Brantford Real Estate and Community News

April 5, 2021

Brantford Real Estate Update For April 2021

 

Hi Everyone,

***PLEASE WATCH THE VIDEO ABOVE***

Here is your Brantford Real Estate Update for April 2021 with the statistics from last month for the detached residential homes in the City of Brantford, the North End neighbourhoods, and the West Brant area. 

 

Brantford

The average sale price for a detached single-family home for all areas of Brantford in March 2021 was $665,732, which is up by 34.43% or a $170,493 increase in home values in Brantford compared to the average sale price of $495,239 in March 2020. The sales-to-new listings ratio was 79.21%, which means that almost 8 homes were sold for every 10 listings that came on the market, indicating a strong Seller's market in Brantford. The # of homes sold in Brantford was up 50.94% versus a year ago and the # of new listings that came on the market was up 27.85% compared to last year. 

North End

The average sale price in Brantford’s North End neighbourhoods in March 2021 was $725,478 which is up 40.84% or $210,387 compared to the average sale price of $515,091 in March 2020. The sales-to-new listings ratio in the North End areas last month was 79.55%, which means that  8 homes were sold in the North End neighbourhoods for every 10 new listings in the North End that came on the market, indicating strong Seller's market in the North End areas. There were slightly more sales in the North End neighbourhoods last month compared to a year ago.

West Brant

The average sale price in the West Brant area in March 2021 was $757,014, which is up by 29.76% or $173,629  compared to the average sale price of $583,385 in March 2020. The sales-to-new listings ratio in West Brant for the month of March was 83.67%, which means that 8 homes in West Brant were sold for every 10 homes that came on the market, indicating a strong Seller's market in the West Brant areas. There were also almost twice as many sales in West Brant last month versus a year ago. 

Terry's Take on the Brantford Real Estate Market

The Brantford real estate market had another strong month! There were 27.85% more new listings that came on the market as more people are taking advantage of this very strong Seller's market, but there were also 50.94% more sales compared to a year ago so the inventory of houses for sale in Brantford remains low. The home values in Brantford have increased significantly and you might be surprised by how much your home is worth in this market. The demand is simply too strong for the homes in Brantford and we can't keep enough homes on the market right now with the homes that are priced effectively and marketed aggressively receiving multiple offers and selling for well above their asking prices.

Our clients have been able to really capitalize on this strong Seller's market with the additional exposure we've been getting for their homes thanks to our aggressive Summerhays Selling System which has resulted in our clients receiving more offers for their homes and hence a much higher sale price! Click Here or Call 519-802-8770 to learn more about our proven and aggressive Summerhays Selling System and why we have proven year after year to be able to sell your Brantford or Brant County home faster, easier, and for more money! *Ask us to show you the stats to prove it!

Your home may be worth more than you think! If you're curious to know how much your home is worth in this market Click Here.

Thank you for your time and have a great day!

 

Terry

 

 

***Statistical information was compiled from data provided by the Brantford Regional Real Estate Association

April 2, 2021

To Renovate or Not To Renovate Before You Sell

To Renovate or Not To Renovate Before You Sell | MyKCM

When thinking about selling, homeowners often feel they need to get their house ready with some remodeling to make it more appealing to buyers. However, with so many buyers competing for available homes right now, renovations may not be as vital as they would be in a more normal market. Here are two things to keep in mind if you’re thinking of selling this season.

1. There aren’t enough homes for sale right now.

A normal market has a 6-month supply of houses for sale, but today’s housing inventory sits far below that benchmark. According to Canadian Real Estate Association, there’s only a 1 month supply of homes available today (only weeksin some markets). As a result, buyer competition is high and homes are only on the market for a few days, during which time many receive multiple offers from hopeful buyers.

In a competitive market that’s moving so quickly, it makes sense to sell your house when buyers are scooping homes up as fast as they’re being listed. Spending costly time and money on renovations before you sell might just mean you’ll miss your key window of opportunity. While certain repairs on your house may be important, your best move right now is to work with a real estate advisor to determine which improvements are truly necessary, and which ones are not likely to be deal-breakers for buyers.

Today, many buyers are more willing to take on home improvement projects themselves in order to get the home they’re after, even if it means putting in a little extra work. 

In this market, it may be wise to let future homeowners remodel the bathroom or the kitchen to make design decisions that are best for their specific taste and lifestyle. As a seller, your dollars and time might be better spent working on small cosmetic updates, like refreshing some paint and power washing the exterior. Instead of over-investing in your home with upgrades that the buyers may change anyway, work with a real estate professional to determine the key projects that will maximize your listing, without overdoing it.

