Brantford Real Estate and Community News

Oct. 4, 2020

Brantford Real Estate Update for October 2020

 

Hi Everyone,

***PLEASE WATCH THE VIDEO ABOVE***

Here is your Brantford Real Estate Update for October 2020 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 September 2020 was $530,612, which is up by 20.21% or $89,201 higher compared to the average sale price of $441,411 in September 2019. The sales-to-new listings ratio in September was 94.41%, which means that 9 homes in Brantford were sold for every 10 homes that were listed, indicating a very strong Seller's market last month. 

North End

The average sale price in Brantford’s North End neighbourhoods in September 2020 was $582,815, which is up 24.03% or $112,900 compared to the average sale price of $469,915 in September 2019. The sales-to-new listings ratio in the North End areas last month was 128.95%, which means that almost 13 homes were sold in the North End neighbourhoods for every 10 new listings in the North End that came on the market, indicating a super-charged Seller's market in the North End areas with more homes selling than there were homes coming on the market during the month.

West Brant

The average sale price in the West Brant area in September 2020 was $642,980, which is up by 21.90% or $115,523 compared to the average sale price of $527,457 in September 2019. The sales-to-new listings ratio in West Brant for the month of August was 89.29%, which means that almost 9 homes in West Brant were sold for every 10 homes that came on the market, indicating a very strong Seller's market in the West Brant areas.

Terry's Take on the Brantford Real Estate Market

Despite the fact that we had 25.81% fewer listings come on the market in September, we ended up with 26.67% more sales last month compared to a year ago. All areas in Brantford were strong but the North End neighbourhoods were going crazy with more homes selling than there were homes coming on the market as the high demand for the houses for sale in Brantford continues to outpace the supply of homes that are available for sale.

Our clients have been able to really take advantage of this 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 being able to receive multiple offers and to sell their homes for well above their asking prices, even setting record-high sale 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 home faster, easier, and for more money!

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

Sept. 29, 2020

Why Selling this Fall May Be Your Best Move

Why Selling this Fall May Be Your Best Move | MyKCM

If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one.

1. Buyers Are Actively in the Market

ShowingTime, a leading real estate showing software and market stat service provider, just reported that buyer traffic jumped 60.7% compared to this time last year. That’s a huge increase!

It’s clear that buyers are ready, willing, and able to purchase – and they’re in the market right now. In many cases, multiple buyers are entering bidding wars to compete for the home they want. Now is a great time to take advantage of the buyer activity currently in the market so you can sell your house in the most favourable terms.

2. There Are Not Enough Homes for Sale

The number of months of inventory is another important measure of the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activities. According to the Canadian Real Estate Association (CREA) heading into September, there were just 2.6 months of inventory on a national basis, the lowest reading on record for this measure. At the local market level, a number of Ontario markets are now into weeks of inventory rather than months. In Brantford, we are currently sitting at less than 1 month worth of inventory. This means there simply aren’t enough homes for sale to satisfy the number of buyers.

Due to the health crisis, many homeowners were reluctant to list their homes earlier this year. That will change as the economy continues to recover. The choices buyers have will increase going into the new year. Don’t wait until additional sellers come to market before you decide to make a move.

3. The Process Is Going Quickly

Today’s ultra-competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and simpler, as buyers know exactly what they can afford before shopping for a home. 

4. There May Never Be a More Important Time to Move

You’ve likely spent much of the last six months in your current home. Perhaps you now realize how small it is and you need more space, or maybe there are features you're missing in your current home that you would appreciate having in your next home, or if you’re working from home and your children are doing virtual school perhaps the floor plan in your current home does not work for your family’s changing needs.

Bottom Line

The housing market is prime for Sellers to take advantage of right now, so call The Terry Summerhays Team today at 519-802-8770 and let's discuss your best options for making a move. 

 

Sept. 24, 2020

Why Pricing Your Home Right Matters This Fall To Get Top Dollar

Why Pricing Your Home Right Matters This Fall [INFOGRAPHIC] | MyKCM

Some Highlights

  • As a Seller in today's market, you may think pricing your home on the high end will result in a higher final sale price, but the opposite is actually true.
  • To sell your home quickly and for the best possible price in this market you will get a higher sale price by pricing your home in the "sweet spot" right from the start.
  • Let’s connect today to make sure you have the guidance you need to price your home right this fall so you can maximize your sale price.

 

Call The Terry Summerhays Team today at 519-802-8770 to learn the best strategy for maximizing your sale price in this market!

Sept. 15, 2020

Have You Ever Seen a Housing Market Like This?

