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Toronto Real Estate Hot Highlights!"Unlocking the Potential of Real Estate: Free Reports & Fresh Listings!""Toronto Real Estate Hot Highlights" is your go-to source for the most exciting and crucial developments in the city's real estate market. Every day, we bring you a curated selection of the top stories, market trends, and insider insights that matter most. Whether you're a buyer, seller, investor, or just interested in the Toronto real estate scene, our daily highlights ensure you stay ahead of the curve with all the essential updates and analysis you need to navigate this vibrant market. Pricing plays a critical role in the expiration of home listings. When a property is priced incorrectly, it can lead to a lack of interest from potential buyers, ultimately resulting in the listing expiring without a successful sale. Here’s a closer look at how pricing affects the likelihood of an expired listing and strategies sellers can use to determine the optimal listing price to avoid future expirations: 1. Impact of Incorrect Pricing on Listing ExpirationOverpricing: Consequence: One of the most common reasons for a listing to expire is overpricing. When a property is priced too high relative to comparable properties in the market, it can deter buyers who perceive it as a poor value. Overpriced homes tend to sit on the market for extended periods, leading to a staleness that further diminishes buyer interest. Buyer Psychology: Buyers today have access to extensive online resources and are generally well-informed about market conditions. An overpriced home can cause buyers to dismiss it early on, leading to fewer showings and offers.
Underpricing: Consequence: While less common, underpricing a property can also lead to issues. If a home is significantly underpriced, buyers may assume there are hidden flaws or problems with the property. Additionally, sellers might leave money on the table if they don’t generate sufficient competitive bidding to drive the price up. Perception: An underpriced home may attract a lot of interest, but if the final sale price doesn’t meet the seller's expectations, it could lead to regret or financial loss.
2. Determining the Optimal Listing PriceComparative Market Analysis (CMA): Purpose: A CMA is an essential tool for determining an appropriate listing price. It involves analyzing recent sales of similar properties in the area, including the price per square foot, condition, and specific features. This analysis provides a data-driven foundation for pricing decisions. Execution: Sellers should work with their REALTOR® to review the CMA and ensure it considers both current market conditions and any unique aspects of the property.
Understanding Market Conditions: Supply and Demand: Sellers need to consider the current state of the market—whether it’s a buyer’s market, seller’s market, or balanced market. In a buyer’s market, where there are more homes than buyers, pricing competitively is crucial to stand out. In a seller’s market, there may be more leeway to price slightly higher, but it’s still important not to exceed what buyers are willing to pay. Trends: Keep an eye on trends such as seasonal fluctuations in demand, interest rate changes, and local economic factors that might impact buyer behavior.
Price Banding: Concept: Price banding refers to the strategy of setting the price within a specific range that appeals to the broadest segment of buyers. For example, if most buyers are searching for homes within a specific price range, listing just below a major threshold can attract more interest (e.g., pricing at $499,000 instead of $510,000). Psychological Pricing: Rounding the price to a more attractive number (e.g., $499,900 instead of $500,000) can also make a difference in buyer perception.
Assessing Property Condition and Unique Features: Condition: The property's condition relative to others in the area plays a significant role in pricing. Sellers should be honest about any necessary repairs or updates and factor those into the listing price. Unique Features: Special features or upgrades that set the property apart should be highlighted and considered in the pricing, but sellers need to ensure these features are valued appropriately and not overestimated.
Testing the Market: Soft Launch: Some sellers opt for a “soft launch” of their property, listing it at a higher price initially to test the market’s response. If there’s little interest, they can adjust the price accordingly. However, this strategy should be used cautiously to avoid the listing becoming stale. Reevaluating: If a listing has been on the market for a while with minimal interest, sellers should be open to reevaluating and adjusting the price rather than letting it expire.
3. Avoiding Future ExpirationsRegular Market Reviews: Effective Marketing: Exposure: Ensuring the property is marketed effectively, with high-quality photos, virtual tours, and detailed descriptions, can help attract the right buyers at the right price.