2. Focus on getting a good return on your investment.

When planning any bigger projects to tackle, you and your real estate agent will want to discuss the potential return on your investment and if those projects are worth the cost. Some homes do need a kitchen or bathroom renovation, roof repairs, or other major work, but definitely not all of them. You might be surprised by how well your house could fair in today’s sellers’ market. 

Ideally, homeowners getting ready to move should try to avoid over-investing in big renovations if they won’t make that money back when they sell their house.

Before you renovate, contact a local real estate professional to see if it’s the best course of action. You may find out that putting your house on the market as-is will help you sell quickly, and it may result in the best return on your investment. Every home is different, but a conversation with your agent is mission-critical to make sure you make the right moves when selling this season.

Bottom Line

We’re in a strong sellers’ market, and that means you have the leverage to sell your house on your terms. Let’s connect today to determine if renovating is really the best way to spend your time and money before you sell.

 

March 30, 2021

5 Reasons to Sell Your House This Spring

5 Reasons to Sell Your House This Spring | MyKCM

When selling a house, most homeowners hope for a quick and profitable transaction that puts them in a position to make a great move. If you’re waiting for the best time to win as a seller, the market is calling your name this spring. Here are five reasons why this is the perfect time to sell your house if you’re ready.

1. There’s high demand from homebuyers.

Buyer demand is strong right now, and buyers are active in the market. ShowingTime, which tracks the average number of buyer showings on residential properties, recently announced that buyer showings are up 51.5% compared to this time last year.

When your house is positioned to get a ton of attention from competitive buyers, you’re in the best spot possible as the seller.

2. There aren’t enough houses for sale.

Purchaser demand is so high, the market is running out of available houses for sale. According to the Canadian Real Estate Association, the inventory of homes for sale in February were less than 2 months of supply and in some Ontario markets only weeks of supply which is unprecedented on a national level. While home sales are skyrocketing, the inventory of existing homes for sale is continuing to drop dramatically and are at record lows. Houses are essentially selling as fast as they’re hitting the market.

It’s this imbalance between high buyer demand and a low supply of houses for sale that gives sellers such an advantage. A seller will always negotiate the best deal when demand is high and supply is low. That’s exactly what’s happening in the real estate market today.

3. You have a lot of leverage in today’s market.

Clearly, many more people are interested in buying than selling this spring, creating the ultimate sellers’ market. When this happens, homeowners in a position to sell have the upper hand in negotiations.

Agents are reporting multiple offers per house and an increase in bidding wars. As a seller, this means the ball is in your court – so much so that you can use your leverage to negotiate the best possible contract. Demand is there, and now is the perfect time to sell for the most favorable terms.

4. It’s a great way to use your home equity.

The average homeowner gained equity in their home over the past year, and that number continues to grow as home values appreciate. Equity is a type of forced savings that grows during your time as a homeowner and can be put toward bigger goals like buying your next dream home.

5. It’s a chance to find a home that meets your needs.

So much has changed over the past year, including what many of us need in a home. Spending extra time where we currently live is enabling many of us to re-evaluate homeownership and what we find most important in a home.

Whether it’s a house that has the features suited to working remotely, space for virtual or hybrid schooling, a home gym or theater, or something else, selling this spring gives you a chance to make a move and find the home of your dreams.

Bottom Line

Today’s housing market belongs to the sellers. If you’ve considered making a move but have been waiting for the right market conditions, your wait may be over. Call The Terry Summerhays Team today at 519-802-8770 and we can position you to really take advantage of this hot market!

March 24, 2021

Why You Should Think About Listing Prices Like an Auction’s Reserve Price

Why You Should Think About Listing Prices Like an Auction’s Reserve Price | MyKCM

For generations, the homebuying process never really changed. The seller would try to estimate the market value of the home and tack on a little extra to give themselves some negotiating room. That figure would become the listing price of the house. Buyers would then try to determine how much less than the full price they could offer and still get the home. The asking price was generally the ceiling of the negotiation. The actual sales price would almost always be somewhat lower than the list price. It was unthinkable to pay more than what the seller was asking.

Today is different.

The record-low supply of homes for sale coupled with very strong buyer demand is leading to a rise in bidding wars on many homes. Because of this, homes today often sell for more than the list price. In some cases, they sell for a lot more.

You may need to change the way you look at the asking price of a home.

In this market, you likely can’t shop for a home with the old-school mentality of refusing to pay full price or more for a house.

Because of the shortage of inventory of houses for sale, many homes are actually being offered in an auction-like atmosphere in which the highest bidder wins the home. In an actual auction, the seller of an item agrees to take the highest bid, and many sellers set a reserve price on the item they’re selling. A reserve price is the minimum amount a seller will accept as the winning bid.

