Brantford Real Estate and Community News

April 3, 2020

Brantford Real Estate Update For April 2020

Hi Everyone,

Here is your Brantford Real Estate Update for April 2020 with the statistics from last month for the detached single-family homes in the City of Brantford, the North End neighbourhoods, and the West Brant area. The month started strong as you can see by the numbers below but slowed down near the end of the month as I believe more people are starting to take the COVID-19 pandemic more seriously.

Brantford

The average sale price for a detached single-family home for all areas of Brantford in March 2020 was $498,032, which is up by 19.21% or $80,251 compared to the average sale price of $417,781 for March 2019. The sales-to-new listings ratio for the month of March  was 66.46%. That means that almost 7 homes were sold for every 10 homes that were listed in the month, indicating a Seller's market for the City of Brantford as a whole. However, almost half of the homes that were sold in the last week of March sold for below the asking price!

North End

The average sale price in Brantford’s North End neighbourhoods in March 2020 was $517,455 which is up by 6.92% or $33,493 compared to the average sale price of $483,962 for March 2019. The sales-to-new listings ratio in the North End last month was 80.49%, meaning that there were 8 homes sold in the North End areas for every 10 homes that came on the market. However, there were only 7 detached homes sold in the North End areas in the last week of March and 4 of those homes sold for below the asking price!

West Brant

The average sale price in the West Brant area in March 2020 was $583,385, which is up by 11.39% or $59,642 compared to the average sale price of $523,743 for March 2019. The sales-to-new listings ratio in West Brant for the month of March  was 70.00%. That means in March 2020, 7 homes were sold for every 10 homes that were listed during the month, indicating a Seller's market in the West Brant area. However, there were only 4 homes sold in the West Brant neighbourhoods in the last week of March and 2 of those homes sold for below the asking price!

Terry's Take on the Brantford Real Estate Market

The month of March 2020 started strong as the Brantford real estate market was as hot as ever heading into the month, but the COVID-19 pandemic began to have an effect on our local market as the month progressed. Although real estate was deemed an "essential" service, right now is NOT the time to put your home on the market! Aside from the obvious concern of having strangers go through your home during this pandemic and risk exposing yourself and your family to COVID-19, the number of showings have declined significantly over the past week or so as I believe more people are starting to take this virus more seriously. I know it's an inconvenience if you were planning on making a move this year but let's put things on hold for now and put your health and safety first so we can try to stop the spread of COVID-19 before it gets out of control like it already has in the other countries!!!

I am not meeting with anyone in person right now and I haven't since March 4th, but I am doing video consultations so I can share the information on my screen with you, answer all of your questions, and give you some tips on what you can do right now while you're stuck at home anyways to get your home ready for the market so you'll be ahead of the curve and ready to go when this COVID-19 is finally behind us. Click Here to Schedule a Free Video Consultation or Call 519-802-8770 and press "5" to leave a message with your name and phone number.

Also, I will be keeping a close eye on our local real estate market and providing a weekly update about what's happening to our clients, family and friends. If you would like to be added to my weekly updates just Call or Text 519-802-8770 with your Name and Email Address and I will add you to the updates. 

Thank you for your time and stay safe!

 

Terry

 

 

 

 

 

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

March 26, 2020

Confidence Is the Key to Success for Young Homebuyers

 

Confidence Is the Key to Success for Young Homebuyers | MyKCM

Buying your first home can seem overwhelming. Thankfully, there’s a lot of great information out there to help you feel more confident as you learn about the process. For those in younger generations who aspire to buy, here are three things to consider sooner rather than later in your journey:

1. Understand What it Takes to Purchase a Home

Overall, Millennials make up the largest group of homebuyers in today’s real estate market, and Gen Z is not too far behind. It would appear however, that Generation Z isn’t as confident in the homebuying process as Millennials. The best thing potential young buyers can do is understand what it takes to buy a home. Learn as much as you can about the mortgage process, down payment options, and the overall steps to take along the way. 

2. Realize Your Opportunity to Build Wealth 

Homeownership allows you the chance to put a small portion of the home’s value down when you buy, and then watch your appreciation grow on the full value of the home – not just on the down payment. It’s one of the best investments you can make, and a form of forced savings working in your favor over time. The added bonus? You get to live there, too.

