Frank Fu Feng

416-800-5898

Forest Hill Real Estate Inc., Brokerage, Signature

www.realtyfrank.com

Mobile: 416-800-5898

Dear Friend,

Did you know that major customer review sites get hundreds of millions of views each month?

It’s hardly surprising when you think about it.

After all, when most people are looking to buy something, or hire someone, they tend to trust a recommendation more than an advertisement. That’s true whether you’re shopping for a car, restaurant, dentist, or… real estate agent.

In fact, referrals from valued clients are one of the main ways I build my business.

They are something I take very seriously. I work hard to be “referral worthy” by providing excellent service and continuing support — not just during a client’s move, but in the years afterward. This e-newsletter is just one of the many ways I do that.

So, the next time you come across a neighbour or friend looking for a good real estate agent, I hope you’ll feel comfortable giving them my name.

I’d really appreciate it!

And, please allow me to return the favour. The next time you’re looking for a real estate-related professional — such as a contractor or electrician — reach out to me for a referral from my network. I’m happy to help.

GTA REALTORS® Release April 2023 Stats

GTA Real Estate Market Update by Toronto Regional Real Estate Board

TORONTO, ONTARIO, May 3, 2023 – The Greater Toronto Area (GTA) housing market continued to tighten in April 2023. On a year-over-year basis, sales edged lower compared to April 2022, but new listings were down by more than one-third. Fewer listings relative to sales meant there was more competition between buyers, supporting an improvement in selling prices since the beginning of this year.

“In line with TRREB’s outlook and recent consumer polling results, we are seeing a gradual improvement in sales and average selling price. Many buyers have come to terms with higher borrowing costs and are taking advantage of lower selling prices compared to this time last year. The issue moving forward will not be the demand for ownership housing, but rather the ability to meet this demand with adequate supply. This is a policy issue that requires sustained effort from all levels of government,” said TRREB President Paul Baron.

GTA REALTORS® reported 7,531 sales through TRREB’s MLS® System in April 2023 – down by 5.2 per cent compared to April 2022. In comparison to March 2023, sales increased on an actual and seasonally adjusted basis. On a year-over-year basis, new listings were down by 38.3 per cent in April 2023.

The MLS® Home Price Index (HPI) Composite Benchmark was down by 12.1 per cent year-over-year in April 2023. Compared to March, the benchmark price was up on an actual and seasonally adjusted basis. The average selling price in the GTA was $1,153,269 in April 2023 – down 7.8 per cent compared to $1,250,704 in April 2022. The average selling price also increased compared to March, both on an actual and seasonally adjusted basis.

“As demand for ownership housing has picked up relative to supply, we are seeing renewed upward pressure on home prices. For a short period of time, higher borrowing costs trumped the impact of the constrained housing supply in the GTA. Renewed competition between buyers is once again shining the spotlight on the persistent lack of listings and resulting impact on affordability,” said TRREB Chief Market Analyst Jason Mercer.

“Lack of affordability in the GTA ownership and rental housing markets has been well-documented. On top of this, households faced with steep price increases for basic goods and services have had to make tough decisions to adapt. It is time for governments to make tough choices as well. On average, every dollar a household makes in the first half of the year goes to taxes. Governments need to provide more value for every tax dollar they collect and should be looking for ways to reduce tax burdens moving forward,” said TRREB CEO John DiMichele.

Best Regards,

Frank Fu Feng

Direct: 416-800-5898

www.realtyfrank.com

Creating the “Wow” Effect in Buyers

That’s why, when preparing your property for sale, it’s important to do everything you can to make sure it looks attractive to buyers.

Nowhere does this first impression phenomenon play out more than when a buyer first enters your home. The moment they walk through your front door, they’ll look around, take in the scene and form an impression.

Ideally, you want that crucial first impression to be, “Wow. This place looks great! I can hardly wait to check out the rest of this home.”

So how do you ensure that happens?

One way is to play the role of a buyer yourself. Walk through your front door as if you’ve never been inside your home before. Pretend you’re a buyer and look around. What do you see? What impresses you most from that perspective? What do you notice that concerns you?

Pay attention to anything distracting: walls in need of painting, cluttered furniture arrangements, too much or too little lighting. This exercise will give you immediate ideas for improving — or Home Staging, as it’s called in real estate — the view from the front door foyer. For example, you might discover that a weekend painting project along with some decluttering, would make a big difference in how your home looks from this vantage point.

Typically, it doesn’t take much work to make these types of changes and improvements. But, when you do, your home is likely to look more impressive to buyers as they walk through your front door. That’s an impression that’s likely to linger as they view the rest of your property.

Cleaning Tips for Instantly Improving Curb Appeal

So, how can you improve your home’s curb appeal quickly? One way is to do some outside cleaning.

Start with the main entryway. Wash down the front door and sweep (or power wash) the front steps. It only takes a few minutes, but you’d be surprised by the impact it can have. Sweep or power wash your walkway too and you’ll improve the overall look of your home — sometimes dramatically.

Clean your front windows to brighten the look of your home’s facade. It doesn’t have to be an arduous chore. In fact, there are washing products available that attach to your garden hose. You don’t even need a ladder! Ask your local home improvement retailer for recommendations.

If you have hedges and shrubs, give them a trim. To keep your trimming level, use a wide board, or even a piece of cardboard, then cut to the desired height. Pull off any dead leaves or branches. Of course, also mow the lawn!

Finally, inspect your property from the street. Can you see anything else you can do to quickly improve the look? Do you notice anything that is unsightly or distracting, such as garbage bins that could be relocated?

How to Deal with a Competitive Disadvantage

There are a few things you can do to compensate for such disadvantages.

First, highlight the advantageous features of your home. Chances are, there are characteristics that make it stand out. For example, the look and style of your home may be cozy and enchanting. Or, you might have a desired feature, such as a terrific view.

Next, do everything you can to ensure your home makes the best impression possible to buyers. Remember, most buyers will only see your property once. So, pull out all the stops. That means decluttering, cleaning, painting, getting any needed repairs done, and staging effectively.

Finally, make sure you set the asking price strategically. That doesn’t necessarily mean it needs to be low. But, it does mean that the price should reflect the market value of your home.

Notable, Quotable, Quotes!

“Whatever fear I have inside of me, my desire to win is always stronger.”
Serena Williams

“Spend time thinking of what you want, rather than what you don’t want.”
Sanaya Roman

“If you don’t like the road you’re walking, start paving another one.”
Dolly Parton