📉 21st Oct 2024 - New Condo Sales drop 81% across Southern Ontario!

💥 Monday 21st October 2024 💥 NEW vs Resale Homes - FREE Report! Hot News Daily: Toronto Real Estate Digest! "Your Gateway to Real Estate Excellence: Free Reports & Coveted Listings!" "Hot News Daily: Toronto Real Estate Digest" brings you the freshest and most important updates from Toronto’s real estate market. Each day, we deliver a comprehensive digest of key trends, expert insights, and market movements to help you stay informed and ahead of the curve. Whether you're buying, selling, investing, or simply keeping an eye on the market, our daily digest provides you with everything you need to make informed decisions. Stay on top of the hottest real estate news with "Hot News Daily: Toronto Real Estate Digest." How do the negotiation and bargaining dynamics differ when purchasing new homes versus resale homes, and what strategies can buyers use to maximize their leverage and secure the best possible deal? The negotiation and bargaining dynamics between purchasing new homes and resale homes can vary significantly due to differences in pricing structures, seller motivations, and the condition of the properties. Here’s a breakdown of these dynamics and strategies that buyers can use to maximize their leverage and secure the best possible deal. 1. Negotiation Dynamics New Homes: Fixed Pricing: New homes are often sold at fixed prices set by the builder or developer. While there may be less room for negotiation on the base price, there are often incentives and upgrades available for negotiation. Incentives and Promotions: Builders may offer incentives such as upgrades, closing cost assistance, or reduced deposit requirements to attract buyers, especially in a competitive market. Less Emotional Attachment: Builders are typically more transactional, focusing on closing sales rather than emotional ties to the property. This can lead to more straightforward negotiations. Resale Homes: Flexible Pricing: Resale homes often have more room for negotiation. The price may be influenced by the seller’s situation, the length of time the property has been on the market, and the condition of the home. Seller Motivation: Sellers may be more motivated to negotiate if they are facing financial pressure, such as job relocation, divorce, or other life changes. Understanding the seller’s motivation can provide leverage during negotiations. Emotional Factors: Sellers may have emotional attachments to their homes, which can complicate negotiations. Buyers need to navigate this sensitivity, balancing assertiveness with empathy. 2. Strategies for Buyers to Maximize Leverage For New Homes: Research Builder Incentives: Before negotiations, research any promotions or incentives offered by the builder. Knowing what’s available can give buyers leverage when discussing upgrades or costs. Explore Options and Upgrades: Rather than focusing solely on the purchase price, negotiate for desirable upgrades or features (e.g., appliances, flooring, landscaping) that may add value to the home. Consider Timing: Builders may be more flexible with pricing and incentives at the end of a fiscal quarter or during slower sales periods. Timing negotiations strategically can yield better results. Use Multiple Offers: If possible, explore multiple builders or developments. Having alternatives can give buyers leverage in negotiations, as they can reference other offers they are considering. For Resale Homes: Conduct Thorough Research: Understand the local market conditions, including recent comparable sales (comps), average days on the market, and any pending sales. This information can help buyers make informed offers. Assess Seller Motivation: Determine the seller's motivations and circumstances. If they are in a hurry to sell, they may be more open to negotiating on price or terms. Be Prepared to Walk Away: Demonstrating that you are willing to walk away if the terms are not favorable can provide significant leverage in negotiations. Sellers may be more willing to consider a reasonable offer to avoid losing a potential buyer. Include Contingencies: Offering to purchase with fewer contingencies can make a buyer's offer more appealing. However, this should be balanced with the buyer’s need for protection in the transaction. Offer a Strong Earnest Money Deposit: Providing a larger earnest money deposit can signal serious intent to the seller and may encourage them to consider your offer more favorably. 