3. Find Someone You Trust to Help You Through the Process 

Having someone you trust to guide you through this process is invaluable. Finding a local real estate expert in the Brantford real estate market to help you navigate through the transaction and feel more confident as you make important decisions could be the best choice you make.

For Millennials and Gen Z’ers thinking about buying, today’s historically low interest rates combined with the outlook for future home appreciation is a big win. This means whatever you buy today, you’ll be bragging about 10 years from now. You can feel confident about that!

Bottom Line

If you’re ready, buying your first home sooner rather than later is one of the best decisions you can make. But there are many things to consider before taking that step, so let’s work together to help you confidently navigate the full journey. Call The Terry Summerhays Team today at 519-802-8770 or Click Here to schedule a free video chat with us so we can provide you with the information you need to be able to buy a home after this COVID-19 pandemic is behind us.

March 18, 2020

Buying a Home: Do You Know the Lingo?

 

Buying a Home: Do You Know the Lingo? [INFOGRAPHIC] | MyKCM

Highlights:

  • Buying a home can be intimidating if you’re not familiar with the terms used throughout the process.
  • To point you in the right direction, here’s a list of some of the most common language you’ll hear along the way.
  • The best way to ensure your homebuying process is a positive one is to find a real estate professional who will guide you through every aspect of the transaction.

To learn more about the home buying process, call The Terry Summerhays Team at 519-802-8770, or Click Here to Schedule a Free Video Chat so you can get the information you need to be ready to buy a home as soon as this COVID-19 pandemic is behind us.

March 4, 2020

Brantford Real Estate Update for March 2020

Hi Everyone,

Here is your Brantford Real Estate Update for March 2020 with the statistics from the month of February 2020 for the detached single-family 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 2020 was $473,688, which is up by 12.22% or $51,587 compared to the average sale price of $422,101 for February 2019. The sales-to-new listings ratio for the month of February was 84.16%. That means that 8 homes were sold for every 10 homes that were listed in the month, indicating a strong Seller's market for the City of Brantford as a whole. The number of sales were also up by 8.97% in February 2020 compared to February 2019.

North End

The average sale price in Brantford’s North End neighbourhoods in February 2020 was $536,235 which is up by 18.48% or $83,637 compared to the average sale price of $452,598 for February 2019. The sales-to-new listings ratio in the North End last month was 73.91%, meaning that there were 7 homes sold in the North End areas for every 10 homes that came on the market. The depleting inventory of homes for sale in the North End neighbourhoods coupled with the high demand for these homes has pushed the sale prices and homes values in the North End up significantly.

West Brant

The average sale price in the West Brant area in February 2020 was $667,922, which is up by 23.75% or $128,195 compared to the average sale price of $539,727 for February 2019. The sales-to-new listings ratio in West Brant for the month of February was 83.33%. That means in February 2020, 8 homes were sold for every 10 homes that were listed during the month, indicating a strong Seller's market in the West Brant neighbourhoods. 

Terry's Take on the Brantford Real Estate Market

The Brantford real estate market is as strong as ever right now with the low inventory of homes and the high demand for the houses for sale in Brantford. The average sale price in Brantford was up 12.22% and the home values in the North End and West Brant neighbourhoods were up by even more. How much has your home's value gone up? Is now the time to take advantage of the equity in your home and move up to a larger home, or to downsize to a smaller home, or to pull out some equity to purchase an investment property?

The Terry Summerhays Team's listings in 2019 averaged a sale price that was 3.17% ABOVE the asking price, which was 4.37% higher than the Brantford Regional Real Estate Association's average sale price to list price in 2019. We actually sold 3 out of every 4 of our listings in 2019 for ABOVE the asking price! Simply Put, We Sell Homes for More Money!! When you're ready to sell your Brantford home, don't just settle for a sign on your lawn! Put our proven marketing system and local expertise to work for you! Click Here to find out why and how we sell our listings for MORE MONEY!!

If you are thinking about selling your home in 2020 and you would like to get it sold fast and for an above average price Call or Text Terry today at 519-802-8770 to schedule a time for a FREE consultation. 

