First and foremost this is because it is easy to maintain new builds, and there is not necessarily that much to worry about. These buyers are looking at purchasing these homes from an investment standpoint. They are possibly looking to rent these houses out to families and young professionals, and play the waiting game, letting the homes appreciate in value in the coming years. Check back next week for a new episode of the Monday Market Update!
If you’re a first time home buyer or seller, or you’re just unfamiliar with the real estate industry, the language used may be a little confusing. Realtors and agents often use slang or different terminology that makes you stop for a second and think, ‘what are they talking about?’
Here are some of the most commonly misunderstood terms and lingo that are used in real estate:
MLS (Multiple Listing Service) = MLS is a marketing database service that compiles and distributes information about homes listed for sales by a group of cooperating real estate brokers. Today, this service runs online but it used to be a book as shown in the photo to the left. This service allows agents to see each other’s listings of properties for sale. Both the listing and selling agent benefit by this sharing of information.
CMA (Comparative Market Analysis) = Also referred to as competitive or current market analysis, a CMA is a report that provides information about the prices of homes that are comparable to a client’s home and generally within the same geographic location. A CMA looks at homes that were recently sold, are currently on the market, or were on the market but not sold within the listing period. A real estate agent will perform a CMA to help determine a listing price when selling a home or a price to offer when bidding on a home.
Lock Box = It is a locked, ‘key-holding’, device that locks a house that is on the market. The device allows communal access for all real estate agents after receiving permission from the listing agent.
Fixture = It is anything of value that is permanently attached to or a part of the real property. This includes things such as, wall-to-wall carpeting, light fixtures, and landscaping. Think of it like this, if you were to turn a house upside down and shake everything out, only fixtures would be left. However, everything that did ‘fall out’ of the house is referred to as chattel property. Chattel is property that is not affixed to the real property.
Here are other misunderstood real estate acronyms that are often used when describing a home:
- 4B/2B – refers to the ratio of bedrooms to bathrooms. In this example, the home would have four bedrooms and two bathrooms.
- LR – Living room
- DK – Deck
- EIK – Eat in kitchen
- FDR – Formal dining room
- Frplc – Fireplace
- Gar – Garage
- Gard – Garden
- HDW – Hardwood
- Upr – Upper floor
- W/D – Washer and dryer
JNS North DesignsThis week, I mugged our very own Jordan, owner and aesthetic expert at JNS North Designs! They make completely unique and one-of-a-kind bracelets and necklaces. Support local businesses while staying stylish! Contact her today!
Welcome to episode eight of the Monday Market Update!
On the Monday Market Update, Matt provides you with numbers and facts about the London, Ontario real estate market including new listings, homes sold, and homes conditionally sold. In this segment Matt also gives his opinion on what the current London, Ontario market looks like, as well as the surrounding areas! Matt also shares his predictions on what the real estate market will look like going forward.Happy Easter from Santa Knows Best Real Estate! On this episode I discuss and give some helpful hints to Londoners who have now sold their home, but are looking for a new place to move. Within the last week, London, Ontario’s real estate market saw: 250 new listings come to market with 314 homes sold or conditionally sold. What we have been hoping for in terms of inventory has seemed to vanish, as the demand for homes has surpassed the supply and it is still a sellers market. I think we can say what is happening is that sellers are cautious of selling their homes because they do not have anywhere to move to. Inventory is still a pressing issue in London Ontario’s real estate market and if you sell your home today, you are very likely to get well above list price – but the question is where do you move? My advice and the best place to move to to get the biggest bang for your buck, once you have sold your home in London, Ontario is to go to the outer perimeter. Just fifteen minutes outside of the city there is still plenty of availability! In these surrounding neighbourhoods you also do not have to compete with the big city money. Check back next week for a new segment of the Monday Market Update!
Moving is a long and arduous process, that can be made all the more difficult with pets! So I’ve compiled some handy tips to help you and your pet, make it through a move stress free!
- Don’t pack away the dog food in a vaguely labelled box! Make it easy for yourself, by preparing a bag with all of the essentials, such as food, litter, toys and grooming tools to keep them happy and comfortable, while you go about unpacking.
- Update their tags or microchip information. In their new environment, they’re more likely to get lost, so take all precautions to ensure they can get back to you safely.
- Inform your vet, especially if you are moving far away, so they can provide you with records and any prescriptive medication you may need. Ask your vet if think a sedative will be necessary. They might also be able to recommend a vet in the area you’re moving to.
