The Ultimate Open house.

I am convinced that visiting open houses, and watching houses being renovated, bought and sold on television is one of the top hobbies of Torontonians.

I volunteer with the Junior League of Toronto. It is a women's volunteer organization that has 292 'Leagues' in Canada, the US, Mexico and England. We are just winding down with a major fundraiser - a Designer Showhouse at McLean House on the Estates of Sunnybrook.

It has run from May 4 - and will end on Sunday May 31st at 5:00 pm. Approximately 50 designers were involved and each did a Design space. It is the ultimate in an Open house! Cost to tour is $25.00 and virtually all of the money goes back into the community with our major recipients being Sunnybrook's Women and Babies program, and St. Alban's Boys and Girls Club.

In Real estate agent terms - it is a must see!

Toronto's Real Estate Junkies

Many Torontonians are real estate junkies and whether in the market or not - have a passion for visiting Open houses - particularly in Toronto. Only about a third of the people coming through most Central Toronto Open houses are really interested in the house to purchase. The rest go to them either as curious neighbours or as a hobbyist. I see no harm in this activity and will give you hobbyists some guidelines on being a 'gracious guest' at the open house.

You don't have to pretend to be in the market if you are not. It is OK to tell the agent - "you know - I just want to get some design ideas" or "I have always admired this house and this is an opportunity to see the inside". You won't hurt my feelings and I'll still let you in. And I'll be free to spend more time with people who are in the market and need information about schools, and the age of the furnace and whether or not the house has knob and tube wiring etc. These issues are not usually of interest to hobbyists.

You will be asked to sign in - but that is part of the Privacy legislation. The Sellers have a right to know who has been in their house. There should be a check box on the forms where you will be asked if you would like to be contacted or not. Again - it won't hurt our feelings if you say you don't want to be contacted - if you don't want to be. It is good time management - for both you and the agent.

Feel free to ask what the price is. Many people automatically take a feature sheet - mainly to see what the price is - then they pitch it out in the first garbage can they see. Be green, don't waste paper and ink - take a look at the Feature sheet in the house, but leave it there, unless you have a long term use for it.

Something to know about Open houses - you will get good ideas - particularly about interior decorating and a home's organization. We declutter my sellers' houses and I have the house looking like it is ready for a magazine shoot. When decluttering their house - my clients often comment about how organized my own house must be. I can only laugh - and admit that I am the 'clutter queen' but - my house is not up for sale, when it is - I will have it looking sparse and super organized too.

Remember - most people don't live that way - but it is how we sell a house. Think about it as 'the first date' with the house - making that good first impression.

It is supposed to be a warm sunny weekend - put on your slip-on shoes (easy on and off) and head out to the Central Toronto Open houses! I'll be looking for you - you're always welcome at my Open houses.

Spring in Toronto

After months of hibernation, due to incredible amounts of snow, and an endless cold, dreary winter - the temperature is finally warming up. We are so due!!! Tulips are making their way out of the ground, and golf courses are opening. But for Torontonians - one of the surest signs of Spring's arrival is the volume of people showing up to Open houses. Toronto real estate in the spring is all about packed open houses on sunny weekend days from 2-4:00. Open houses in Central Toronto can have 60+ people come through in a 2 hour period.

.

What is the relevance of 'Days on Market'?

As an agent one of the first things I look at in a listing is the Days on Market (DOM) number.

At the city or area level - the DOM is a good indicator of how well the market is doing or not doing. A low DOM is an indication of a Seller's market. Feb. 2008 for Central Toronto had an average DOM of 26 days. The hottest area in Central Toronto was C10 (roughly from Mt Pleasant Cemetery to Forest Glen and Yonge east to Bayview and West Don River north of Glenvale) with a DOM of 13 days. Contrast that to Feb. 2009. Central Toronto had a DOM of 43 days and C10 has a DOM of 37 days. Definitely more of a Buyers' market.

At the individual listing level it tells me how long the actual property has been listed. I use the number as a loose predictor of how much price flexibilty is in the listing. Obviously, when putting an offer on something that has only been on the market for a few days it is likely that the offer price will be fairly close or at the list price. However, when something has been on the market for 3 months - it is likely that we will go in at a lower price.

When discussing listing a house and using the DOM stat - it is a good predictor of how long it will take the house to sell if properly priced. I always pull the individual listings and manually calculate the DOM - since the number can be falsely low. Some agents list a house for a few weeks or months and if it doesn't sell, terminate the listing and re-list the house. The DOM starts again from day 0 and does not accumulate from the previous time it was listed. A definite flaw in the system. A good agent will always ensure the stats are accurate and will do manual calculations if necessary, and will not rely solely on published stats

So... when going to see a listing with your agent, or looking at an open house - ask about the Days on Market, and whether or not this is the first time it has been listed. Not only will you sound knowledgeable, but this is helpful information when putting in an offer.

Overview of the Energy Audits

“Premier Dalton McGuinty is defending a plan to saddle homeowners with a mandatory $300 energy audit as part of his Green Energy Act, dismissing critics who say this is yet another way to tax overburdened residents. Forcing people to conduct audits is a good idea, McGuinty said, because it will allow buyers to know their energy costs.” The Canadian Press

Briefly, an energy audit is an assessment done to determine the energy efficiency of your home and where you can improve. The test costs $300 but can show you how you can save up to 30% of your annual energy bill, apply for government grants and reduce your greenhouse gas emissions. You can apply for a Ontario Home Energy Audit rebate to get up to $150 back with a certificate from a certified energy auditor. I feel that 'voluntary energy audits are great and the benefits are easily quantified.