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

Feb. 27, 2020

10 Steps to Buying a Home

 

10 Steps to Buying a Home [INFOGRAPHIC] | MyKCM

Some Highlights:

  • If you’re thinking of buying a home and you’re not sure where to start, you’re not alone.
  • Here’s a guide with 10 simple steps to follow in the homebuying process.
  • Be sure to work with a trusted real estate professional to find out the specifics of what to do.
  • Call The Terry Summerhays Team at 519-802-8770 to learn the best way to buy a home in this market. 
Feb. 22, 2020

6 Reason to Sell Your Home in the Winter

There's a misconception that you shouldn't sell your home in the winter but I am going to give you 6 reasons for why you SHOULD consider selling your home during the winter months. Check out the 6 reasons below:

 

#1: Your Home Shows Better

You have your home all decorated for the holidays, the Christmas lights are on(if it's around Christmas), your keeping your house clean in case somebody stops by for a visit, it's cold and sometimes down right nasty weather outside but your home is warm and cozy inside for when the Buyers go through. Your home simply shows better!

 

#2: Serious Buyers

The Buyers who are looking for a home during the winter months are serious buyers. These buyers are going out into the cold because they need to find a home and they're motivated to buy! You don't get nearly as many tire-kickers or "looky-lous" in the winter.

 

#3: Less Competition

In the Spring and Summer everyone and their brother is thinking about selling their home, but in the winter months there are fewer homes on the market, so when these serious buyers are out desperately looking for a home because they NEED to buy a home, they have limited options available to them, especially in certain neighbourhoods, so they may have no other option but to purchase your home at the price you want, EVEN if your home is NOT the perfect home for them. 

 

#4: Buyers Have More Time

The buyers have more time off during the holidays and certain professions are not as busy during the winter months so some of the buyers will have more time to spend looking for a home.

 

#5: Stronger Position

Selling your home in the winter will put you in a much stronger position to buy the home you want when the Spring market comes around and there are lots of homes coming on the market. You will be able to make a much stronger Offer on the home you want to buy because your home will already be sold.

 

#6: Some Buyers Get a Bonus

Some buyers get a bonus at Christmas or at the end of the year and that bonus money may be the money they were waiting for to have the down payment they need to buy a home, or to give them the money they need to be able to buy the home they want. These buyers will be excited to buy a home now that they are in the position to be able to do so. 

If you're thinking about selling your home in 2020, The Terry Summerhays Team SOLD their listings in 2019 for 4.37% More Money* and 3 out of every 4 of our listings in 2019 SOLD for Above the Asking Price!** Let our proven marketing system and expertise put more money in your pocket!

Check out how we can sell your home for more money at: www.SummerhaysSellingSystem.com 

 

*Based on statistics from the Brantford Regional Real Estate Association MLS System for the sale price to list price ratio for residential homes in Brantford and Brant County that were sold in 2019.

**Based on statistics from the Brantford Regional Real Estate Association MLS System for detached residential homes in Brantford and Brant County that were sold by Terry Summerhays in 2019.  

Feb. 20, 2020

Key Trends to Watch in the Canadian Housing Market for 2020

Whether you're a first-time home buyer gearing up for the biggest purchase of your life or a long-time homeowner looking to downsize, it's important to understand the trends emerging from both the national and local levels that will shape your decision to buy this year.

The state of national home sales and prices

Canadian home sales staged a comeback last year after a slow start and it's expected this momentum will carry on throughout 2020. But as sales climb in many major Canadian housing markets, supply is struggling to keep pace with demand. In fact, as 2019 drew to a close, RBC Senior Economist Robert Hogue called the lack of listings “the main housing story in Canada.” So let's just say this is a major trend to pay attention to.

The lack of supply has pushed a large number of Canadian markets into seller's market territory.  With demand showing no signs of slowing down thanks to strong employment figures and population growth, prices will likely keep pushing higher. This is good news for home sellers planning on downsizing, but first-time buyers will continue to face affordability challenges, especially if they're looking in Toronto and Vancouver.

According to the Canadian Real Estate Association (CREA), housing activity will continue to strengthen into 2020, with prices continuing to rise in many parts of Canada. Market balance favours sellers particularly in central and eastern Canada.

Where are interest rates heading in 2020?

Beyond population growth and strong employment figures, consistently low-interest rates helped the Canadian housing market bounce back in 2019 as prospective home buyers were able to stretch their budgets further. No significant hikes are currently anticipated for 2020 and there may be further declines in the cards. Many economists are predicting the Bank of Canada will cut its key interest rate sometime this year in the face of weaker economic growth. If this happens, you can expect lenders to cut mortgage rates too.

