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ZILLOW DSIY (do some of it yourselfers) Etobicoke style!
We know it's the US of A where these stats are from but they are relevant to our market and they are Zillow stats. It has been a decade of watching HGTV and all sorts of shows teaching us how and what to look for when buying or selling your home.
"The third annual Zillow Group Report on Consumer Housing Trends was released this week. One trend I thought was interesting was this idea of the DSIY “do some of it yourself” seller. After a solid decade of home improvement television and educational content online, it seems like sellers are tackling high impact work like home improvements (50%) and pricing research (39%) before contacting an agent, while still relying on agents to do the heavy lifting operations like paperwork (78%) negotiations (75%) and finding interested buyers (72%). Younger urban and first-time sellers are the most frequent DSIYers, a growing demographic of users “who work with an agent and participate in five or more selling activities close the sale almost two months sooner than sellers who do fewer than five activities.” I think the DSIY trend is a positive outcome that shows consumers are benefitting from educational real estate endeavors." excerpt from the Geek Estate.
Pricing research is now available in Canada as far as SOLD prices. Our clients individually will not be thrilled with the prospect of the public knowing how much they got for their home. We prefer to provide statistics on the list price, Sold price, taxes in a chart . Sold prices will help you when trying to determine an area or neighbourhoods market more than an individuals house sale. If you are looking to sell a home in Etobicoke, home pride, renovations, corner lots and new builds are some of the many variables that will help you dig down into what your home is worth. If you are looking to buy a home in Etobicoke you will notice many streets have homes that have been upgraded. These will increase the market price of the other homes on the street but they are not definitive on the home you may be interested in. It may be a teardown, a 50 plus year home that has had little or no work down to its upkeep. Even the tear down has been upgraded to homes that renos are over ten years of age and "dated". Today's homeowners in Etobicoke are well versed on "decluttering" and "staging" that will greatly enhance their chances of increasing the homes worth. There is greater value appraised when quality upgrades as built-ins, woodwork, high-end merchandise and appliances are added. These homes when priced appropriately are the ones that still excite today's urban and first-time buyers. In Etobicoke, they are the homes that more than one buyer will offer on. And yes this emotional type of purchase that multiple offers occur on do significantly increase the value of this type of home on the street market. Low inventory is another major factor in the value of a home.
Currently, the homes in Etobicoke for sale are at a 2.5 months supply. This is well below a 6 months supply that will signify that our Etobicoke market has turned into a buyers market.
So we are still working with sellers who and rightfully so want the big dollars on their biggest investment, who wouldn't? Price changes are more relevant today than 2 years ago in the height of the buying frenzy. And even multiple offer scenarios are dealing with Conditional offers of Financing and Home inspection. The banks are taking more time and due diligence when approvals of financing are holding up purchases.
And then theres the Condo market which is very hot as investors swarm the new properties. The new Rental provisions in law by the Landlord and Tenant Act are causing concern for the leasors.
All of these will still require local experts to aid your decision in and we are here to help.
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