General News » Headline News » News

Ask an Expert: Real Estate

March 10, 2022   ·   0 Comments

In honour of International Women’s Day (March 8, 2022) we asked two female real estate agents, Sabina Morell and Christine Brayford for their expert advice on the local housing market. Here’s what they had to share:

What do people need to know in today’s market about buying or selling in New Tecumseth?

New Tecumseth is definitely a hot spot in real estate right now. 2021 Census reveals we have the seventh highest in population growth in Canada and are one of the fastest growing municipalities in Ontario, making the competition for each listing intense. As a Seller, make sure you are doing everything you can to maximize your sale and as Buyer be prepared to go in with as strong an offer as possible to achieve the winning bid.  

What can homeowners do to prepare for the sale of their home?

We can’t emphasize more the importance of a clean slate or neutral look when preparing to list your home.That means, while we too love your Grandma’s doilies and your kid’s trophies, your prospective buyers don’t want to see them, so pack ‘em up! Declutter, de-personalise and donate what you don’t need. You are preparing to move anyway, so start the process of minimizing. If you don’t want to purge items, you can rent a storage locker for a couple months and move items out of your home. 

How do you go about selecting a real estate agent? What should you be looking for?

If you are a Buyer looking for property, make sure your agent has experience with the type of property you are after. There are many buyers moving north searching for rural properties but have limited experience about potential issues with wells and septic. Your realtor should have a good understanding of what to look for and what specialists to engage to properly protect their Buyer. As a Seller, remember that you will be spending a lot of time together so look for the agent that will match your needs for knowledge, personality, integrity and compatibility. For some Sellers, this is the first time they are selling their home in 40 years, and we will take the time to walk you through the process, never rush you and ensure you understand every document you are signing.  Engage an agent that will go above and beyond just the listing process. We offer a full-service listing package, from staging the home to hiring an auction house to prepare for an estate sale.  

What properties do you currently represent and what’s available in general?

We work on all type of properties including rural, in town and pre-construction homes, between the two of our backgrounds we have experience and knowledge regarding all types of real estate. In addition to a recent focus on pre-construction homes for local builders we also have represented many country property sales and purchases and are excited about a country farm listing that we have. Agricultural land is selling at a premium and we are seeing a lot of interest in this type of property that combines a cozy comfortable home in the country with the agricultural investment opportunity.

How long does it take to buy or sell a home on average in New Tec, and how can buyers/sellers manage their new home expectations?

This could range depending on the property, the homes that are subdivision homes will sell in a matter of days. In this market, agents will typically hold an offer date one week after listing and interested Buyers are expected to present their best offer to make the purchase. More rural properties, which also tend to have a higher price tag, could take a few weeks.  

What trends have you seen in real estate in New Tec – before COVID & during? What are you forecasting?

COVID has precipitated the trend to move from city life to country living, with more spacious property and larger homes that can accommodate the new work from home model. Other big trends we are seeing is a move to increased technology-based transactions, from remote viewings, virtual walk-throughs and paperless contracts.

When people say, “My kids will never be able to afford their own home”, how do you speak to that?

We definitely agree and feel for parents worried that their children won’t be able to enter the housing market. We strongly recommend that they get advice from a financial planner or mortgage broker early in their career to make sure they are establishing a good credit score and setting up a proper savings plan. We work with many first-time home buyers, and we have some great ideas to help them achieve their first home. A fixer-upper is a great option for some buyers to get into the housing market. Another option is to have a rental unit as part of their dwellings; rent is high in New Tecumseth and this is a great way to offset the home carrying costs. The preconstruction homes that we sell allow for a manageable monthly deposit spread over a three-year term that we are happy to see many young buyers taking advantage of. Generational housing/mortgages is also one of the swiftest rising segments of the housing market. Here you will see two or three generations all living together, sharing the expenses, helping with childcare and keeping seniors in the home with their loved ones. 

As a real estate agent, has your relationship with homes & properties changed?

Traditionally, growing up a house was considered a home; people purchased a home to raise their family in and would live there for many years and were much more attached to it. Today is seems that families may move been houses more frequently; people seem less attached to the structures themselves.

How can people start saving for a home?

Saving for a home is daunting task, but it is attainable. The “no pain, no gain” adage can apply here. Limit most discretionary spending, this means cutting back on those habitual purchases. Prioritize your spending and speak to a financial advisor, they can help you setup a budget that will assist in saving for a down payment. When you have purchased your first home don’t throttle back on your saving patterns, next in your sights could be your first real estate investment!  

When should you have a home appraisal? What can you gain?

Typically, a home appraisal is done prior to closing on a home and can be less then market value. Appraised value and fair market value both take on the task of determining the worth of a property. An appraised value is an expert’s best estimation of what the asset is worth to a lender while the fair market value is what it should sell for.

For more information contact Sabina Morell by calling 416-433-2141 or email sabina@therealedge.com; or Christine Brayford by email to christineb@ronanrealty.com.

By Wendy Gabrek

Readers Comments (0)