Recent government action

The First-Time Home Buyer Incentive (FTHBI) is a shared-equity mortgage program announced in Budget 2019 and launched in September of the same year. For qualifying homes, the federal government contributes 5 or 10% towards the purchase of a newly constructed home, or 5% for an existing home, in exchange for a corresponding equity stake in the property. To participate, a first-time home buyer's household income can't exceed $120,000.

The FTHBI was introduced as one of the government’s measures to provide relief to first-time buyers who were affected by stricter mortgage underwriting practices that came into effect in January 2018. Ahead of the 2019 October's federal election, the Liberal platform proposed enhancements to allow more homes in the greater Toronto, Vancouver, and Victoria regions to qualify. Any such modifications will need to be actioned by the government.

In addition to launching the FTHBI, government also expanded eligibility criteria for the Home Buyer's Plan to those who have experienced the breakdown of a marriage or common-law partnership, while increasing the withdrawal limit from $25,000 to $35,000.

**Please keep in mind that most articles like this one or what you see on the news are talking about Canada as a whole, but in reality every market is different. For example, the Brantford real estate market has been a Seller's market for many years now and the sale prices have been going up significantly month after month. To get the real inside scoop about what's happening in the Brantford real estate market call or text The Terry Summerhays Team at 519-802-8770. Thanks and have a great day!

Feb. 17, 2020

How Trusted Professionals Make Homebuying Easier to Understand

 

How Trusted Professionals Make Homebuying Easier to Understand | MyKCM

In the spring, many excited buyers get ready to enter the housing market. Others continue dreaming about the homes they’d like to buy. The truth is, many potential buyers continue to dream longer than they need to, simply because they’re confused about the homebuying process. Thankfully, working with a trusted real estate professional can help ease those concerns and make the process to homeownership much easier to understand.

A recent survey conducted by Ipson and Freddie Mac reveals the confidence level of Gen Z and Millennial buyers regarding the homebuying process. The graph below shows the breakdown of the top results, clearly indicating there’s a significant portion of younger buyers who are not yet confident with some of the steps in the homebuying process.How Trusted Professionals Make Homebuying Easier to Understand | MyKCMBetween the homebuying process and the mortgage process, there are 230 possible steps in the transaction. With trusted professionals on your side, you certainly don’t have to know them all to have a successful experience.

There are many reasons why these steps can change as you move through each one. Depending on your personal circumstances, the term or your mortgage, and the type of loan you use, the path you take may need to vary. That’s why guidance and support from the experts is key.

In addition to the process itself, respondents in the survey definitely expressed concerns about understanding the types of loans available. Be sure to speak with your lender about the specifics of what will work best for you.

Interest rates also popped up as a common area of confusion among Gen Z and Millennial respondents in the survey. With today’s rates hovering at near historic lows, it’s a fantastic time for buyers to get more house for their money in the current market. Why? When mortgage rates are this low and wages are increasing as they are today, overall affordability increases, enabling home buyers to stretch their mortgage dollars further. It’s just another area where a trusted professional can help simplify the process and give guidance along the way.

Bottom Line

There are many possible steps in a real estate transaction, but they don’t have to be confusing. To understand your best course of action, let’s get together today to ensure you have a trusted advisor who will help you feel confident and informed at every turn.

Feb. 11, 2020

The Overlooked Financial Advantages of Homeownership

 

The Overlooked Financial Advantages of Homeownership | MyKCM

There are many clear financial benefits to owning a home: increasing equity, building net worth, growing appreciation, and more. If you’re a renter, it’s never too early to make a plan for how homeownership can propel you toward a stronger future. Here’s a dive into three often-overlooked financial benefits of homeownership and how preparing for them now can steer you in the direction of greater stability, savings, and predictability.

1. You Won’t Always Have a Monthly Housing Payment

According to a recent article by the National Association of Realtors (NAR):

“If you’ve been a lifelong renter, this may sound like a foreign concept, but believe it or not, one day you won’t have a monthly housing payment. Unlike renting, you will eventually pay off your mortgage and your monthly payments will be funding other (possibly more fun) things.”

