Virtually Toronto Real Estate: News and Information
for Feb. 2004
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
February 2004
-Tips For Giving Your House A Decorator's
Touch When Selling
-New Or Old? The Debate Continues
-MARKET WATCH-FEBRUARY 2004-
With 4,256 sales reported in the first month of the year, 2004
is off
to a positive start, TREB President Cynthia Lai reported today.
"Last month's result is only the fourth time sales have
broken the 4,000 level
in a January," Ms. Lai. noted. "And although the figure
is down somewhat from
the record setting 4,869 sales reported in 2002, it is a signal
that sales this year
will remain active."
Prices rebounded in January over the close of 2003, rising
four per cent to $295,989
over December's figure of $284,955. They were also up five per
cent from the $281,292
recorded in January of 2003. "The upcoming year will see
moderate price increases,"
Ms. Lai predicted,"...but these should not be much more
than the rate of inflation."
Breaking down the total, 1,629 sales were reported in TREB's
28 West districts and
averaged $276,264; 707 sales were reported in the 14 Central
districts and averaged
$376,586; 850 sales were reported in the 23 North districts
and averaged $338,726;
and 1,070 sales were reported in TREB's 21 East districts and
averaged $238,815.
TREB Market Watch (February 2004)
-TIPS FOR GIVING YOUR HOUSE A DECORATOR'S
TOUCH WHEN SELLING-
Today's average homebuyers are demanding more than ever in the
houses
they are buying. Common requests are kids' own rooms, playrooms,
hobby
rooms, home offices, larger laundry rooms, kitchens with all
the bells and
whistles, and luxurious master bedrooms. And then there's the
obsession with
improving and decorating, fueled by a string of TV shows like
Trading Spaces
and the swelling number of decorating and design magazines.
With perfectly decorated rooms sealed with designers' touches
increasingly in
the back of our minds, would-be buyers could be more impressed
when the houses
they are viewing look like -- or close to -- the houses they
see in magazines and home
decorating shows.
Realtors tell you all about curb appeal and staging the house.
But sometimes it can
help to go a step farther and invest a few extra dollars in
really making your house
stand out. But first one word of caution: Because everyone's
tastes are so different,
don't do anything extreme. Try to stay mainstream and conservative.
Curb Appeal
As with any style house, curb appeal -- the first impression
-- is crucial. Even if your
house is on the small side, if it's kept up well, boasting fresh
paint, a manicured lawn
and professional-looking landscaping, you'll be off to a great
start. Keep cars out of
the driveway, make sure all toys and yard tools are out of view,
clean the windows
and spruce up the front door if you need to by painting, adding
a new handle and
bringing a homey feel by adding a seasonal wreath. If you live
in a snowy climate,
make sure the walkways are clear.
The Entryway
The entryway gives your visitors a feel for what the rest of
the house is like. Make it
warm and welcome by providing a smattering of accessories --
but don't overdo it. A
small console table is a good idea if you have space. Place
a lamp on the table and
hang a picture over the table. An area rug adds warmth and texture.
Add a good-sized
plant in an attractive planter and you're set.
The Kitchen
The kitchen is often where deals are made or lost. Today's kitchen
is the heart of the home,
where families cook, entertain, pay bills, do homework, and
just hang out. That's why it's
imperative that your kitchen looks its best.
For starters, clear all the clutter from the countertops. A
few small appliances is okay,
but hide those stacks of bills, the to-be-recycled newspapers
and the extra items you
have taking up the counter space.
Take stock of the condition of the walls. If they look grungy
to you, they'll definitely
look questionable to a would-be homebuyer. A fresh coat of paint
is inexpensive and
can brighten up the room.
Other ways to spruce up the kitchen without going through any
major remodeling include:
Replacing your faucet. There are plenty of styles and finishes
on the market, from sleek
and contemporary to warm and rustic.
Changing out your hardware. Replacing the hardware on your
cabinetry is fairly inexpensive
and can totally change the look of the kitchen.
Lighting it up. Strategically placed light always makes a room
more inviting. In the kitchen,
recessed downlights assure even illumination. Install them over
the stove and sink areas
to create adequate task lighting for cooking and cleaning. And
a beautiful pendant over
the kitchen table is functional and appealing to the eye.
Adding some artwork to liven up the walls.
Treating your windows. Window treatments create instant character.
Living and Family Rooms
One of the most important things you can do to make your living
and family rooms look
great is have your furniture placed as a decorator would. That
means making sure furniture
is sized for the room. If you have a small room, then you'll
need smaller-sized furniture. And
don't try to put too much furniture in a room.
Choose your focal point, whether it's a fireplace, TV, or piece
of art. Arrange your furniture
around the centerpiece. Try to stay away from putting sofas
against walls. And try to place
your furniture pieces close enough together so that you have
a warm, intimate feeling as
you and your family or guests are seated. Add pillows and throw
blankets to accessorize.