Have You Ever Seen a Housing Market Like This? | MyKCM

The year 2020 will certainly be one to remember, with new realities and norms that changed the way we live. This year’s real estate market is certainly no exception to that shift, with historic highlights continuing to break records and challenge what many thought possible in the housing market. Here’s a look at four key areas that are fundamentally defining the market this year.

Housing Market Recovery

The economy was intentionally put on pause this spring in response to the COVID-19 health crisis. Many aspects of the common real estate transaction were placed on hold at the same time. Thankfully technology and innovation helped the industry power forward, and business gradually ramped back up.

The result? Total transformation of the market from rock-bottom lows to exceptional highs. Today, the housing recovery is being called truly remarkable by many experts and is far exceeding expectations. From pending home sales to purchase applications, buyers are back in business and homes are selling – fast and for top dollar!

Record-Breaking Mortgage Rates

Historically low mortgage rates are another 2020 game-changer. Today’s low rate is one of the big motivating factors bringing buyers back into the market. The average rate reached an all-time low on multiple occasions this year, and it continues to hover in record-low territory.

When rates are this low, buyers have a huge opportunity to get more for their money when purchasing a home, something many are eager to find while continuing to spend more time than expected at home this year, and likely beyond.

Continued Home Price Appreciation

One of the key drivers of home price appreciation this year is historically low inventory. Inventory was low going into the pandemic, and it is still sitting well below the level needed for a normal market. Although sellers are slowly making their way back into the game, buyers are scooping up homes faster than they’re coming up for sale.

This is a classic supply and demand scenario, forcing home prices to rise. Selling something when there is a higher demand for what is available naturally bumps up the price. If you’re ready to sell your house today, this may be the optimal time to make your move.

Increasing Affordability

Even as home prices continue to rise, affordability is working in favor of today’s homebuyers. According to many experts, rates this low are off-setting rising home prices, which increases buyer purchasing power – an opportunity not to be missed, especially if your family’s needs have changed. If you now need space for a home office, gym, virtual classroom, and more, it may be time to reconsider your current house.

According to Mortgage News Daily:

“Those shopping for a home can afford 10 percent more home than they could have one year ago while keeping their monthly payment unchanged. This translates into nearly $32,000 more buying power.

Bottom Line

With mortgage rates hitting historic lows, home prices appreciating, affordability rising, and the market recovering like no other, 2020 has been quite a year for real estate – perhaps one we’ve never seen before and may never see again. Call The Terry Summerhays Team today at 519-802-8770 if you’re ready to take advantage of this year’s record-breaking opportunities.

Sept. 9, 2020

Homebuyer Demand Is Far Above Last Year’s Pace

Homebuyer Demand Is Far Above Last Year’s Pace | MyKCM

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase in certain price ranges and neighbourhoods. If you’ve been thinking about selling your house, the coming weeks might just be the timing you’ve been waiting for.

Statistics released by the Canadian Real Estate Association (CREA) show national home sales and new listings continue to rebound with new listings hitting their highest level on record, while sales posted the highest level of any month in history. 

What Does This Mean for Sellers?

If you were thinking about putting your house on the market in the spring, but decided to wait due to the health crisis, it may be time to make your move. Buyers are in the market right now. With so few homes available to purchase, homeowners today are experiencing more bidding wars and record-setting sale prices, creating an optimal time to sell. 

Is This Trend Going to Continue?

In real estate markets across the country, there are no signs of slowing buyer demand this fall:

The usual summer slowdown in the housing market is not happening this year. Buyers continue to show strong demand, spurred by the new stay-at-home world of the coronavirus and by record low mortgage rates.”

Danielle Hale, Chief Economist at realtor.com, concurred:

“In a typical year in the housing market, buyer interest begins to wane before seller interest causing the usual seasonal slowdown as we move into the fall. Due to a delayed spring season and low mortgage rates, we could see buyer interest extend longer than usual into the typically quieter fall. Whether this means more home sales will depend on whether sellers participate or decide to stay on the sidelines.”

As Hale mentioned, homeowners who are willing to sell their houses right now will play a big role in whether the trend continues. The market needs more homes to satisfy ongoing buyer demand. Maybe it’s time to leverage your equity and move up while eager home shoppers are ready to purchase a house just like yours and are willing to pay top dollar for it!

Bottom Line

If your current home doesn’t meet your family’s changing needs, let’s connect to help you sell your house and make the move you’ve been waiting for all year. Call The Terry Summerhays Team today at 519-802-8770 for a free consultation. 

 

Sept. 3, 2020

Brantford Real Estate Update For September 2020

 

Hi Everyone,

***PLEASE WATCH THE VIDEO ABOVE***

Here is your Brantford Real Estate Update for September 2020 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 August 2020 was $547,478, which is up by 24.14% or $106,463 higher compared to the average sale price of $441,015 in August 2019. The sales-to-new listings ratio in August was 75.26%, which means that almost 8 homes in Brantford were sold for every 10 homes that were listed, indicating a strong Seller's market last month. 

