November 2008
   

Gary Moran's Kingston Realty Team NOVEMBER 2008 Newsletter

Hi everyone,

As most of you are aware the financial markets are still apparently in chaos in most of the world.  As I write this it seems Canada is in one of the best positions with the biggest concern in Canada being the auto and forestry sectors.

The equity markets have all been pretty badly beaten up (or should I say down) and continue to be very volatile.

It is very hard for us in this modern world not to be bombarded with this bad news.  With 24 hour a day cable news networks leading the way to make certain that the news is "interesting" or shall we call it "sensationalized" we are led to believe all is lost and the prophecies become self-fulfilling.

Well, I'm not an economist and don't know what is really happening in all parts of the world, but I do know one thing, our real estate market in Kingston is alive and well, thank you. 

Are we down a bit in number of transactions year-to-date - yes, but only by a modest 2.7% or 93 transactions compared to the average of the past three years (3254 this year-to-date compared to 3347 average January to end October 2005 to 2007 inclusive). 

Are prices lower - no, they are not, prices are up over last year ranging from 4.3% to 5.7%. 

In terms of dollar value, how do we compare to last year.  Well, from January to end of October 2007, 776.9 million dollars changed hands in residential real estate in the Kingston board area.  If you listen to some of the talk around town, you'd think this year was a disaster in real estate.  Well, this year 765.2 million dollars has changed hands so far - that's a decline of .35% - less than half of 1% decrease - hardly a major move in my opinion. 

All in all, I submit that here in the Kingston area we are still in a stable real estate situation regardless of what you hear to the contrary and contrary to what is or is not happening elsewhere. We certainly do not have the sellers' market of 2004/05 but a balanced market where sellers' prices need to be reasonable because buyers have more choice and time.

STATISTICS

Entire Board Area (West Napanee/Bath to East Gananoque)

 Jan to Oct

 Jan to Oct

 Jan to Oct

 Jan to Oct

Active Listings

Active Listings

2005

2006

2007

2008

31-Oct-07

31-Oct-08

2-Storey

# Units Sold

1007

958

1094

1061

444

528

Average Price

$224,663

$246,302

$251,922

$266,727

Bungalow

# Units Sold

1441

1364

1429

1380

553

678

Average Price

$197,050

$211,983

$222,819

$232,779

Other

# Units Sold

604

632

657

526

245

301

Residential

Average Price

$177,806

$192,324

$195,842

$212,498

Total

# Units Sold

3052

2954

3180

2967

1242

1507

Days On Market

54

59

57

59

Condo

# Units Sold

282

293

260

287

87

79

Average Price

$142,594

$163,074

$163,797

$171,453

Days On Market

47

47

45

51

         

Now, for the folks out there thinking of selling in the near future let's cover some basic fundamentals you already know.  To get the most money out of your investment, here are some tips:

•1.      Cleanliness is paramount.

•2.      Address any odour problems.

•3.      Neat and tidy and de-clutter.

•4.      Fix any small items like a dripping tap or storm door that doesn't latch properly, peeling paint.  Have a critical look around; what do you see that would affect your decision to buy if you were indeed the buyer.

•5.      Fresh paint in neutral decor can help a lot if the walls are badly marked.

•6.      Cleaning off countertops in kitchens and bathrooms (i.e. toasters, coffeemakers etc.).  This will help to eliminate the thought of insufficient counter and cupboard space.

•7.      Have all lights burning brightly during showings.

•8.      If it is cold make sure the thermostat is set to 72°F. so that it feels warm and cozy for showings or conversely nice and cool in summer, if you have air conditioning.

•9.      Have all available information readily available for prospective buyers.  For example, a Seller Property Information Statement (SPIS), a survey if available, information about any upgrades, the date of installation etc. Make it is as easy as you possibly can for the buyer to decide to put in an offer. Small seemingly insignificant things such as heating costs might cause the potential buyer to delay a decision to put in an offer and after waiting a couple of days to obtain the information they may find something else or maybe just talk themselves out of your property because it wasn't just perfect.

•10.  If at all possible, make sure that any pets are removed from the home for showings - don't forget some potential buyers may be afraid of animals or not feel comfortable around them and rest assured if the potential buyer does not feel comfortable when they preview your home, they will not be of a mind set to put in an offer.

•11.  Whenever possible, please do not be present during the showing.  Once again, potential buyers will not feel like they are looking at their new home, but will feel like they are intruding into yours.

•12.  One last comment - when you are de-cluttering think about small items like closets - make sure there is lots of room - pack and store the winter/summer clothes and please don't pile the boxes up in the basement or garage - that defeats the purpose.

•13.  Last tip for today. De-personalize, fridge art is great, but not when you are selling your home.  Again, the whole idea is to make the buyers feel like they are looking at their new home, not your old one. 

Feelings are a major, major factor in the purchase of most homes and you can do many small things that cost little but go a long way in making potential buyers feel comfortable.

Next month I'll explain my unique selling propositions that work to get your home sold fast and for more money.

 

For those considering selling their home, call my office at 613-389-4052 to arrange for a full presentation of all the marketing services we provide - just one example "The Talking House." has been getting our listings a lot of attention.  Our multifaceted marketing program is designed to gain the greatest exposure of your property in the marketplace - exposure to qualified buyers is the key to selling quickly and for top dollar - call us today!

Have a Great Day!

Regards,

Gary Moran, M.Sc.

KingstonRealtyTeam

sutton group-masters realty inc., Brokerage

Independently Owned and Operated