Brantford Real Estate and Community News

March 16, 2018

Now Is A Great Time to Sell Your House in Brantford

Latest NAR Data Shows Now Is a Great Time to Sell! | Simplifying The Market

Latest Data Shows That Now Is a Great Time to Sell Your House in Brantford!

We all realize that the best time to sell anything is when demand for that item is high, and the supply of that item is limited. Based on this principle the latest data suggests that now is a great time to sell your house in Brantford.

The Latest Sales Data in Brantford

Every month, The Terry Summerhays Team analyzes the sales data from the previous month and shares their findings in a monthly market report. This month, the data showed(once again) that homebuying demand in Brantford continued to outpace the supply of homes available for sale.

Takeaway: Demand for housing continues to be strong but supply is struggling to keep up, and this trend is likely to continue throughout 2018.

The most important data revealed in this month's Brantford Real Estate Market report was not just the actual sales but was instead the inventory of homes for sale (supply). The report explained:

  • Total housing inventory is down 29.46% versus 1 year ago.
  • The Average Sale Price in Brantford is up 5.62% or an average of $20,775 higher versus 1 year ago.
  • The absorption rate in Brantford is 79.68%, meaning there is only a little over 3 weeks supply of inventory/homes currently on the market in Brantford.

“Another month of solid price gains underlines this ongoing trend of strong demand and weak supply. The lack of inventory for single-family homes in Brantford has played a predominant role in the rising home values we have been experiencing in the Brantford area

In real estate, there is a guideline that often applies; when there is less than a 6-month supply of inventory available, we are in a seller’s market and we will see appreciation. Between 6-7 months is a neutral market, where prices will increase at the rate of inflation. More than a 7-month supply means we are in a buyer’s market and should expect depreciation in home values.

As we mentioned before, there is currently less than a 1-month supply of inventory in Brantford, and houses are going under contract fast with many properties receiving multiple offers. 

Takeaway: With the inventory of homes in Brantford being so low, coupled with the high demand for housing in Brantford, if a flood of new listings do not enter the market soon then we can expect the homes values in Brantford to continue to appreciate as the buyers compete against each other to try to "win" the bidding war for the homes that are on the market. 

Bottom Line

If you are going to sell, now may be the time to take advantage of this situation and the ready, willing, and able buyers who are searching for your house.

To Get A Free Copy of Our Seller Guide for Spring 2018: Click Here

To Get A Free Copy of Our Buyer Guide for Spring 2018: Click Here

March 14, 2018

Competition is Coming, Are You Thinking of Selling Your Home?

Competition is Coming, Are You Thinking of Selling Your Home? | Simplifying The Market

Competition is Coming, Are You Thinking of Selling Your Home?

As we head into the Spring market you will notice that there will start to be more and more homes coming on the market in the Brantford area.

How will this impact buyers?

More homes on the market in Brantford means the buyers will have more homes to choose from, which could tame the Brantford real estate market. If the supply of homes in Brantford starts to catch up with the demand for the houses for sale in Brantford then the buyers will have more options and might choose to only make offers on the homes that appear to be the best deals.

How will this impact sellers?

More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:

  1. A great price on their home as buyers outbid each other for it
  2. A quick sale as buyers have so little to choose from
  3. Fewer hassles as buyers don’t want to “rock the boat” on the deal

With an increase in competition, the seller may not enjoy these same benefits.

“Because existing home inventory has been so low for so long, an influx of new listings in Brantford could result in the buyers being pickier about which home they will choose to make an offer on.”

Bottom Line

If you are considering selling your house, you’ll want to get your home on the market before the flood of new listings hit the market to ensure you can get the most attention for your listing and the best price and terms. Call or Text Terry today at (519)802-8770 to discuss your options.

To Get a Free Copy of Our Seller Guide for Spring 2018: Click Here

To Get a Free Copy of Our Buyer Guide for Spring 2018: Click Here

March 12, 2018

Hire A Real Estate Professional

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling! | Simplifying the Market

Top 5 Reasons to Hire a Real Estate Professional When Buying or Selling!