North End

The average sale price in Brantford’s North End neighbourhoods in August 2020 was $616,380, which is up 28.09% or $135,180 compared to the average sale price of $481,200 in August 2019. The sales-to-new listings ratio in the North End areas last month was 61.70%, which means that 6 homes were sold in the North End neighbourhoods for every 10 new listings in the North End that came on the market, indicating a Seller's market in the North End areas.

West Brant

The average sale price in the West Brant area in August 2020 was $671,819, which is up by 30.16% or $155,665 compared to the average sale price of $516,154 in August 2019. The sales-to-new listings ratio in West Brant for the month of August was 83.33%, which means that 8 homes in West Brant were sold for every 10 homes that came on the market, indicating a very strong Seller's market in the West Brant areas.

Terry's Take on the Brantford Real Estate Market

There were 20.5% more new listings that came on the market last month compared to a year ago, giving the Buyers a few more options to choose from which slowed down the market for a week or so due to the increase in inventory. However, this was short-lived as those new listings were sold quickly to bring us back to a shortage of inventory again as the high demand for the houses for sale in Brantford continues to outpace the supply of homes that are available for sale. Almost all of our listings have been receiving multiple offers and selling for well above their asking prices in this hot market! We are finding that with our aggressive marketing and targeted advertising to the Buyers in the areas outside of Brantford, such as Toronto, Oakville, Hamilton, Mississauga, Brampton, Burlington, Milton, Guelph, Kitchener, Cambridge, Waterloo, and so on, we are getting a lot of Buyers from those areas who are wanting to move to Brantford becuase they are finding the prices in Brantford to be very attractive compared to where they currently live.

If you live in Brantford or Brant County and you are planning on making a move this year just give us a call or text to put our proven and aggressive marketing system to work for you so you can make the most money possible from the sale of your home! You can Call or Text The Terry Summerhays Team at 519-802-8770.

To learn more about how Terry Summerhays is able to consistently sell his listings for 4%-6% more money year-after-year check out our proven and aggressive Summerhays Selling System so you can sell your Brantford home faster, easier, and put more money in your pocket!

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

Sept. 1, 2020

How Is Remote Work Changing Homebuyer Needs?

How Is Remote Work Changing Homebuyer Needs? | MyKCM

With more companies figuring out how to efficiently and effectively enable their employees to work remotely (and for longer than most of us initially expected), homeowners throughout the country are re-evaluating their needs. Do I still need to live close to my company’s office building? Do I need a larger home with more office space? Would making a move to the suburbs make more sense for my family? All of these questions are on the table for many Canadians as we ride the wave of the current health crisis and consider evolving homeownership needs. Working remotely is definitely changing how Canadians spend their time at home, and also how they use their available square footage. Homeowners aren’t just looking for a room for a home office, either. The desire to have a home gym, an updated kitchen, and more space in general – indoor and outdoor – are all key factors motivating some buyers to change their home search parameters. Canadians are thinking differently about homeownership today, and through a new lens.

Through these challenging times, you may have found your home becoming your office, your children’s classroom, your workout facility, and your family’s safe haven. This has quickly shifted what home truly means to many Canadian families. More than ever, having a place to focus on professional productivity while many competing priorities (and distractions!) are knocking on your door is challenging homeowners to get creative, use space wisely, and ultimately find a place where all of these essential needs can realistically be met. In many cases, a new home is the best option.

In today’s real estate market, making a move while mortgage rates are hovering at historic lows may enable you to purchase more home for your money, just when you and your family need it most.

Bottom Line

If your personal and professional needs have changed and you’re ready to accommodate all of your family’s competing priorities, let’s connect today. Making a move into a larger home may be exactly what you need to set your family up for optimal long-term success. Call The Terry Summerhays Team today at 519-802-8770 for a free consultation.

