Real Estate Blog - market conditions

Refusing an Offer on Your Home? Here's How to Do it Professionally and Effectively

As a home seller, you've likely put a lot of effort into getting your property ready for sale. So, when a homebuyer makes an offer on your home, it can be an exciting and nerve-wracking experience. While most offers will be reasonable, there may be times when you receive an offer that is simply not acceptable. In this article, we'll discuss how to refuse an offer on your home in a way that is professional, respectful, and effective.

Consider the Offer

Before you decide to decline an offer, it's important to take a step back and evaluate it objectively. Ask yourself whether the offer is fair given the current market conditions, the condition of your home, and other factors. Consider whether the buyer has included any contingencies or…

158 Views, 0 Comments

Property Palooza: Adventures in Buying and Selling Real Estate

Are you in the market to buy or sell real estate? Whether you're a first-time buyer or a seasoned investor, the world of real estate can be overwhelming. That's why we're here to help guide you through the process and make it as smooth as possible.

If you're a real estate buyer, it's essential to understand the current market conditions and what factors can affect the price of a property. One crucial factor is location. Properties located in desirable neighborhoods or areas with high demand can drive up the price, while those in less desirable locations may sell for less. Also, consider the condition of the property. A well-maintained property may sell for more than a property in poor condition, even if they are in the same location.

As a…

138 Views, 0 Comments

What Sellers Look For In An Offer—Other Than Money

Is buying a home all about the money? You may be led to believe this, but what about factors like conditions, personal offer letters, and the closing date? Sellers often need to consider things past finances when making the decision about which offer to accept.

The reality is, navigating the offer process for buyers can be stressful and putting in the highest offer doesn’t always guarantee the home will be yours. Under seller’s market conditions, when there’s more demand than inventory supply, it’s likely buyers will need to consider more than a full-price offer to increase its desirability.. With this in mind, let’s examine what else sellers look for when weighing the value of an offer.

“There have been several cases where our clients have…

127 Views, 0 Comments

Selling Under Balanced Market Conditions

Here is something you may not have heard in a while: the Canadian real estate market is inching closer to balanced market conditions.

That’s right. After the buying frenzy in 2020 and 2021, Canada’s housing sector significantly cooled off in 2022, driven by the Bank of Canada (BoC) raising interest rates, which resulted in market uncertainty and many prospective buyers sitting on the sidelines. This allowed for overheating real estate market to get doused by eliminating the easy money era of the last few years.

Of course, one of the primary developments in all of this has been the shift away from the red-hot seller’s market.

According to the RE/MAX Canadian Real Estate Outlook 2023 report, 60 per cent of regions in the…

174 Views, 0 Comments

Five Reasons Houses Don’t Sell

Most home sellers have two main objectives: to sell quickly and for the highest price. The beauty of owning real estate (whether it’s a principal residence or an investment property) is that historically, it has yielded solid returns to Canadians who are in it for the long haul. Indeed, equity gains in Canadian real estate have been notable in some particularly hot markets, with the proceeds used to fund everything from the purchase of a bigger and better home, to retirement, travel, an investment strategy, or life’s next big milestone – whatever that may be.

A number of major cities across Canada have experienced tight market conditions over the last few years, but a slew of interest rate increases in 2022 have eased…

113 Views, 0 Comments

How To Sell a Haunted House – And How To Avoid Buying One!

Superstitions, stigmas and the supernatural – whether you believe in them or not, they can have a very real impact on how long it takes to sell your home and the price you’ll get for it. As a homebuyer, even the mere thought of a haunted house can have you running for your life. With that said, there’s always an upside, and in the case of a stigmatized house, an unbothered buyer could be in store for a quick closing and a great price.

Did Someone Say *GULP* Haunted House?

Most people would agree that living in a murder house might be creepy, and it may be enough to turn buyers off, regardless of tight market conditions – which some industry observers might consider even scarier than an other-worldly house guest. Whether…

193 Views, 0 Comments

Canadian Real Estate Trends: Putting the Headlines into Context

We’ve all heard the hype: Canadian real estate is facing the deepest market correction in the last 40 years. But this isn’t the first time that experts have forecast corrections or crashes, none of which have materialized in recent history. So, let’s read between the headlines and examine some facts.

“Canadian real estate prices are dropping.”

More accurately, prices are plateauing from the meteoric rise we experienced throughout 2021 and in early 2022. According to the Canadian Real Estate Association (CREA), the MLS Home Price Index edged down 1.7 per cent month-over-month in July, but it was still up 10.9 per cent year-over-year. While we have seen some easing in prices, the sky is nowhere near falling. In fact, there…

173 Views, 0 Comments

5 Reasons Your House Is Not Selling

Selling your home can be an emotional experience. In fact, RE/MAX research reveals that a real estate transaction is one of life’s top stressors, second only to divorce. Under some circumstances, sellers may wish to handle the sale of their home on their own. While an FSBO may have some pros, it also has its cons. With all the many different moving parts involved in selling a home, here are eight very valid reasons to have a real estate agent on speed dial.

Pricing your property

While a homeowner likely has his or hew own expectations for what their house is worth, a realtor will approach it from perspectives the homeowner may not have considered, including the location and comparable sales in the area. An experienced real estate agent…

204 Views, 0 Comments

Seeking Affordability? Spotlight on Newfoundland Real Estate

The national average home price in the Canadian real estate market hit $796,000

In March, up 11.2 per cent from last year. Price growth slowed slightly month-over-month, but many industry experts project that prices still have room for growth this year. But while the broader housing conversation has been on the affordability crisis impacting many markets across Canada, there are still some relatively affordable parts of the country. Wait a minute. There is still affordability in Canada? Yes. All you have to do is look toward the nation’s east coast, to Newfoundland real estate.

According to the Newfoundland and Labrador Association of REALTORS®, MLS® Home Price Index (HPI), which is considered a more accurate measurement than average or median…

1329 Views, 0 Comments

Big Price Gains Continue into 2022

The latest data from the Canadian Real Estate Association (CREA) shows the actual average Canadian home price hit a record $748,450 in January 2022, up 21% from the same month last year.

On a month-over-month basis, national home sales edged up 1%, yet the number of newly listed properties dropped 11% from December, helping to create some of the tightest market conditions ever recorded.

The sales-to-new listings ratio rocketed from 78.7% in December to 89.4% in January—to put this into perspective, the long-term average is 55%.

While January 2022 home sales were 10.7% lower compared to this time last year, it’s still the second-highest level on record for that month.

“The ideal situation between now and the summer would be that a huge…

156 Views, 0 Comments