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Third week of July in Durham Region was similar in real estate activity to the week earlier. All of Durham had about the same overall number of new listings and 10 more sales, with the average price for all property types lower by about $16,000.

Price Adjustments

We’re seeing more price reductions in the last few weeks, as buyers and sellers adjust to the new interest rates.
It’s a great time for home buyers to keep an eye out for properties that are having a price change and listings that are being cancelled and re-listed with a lower price. If a property is priced right for today’s market, it will sell very quickly. But those that are priced based on last winter’s market are collecting dust on the “for sale” sign and may be soon be undergoing a price change. 

What that means for future home sellers who are keeping an eye out on the neighbourhood: also keep an eye out for price changes, because a list price is certainly not the value of the property, sometimes it’s strategic, sometimes it’s based on wishful thinking. Give me a call if you’d like to find out the actual selling prices for homes like yours in your area.

Average Prices in Durham Municipalities for the week of July 17-23

Ajax – $910,000* (14 sales)

Brock – $608,000 (4 sales)

Pickering – $1,100,000 (11 sales)

Scugog – $715,000 (3 sales)

Oshawa – $753,000 (43 sales)

Whitby – $988,000 (24 sales)

Uxbridge – $540,000 (1 sale)

Clarington (Courtice, Bowmanville, Orono, Newcastle, and area) – $866,000 (34 sales)

Check out the video for more detailed report and call, text, or email with any questions.

*Price numbers are rounded.

**Note: Last week’s sales price in Durham was lower by $16,000 from the week earlier, not the 5K as stated in the video. This does however, reflect the rapidly evolving “market correction”.

Stay tuned for the next Durham Region real estate market update!

YOUR DURHAM REGION REAL ESTATE EXPERT

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While myself and our stager will hep you choose what furniture and decor are best to keep for presentation of your listing, your closets should also show plenty of space to potential buyers, and if you’ve been in your home for a while the “purging” stage can be quite daunting.

Yet, your future self will thank you for it, because the more you pack away or donate before listing your home, the less you’ll have to do, pack, and stress over just before your move.

How To Decide What To Keep, Sell, Store, Or Donate

When going through your closets and storage space, keep the following sorting strategy in mind:

1. What goes in boxes in storage (what you’ll take with you to your next home but don’t need right now).

Put away in boxes/storage all out of season clothes, decorations and equipment. If you’re selling your home in summer you will have no use for your winter coats, skis, or winter decorations. Also pack away any kitchen appliances that are rarely used, extra books, toys and decor that you do want to keep in your next home but won’t necessarily need in the next couple of months (or until your estimated moving day).

2. What goes in donation box, online marketplace, or trash.

Donate, sell or throw away any items that won’t fit with your new space, whether physically because you’re downsizing or, aesthetically if you’ll want to change your decor, or practically because you simply no longer use them. Rule of thumb: let it go unless you absolutely LOVE it and will use it and/or appreciate it regularly. If you haven’t used it within the last year, it’s time to make room for items that will actually serve you. 

3. What stays in your home until you move out.

Keep anything that you will use over the listing and closing period: in-season clothes, cookware, towels, toiletries and any other items you will be using until your moving day, in addition to the decor and furniture that we will recommend for you to keep. 

4. Prepare mentally

As you unearth the depths of your closets and storage spaces, it will be easy to get distracted and flooded with mixed emotions. From frustrations of finding that awesome garment that no longer fits, to joys of a melting heart upon seeing your child’s artwork from many years ago. All of this is very natural when sorting through our lives belongings. So before you find yourself looking through old photos dressed up in your Halloween costume from 1999… just remember to stay on course!

YOUR DURHAM REGION REAL ESTATE EXPERT

https://julita.ca/

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How do we fare comparing with pre-Covid summer of 2019?

Average price in Durham Region for all property types in Ajax, Pickering, Whitby, Clarington, Oshawa, Uxbridge, Scugog, and Brock were down last week comparing with the week prior and up by $274,000 comparing with average prices in at in the same areas at the same time of the year in the pre-pandemic July 2019. 

The number of new listings has dropped as temperatures and interest rates have increased and we could be heading into a slower few weeks for listings. 

Mid summer typically brings a bit of a slow down of the market because here in Ontario there is only so little time we have to enjoy it! ☀️😎

Check out market details for your city, and call, text, or email with any questions.

Stay tuned for the next Durham Region real estate market update!

YOUR DURHAM REGION REAL ESTATE EXPERT

https://julita.ca/

FOLLOW ME ON INSTAGRAM

https://www.instagram.com/julita.real.estate/

FOLLOW ME ON FACEBOOK

https://www.facebook.com/JulitaRealEstate/

SUBSCRIBE TO NEWSLETTER

https://julita.ca/subscribe-to-market-updates/

SCHEDULE A CONSULTATION

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Days On Market Metric

Days On Market (DOM) is an important metric used to measure housing market condition and one that both sellers and buyers should pay a close attention to in decision making.

It means exactly as it sounds – how many days a property has remained on the MLS system before it sells FIRM. Any conditional period after an accepted offer is included in the metric.