3. General Tips for Both Types of Purchases Professional Representation: Engage a knowledgeable real estate agent who understands negotiation tactics and can represent your interests effectively. Stay Informed: Being well-informed about the property’s condition, local market trends, and financing options can empower buyers during negotiations. Be Respectful and Patient: Building rapport with the seller or builder can facilitate smoother negotiations. Patience can be a powerful tool, allowing time for both parties to consider offers and counteroffers thoughtfully. Get Pre-Approved for Financing: A pre-approval letter can strengthen your position, showing sellers or builders that you are a serious buyer capable of completing the transaction. Conclusion The negotiation dynamics for new homes and resale homes differ in various ways, primarily due to pricing structures and seller motivations. By employing effective strategies tailored to each scenario, buyers can maximize their leverage and secure the best possible deal. Whether purchasing a newly built home or a resale property, thorough research, strategic timing, and professional representation are key to successful negotiations. New condo sales drop 81% across southern Ontario | INsauga Sales on new condominiums in Mississauga, Hamilton, and southern Ontario are at their lowest quarterly in nearly 30 years. According to a new report published Friday (Oct. 18) by Urbanation, condo sales have dropped significantly, falling 81 percent in the third quarter of 2023 compared to the same quarter last year. The new Condominium Market […] insauga.com READ MORE ... $1.4 million Toronto condo loses 23 per cent of its value in just two years Throughout September, buyers in Toronto started to take advantage of more and more affordable conditions brought about by interest rate cuts and lowe… blogto.com READ MORE ... ‘Upward momentum’: Average Bradford home sold for $1M in September While year-over-year price increased slightly in town, total sales dropped last month, BDAR says bradfordtoday.ca READ MORE ... Understanding Condo Rules Condominiums can be more affordable than single-family homes, but be sure to check the condo rules before buying. blog.remax.ca READ MORE ... ‘Buyers are tired of being on the sidelines’: Sales of new homes tick up in Ottawa in September Sales of new homes are up this year compared to 2023, causing the Greater Ottawa Home Builders’ Association to predict a “positive tone” for the market going into the new year. obj.ca READ MORE ... 'Jumbo rate cuts': Here's what you need to know about potential Bank of Canada interest rate drop next week Bank of Canada governor Tiff Macklem is expected to make an interest rate announcement Oct. 23. Financial experts predict the rate will drop significantly from the current 4.25 per cent. toronto.com READ MORE ... Now's the time to jump into the housing market, says top broker Narrow window of affordability set to close in mid-2025 mpamag.com READ MORE ... Canada's inflation hits new low – What's next for the housing market? Economists anticipate rate cuts after inflation drops below 2% mpamag.com READ MORE ... A tiny Toronto house going for $1.2 million is so hidden you'lll miss it Tucked away on a quiet, no-traffic, dead-end Toronto street, 925 Palmerston Ave. is truly a hidden gem. This Annex home blends quirky charm with mode… blogto.com READ MORE ... Average price of homes in Newmarket nudges up in September The price of detached homes increased in Newmarket since last month, while the average price semi-detached and townhomes decreased since last month newmarkettoday.ca READ MORE ... One of Toronto's oldest loft conversions is on the market for $900,000 Toronto is full of iconic loft conversions, but not all of them have the history and charm of 99 Coleman Avenue. This boutique building, which began … blogto.com READ MORE ... Ready to close on your dream home? Make sure you’ve dotted the I’s and crossed the T’s Avoid making major purchases before closing so you don't imperil your financing, experts say, and be prepared for all the legal and administrative fees. therecord.com READ MORE ... Exclusive Interview with Michelle Kam: Finding Success in Toronto’s Real Estate Market - CEOWORLD magazine Michelle Kam, a leading real estate broker and founder of Re/Max City Accord Realty Inc., is known for her comprehensive approach and strong community ties. In this exclusive interview, Michelle Kam shares her insights on the real estate industry, her journey, and her vision for the future. What inspired you to pursue a career in […] ceoworld.biz READ MORE ... New skyscrapers could replace downtown Toronto office buildings A pair of soaring skyscrapers could soon replace an office complex in the heart of downtown Toronto. Developer H&R REIT has proposed to tear down the… blogto.com READ MORE ... Five of six Canadian banks predict sharper rate cut as inflation slows TD Bank remains cautious while peers expect 50-point reduction mpamag.com READ MORE ... This Week's Top Stories: Canadian Real Estate Demand Weakens In Key Markets & Supersized Rate Cuts - Better Dwelling Time for your cheat sheet