June, 2010
Dear Friend,
I would like to apologies for sending out this newsletter late. I have been extremely busy with Five Condos project and now Chaz On Charles project that I didn't get much time to research and write this month's newsletter.
The real estate market continued to be extremely active in May with the sale of 9,470 homes, resulting in the third best May in the history of the Toronto Real Estate Board. The average price of a home rose to $434,155, up 9.7% since the start of 2010, more proof as to the great investment that real estate really is.
The first five months of 2010 have been extremely busy, brought on by the specter of rising interest rates and the new HST (Harmonized Sales Tax). While the rest of 2010 will continue to be active, I do not believe sales will maintain their current torrid pace. With April's 10,898 sales being the "peak "of 2010's market, the number of sales will slow down as we head first into the Summer months and then into the end of the year. The number of homes available for sale increases with the Summer market as well and now stands at 25,414.
While there are fewer buyers and more homes for sale, prices will not decrease. Buyers will have more choices to pick from, but well priced homes will sell and for top dollar.
Those sellers who will be represented by professional agents who know how to price, market and negotiate on their behalf will do better, the others will not. Last year, 2009, out of the 30,000 agents on the Toronto Real Estate Board, over 7,000 did not sell 1 home all year! There is a difference in agents and companies. My company, RE/MAX, spends about $9,000,000 per year in media advertising in the Toronto area alone. That attracts more buyers to me and with more buyers I can sell your home faster and for more money!
June will see approximately 8,500 homes sold, 1 out of 3 homes for sale. Two out of three homes will not sell! It is a great time to get into the real estate market. Call me and let me show you the benefits of upgrading your home today.
Have a great month,
SunnyBatra
Your Friend in Real Estate
No comments:
Post a Comment