Negotiation Strategy:
ConclusionPricing is one of the most crucial factors in ensuring a home sells before the listing expires. Sellers can determine the optimal listing price by conducting a thorough CMA, understanding market conditions, employing price banding strategies, and remaining open to adjustments. Working closely with a REALTOR® and being responsive to market feedback can prevent the listing from becoming stale and expiring.
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Buyers in Niagara have more choice than at any point in the last five years
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A Mississauga three-bedroom home sold for well under the average price in the city — good news for buyers but not sellers.
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Calgary is likely to be on Toronto real estate investors’ radar more thanks to a recent report showing the city is among the more lucrative markets in Canada where average rent exceeds the mortgage cost when purchasing the average-priced condominium. “Alberta’s largest cities were among top cities in the report with Edmonton at No. 1 and Calgary in sixth,” says Tarek Hageahmad, realtor with eXp Realty in Calgary. The study by Zoocasa, a national...
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The cost of a new home in Canada was up 0.1 per cent in July compared to a year earlier, the first annual increase since March 2023, according to Statistics Canada.
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The average rate on a 30-year mortgage eased this week to its lowest level in 15 months, welcome relief for home shoppers navigating a housing market that remains out of reach for many Americans. The rate fell to 6.46% from 6.49% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged […]
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Housing affordability is improving across Canada, albeit modestly, a new report shows. National Bank of Canada Financial Markets released its Housing Affordability Monitor report this month showing continuing improvement in affordability in the second quarter of 2024 (April to June). It found in eight of 10 markets it tracked that mortgage payments as a percentage of income fell from the previous quarter. The two outlier markets, the report...
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More than half believe that owning a home is an achievable goal, according to a Royal LePage survey
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1,077,815 Torontonians can’t be wrong.
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Edmonton is tops among the nation for condominium investor profitability, a new study shows. Yet the demand for resale apartments is among the coolest segments in the city’s real estate market, which may partly explain why the condo market seems like a deal for investors, says a local realtor. “Edmonton is probably the cheapest part of the national condo market,” says Kristal Smith, realtor with eXp Realty in the city. “Prices just haven’t gone...
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Discover the risks of negotiation missteps in property transactions. Find out how making certain demands can result in financial losses...
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A B.C. government fund to help non-profits buy rental buildings to protect tenants from eviction and maintain affordable rents is on track to exceed its target of 2,000 homes.
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The Quebec government presented its strategy on Thursday to resolve the housing crisis without new funding.
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Experts caution that this approach could be a high-stakes gamble, fraught with potential pitfalls and opportunity costs.
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A new survey finds that despite affordability issues, Gen Z and younger Millennial Canadians are reducing spending and building credit in the pursuit of home ownership.
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Over two dozen homes in Toronto's Riverdale neighbourhood will soon have to be vacated to make way for the construction of the forthcoming Ontario ...
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Even though it's been more than seven years since Meghan Markle was living in Toronto during the filming of Suits, there's something kind of exciti...
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The real estate market in parts of the GTA is just starting to slowly heat back up after home sales fell off a cliff in recent months, but the down...
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Canada’s planned builder boom is turning into a bust. The Canadian Home Builders Association (CHBA) released the results of its Q2 2024 survey. They found that home builder sentiment remained negative for an 8th consecutive quarter. As a result of weak demand, most plan to significantly reduce the numbers of homes they build—by half on […]
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Product provides 'critical solution' to housing issues, says SVP
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More than three in four unmarried first-time homebuyers under 30 are focused on owning a home
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Editor's Note"Welcome to my Newsletter Page! I am a professional Real Estate Agent in Toronto GTA with an Architectural background from India. With a unique combination of design and real estate knowledge, I am dedicated to helping clients find their dream home. My expertise in both fields allows me to understand the potential of a property and how to best showcase it to potential buyers. I am committed to providing excellent service and going above and beyond for my clients. Let me help you navigate the real estate market and find your perfect property in the Greater Toronto Area & Surroundings. Contact me today!"
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