The 5 reasons you NEED a local real estate professional in your corner haven’t changed but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

1. What do you do with all this paperwork?

There are numerous regulations regarding the contracts required for a successful sale, and these regulations are constantly changing. A true real estate professional is an expert in their local market and can guide you through the stacks of paperwork necessary to make your dream a reality.

2. Ok, so you found your dream house, now what?

There are dozens of possible steps that need to take place during every successful real estate transaction. Don’t you want someone who has been there before, someone who knows what these actions are, to make sure that you achieve your dream?

3. Are you a good negotiator?

So maybe you’re not convinced that you need an agent to sell your home. After looking at the list of parties that you will need to be prepared to negotiate with, you’ll soon realize the value in selecting a trusted real estate professional. From the buyers (who want the best deals possible), to the home inspection companies, all the way to the appraisers, there are several different people who you will need to be knowledgeable of, and answer to, during the process.

4. What is the home you’re buying/selling really worth?

It is important for your home to be priced correctly from the start to attract the right buyers and shorten the amount of time that it’s on the market. You need someone who is not emotionally connected to your home to give you the truth as to your home’s true market value. According to a study by Collateral Analytics, FSBOs achieve prices significantly lower than those from similar properties sold by real estate agents:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

Get the most out of your transaction by hiring a professional.

5. Do you know what’s really going on in the market?

There is so much information out there on the news and on the internet about home sales, prices, and mortgage rates; how do you know what’s going on specifically in your specific neighbourhood? Who do you turn to in order to competitively and correctly price your home at the beginning of the selling process? How do you know what to offer on your dream home without paying too much, and without offending the seller with a low-ball offer?

Dave Ramsey, the financial guru, advises:

“When getting help with money, whether it’s insurance, real estate or investments, you should always look for someone with the heart of a teacher, not the heart of a salesman.”

Hiring an agent who has their finger on the pulse of the market will make your buying or selling experience an educated one and far more enjoyable for you. You need someone who is going to tell you the truth, not just what they think you want to hear.

Bottom Line

You wouldn’t replace the engine in your car without a trusted mechanic, or perform surgery on yourself, so why would you make one of the most important financial decisions of your life without hiring a local real estate professional who knows the neighbourhoods in Brantford inside and out?

To Get Your Free Copy of Our Seller Guide for Spring 2018: Click Here

To Get Your Free Copy of Our Buyer Guide for Spring 2018: Click Here

March 9, 2018

Choosing A Home to Retire In

 

7 Factors to Consider When Choosing A Home to Retire In | Simplifying The Market

7 Factors to Consider When Choosing A Home to Retire In

There are 7 factors that you may want to consider when choosing the home you will retire in.

1. Affordability

“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, utilities – all the things that will be due whether or not you have a mortgage on the property.

Would moving to a complex with condo fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap into, via a home equity loan.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo fee be worth the added peace of mind of not having to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favourite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favourite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

To Get A Free Copy of Our Seller Guide for Spring2018: Click Here

To Get A Free Copy of Our Buyer Guide for Spring 2018: Click Here

March 8, 2018

Get the Most Money for Your Brantford Home

2 Ways to Get the Most Money from The Sale of Your Home | Simplifying The Market

2 Ways to Get the Most Money from The Sale of Your Home

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive the maximum value for your house?

Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive, but let’s look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation. In actuality, this just dramatically lessens the demand for your house (see the chart below).

2 Ways to Get the Most Money from The Sale of Your Home | Simplifying The Market

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so the demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.

Terry Summerhays gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially with the low inventory in Brantford.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties in 2016 was about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

Price your house at or slightly below the current market value and hire a local real estate professional like Terry Summerhays who was born and raised in Brantford and has extensive knowledge of the Brantford real estate market. This will guarantee that you maximize the price you will get for your house.