A longer DOM comparing with a previous time period means the market has become less competitive. A shorter DOM means that market has heated up and buyers may feel pressured, which may result in multiple offers and reduced or no conditions.

For Home Sellers

Sellers should look closely at the DOM when they consider listing their home. DOM trend in the sellers neighbourhood will help the seller decide a marketing and pricing strategy and set expectations for when the property is likely to receive an offer if its priced and marketed correctly.

For Home Buyers

For Buyers, DOM is an important factor when deciding how they want to structure their offer. A short DOM indicates hot market and lots of buyer competition.
A property with an extremely high DOM typically means that the asking price was too high for the market and could present an opportunity for buyers to significantly negotiate the price.

Sometimes a property is terminated and re-listed, a common tactic when a property doesn’t sell within an expected time frame. This helps to market the property anew without having a stigma of many days on the market, and it’s important for buyers to know of any previous listings. 

Last week’s average DOM for all property types in Durham Region (Ajax, Pickering, Whitby, Clarington, Oshawa, Uxbridge, Whitby, and Brock) was at 14 days, the graph in the post shows the monthly averages for the last 3 years. The averages vary for different neighbourhoods in Durham, reach out for current updates on yours.

Fun fact: the word “dom” in Polish means house 🏠😄

YOUR DURHAM REGION REAL ESTATE EXPERT

https://julita.ca/

FOLLOW ME ON INSTAGRAM

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In the week of July 3 to July 9, the number of new listings on the market has increased as expected following the Canada Day weekend. Average price for all property types in Durham Region was up by $11,000 comparing with the week earlier, meanwhile the number of sales remained roughly the same. 

While prices have dropped comparing with earlier this year across all areas in Durham Region: Ajax, Pickering, Whitby, Bowmanville, Oshawa, Uxbridge, Scugog, and Brock – interest rates keep climbing and another steep rate hike announcement is expected this week.

While this will directly affect prime rates and variable mortgages, eventually fixed rates often follow suit, with either case reducing your purchasing power. If you’re thinking of buying and need a mortgage, now is certainly the right time.

 
Check out the video for market details for your Durham Region city, and call, text, or email with any questions 📲

Stay tuned for the next Durham Region real estate market update!

YOUR DURHAM REGION REAL ESTATE EXPERT

https://julita.ca/

FOLLOW ME ON INSTAGRAM

https://www.instagram.com/julita.real.estate/

FOLLOW ME ON FACEBOOK

https://www.facebook.com/JulitaRealEstate/

SUBSCRIBE TO NEWSLETTER

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SCHEDULE A CONSULTATION

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While real estate pricing trends are changing, the first week of May was busy with market activity. There were 590 new listings and 228 sales. The average sale price across all property types in Ajax, Whitby, Uxbridge, Scugog, Brock, Oshawa, Pickering, and Clarington was at $1,040,000, up by 10K from the week before.

Buyer’s Challenge – Variety of Real Estate Listing Pricing Trends

In terms of listing pricing we are now seeing a mix of everything. A lot of properties are still priced competitively, however some are priced at market value, and some are holding at a higher asking price. As a result, it is challenging for home buyers to know what to offer. Firstly, it is very important to stay on top of the market and be informed about comparative sales. Moreover, it is important to examine comparative sales daily. We are in a market that’s rapidly changing. Even one week old comps are no longer valid. Secondly, it’s important to know how quickly homes sell at different price points and with how many offers, that helps predict the competition for a comparative listing.

Seller’s Challenge – Listing Price

Strategic listing pricing is important in any type of market and overpricing is never a good idea – unless you want to help your competition to sell faster. The longer the house stays on the market, the more it becomes a benchmark for overpriced property. Knowing the recent comparative sales is equally as imperative as knowing the market trends. Different strategies will result in different results and the advice to stay on top of the neighbourhood market trends goes to sellers as well.

Check out the video to see what’s happening in your specific area and whether you’re moving or not reach out ☎️ and let’s chat about what these numbers mean for the value of your property or home buying plans!

Stay tuned for the next Durham Region real estate market update!

YOUR DURHAM REGION REAL ESTATE EXPERT

https://julita.ca/

FOLLOW ME ON INSTAGRAM

https://www.instagram.com/julita.real.estate/

FOLLOW ME ON FACEBOOK

https://www.facebook.com/JulitaRealEstate/

SUBSCRIBE TO NEWSLETTER

https://julita.ca/subscribe-to-market-updates/

SCHEDULE A CONSULTATION

https://julita.ca/contact/

When we meet potential home buyers, one of the first questions asked is: “Are you pre-approved for a mortgage?”. After all, as much as we would love to, we can’t help you fulfill your dreams of home ownership unless you are financially able to make the purchase. 

No matter how big your dreams, whether thinking of getting into the market, upsizing, downsizing, or investing, it is common to delay the meeting with a mortgage broker. Yet, there is nothing more heartbreaking for a buyer than to make an offer on a property they love and being rejected by a lender due to circumstances that could have been addressed and resolved had it been known months prior.