Aug. 27, 2020

Sellers Are Returning to the Housing Market

Sellers Are Returning to the Housing Market | MyKCM
In today’s housing market, it can be a big challenge for buyers to find homes to purchase, as the number of houses for sale is far below the current demand. Now, however, we’re seeing sellers slowly starting to come back into the market, a bright spark for potential buyers. As mentioned by Canadian Real Estate Association's Senior Economist, Shaun Cathcart in their August 2020 News Release;
“What a difference three months makes, from some of the lowest housing numbers ever back in April to the multiple monthly records logged in July. A big part of what we’re seeing right now is the snap back in activity that would have otherwise happened earlier this year. Recall that before the lockdowns, we were heading into the tightest spring market in almost 20 years. Things may have gone quiet for a few months, but ultimately the market we’re seeing right now is mostly the same one we were heading into back in March. That said, there are some new factors at play as well. There are listings that will come to the market because of COVID-19, but many properties are also not being listed right now due to the virus, as evidenced by inventories that are currently at a 16-year low. Some purchases will no doubt be delayed, but the new-found importance of home, lack of a daily commute for many, a desire for more outdoor and personal space, room for a home office, etc. will certainly also spur activity that otherwise would not have happened in a non-COVID-19 world. 
Even with the number of homes coming into the market, the available inventory is well below where it needs to be to satisfy buyer interest.

Why is this good for sellers?

A good time to enter the housing market is when the competition in your area is low, meaning there are fewer sellers than interested buyers. You don’t want to wait for all of the other homeowners to list their houses before you do, providing more options for buyers to choose from. With sellers starting to get back into the market after five months of waiting, if you want to sell your house for the best possible price, now is a great time to do so.

According to CREA, the number of months of inventory is another important measure of the balance between sales and the supply of listings. It represents how long it would take to liquidate current inventories at the current rate of sales activity.

There were just 2.8 months of inventory on a national basis at the end of July 2020 – the lowest reading on record for this measure. At the local market level, a number of Ontario markets shifted from months of inventory to weeks of inventory in July.

Why is this good for buyers?

It can be challenging to find a home in today’s low-inventory environment. If more sellers are starting to put their houses up for sale, there will be more homes for you to choose from, providing a better opportunity to find the home of your dreams while taking advantage of the affordability that comes with historically low mortgage rates.

Bottom Line

While we still have a long way to go to catch up with the current demand, inventory is slowly starting to return to the market. If you’re thinking of moving this year, let’s connect today so you’re ready to make your move when the home of your dreams comes up for sale.

Aug. 20, 2020

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Why Is It so Important to Be Pre-Approved in the Homebuying Process? | MyKCM

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this. Unfortunately, many buyers are making the mistake of skipping the pre-approval step in the homebuying process. 

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the Canadian Real Estate Association (CREA), There were just 2.8 months of inventory on a national basis at the end of July 2020- the lowest reading on record for this measure. Also, homes are receiving multiple offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, call The Terry Summerhays Team today at 519-802-8770 to connect before you start searching for a home.

Aug. 12, 2020

Three Ways to Win in a Bidding War

Three Ways to Win in a Bidding War | MyKCM

With so few houses for sale today and low mortgage rates driving buyer activity, bidding wars are becoming more common. Multiple-offer scenarios are heating up, so it’s important to get pre-approved before you start your search. This way, you can put your best foot forward – quickly and efficiently – if you’re planning to buy a home this season.

 

“COVID-19 has accelerated earlier trends, bringing even more buyers than the market can handle. In many markets, fierce competition, bidding wars, and multiple offer scenarios may be the common theme in the weeks to come.”

Here are three things you can do to make your offer a competitive one when you’re ready to make your move.

1. Be Ready

A recent survey shows that only 52% of active homebuyers obtained a pre-approval letter before they began their home search. That means about half of active buyers missed out on this key part of the process.

Buyers who are pre-approved are definitely a step ahead when it’s time to make an offer. Having a pre-approval letter indicating you’re a qualified buyer shows sellers you’re serious. It’s often a deciding factor that can tip the scale in your direction if there’s more than one offer on a home. It’s best to contact a mortgage professional to start your pre-approval process early, so you’re in the best position right from the start of your home search.

2. Present Your Best Offer

In a highly competitive market, it’s common for sellers to pick a date and time to review all offers on a house at one time. If this is the case, you may not have an opportunity to negotiate back and forth with the sellers. As a matter of fact, the Ontario Real Estate Association notes:

"Multiple offers are a fact of life in Toronto, but they are also familiar territory in Ontaro's other urban markets.”

Make sure the offer you’re presenting is the best one the sellers receive. A real estate professional can help you make sure your offer is a fair and highly competitive one.

3. Act Fast

With existing homes going like hotcakes, there’s no time to waste in the process. Multiple reports show the speed of home sales is ramping up and in Brantford the median and average days on the market is 10 and 18 respectively.

As you can see, the market is gaining steam. For two consecutive months houses have sold very quickly. Essentially, you may not have time to sleep on it or shop around when you find a home you love. Chances are, someone else loves it too. If you take your time, it may not be available when you’re ready to commit.

Bottom Line

The housing market is very strong right now, and buyers are scooping up available homes faster than they’re coming to market. Call The Terry Summerhays Team today at 519-802-8770 to learn what you can do and how you can win a bidding war!