Virtually Toronto Real Estate: News and Information
for March 2003
TODAY'S TOPICS
-Toronto Real Estate Board 'MarketWatch'
March 2003
PREPARE NOW TO SELL IN THE SPRING
GREATER TORONTO AIRPORTS AUTHORITY
-MARKET WATCH-MARCH 2003-
February Deep Freeze Fails to Chill Housing Market
TREB Members reported 5,965 sales of single-family dwellings
in February,
TREB President Ann Bosley reported today. "While not a
record for the
month (the figure is down 13 per cent from February 2002's best
ever figure
of 6,866 sales), this is still a very healthy result given the
extreme cold and
snowfall that the GTA has experienced over the past several
weeks."
Prices continued their upward march in February, with the average
moving
to $289,954, up almost three per cent over December's figure
of $281,292,
and up seven per cent over February 2002. The median also increased,
to
$248,300, up two per cent from last month.
Breaking down the total, 2,316 sales were reported in TREB's
28 West
districts and averaged $267,972; 970 sales were reported in
the 14 Central
districts and averaged $401,663; 1,143 sales were reported in
the 23 North
districts and averaged $309,742; and 1,536 sales were reported
in TREB's
21 East districts and averaged $237,829.
TREB Market Watch (March 2003)
-PREPARE NOW TO SELL IN THE SPRING-
Spring may still be two months away, but if you plan on selling
this spring
or summer, now's the time to start getting your house ready
to put on
the market. Home sales typically soar during the spring and
summer
months because of the more favorable weather in most parts of
the
country and kids out of school.
While the thought of an increased pool of buyers in the spring
may
put you at ease, don't forget, there will be more competition
as you
see more of your neighbors put their houses on the market, too.
One of the first things you should do is examine, and, if needed,
repair,
any major structural systems. If you're unaware of any, you
may want to
hire a professional home inspector. Chances are a potential
buyer will
hire an inspector to examine the house, so you might as well
save
yourself any surprises down the road.
A typical home inspection includes drainage conditions, exterior
surfaces, decks, chimney, the roof, windows, doors, plumbing
fixtures, furnace, air conditioner, insulation, ventilation,
electrical,
heating, and plumbing systems.
Once that's done, you should make you don't have any loose
shingles.
Repair and paint your gutters, if needed. Once the structural
systems are
repaired or given the thumbs-up, then you should turn to appearance.
Two of the most effective but most inexpensive ways to improve
the
look of your home are to shampoo your carpets and to repaint
any walls
that are dirty or dingy. Remember - keep the colors neutral.
Next you'll want to get rid of all your extra clutter - start
with the garage,
closets, and bedrooms. Have a garage sale to get rid of all
the extra stuff
you don't use anymore. If you have anything left over, donate
it to charity.
If you have a lot of furnishings, think about putting some
of them in
storage. When a potential buyer looks at your house, there should
be
enough open space for them to visualize their things in the
room. They
shouldn't have to visually plod through all of your belongings.
Another thing to work on is creating good curb appeal. A home
shopper's
first impression is everything. The moment they pull up to the
curb,
they'll make an instant judgment. You'll want to be sure it's
positive. You
can begin by making sure your front landscape is kept up, the
lawn is
mowed on schedule, and bushes and trees are pruned.
Bring your front door to life with a fresh coat of paint and
a spring wreath.
Set some planters near the front door and plant some colorful
annuals
in the front yard.
Another thing you should start thinking about is setting your
price
competitively. Begin by having a competitive market analysis
of your
house done. It will give you an estimate of the fair market
value of your
home, which is a range that will fluctuate depending on the
housing
market in your area and how much similar homes in your neighborhood
are selling for.
This will help you give you an idea of how much you should
list
your house for.
Like other major undertakings, the real key to selling your
house
is preparation. Some sellers don't have this luxury - they may
have a job
relocation or other circumstances that force them to sell quickly.
If you
plan on moving in the spring or summer, use the coming months
to your
full advantage to ultimately garner top dollar for your house.
(realty times)
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