As a Toronto real estate agent – I have many concerns with the term mandatory. Sellers are already struggling with lower house prices, a depressed real estate market, the negative effects of the Toronto Land Transfer tax and a weak economy. They do not want to have to do a mandatory energy audit in order to sell. If Mr. McGuinty wants buyers to know their energy costs - wouldn't the simplest way be to show them the heat and hydro bills for the past two years? Have I missed something? If the Buyers want to determine how to reduce those costs – they can do an energy audit once they own the home.

Some of the tests that are done are checking: your home’s insulation levels, the efficiency of your heating and cooling equipment, the standby power loss of your appliances, air leakage spots in your home and more. You end up with a list of energy improvements you can make.
If you do the improvements within 18 months and have another Energy audit – you can apply for all types of Ontario and federal ecoENERGY grants for various items such as:
Attic or roof — insulation up to $1,200
Air sealing — for your home up to $600
Windows & doors — $60 for each replacement unit
Toilets — $100 for each replacement unit
Furnaces — high-efficiency gas or oil, up to $1,000
Central air conditioners — replacement $400
Hot water heaters — condensing gas or propane $606

For more information on Energy audit specifics– go to : www.mei.gov.on.ca.wsd6.korax.net/english/energy/conservation/?page=home-energy-audit-and-retrofit-rebate-programs or google: Ontario Energy audits (as of writing there were 97,200 entries to choose from).

Got too much 'Stuff'? - How to have a successful yard sale

If getting your house ready to sell in the Toronto real estate market or your annual spring cleaning ritual has produced a pile of unused and unwanted items, you may want to think twice before you simply toss them out. You have a few alternatives - donate them to charity or have a yard sale. In today's economy - I think the popularity of yard sales will increase allowing you to turn that “junk” into someone else’s “treasure”.

Each weekend in spring and summer you’ll find yard sales popping up in neighbourhoods everywhere. And, where there are yard sales, there are yard sale “junkies.” For many people, scouring yard sales for a bargain on a Saturday morning is a hobby. Why not take advantage of that fact to make some cash off your cast-offs and have fun while you’re at it.

Tips to host a successful yard sale:

First, settle on a date and time for your sale. Weekends are virtually universal for yard sales, and most run from about 8 a.m. until 4 or 5 p.m. You'll also need to set a rain date, usually the next day if your sale is on a Saturday, or the following weekend if your date is Sunday.

Most sellers advertise by posting signs on lamp posts and hydro poles. This is a more effective way of letting people know you're open for business than you might suspect. Veteran buyers (see below for more) will scout a neighbourhood during the week looking for telltale flyers. Many of your customers will use this method. I have open house signs that I lend my clients - check with your real estate agent to see if they have signs to lend you.

Have someone present at all times. Theft is unlikely, but many sellers have learned the hard way that it does happen. Placing valuable items closer to your sales desk is a good idea.
Running out of change is also a common problem. As most of your sales will involve small amounts, be sure to have plenty of change - it never hurts to have $50 or more in small bills and loonies and toonies at hand. Buyers will often stop at a bank machine before they come, so expect to get a lot of tens and twenties early in the day.

Think like a yard sale buyer. The ability to deliver the kind of items that buyers want is perhaps the most important factor in the success of your sale. There are a number of items that are always in high demand: art, antiques (even distressed pieces), furniture, appliances, electronic equipment, tools, and lately, computer games and accessories. If you have goods in any of these categories, mention them in your flyer or ad.

Surprisingly, many veteran yard salers are not interested in old clothing. Unless you've got something special to offer, you can expect to turn much of your old wardrobe over to charity.
As to pricing your goods, nothing turns away a potential buyer more than a price that is too high. You can always expect haggling, but most won't even bother if you price an old lamp at $20, when similar items can be had for $5. The best pricing strategy is to attend a few sales in your neighbourhood the week before, and find out the going prices.

How you physically place your goods can also make a big difference. Don't clutter up your yard, and make sure your items are separated by category. This is a great opportunity to be creative.

Another good tip that will help make a sale is to offer free coffee to your visitors. A friendly face and a free cup of java can do wonders. Or if you want to get the kids involved, have them set up an old-fashioned lemonade stand and charge five cents a cup.

Depending on the type of items you're selling, you can expect to make as little as $20 or as much as a several hundred dollars.

Finally, the success of a yard sale is measured by the amount of additional space you have in your house after the yard sale is over, and the amount of money you make. Now you may be tempted to run out and purchase more items that will likely end up in your next yard sale. But, why not celebrate your success by spending the money on dinner at a nice restaurant for the family and whoever helped at the sale.

Based on an article from OREA

'Tire Kickers' or Buyers?

My condo listing in the trendy area of King St. West in Toronto had sat on the market for a few months. It had lots of showings but no offers. We dropped the price by $10,000 last Thursday. Friday we had 2 offers and sold it Friday night for higher than asking price. Yahoo!!! Sat. morning another agent called to register an offer - too late. Sat. afternoon a 4th agent called to put in an offer. You snooze... you lose!

Is this an aberration or is the Toronto condo market picking up again? Buyers - are you ready to start buying now or is something still holding you back?