Frank Fu  Feng

Frank Fu Feng

Sales Representative, SRES, RENE, ABR, SRS

RE/MAX Realtron Realty Inc., Brokerage*

Mobile:
416-800-5898
Office:
416-222-8600
Email Me

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October 2023 Newsletter _ Your Real Estate Update _ Frank Fu Feng

Frank Fu Feng

416-800-5898

Forest Hill Real Estate Inc., Brokerage, Signature

www.realtyfrank.com

Mobile: 416-800-5898

 

Dear Friend,

I don’t know whether or not you’re a movie fan. But, even if you’re not, you’ve probably heard of the actor Kevin Bacon. He’s been in many films. In fact, the popular expression, “Six degrees of Kevin Bacon”, refers to the idea that just about every actor on the planet is connected to him in some way.

It’s even become a popular board game!

So, what does this have to do with real estate?

Well, although “six degrees” is a bit of a Hollywood joke, the underlying premise is sound. Chances are, you know a lot of people… who know a lot of people… and so on.

We all do.

And, as a result, you probably come across many people in your network who are looking for real estate help. For example:

  • A friend who’s searching for a new home.
  • Neighbours who want to know how much their property is worth on today’s market.
  • A work colleague who is listing soon and looking for a good real estate agent.

When that happens, I hope you’ll feel comfortable giving them my name. As you know, I build my business on referrals and, therefore, genuinely appreciate valued clients recommending me.

And it goes without saying (but I’ll say it anyway!), I’ll give the red-carpet treatment to anyone you send my way.

Thank you in advance for your support.

GTA REALTORS® Release September 2023 Stats

GTA Real Estate Market Update by Toronto Regional Real Estate Board

TORONTO, ONTARIO, October 4, 2023 – The impact of high borrowing costs, high inflation, uncertainty surrounding future Bank of Canada decisions and slower economic growth continued to weigh on Greater Toronto Area (GTA) home sales in September. However, despite the market being better-supplied with listings, the average selling price was up year-over-year.

“The short and medium-term outlooks for the GTA housing market are very different. In the short term, the consensus view is that borrowing costs will remain elevated until mid-2024, after which they will start to trend lower. This suggests that we should start to see a marked uptick in demand for ownership housing in the second half of next year, as lower rates and record population growth spur an increase in buyers,” said TRREB President Paul Baron.

REALTORS® reported 4,642 home sales through TRREB’s MLS® System in September 2023 – down 7.1 per cent compared to September 2022. The year-over-year dip in sales was more pronounced for ground-oriented homes, particularly semi-detached houses and townhouses. On a month-over-month seasonally-adjusted basis, sales were also down slightly.

New listings were up strongly on a year-over-year basis from the extremely low level in September 2022. The number of listings also trended upward on a month-over-month seasonally adjusted basis.

The MLS® Home Price Index (HPI) Composite benchmark was up by 2.4 per cent year-over-year. The average selling price was up by three per cent over the same time period. On a month-over-month seasonally-adjusted basis, both the average selling price and the MLS® HPI Composite benchmark edged lower by less than one per cent.

“GTA home selling prices remain above the trough experienced early in the first quarter of 2023. However, we did experience more balanced market in the summer and early fall, with listings increasing noticeably relative to sales. This suggests that some buyers may benefit from more negotiating power, at least in the short term. This could help offset the impact of high borrowing costs,” said TRREB Chief Market Analyst Jason Mercer.

“TRREB’s annual consumer polling has shown that half of intending home buyers in Toronto will be first-time buyers in any given year. The average price of a condo apartment in Toronto is over $700,000. Yet, the first-time buyer exemption threshold for the City’s upfront land transfer tax has remained at $400,000 for a decade-and-a-half. With this in mind, TRREB applauds Toronto City Council for asking City staff to provide a report on a more appropriate exemption level moving forward,” said TRREB CEO John DiMichele. He further stressed that “many housing and taxation policies are currently set in opposition and we need all levels of government to align policies and work together to solve this housing crisis.”

 

Best Regards,

Frank Fu Feng

Direct: 416-800-5898

www.realtyfrank.com

 

Creating a Welcoming Environment when Selling your Home

 
 
 

When buyers view your home, how do you want them to feel? Do you want them to feel like they’re intruders or a nuisance? Of course not! You want them to feel welcomed. So how do you create that impression? Here are a few proven ideas:

• The foyer. This is where buyers first set foot in your home. It’s where they form their first impressions. So, make sure the foyer is tidy and feels spacious. Ensure the doormat (if you have one) is clean or new. If you anticipate wet weather during a showing, have a convenient place for buyers to put their footwear.

• Lighting. Does a dark space or poorly lit room make you feel welcomed? Likely not! So, go through your home and check that the lighting is sufficient and pleasant. If possible, have three light sources in each room, including passive light from windows.

• Interior doors. Nothing says “You’re not welcome” more than a closed door. So, wherever possible, have interior doors open. You want buyers to feel comfortable exploring your home without questioning whether they can enter a particular space. There may be exceptions, of course, such as the door to a storage room.

• Personal items. In most cases, buyers are walking through a stranger’s house. (Yours!) So, there may be a sense of discomfort. For example, if buyers see a family portrait on the wall, they might feel like intruders. To put buyers at ease, remove as many personal items as possible. By creating a “blank slate”, you’ll help them visualize themselves living there.

The more welcomed you can make buyers feel when they view your home, the more interest you’ll get.

 

Benefits of Being an “Early-Bird” Shopper

 
 
 

“The early-bird gets the worm” is a popular expression. Indeed, there are many examples in life when being early, or even first in line, gives you an advantage.

Real estate is one of them.

When shopping for a new home, being among the first to learn about a new listing benefits you in several ways:

• You have more time to see the property and make a decision.
• You might be able to make an early offer.
• You’re under less pressure to make a decision quickly.

Overall, by finding out about a new listing early, you improve your chances of getting the property.

How do you get the early-bird advantage?

If you scour the internet for new listings, you can still miss opportunities. For example, “Coming soon” listings may not yet be published on the MLS. A better strategy is to arrange to be alerted to new listings and coming-soon opportunities the moment they come up. That way, you’re always the early-bird and your likelihood of finding and buying your next dream home increases.

 

Should you Stage your Home yourself?

 
 
 

There’s no doubt that an effectively “staged” home is likely to sell faster and for a better price. Studies in real estate sales consistently prove it. However, you might be asking, “Is it better to do the staging myself? Do I need to hire a professional?”

Let’s look at the pros and cons.

If your home is already in demand and likely to get multiple offers, you might get away with doing the staging work on your own. In that case, it’s still advisable to get professional advice rather than “guess” your way through the process. There may be specific staging approaches that apply to your home, that only a professional would know to recommend.

There are, of course, some downsides to doing it yourself, such as the extra work involved, as well as the fact that you may not have the experience or materials (such as staging furniture) to do a professional job.

By contrast, when you hire a professional, or at least get professional advice, you take advantage of the latest staging best practices to make your home more attractive and desirable to buyers. That is especially important in a balanced or a buyer’s market.

So, when it comes to staging, remember that homes that show better tend to get more and better offers.

 

Notable, Quotable, Quotes!

“Keep your face always toward the sunshine, and shadows will fall behind you.”
Walt Whitman

“Simple can be harder than complex: you have to work hard to get your thinking clean to make it simple.”
Steve Jobs

“Stay true to yourself. An original is worth more than a copy.”
Suzy Kassem

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