When navigating a competitive housing market, think of the list price of the house as the reserve price at an auction. It’s the minimum the seller will accept in many cases. Today, the asking price is often becoming the floor of the negotiation rather than the ceiling. Therefore, if you really love a home, know that it may ultimately sell for more than the sellers are asking. So, as you’re navigating the homebuying process, make sure you know your budget, know what you can afford, and work with a trusted advisor who can help you make all the right moves as you buy a home.

Bottom Line

Someone who’s more familiar with the housing market of the past than that of today may think offering more for a home than the listing price is foolish. However, frequent and competitive bidding wars are creating an auction-like atmosphere in many real estate transactions. Let’s connect so you have the best advice on how to make a competitive offer on a home in our local market.

 

March 17, 2021

What It Means To Be in a Sellers’ Market

What It Means To Be in a Sellers’ Market | MyKCM

If you’ve given even a casual thought to selling your house in the near future, this is the time to really think seriously about making a move. Here’s why this season is the ultimate sellers’ market and the optimal time to make sure your house is available for buyers who are looking for homes to purchase.

The Canadian Real Estate Association (CREA) shows the inventory of houses for sale is still astonishingly low, sitting at just under a 2-month supply at the current sales pace.

Historically, a 6-month supply is necessary for a ‘normal’ or ‘neutral’ market in which there are enough homes available for active buyers (See graph below):What It Means To Be in a Sellers’ Market | MyKCMWhen the supply of houses for sale is as low as it is right now, it’s much harder for buyers to find homes to purchase. As a result, competition among purchasers rises and more bidding wars take place, making it essential for buyers to submit very attractive offers.

As this happens, home prices rise and sellers are in the best position to negotiate deals that meet their ideal terms. If you put your house on the market while so few homes are available to buy, it will likely get a lot of attention from hopeful buyers.

Today, there are many buyers who are ready, willing, and able to purchase a home. Low mortgage rates and a year filled with unique changes have prompted buyers to think differently about where they live – and they’re taking action. The supply of homes for sale is not keeping up with this high demand, making now the optimal time to sell your house.

Bottom Line

Home prices are appreciating in today’s sellers’ market. Making your home available over the coming weeks will give you the most exposure to buyers who will actively compete against each other to purchase it.

March 16, 2021

How to Be a Competitive Buyer in Today’s Housing Market

How to Be a Competitive Buyer in Today’s Housing Market [INFOGRAPHIC] | MyKCM

Some Highlights

  • With so few houses for sale today, it’s important to be prepared when you’re ready to buy a home.
  • Meeting with your lender early, knowing your must-haves and nice-to-haves, preparing for a bidding war, and keeping your emotions in check are all ways to gain confidence in the homebuying process.
  • If you’re looking for an expert guide to help you navigate today’s lightning-fast housing market, let’s connect today.
March 12, 2021

How to Prepare Your House for a Winning Sale This Spring

How to Prepare Your House for a Winning Sale This Spring [INFOGRAPHIC] | MyKCM

Some Highlights

  • With so few homes available to buy today, houses are in high demand, and they’re selling fast.
  • That means it’s a great time to sell if you’re ready to make a move.
  • Let’s connect to make sure your house is ready for a top-dollar sale this spring. It may be closer than you think!

March 8, 2021

How Smart Is It to Buy a Home Today?

How Smart Is It to Buy a Home Today? | MyKCM

Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated. You may have to take personal or professional considerations into account, and only you can judge what impact those factors should have on your desire to move.

However, there’s one category that provides a simple answer. When deciding to buy now or wait until next year, the financial aspect of the purchase is easy to evaluate. You just need to ask yourself two questions:

  1. Do I think home values will be higher a year from now?
  2. Do I think mortgage rates will be higher a year from now?

From a purely financial standpoint, if the answer is ‘yes’ to either question, you should strongly consider buying now. If the answer to both questions is ‘yes,’ you should definitely buy now.

Nobody can guarantee what home values or mortgage rates will be by the end of this year. The experts, however, seem certain the answer to both questions above is a resounding ‘yes.’ Mortgage rates are expected to rise and home values are expected to appreciate rather nicely.

Bottom Line

There are many things to consider when buying a home. However, from a purely financial aspect, if you find a home that meets your needs, buying now makes much more sense than buying next year.

March 4, 2021

Brantford Real Estate Update for March 2021

 

Hi Everyone,

***PLEASE WATCH THE VIDEO ABOVE***

Here is your Brantford Real Estate Update for March 2021 with the statistics from last month for the detached residential homes in the City of Brantford, the North End neighbourhoods, and the West Brant area. 

