Detached sales increased slightly from a year ago, however total inventory is up as well. This is the seventh consecutive month where inventory levels have increased. Overall the detached benchmark price pulled back very slightly from July but still sits 1.5% higher than a year ago.
The attached market remained stable with the benchmark price exactly the same as July. Sales slightly outpaced new listings which led to a small drop in supply from last month. Overall the attached and detached markets are performing relatively similar to each other.
Apartment prices continued to decline last month. The August benchmark price of $263,300 was 1% lower than July and down over 3% from a year ago. High inventory numbers continue to weigh heavily on the segment.
|Aug. 16||Aug. 17||Y/Y % change|
|Months of supply*||2.78||3.32||19.75%|
|Average DOM||41 days||40 days||-1.95%|
|Months of supply*||4.29||4.29||0.00%|
|Average DOM||52 days||62 days||19.42%|
|Months of supply*||5.91||7.13||20.70%|
|Average DOM||60 days||63 days||4.76%|
Months of supply* The ratio between inventory and sales which represents the current pace of sales and how long it would take to clear existing inventory.
Benchmark price** The monthly price of the typical home based on its attributes, providing the best measure of price trends.
WHAT A BUYER'S THINKING WHEN VIEWING YOUR HOME
That’s good advice for you to consider when you’re putting your home up for sale. You need to imagine what a buyer might be thinking while viewing your property, so you can prepare your home more effectively for that sale.
Here are some things buyers may be wondering:
- Is this the type of home we’re looking for? Does it have the ideal number of bedrooms, etc.?
- Are the rooms spacious enough for our needs?
- Are there any repairs or other maintenance issues that need to be addressed?
- How old is the property? Is there anything major, such as a furnace, that will need to be replaced soon?
- What is the neighbourhood like? Will we be happy living in this area? Is it safe?
- Is this home going to fit our lifestyle? Is there an area for the kids to play? Is there ample room for entertaining? Is the dining room large enough for dinner with family and relatives?
Of course, these are only a few of the many questions a buyer may have while viewing your home.
The more you can anticipate these questions and prepare your home accordingly, the better the chances that you’ll sell it quickly and for a good price.
For example, remember that clutter will make a room appear smaller. So, make sure to de-clutter your home – especially the smaller spaces and cupboards.
If your house is in a desirable neighbourhood, create a list of area features (i.e. local parks, access to public transit, walking paths, etc.) to help buyers appreciate the value of living there.
Basically, when you’re preparing your home for sale, think like a prospective buyer!
SMART PACKING TIPS FOR MOVING DAY
The last thing you need after a long moving day is to discover that a valuable item was damaged. That’s certain to dampen your spirits when you’re just getting settled into your new home. Here are some packing tips to help ensure that doesn’t happen:
- Avoid worn-out or damaged boxes as they are more likely to tear open during a move.
- Pack glass and similar items in bubble wrap or foam chips – but not too tightly. Include just enough to ensure there’s no rattling.
- Use small boxes for heavier items. A big box of books is difficult to lift. (Experts say a box shouldn’t weigh more than 50 lbs.)
- Use anti-static packing materials for sensitive electronics, such as computers, cameras, and flash-drives.
- Purchase specialty packaging for items such as dishes, musical instruments, and valuable clothing. It’s worth the investment.
- Don’t pack a box so full that there’s a bulge.
- Wind and tie electrical cords.
Finally, if possible, personally carry irreplaceable items (such as family photographs) with you to your new home.
WHEN TO CONSIDER A LESS THAN IDEAL HOME
Obviously, when you’re searching for a new home, you want to find one that is ideal. It should be your next dream home. However, sometimes it pays to consider at least some properties that don’t meet all your criteria. After all, you never know whether one of them is actually your next dream home - in disguise!
ay you’re looking for a home with a beautiful kitchen - the kind you envy on TV cooking shows. Then, you view a property that has everything you need - except that big kitchen.
Ask yourself these questions:
1. Can you fix it?
Perhaps some redecorating or a renovation can turn that so-so kitchen into one you’ve always wanted. Take some time to imagine the possibilities.
2. Can you live with it?
The kitchen might not have everything you want. It may be smaller than you’d hoped. But, can you make it work? Can you compromise a little given that the home has so many of the other features you want? Perhaps you can live with a smaller kitchen - that still looks great.
Not intended to solicit buyers or sellers currently under contract.
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