on this week’s top stories. Canadian Real Estate Toronto & Vancouver Are Now The Weakest Real Estate Markets In Canada Toronto and Vancouver are traditionally Canada’s hottest real estate markets, leading the trend. If that still holds true, it might be a problem in the coming months. Experts believed the […] betterdwelling.com READ MORE ... Ottawa real estate industry watching anticipated interest rate cut closely There’s anticipation of a further rate cut from the Bank of Canada this week due to plummeting inflation and back-to-back interest rate cuts this year. ottawa.ctvnews.ca READ MORE ... With inflation below target, Bank of Canada expected to deliver supersized rate cut this week The Bank of Canada has lowered its key interest rate three times so far, bringing it down to 4.25 per cent. toronto.citynews.ca READ MORE ... Real estate experts worry new flood zone could impact market Following the new Montreal flood zone map being made public, a non-profit group, the Quebec Professional Association of Real Estate Brokers (QPAREB) — which represents more than 15,000 real estate brokers and agencies — is ringing the alarm. According to its brief, the new zone maps will make 77,000 previously unaffected properties decline in value. […] montreal.citynews.ca READ MORE ... Etobicoke residents hope to save cinema from proposed condo development | CBC News Etobicoke residents are trying to save a local Cineplex theatre from potentially being demolished to make room for condo towers. An application to the City of Toronto from a property management company proposes building 12 towers in the cinema’s place. cbc.ca READ MORE ... 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!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | SearchRealEstateInToronto.ca Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: This Newsletter contains summarized content from various sources; full attribution for each article is provided in the original linked content. Articles and Podcasts in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here

🤔 18th Oct 2024 - With affordability falling, is it time to rethink home ownership?

💥 Friday 18th October 2024 💥 How To Sell A Home That Didn't Sell! Toronto Real Estate Today: Daily Hot Scoop! "Expert Advice & Hot Listings: Free Reports & Exclusive Updates!" "Toronto Real Estate Today: Daily Hot Scoop" delivers the latest and most relevant updates from Toronto's dynamic real estate market. Every day, we provide you with a curated selection of the hottest property listings, emerging market trends, and expert insights to keep you informed and ready to make smart decisions. Whether you're a buyer, seller, investor, or real estate enthusiast, our daily scoop ensures you stay ahead of the game in Toronto’s competitive real estate landscape. Stay connected and informed with "Toronto Real Estate Today: Daily Hot Scoop." How do real estate professionals assess the reasons behind a home listing's expiration and develop targeted strategies to address underlying issues effectively? When a home listing expires, real estate professionals conduct a thorough assessment to understand the reasons behind the expiration and develop targeted strategies to address the underlying issues. Here’s how they approach this process: 1. Analyzing Market Conditions Comparative Market Analysis (CMA): REALTORS® perform a CMA to evaluate how the expired listing compares to similar properties that have sold recently. They analyze pricing trends, average days on the market, and other local market conditions to determine if the property was competitively priced. Market Trends: They assess broader market trends, such as buyer demand, inventory levels, and economic factors, to understand whether external conditions contributed to the listing's failure to sell. 2. Reviewing Listing Details Pricing Strategy: Agents evaluate whether the initial listing price was appropriate based on market conditions and comparable sales. If the price was too high, they can adjust the pricing strategy accordingly. Property Features: They analyze the property's features, including size, layout, condition, and amenities. If certain features did not appeal to buyers, they may recommend improvements or staging to enhance the property’s attractiveness. 3. Assessing Marketing Efforts Marketing Strategy Review: REALTORS® review the marketing strategies used for the listing, including online listings, social media promotion, open houses, and traditional advertising. They assess whether the marketing efforts effectively reached potential buyers. Photography and Presentation: The quality of listing photos and property presentation is critical. Agents may identify if poor-quality images or lack of professional staging negatively impacted buyer interest. 