What's New in Mississauga

THE PRICE IS RIGHT? 

How to Price Your Home for a Successful Sale

There are a wide range of tools a Realtor® may use to market and sell your home. But in the words of 40-year veteran realtor Elizabeth Weintraub (thebalance.com) “the single most important factor to consider when you're selling a house is that you've priced it correctly.”

So what does it mean to price it “correctly”? It may mean different things to different people. But the common goal is to get the highest and best offer for your home – so one must price accordingly. And whatever that offer is, you want to make sure it meets or exceeds your home’s true market value.

The first step, therefore, should be to accurately determine what the market value is. Weintraub adds that “pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking market movements, and taking stock of present inventory—all in an attempt to come up with a range of value, an educated opinion.”

This means more than simply looking at recent sales in the neighborhood and coming up with a similar price. Experience, research and statistical analysis all play key roles in coming up with a good “range of value”.

Statistical analysis, for example, can help fine-tune the value range and the Toronto Real Estate Board (TREB) monthly report is a great statistical resource. The report provides a wealth of information, including benchmark pricing statistics that highlight prices by the month, year, home-type and community they sold in (see my Home Price Index (HPI) newsletter for more info on this). Let’s say, for example, the benchmark price for 2-storey homes in the Princess-Rosethorn community has increased 5% over the last 6 months. With this information any comparable property that sold 6 months ago should be price-adjusted to reflect this increase.

Additionally, experience (and success) in establishing home values helps us estimate other value adjustments. When comparing a 2500 square foot house to a 3000 square foot house – what is the value adjustment? What about a pool verses no pool? The more we do to account for these adjustments, the better the results will be.

Once a value range is determined, the next step is to establish a selling price. This is where things can get tricky. The emotional attachment sellers have to their homes can impact the perceived value. After all, as Angela Colley of realtor.com remarks, “it's your home, crammed full of memories, hopes, and dreams - and all that stuff can cloud your thinking and lead you toward the wrong price.”

Despite what the research may show.

And coming up with the “wrong price” has consequences.  Colley continues “shoot too high, and your home could languish on the market for months and maybe not sell at all. Price it too low and you could bilk yourself out of a whole lot of dough.”

Many experienced agents will agree that pricing your home higher than market value may have serious consequences. According to Weintraub “you don't want to overprice the house because you're going to lose the freshness of the home's appeal after the first two to three weeks of showings. Demand and interest wane after 21 days or so.” She warns that “uninformed sellers often choose the listing agent who suggests the highest list price, which is the absolute worst mistake a seller can make.” There is no shortage of sellers who, unfortunately, have terminated or expired their listing after months on the market due to overpricing. Once you’ve gone too high, recovering from this can be challenging.

Many will argue that the best approach is to just price it low– and the market will determine its value. Set up an offer day – wait for all the offers to come pouring in, and pit the buyers against one another to squeeze out the highest price – a bidding war. However, according to David Fleming of torontorealtyblog.com there is the possibility of “pricing too, too low and it’s completely backfired on the sellers that should have never entered the fray in the first place….many buyers out there in today’s market don’t want to play games…”.

Additionally, low-low pricing attracts a lot of bargain-hunters and many of the bids (if not all of them) will come in below market value – even if they’re above the asking price. A seller may take the highest of these bids not knowing it’s still below the home’s value range.

Low-low pricing does provide a great marketing opportunity for savvy agents though, so don’t be surprised if they push you toward this strategy. After a successful sale they may advertise that they sold your home “Over Asking” in an effort to brand themselves as agents that will get you more for your home. But in many cases the properties were priced well below market value to begin with.

So what is the right move here?

Pricing your home at or just below its market value is an attractive option. Once you establish this price you may still need to make minor adjustments based on market conditions. It’s important to know what similar homes are selling for in the area. It’s also helpful to consider the buyer experience when fine tuning the selling price. Let’s say, for example, you come up with a price of $1.2 million – this is the established market value. Consider that buyers searching online have set parameters that they are working within – and if the top of their range is $1,199,999 – they won’t see your property at $1.2 million – it will be as if it doesn’t exist. So a small adjustment to grab their attention – say a drop to $1,195,000 – can suddenly draw a lot more attention – and a lot more buyers. And if comparable homes in the community are priced higher than yours – this makes your property even more attractive to the buyers out there thus increasing the chances of a multiple offer situation for your home.

But before agreeing on a price it’s critical to come up with the value range first in order to know if the offers you receive are in line with what the value is. Make sure you see a Comparative Market Analysis (CMA) so that you can see the research and the science behind pricing your home.

Thinking selling in the upcoming Spring market? Start planning now!
Contact me to today to see a CMA of your home.

Like to read past newsletters? Visit:  http://www.johntokatlidis.com/blog for more!

 

LEARNING FROM EACH OTHER SEMINAR

Wednesday January 22, 2020

Lots of new changes are being introduced to The Real Estate Brokerage Industry! We at Royal LePage Elite Realty are at the forefront of these changes, with continuous weekly educational seminars for our agents. Our meetings are “Hands On” in small group settings, with round table presentations that encourages agent participation and input.
 

