Real Estate Market Update: August 2020

By: Ankit Gulati

Real Estate Market Update: August 2020

Tags: REAL ESTATE, MARKET INFORMATION, MARKET UPDATE, MARKET WATCH

Dear Friends,

All of the COVID based pent up demand for homes exploded in July as 11,081 homes sold in Toronto, a 29.5 % increase over July 2019 (8,555 sold). The average home price for the year as of July 31 was $903,617, a 10.3% increase since December 31, 2019. The number of homes available for sale (15,018) was down 16% compared to July 2019, and that represents about 1 month of inventory. In other words, there is literally no inventory! We are in a Seller’s market!

An unexpected consequence of COVID has been the jump in cottage prices as with travel curtailed, people invested in recreational property and toys! Sea-doo sales have skyrocketed!

Sales of the property will continue to be strong for the foreseeable future as high demand and lack of inventory continue to drive the market.

My clients are always amazed at how I am able to successfully guide them through this complicated process and especially in a very hot Seller’s market. It's not magic, but it is a process, guided by me an experienced, full-time realtor. While many do not understand the value of a full-time realtor, let me say that a full-time realtor has the time to get to know the market, has the time to look for the right property for their clients, and is obviously good enough at their job that they do not need to earn income a different way.
In a multiple offer situation, the offers with fewer conditions have a better chance of getting the property. Here are some steps I take to make sure my clients have a better chance of winning:

· I get my clients financially qualified so we do not need a financing condition.
· We pre-inspect the home prior to an offer so that eliminates another condition.
· I do a proper Market analysis so my clients can see the true value of the home.
· We get a certified check, yes its extra work, but the Sellers and the other agent see the seriousness of our offer.
· We stay in close contact during the presentation so we can communicate quickly in case unforeseen circumstances occur.

It’s a lot of extra effort on my part, but that’s my job and that’s why my clients win!

If you have any questions or know of anyone interested in buying or selling, please give me a call, after all, you have a friend in real estate.

Have a great August,