As a homeowner, someday you can eliminate the monthly payment you make on your house. That’s a huge win and a big factor in how homeownership can drive stability and savings in your life. As soon as you buy a home, your monthly housing costs will begin to work for you as forced savings, coming in the form of equity. As you build equity and grow your net worth, you can continue to reinvest those savings into your future, maybe even by buying that next dream home. The possibilities are truly endless.

2. Homeownership Is a Tax Break

One thing people who have never owned a home don’t always think about are the tax advantages of homeownership. The same piece states:

“Both the interest and property tax portion of your mortgage is a tax deduction. As long as the balance of your mortgage is less than the total price of your home, the interest is 100% deductible on your tax return.”

Whether you’re living in your first home or your fifth, it’s a huge financial advantage to have some tax relief tied to the interest you pay each year. It’s one thing you definitely don’t get when you’re renting. Be sure to work with a tax professional to get the best possible benefits on your annual return.

3. Monthly Housing Costs Are Predictable

A third item noted in the article is how monthly costs become more predictable with homeownership:

As a homeowner, your monthly costs are most likely based on a fixed-rate mortgage, which allows you to budget your finances over a long period of time, unlike the unpredictability of renting.”

With a mortgage, you can keep your monthly housing costs steady and predictable. Rental prices have been skyrocketing since 2012, and with today’s low mortgage rates, it’s a great time to get more for your money when purchasing a home. If you want to lock-in your monthly payment at a low rate and have a solid understanding of what you’re going to spend in your mortgage payment each month, buying a home may be your best bet.

Bottom Line

If you’re ready to start feeling the benefits of stability, savings, and predictability that come with owning a home, let’s get together to determine if buying a home sooner rather than later is right for you.

Feb. 5, 2020

Brantford Real Estate Update For February 2020

Hi Everyone,

Here is your Brantford Real Estate Update for February 2020 with the statistics from the month of January 2020 for the detached single-family 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 January 2020 was $455,836, which is up by 13.20% or $53,158 compared to the average sale price of $402,678 for January 2019. The sales-to-new listings ratio for the month of January was 76.99%. That means that almost 8 homes were sold for every 10 homes that were listed in the month, indicating a strong Seller's market for the City of Brantford as a whole. The number of sales were also up by 20.83% in January 2020 compared to January 2019.

North End

The average sale price in Brantford’s North End neighbourhoods in January 2020 was $521,746 which is up by 22.60% or $96,168 compared to the average sale price of $425,578 for January 2019. The sales-to-new listings ratio in the North End last month was 117.65%, meaning that there were more homes selling in the North End areas than there were homes coming on the market. The depleting inventory of homes for sale in the North End neighbourhoods coupled with the high demand for these homes has pushed the sale prices and homes values in the North End up significantly.

West Brant

The average sale price in the West Brant area in January 2020 was $476,413, which is up by 4.59% or $20,918 compared to the average sale price of $455,495 for January 2019. The sales-to-new listings ratio in West Brant for the month of January was 88.46%. That means that almost 9 out of every 10 homes that came on the market in January 2020 were sold, indicating a strong Seller's market in the West Brant neighbourhoods last month. 

Terry's Take on the Brantford Real Estate Market

The Brantford real estate market is as strong as ever right now with the low inventory of homes and the high demand for the homes in Brantford. The average sale price was up 13.20% for Brantford and was up even higher in the North End(up 22.60%). So basically if you had bought a home in the North End last year you would have gained almost $100,000 in equity over the past year without having to do anything. THAT IS WHY YOU SHOULD BE INVESTING IN REAL ESTATE! 

The Terry Summerhays Team's listings in 2019 averaged a sale price that was 3.17% ABOVE the asking price, which was 4.37% higher than the Brantford Regional Real Estate Association's average sale price in 2019. We actually sold 3 out of every 4 of our listings in 2019 for ABOVE the asking price! Simply Put, We Sell Homes for More Money!! When you're ready to sell your Brantford home, what would you do with an extra $10,000 or $20,000 or even $50,000 that you weren't expecting from the sale of your home? Don't just settle for a sign on your lawn, put our proven marketing system and local expertise to work for you! Click Here to find out why and how we sell our listings for MORE MONEY!!

If you are thinking about selling your home in 2020 and you would like to get it sold fast and for an above average price call Terry today at 519-802-8770 or Click Here to Contact Us for a FREE Market Evaluation of Your Home.

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