If your room allows, have two separate seating areas. Try to
incorporate console tables, art,
sconces, plants, lamps, and rugs into the room.
And if you have a small room, strategically placed mirrors
can help make a room appear larger.
You should also focus on accessories that are long and narrow.
Long, thin lamps and plants
can help you achieve a sense of height versus accessories that
take up a lot of horizontal
space. (realty times)
-NEW OR OLD? THE DEBATE CONTINUES-
As you embark on your venture to buy a home, one of the first
decisions to make is whether
to buy new or purchase an existing home. Each choice has its
advantages, and there is no
single answer which works for everyone.
You may be drawn to the shiny new, energy-efficient appliances,
the family room, and the
beautiful master suite offered in a new home. But you may also
like the charm, the canopy
of trees that drape over the sleepy neighbourhood streets, and
the increasing value of an
existing home you've been eying.
Here are some things you'll want to ponder as you decide which
route to take.
Existing Homes
Existing homes offer many considerations for potential homebuyers,
including:
The neighborhood. Many people are drawn to developed neighborhoods
for
the sense of community that has been established. The mature
landscaping and
developed trees are often a considering factor.
Maintenance and repair. If you're considering an existing home,
be sure you have
a good handle on the working status of all major systems. Hire
a professional home
inspector to check out the house. As appliances and systems
age they naturally
require repair and replacement, something which may be reflected
in a purchase price.
Home improvement. If you enjoy small repairs and home improvement
projects
around the house, then an existing home would be your cup of
tea.
Existing features. When you buy an existing home, you typically
don't have to worry
about buying the extras, such as blinds for the windows, a security
system, or a
landscaped backyard.
Land. In most metro centers, new homes may have less land than
older properties.
Why? Because of changes in land-use patterns.
Location. Existing homes are often found in older, more convenient
metro core
areas rather than outlying suburbs.
The opportunity to remodel. In some cases buyers may prefer
an older home in a
particular location which can be modernized or expanded. In
effect, use the existing
home as a base to build a unique property.
Price. In general terms, existing homes tend to be less expensive
than new properties.
As well, existing homes are likely to come complete with items
which may represent new
home extras -- blinds, landscaping, built-ins, etc.
Track record. When you purchase an existing home, you know
how much the property
has appreciated over the years -- in effect, you have an index
of sorts which measures
the community's marketplace appeal. At the same time, like stocks
and bonds, you know
that past results do not guarantee future marketplace performance.
Taxes. Depending on your state, you will likely have lower
property tax rates. Also, many
older households aren't required to pay for local bonds associated
with new development,
such as schools, parks, or road or transportation improvements.
Traditional layout. If you like the formal living and dining
rooms, an existing home will
likely satisfy you.
New Homes
On the other hand, new home considerations include:
Warranties. Many homebuilders offer 10-year warranties from
third-parties who will
be there if certain problems develop over time. In additional,
appliances and systems
also include direct manufacturers' warranties for such items
as stoves, clothes washers, etc.
Modern architecture and layout. If you prefer a great room
(oversized family room),
bigger closets, more bathrooms, and media niches over formal
dining and living rooms,
a new home is likely to better accommodate you.
Options. When you buy a new home, you get to decide the particulars
of what you want.
You can also select any of the upgrade features the builder
may offer, choose the right
paint for each room, select the cabinets you want, and do much
to customize the property.
Price. As we saw above, new homes are typically more expensive
than existing homes. But,
new homes are likely to need fewer repairs or replacements because
everything is, well, new;
warranties are in place, and normal wear and tear has yet to
begin.
Safety features. Most new homes now have hard-wired smoke detectors
on every floor.
They are usually interconnected so that if one goes off, they
all go off.
Energy efficiency. Over time homes have become better insulated
and energy costs for given
purposes have been reduced. Better windows, more efficient heating
and cooling equipment,
better control of air infiltration, and greater use of insulation,
new homes
consume half the energy of homes built prior to 1980, according
to the NAHB.
Less maintenance. New homes are often made with materials that
require less maintenance,
such as aluminum siding, vinyl windows and trim that never need
painting, and wood decks
made with pressure-treated wood that resists rot and insects.
The Real Answer
So which is the better choice -- new or existing?
There's no single, objective answer that's right for everyone.
We each have different
preferences, and the values that best suit Jones may be all
wrong for Smith.
Moreover, terms such as "new" and "existing"
are among the many factors to consider
when looking for a home. All homes are unique -- they each offer
a combination of factors
which no other home quite duplicates. There are trade-offs with
every property.
The real question is not which is "better" -- new
or existing -- but rather which specific
property best meets your needs. The only "correct"
answer is unique to you:
It's whatever you prefer.
(realty times)