To Get Your Free Copy of Our Seller Guide for Spring 2018: Click Here

To Get Your Free Copy of Our Buyer Guide for Spring 2018: Click Here

March 7, 2018

Home Prices: The Difference 5 Years Makes

Home Prices: The Difference 5 Years Makes | Simplifying The Market

Home Prices: The Difference 5 Years Makes

“Homeowners in the Brantford area experienced a run-up in prices from the early 2000s to 2008, and then saw the market level off in 2009. The home prices began a slow rise again in 2010 and 2011, before they really took off between the years 2013 through 2017.

Greater demand and lower supply has given the real estate market in Brantford a boost over the past 5 years as the average sale price for a detached home in Brantford has gone up a whopping 65.85% from the end of December 2012 to the end of December 2017”

Bottom Line

Every day thousands of homeowners gain positive equity in their homes. Many homeowners are now experiencing values much higher than they could have ever anticipated. If you’re wondering if you have enough equity to be able to sell your house and move in to your dream home, let’s get together to discuss the market conditions in your specific neighborhood!

To Get a Copy of our Free Seller Guide for Spring 2018: Click Here

To Get a Copy of our Free Buyer Guide for Spring 2018: Click Here

March 5, 2018

Housing Market to "Spring" Forward

Housing Market Expected To "Spring Forward" This Year | Simplifying The Market

Housing Market Expected To “Spring Forward” This Year

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

Buyer demand has seasonality to it, which usually falls off in the winter months, especially with the cold temperatures and conditions.

That hasn’t happened this year.

Demand for housing has remained strong in the Brantford real estate market. Even with the recent increase in rates and the new mortgage rules, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.

Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming on the market over the next few months.

Bottom Line

If you are planning on selling your home in 2018, let’s get together to evaluate the opportunities in our market. Call or Text Terry today at 519-802-8770 for a free, no-pressure consultation. 

To Get a Free Copy of Our Seller Guide for Spring 2018: Click Here

To Get a Free Copy of Our Buyer Guide for Spring 2018: Click Here

March 2, 2018

Brantford Real Estate Market Report - February 2018

Brantford Real Estate Market Report February 2018
 

Click on the "Click to see the full report" link below to watch the video with all of the key information about the Brantford Real Estate Market in February 2018.

Please find below a brief summary of a few of the statistics and information from the report:

The average sale price for a detached home in Brantford in February was up 5.62% or an average of $20,775 higher than it was in February 2017.

There were 29.46% fewer listings in Brantford last month versus February 2017.

72 detached homes were sold in the month of February 2018, and we had a sales-to-new listings ratio of 79.12%, indicating a strong Seller's market.

The absorption rate(explained further in the video) was 79.68%, meaning it would take a little over 3 weeks to sell or "absorb" the homes that are currently on the market. Whereas in the Buyer's market from 2008 the absorption rate was 18.13%, meaning it would take 5.52 months to sell or "absorb" the homes on the market at that time. As expected there is a significant difference between the strong Seller's market we are experiencing right now compared to the Buyer's market in 2008.

The low inventory levels, combined with the high demand for houses for sale in Brantford has resulted in upwared pressure on the sale prices of the homes for sale in Brantford, with several of the homes right now receiving multiple offers and selling for above their asking prices.

If you're curious about how much your home is worth in this market, or if you just want to know what's going on in your specific neighbourhood, feel free to send us a message or give us a call. You can call or text Terry's cell # at: 519-802-8770.

Thanks for watching and have a great day!


Terry

 Click to see the full report
 
Below are highlight properties for Brantford Real Estate Market Report February 2018. See more at the full report:
 
  Highlights  
 
Status: Just Sold
58 Kennedy Street, Brantford, ON
$389900
3 BEDROOMS
2 BATHROOMS [ 1 FULL, 1 (3/4th) ]

 
See the Full Brantford Real Estate Market Report February 2018
 
 
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Terry Summerhays
Sales Representative
Re/Max Twin City Realty Inc.
519-756-8111
Terry@TeamSummerhays.com
 
Information valid as of March 3, 2018. Please contact us for the most current information and status of these properties.