4. Gathering Feedback Buyer Feedback: If possible, REALTORS® seek feedback from potential buyers who viewed the property. Understanding their perspectives on what they liked or disliked can provide valuable insights into why the home did not sell. Showings and Open Houses: They analyze attendance and engagement levels during showings and open houses to determine if there was a lack of interest or if buyers had specific objections. 5. Identifying Seller Concerns Seller Expectations: REALTORS® discuss with the seller to understand their expectations and any concerns they might have had during the listing period. This can help identify any misalignments in pricing, marketing, or property condition. Motivation to Sell: Understanding the seller's motivation and urgency can also guide strategy adjustments. If the seller is highly motivated, the agent may suggest more aggressive marketing or pricing strategies. 6. Targeted Strategy Development Adjusting Pricing: If the initial price was too high, real estate professionals might recommend a price reduction to attract more interest and align with current market conditions. Improving Presentation: They may suggest repairs, updates, or professional staging to enhance the property's appeal. Making the home visually appealing can help draw in potential buyers. Refining Marketing Tactics: Based on the analysis of past marketing efforts, REALTORS® may create a new marketing plan that targets specific buyer demographics more effectively, leveraging platforms that reach the intended audience. 7. Setting New Goals and Expectations Revising Goals: REALTORS® work with sellers to set realistic goals and expectations for the re-listing. They ensure that the seller understands the current market dynamics and is aligned with the new strategies. Timeline for Success: They may establish a new timeline for the re-listing process, including when to make improvements, how to adjust marketing efforts, and when to assess the effectiveness of the new strategy. 8. Monitoring Progress Ongoing Assessment: Once the property is re-listed, REALTORS® continuously monitor the market response to the adjustments made. They analyze showings, feedback, and offers to gauge the effectiveness of the new strategies. Flexibility for Further Changes: If the property continues to receive little interest, they remain flexible and willing to adjust strategies further based on real-time market feedback and evolving conditions. Conclusion Real estate professionals play a crucial role in assessing the reasons behind a home listing's expiration and developing targeted strategies to address the underlying issues. By analyzing market conditions, reviewing marketing efforts, gathering feedback, and implementing new strategies, REALTORS® can help sellers successfully re-enter the market and achieve their selling goals. Effective communication with sellers and a willingness to adapt based on market insights are key components of this process. It took her 2 years to buy a home. He still can't afford it. Ontario prof says it's time to rethink ownership | CBC News Vishal Joshi still dreams of owning a home in Canada, but falling affordability has him considering other options. "The radius of where we're looking for a house keeps getting bigger and bigger," he says. As house prices and interest rates rise and wages stay stagnant, a university professor says it might be time to rethink home ownership and consider other options. cbc.ca READ MORE ... Canadian Housing Starts Rise 5% in September, but Long-Term Trend Declines The Canadian housing market displayed mixed trends in September, according to the latest report from Canada Mortgage and Housing Corporation (CMHC). The six-month trend in housing starts has decrea… thedeepdive.ca READ MORE ... Here's how much money you need to make to afford rent in various cities across Canada Spoiler alert: It's WAY more than minimum wage. 😬 msn.com READ MORE ... Income required to buy a home in Ottawa drops $6,000 over the summer A new report from Ratehub.ca shows homebuyers needed an average income of $126,100 in September to buy the average priced home for sale in Ottawa, down from $127,830 in August. ottawa.ctvnews.ca READ MORE ... Calgary bungalow with 13 bedrooms listed for half a million dollars A house in Calgary with 13 occupied bedrooms for half a million dollars sounds like a steal, but a current listing for one in the city is far from a palatial estate. calgary.ctvnews.ca READ MORE ... Could Canada's new mortgage rules drive up home prices? Price appreciation a real possibility after December 15 changes take effect, says broker mpamag.com READ MORE ... Opinion: Why governments must do everything in their power to crash the housing market | TVO Today Housing is now the unofficial third leg of our national retirement scheme — and we’re all paying the