Again a special thanks to our office administrator Kirsten for her excellent presentation.
 

SUCCESS! Royal LePage Elite Realty... OF COURSE!

LEARNING FROM EACH OTHER SEMINAR

Saturday January 18, 2020

Royal LePage Elite Realty held our first Webforms Training Session last Saturday during our weekly Learning From Each Other Seminar which was a great success! The new platform offers so many great features that are useful to agents and support staff alike. 

Webforms 2020 is capable of so much more than the original system, we are now able to share clauses, templates and documents with our Salespeople for ease of use with the new Authentisign Platform, which is included with everyone's TREB membership and makes everyone's life a little bit easier! 

 

MARKET WATCH REPORT - DECEMBER 2019
Expect House Prices to Rise in 2020 in the GTA
 
Toronto Real Estate Board President Michael Collins has released this month’s Market Report highlighting November 2019 housing statistics for the Greater Toronto Area (GTA).

The highlights of the report indicate a 14.2% increase in sales [volume] across all home types, year-over-year. Further the report notes a substantial drop in active listings (–27,2%). Fewer active listing contrasted with an increasing demand for homes has pushed prices upward. According to the report “the average selling price increased by 7.1% year-over-year.

While the highlights of the report indicate that sales were up year-over-year “across all major market segments”, a closer look at the various communities and home-types throughout the GTA tell a more detailed story.

For example November sales of detached homes in Mississauga jumped 20.1% year-over-year, with the average price of these homes dropping approximately (-1%). Similarly sales of detached homes in Oakville rose a whopping 42% year-over year while average prices for these homes dropped (-2.7%)

In contrast detached home sales in W09 (Martingrove-Richview/Humber Heights) saw sharp declines year-over-year coupled with rising prices. Sales of detached homes dropped (-28%) in W09 while prices rose 4.8%.
Similarly W08 (Princess-Rosethorn/Islington City Center) sales of detached homes dropped (-6.1%) with average prices rising 14.4%.

Looking at condominium units in downtown Toronto (C01) we also see a drop in sales of -(8.7%) with prices rising 8.2%

What do all of these numbers mean? And how do they help us understand the Market Watch report?

One clear takeaway from these numbers is that volume and price growth are not consistent across all areas, and all home types. The numbers further suggest that buyers of detached homes are increasingly moving to areas outside the city, where prices have remained somewhat stable. Michael Collins shows some support for this observation noting that "many buyers may have likely adjusted their preferences, changing the type and/or location of home they ultimately chose to purchase."

While some of Toronto’s popular suburban communities, like W08 & W09, are seeing prices rise, they’re not seeing an increase in new buyers. In contrast to the highlights of the report communities in these municipalities are seeing a significant drop in sales volume of detached homes. 

An in-depth analysis of this and past reports further suggest that the GTA real estate market is increasingly varied depending on where you live, and what type of home you live in. A better understanding of this variation may be helpful in deciding where to live, and what type of home to invest in.
 
Interested in learning more about the real estate market in your community? Feel free to contact me with your questions anytime.

You may also access my past newsletters on my blog page! Visit
http://www.johntokatlidis.com/blog 

LEARNING FROM EACH OTHER SEMINAR

January 11, 2020

Thank you to those who attended this past weekends “LEARNING FROM EACH OTHER SEMINAR”. We discussed ways of utilizing VPN (Virtual Private Network) in your business. We also discussed a New APP called ALIGNABLE

and reviewed ways of utilizing it for your business.

Looking forward to seeing you again this coming Saturday for another interesting and informative presentation. 


 

DECEMBER 2019 TOP PRODUCERS

CONGRATULATIONS!

Royal LePage Elite Realty is pleased to announce our Top Producers for the Month of December 2019.

Sam Giuliano - Top Sales Volume
Kealy Wharram - Top Lister & Top Number of Ends 

Wishing you continued success. With success comes greater opportunities and challenges. Keep working hard and believing in yourself and success will follow.
 

We're ELITE for a reason!
 

SUCCESS! Royal LePage Elite Realty... OF COURSE!

NOVEMBER 2019 TOP PRODUCERS

CONGRATULATIONS!

Royal LePage Elite Realty is pleased to announce our Top Producers for the Month of November 2019.

Karen DeSanto Guido - Top Sales Volume
Linda Cordiano - Top Lister
Tony DeMichele - Top Ends

Wishing you continued success. With success comes greater opportunities and challenges. Keep working hard and believing in yourself and success will follow.
 

We're ELITE for a reason!
 

SUCCESS! Royal LePage Elite Realty... OF COURSE!

Royal LePage Elite Realty,Top Producer For the Month Of June 2019

CONGRATULATIONS ! 