 

Brantford

The average sale price for a detached single-family home for all areas of Brantford in February 2021 was $687,284, which is up by 45.13% or a $213,731 increase in home values in Brantford compared to the average sale price of $473,553 in February 2020. The sales-to-new listings ratio was 78.88%, which means that almost 8 homes were sold for every 10 listings that came on the market, indicating a strong Seller's market in Brantford. The # of homes sold in Brantford was up 51.19% versus a year ago and the # of new listings that came on the market was up 59.41% compared to last year. 

North End

The average sale price in Brantford’s North End neighbourhoods in February 2021 was $759,930, which is up 40.87% or $220,492 compared to the average sale price of $539,438 in February 2020. The sales-to-new listings ratio in the North End areas last month was 94.12%, which means that  9 homes were sold in the North End neighbourhoods for every 10 new listings in the North End that came on the market, indicating a very strong Seller's market in the North End areas. There were also twice as many sales in the North End neighbourhoods last month compared to a year ago.

West Brant

The average sale price in the West Brant area in February 2021 was $791,019, which is up by 18.43% or $123,097  compared to the average sale price of $667,922 in February 2020. The sales-to-new listings ratio in West Brant for the month of February was 85.37%, which means that almost 9 homes in West Brant were sold for every 10 homes that came on the market, indicating a strong Seller's market in the West Brant areas. There were also 3.5 times as many sales in West Brant last month versus a year ago. 

Terry's Take on the Brantford Real Estate Market

With the word getting out about how hot the Brantford real estate market is there were 59.41% more new listings that came on the market last month because more people are wanting to take advantage of this market and sell their home for a crazy high price! However, since the demand for the houses for sale in Brantford is so strong there were 51.19% more sales last month so despite the increase in new listings the inventory of homes for sale in Brantford remains low. The home values in Brantford have increased significantly as several of the homes in Brantford are literally receiving dozens of Offers and selling for $100,000 and even $200,000 above the asking price! If you've been thinking about selling your home in Brantford or Brant County then right now would be a great time to explore your options so you can take advantage of this market.

Our clients have been able to really capitalize on this strong Seller's market with the additional exposure we've been getting for their homes thanks to our aggressive Summerhays Selling System which has resulted in our clients receiving more offers for their homes and hence a higher sale price, even setting record-high sales prices for their neighbourhoods! Click Here or Call 519-802-8770 to learn more about our proven and aggressive Summerhays Selling System and why we can sell your Brantford or Brant County home faster, easier, and for more money! *Ask us to show you the stats to prove it!

Your home may be worth more than you think! If you're curious to know how much your home is worth in this market Click Here.

Thank you for your time and have a great day!

 

Terry

 

 

***Statistical information was compiled from data provided by the Brantford Regional Real Estate Association

March 1, 2021

Is It a Good Time to Sell My House?

Is It a Good Time to Sell My House?

Is It a Good Time to Sell My House? | MyKCM

Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain their confidence when it comes to selling safely.

Doug Duncan, Vice President and Chief Economist explains:

“Overall, the index’s monthly increase was driven largely by a substantial jump in the share of consumers reporting that it’s a good time to sell a home, with many citing favorable mortgage rates, high home prices, and low housing inventory as their primary rationale.”

Normally, spring is the busiest season in the housing market – the time when many homeowners decide to list their houses. While this is obviously not a normal year since the pandemic is still very much upon us, experts are optimistic that consumer positivity around selling will lead to more homeowners making moves this year.

What does this mean if you’re thinking of selling your house?

The fact that there are so few houses available for sale today is one driver that’s encouraging consumers to think more positively about selling. The National Association of Realtors (NAR) states:

“Total housing inventory at the end of January amounted to 1.04 million units, down 1.9% from December and down 25.7% from one year ago (1.40 million).”

With so few homes available to buy, your house will be more likely to rise to the top of an eager purchaser’s wish list in this competitive market. Today’s high buyer activity is creating upward pressure on home prices and more multiple-offer scenarios. Several of our listings are literally receiving dozens of Offers and selling for some crazy price!

In this kind of sellers’ market, you have a huge advantage in the process. And here’s another win – you can also use your equity toward a down payment on a new home when you move.

Wondering where you’ll go if you try to move while it’s so challenging to find a home to buy? Well, there are more homes available at the higher end of the market, so finding a move-up home may be less of an issue if you’re ready to search for your dream home this spring.

Bottom Line

If you pressed pause on selling your house last year, now may be the best time to put your plans back into motion while inventory is so low. Call The Terry Summerhays Team today at 519-802-8770 to come up with a plan so you can make the most out of your move!