price. tvo.org READ MORE ... New federal mortgage policies will boost Canadian home prices in 2025: TD However, it adds that the measures may cause "affordability erosion" that will eventually slow sales volume and price growth. ca.finance.yahoo.com READ MORE ... Mortgage industry weighs in on federal secondary suite refinance program - Mortgage Rates & Mortgage Broker News in Canada Industry professionals express cautious optimism but call for more clarity on the program’s specifics canadianmortgagetrends.com READ MORE ... Rising unemployment could derail economy more than mortgage renewals, says RBC Weak labour market poses greater risk to economic recovery than renewal cliff mpamag.com READ MORE ... Housing affordability: What does it mean for Windsor-Essex? | CBC News As the high cost of housing continues to create increased stress for families, forcing some people into homelessness, the County of Essex and City of Windsor are in the midst of a collaboration to develop an affordable housing strategy. cbc.ca READ MORE ... TD predicts mortgage rule adjustments will boost activity – and prices TD Bank predicts short-term gains from new rules, but long-term affordability could erode housing recovery mpamag.com READ MORE ... Ottawa’s mortgage changes will be a ‘double-edged sword,’ TD economist warns - National | Globalnews.ca Ottawa's proposed mortgage changes may help affordability in the short term, but there are risks to the stability of the Canadian financial system, one economist warns. globalnews.ca READ MORE ... Canadian Housing Starts Stagnant, 3x Growth Was Never Realistic: BMO - Better Dwelling Canadian housing starts are starting to lose momentum but they remain lofty. Canada Mortgage and Housing Corporation (CMHC) data shows a drop in housing starts for September. Despite the slow month, BMO notes the trend is still moving higher, especially considering the environment. The slowdown is contrary to policymaker efforts to triple new home starts, […] betterdwelling.com READ MORE ... Revealed: Top 3 provinces for affordable homes in 2024 Housing prices rise slower than the national average mpamag.com READ MORE ... B.C.’s depreciation report legislation changes: What this means for buyers, sellers and strata corporations Learn about the importance of depreciation reports and how B.C. legislation changes affect owners and strata corporations realestatemagazine.ca READ MORE ... Quebec’s Q3 market surges with 13% sales growth as buyers return amid lower interest rates: QPAREB Discover the latest real estate market statistics for Quebec's Q3 2024. Find out about the significant increase in residential sales and more realestatemagazine.ca READ MORE ... 'Very grateful': How working professionals denied a traditional mortgage became homeowners in Toronto Fifty-five families have become homeowners this year with the help of a program with Habitat for Humanity Greater Toronto Area. toronto.ctvnews.ca READ MORE ... Canada's housing starts trend drops 1.3% despite September surge CMHC reports a 5% rise in September housing starts, but affordability challenges persist in cities wealthprofessional.ca READ MORE ... Condo of the Week: $760,000 for a Yorkville unit sandwiched between a legendary music venue and a famous library - Toronto Life 1,077,815 Torontonians can’t be wrong. torontolife.com READ MORE ... 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!" Click Here For Hot New Toronto Regional Real Estate Board [TRREB] MLS® Listings. Call | Email me for more Info on any GTA Listings, Buying, Selling, Investing or Homebuyer's queries. Click Here to View Listings like Real Estate Agents. Click Here For HOMES & CONDOS In Toronto. Click Here For PRE-SALE CONDOS in Toronto. How does Rent-To-Own Homes works? Click Here for Power of Sale Listings. Manoj Atri, REALTOR®  Experienced Toronto GTA Sales Representative with Architectural Background. My forte: Power of Sale | Bank Foreclosures | Fixer-Upper | Rent-To-Own Homes All types of Credits Low or Zero down With Bank Cash-Back + Cash For Renovations Info & Much More... Re/Max Hallmark Realty Ltd., Brokerage 401-685 Sheppard Ave E, Toronto ON M2K 1B6 Cell: [416] 275-2089 | Office: [416] 494-7653 | Email: Manoj@ManojAtri.com Websites:   Homebuyer Hub | ManojAtri.com | SearchRealEstateInToronto.ca Rent-To-Own Homes | ManojAtri.ReMaxHallmarkRealty.ca  Social Media: Facebook Profile • Blog • Pinterest • Tumblr Subscribe To My FREE Daily Curated Hot News Articles e-Newsletter! © Copyright 2023 ManojAtri.com All rights reserved. "Disclaimer: This Newsletter contains summarized content from various sources; full attribution for each article is provided in the original linked content. Articles and Podcasts in this newsletter are generated by AI." If you no longer wish to receive these Emails, please Unsubscribe Here