- Make sure to include breaks for walking dogs if you’re driving a long distance. Hotels have a limited number of pet-friendly rooms, so book in advance to make sure you’ll have a place to stay.
- Don’t take your pet out of their carrier! Ensure that they are secure before opening any doors!
- Pack your meals or plan on take-out. If it is a long drive to your destination pack a cooler with water and food. Restaurants won’t allow you to bring in your pets and you can’t leave a pet unattended in the car, so be prepared to eat.
- Consider a Boarding Kennel on moving day. The day of a move can be very stressful, so to reduce that stress you’ll want to put your pet in a quiet place. If you don’t want to leave them with a kennel, you could designate a room as the pet room and put a large sign with “PETS. DO NOT OPEN” to keep movers or friends from releasing your pets.
- Use your own car. As much familiarity as possible will help reduce the stress for pets.
- Keep to your regular schedule. Try to feed your pets at the same time, go for walks at your regular time. This will help to keep your pet comfortable with familiarity.
- Spoil your pet! Make sure to give them lots of attention, as you will be mostly distracted by setting up your new home. During this stressful time, pets tend to feel unloved and neglected which can bring out bad behaviour.
CSC BlindsThis weeks mugging victim was Josh Rath from CSC Blinds!
Welcome to episode 7 of the Monday Market Update!
On the Monday Market Update, Matt provides you with numbers and facts about the London, Ontario real estate market including new listings, homes sold, and homes conditionally sold. In this segment Matt also gives his opinion on what the current London, Ontario market looks like, as well as the surrounding areas! Matt also shares his predictions on what the real estate market will look like going forward.The weather this week in London, Ontario is amazing and warm weather is finally hitting the forrest city. The first week of April in London, Ontario’s real estate market saw 268 new listings come to market with 328 homes sold or conditionally sold. The real estate market in the first week in April has been consistent with what has been happening over the last few months. This week, I give advice to sellers who are looking to get the most money for their home – by letting the market talk! What you need to do as a seller is go to the market with the value of your home and let the market take it higher. Your strategy is very important! You need to let the market bid up the price of your home, do not bid it up as the seller. What we are still seeing is this intensity in the market, as there is still not enough supply to handle the demand in the London, Ontario market. It is now pretty typical to start seeing houses go above the asking price by at least $20,000. This is starting to be the new norm in London, Ontario, so if you are a buyer, remember what I said be prepared to strengthen your offer and you might also have to put multiple offers in and be prepared to pay above the asking price.
The easiest way to increase the value of your home is to do a renovation. But what renovations will give you the most bang for your buck?
The most obvious answer is the kitchen. The kitchen is a place where you spend a lot of time, whether you’re recharging your body, baking cookies with your children, or hosting company for dinner, you want it to look amazing. That being said, this kind of renovation will have people seeing dollar signs, especially when you start throwing out words such as ‘granite’ and ‘stainless steel’. But don’t worry, but you can still create your dream kitchen on a realistic budget. Sometimes, all it takes is re-facing the cabinets, adding trim, painting or adding a new backsplash to make your kitchen look new again.
Another simple way to update kitchen cabinets (or any other cabinets for that matter) is to simply change the hardware. There is no reason to skip out on this as costs are minimal and yet it can have a huge impact on the space! Other accessories that can make a room look new when replaced include door knobs, light fixtures, and faucets.
The second renovation that is most certainly worth it, is the bathroom. People want their bathrooms to be their very own oasis, or at the very least not have a pink or blue toilet. Generally, what this means is soothing colours and chic finishes. A bold tile, an interesting sink or faucet can go a long way in making an impression.
FlooringAnother obvious way to leave a major impact is with renovating new flooring. The one thing that you will always hear homeowners and tenants ask for is hardwood! But you will be paying big money for that type of upgrade. However, there is a less expensive alternative: engineered hardwood. If even that is not in your budget, there are plenty of laminate options that look great. There is even now an option to have porcelain tile that looks just like hardwood. With small grout lines, it could easily be passed as hardwood and is twice as durable!
Income SuiteFinally, the best renovation option to increase the value of your home is adding an income suite. Now, this obviously is not necessarily an option in all homes, but it is definitely an option worth exploring. No other renovation will increase your value quite like an income suite. Not only that, you will also be receiving monthly rent, which could knock down your monthly payments or even translate into positive cash flow!
Next time you’re thinking about renovating, keep in mind these tips to increase the value of your home without breaking the bank!