We’re are pleased to announce Royal LePage Elite Realty Top Producers of the Month June 2019

 

LINDA CORDIANO: Top Seller & Top Lister

KEALY WHARRAM : Top Number Of Ends 

 

Wishing you continued Success,.With this Success,comes greater opportunities and challenges,Keep working hard and believing in yourself.SUCCESS will follow you!

CONGRATULATIONS !!!!

Training & Mentoring @ Royal LePage Elite Realty. The 8th Weekly Seminar!

LEARNING FROM EACH OTHER continues!
At this weeks seminar, we had the pleasure to have Allan Scott, 30 years veteran from Commercial Division  share his expertise in Leases and Commercial Sales.
The discussion included :

1. Commercial real estate 101

2. Standard Real Estate Commission For Commercial, Industrial, Office, and Retail.

3. Environmental Concerns and Costs

4. Phase 1, 2, 3 Reliance Letter

5. What is NET, TMI, TNO on rents

6. Bank’s financing for Industrial, Retail, Office Sales and Leasing Transactions 

On behalf of all attendees and myself, we would like to thank Allan for this excellent presentation.

 Next week's presentation “LEARNING FROM EACH OTHER” we’ll be presenting
“BRANDING YOURSELF FOR SUCCESS, How to differentiate yourself and the Importance of Branding in this changing world. 


Vince T. 

Happy Birthday to Daniel Gargarella! 95 Years Young!!

Mr. Gargarella has had a very successful career, operating for more than 55 years under his own Brokerage, Daniel Gargarella R.E. and then joined our Brokerage, Royal Lepage Elite Realty, approximately 5 years ago. 

This gentleman is a true inspiration to the Real Estate Industry and Sales Representatives alike. Mr. Gargarella is also one of the longest members of the Toronto Real Estate Board to date, routinely dedicating himself to his clients and the industry itself!

 

RLP Elite Realty Partnering Up With BMO Bank!

Royal LePage Elite Realty Sales Representative, Linda Cordiano Partnering with BMO Bank Trafalgar, Oakville Branch for Realtor Day! Greeting customers and answering all Realtor related questions. Linda was accompanied by Mortgage Specialist Amber Kazi to share financing knowledge and tips. Every month Linda will be hosting a Realtor Advice Day at the Oakville Bank Of Montreal! 

Proud to see our agents growing in Success through out the GTA !  

Congrats LINDA on your amazing Success !!! 

REAL ESTATE! ROYAL LEPAGE ELITE REALTY ... OF COURSE!!! 

Training and Mentoring at Royal LePage Elite Realty !!!

Thank you to all agents participating in the 7th Royal LePage Elite Realty weekly seminars “Learning From Each Other” – Week after week more and more of our agents join in and participate in this unique seminar, designed for the betterment and success for all.
 
We explore new ideas and how to implement them, innovations current real estate trends, clients’ needs and wants, power of the brand, consumers concerns, etc. 
 
This past week we discussed:
1. RSP to apply for a  down payment for first time buyers
2. Federal government proposed incentive for first home buyers
3. Various OREA forms 2019
 
Next Week’s seminar we are pleased to announce, Mr. Allan Scott MBA, from our commercial division will be presenting for discussion: 

1. Commercial
2. Industrial 
3. Lease


This will be a very informative presentation, we welcome everyone to join us on Monday April 8, 2019 at 5-7 pm.
 
Vince T.

Royal LePage Elite Realty, Top Producer For the Month Of March

CONGRATULATIONS! 

We’re are pleased to announce Royal LePage Elite Realty Top 3 Producers of the Month March 2019

 

LINDA CORDIANO:           Top Seller & Top Lister

CORNELIUS MSIPHA:      Top Number Of Ends

 

Wishing you continued Success. With this Success, comes greater opportunities and challenges!
Keep working hard and believing in yourself. SUCCESS will follow you!

 

CONGRATULATIONS!!!!
 

SUCCESS! Royal Lepage Elite Realty...OF COURSE!!!

CONGRATULATIONS! 

We’re are pleased to announce Royal LePage Elite Realty Top 3 Producers of the Month March 2019

 

LINDA CORDIANO:           Top Volume & Top Number of Ends 

BRANKA JAKOVLJEVIC:      Top Listings 

 

Wishing you continued Success. With this Success, comes greater opportunities and challenges!
Keep working hard and believing in yourself. SUCCESS will follow you!

 

CONGRATULATIONS!!!!
 

SUCCESS! Royal Lepage Elite Realty...OF COURSE!!!

CONGRATULATIONS! 

We’re are pleased to announce Royal LePage Elite Realty Top Producers of the Month May 2019

 

LINDA CORDIANO:    Top Lister

RANDY NAGATA :      Top Number Of Ends & Top Volume 

 

Wishing you continued Success. With this Success, comes greater opportunities and challenges!
Keep working hard and believing in yourself. SUCCESS will follow you!

 

CONGRATULATIONS!!!!
 

SUCCESS! Royal Lepage Elite Realty...OF COURSE!!!