What type of Landlord do you want to be?

I encourage just about everyone I meet to jump into the game and become a landlord. I did it myself three years ago, and I am currently looking for my fourth property. Rentals aren’t one-size-fits-all. Before taking the cheques to the bank, you need to decide what kind of landlord you’re going to be.

Student Rentals

Student rentals are my bread and butter, and where I started my real estate investment career. There’s great income potential here, if you’re willing to roll up your sleeves and do the work.

PROS:

• Big rental potential: You can rent by the room, which increases your bottom line.
• Expensive finishes not needed: No need for granite and hardwood here; units need to be functional, clean, and well done, but high-end materials won’t give you a return on investment.
• School nearby = guaranteed tenants: I’ve yet to find a university/college town that didn’t lack student housing. You’ll have no problem finding tenants.
• Parents: You can ask that parents co-sign the lease, so the default rate is very low.
• Predictable rental cycle – school year starts, school year ends: Leases start and end at the same time every year, which means only having to deal with it once every 12 months.

CONS:

• High/constant turn-over: You might only need to worry about renting once a year, but depending on how many rooms you have available, that still means a lot of applications and a lot of screening.
• Not a lot of pride in rentership: It’s true, students aren’t always great a taking care of their temporary home, and not always the most responsible tenants. This isn’t always the case, but it’s something to keep in mind.
• Maintenance:  Student rentals require a lot of it, mostly due to turnover and neglect.
• Tenants require more “babysitting”: You have to keep in mind that your tenants are often leaving mom and dad’s house and moving into yours. This means that even simple things like changing light bulbs or tripped breakers may result in a phone call or house visit.
  
  
  
  
  
  
  Executive Rentals
  Whether it’s a businessman in town for work, or movie crews on location, executive rentals can bring in big bucks, but also cost more up-front.
  PROS:
  • Big money: Executive rentals can demand double or even triple what the same space would rent for in a regular rental situation.
  • Higher profile tenant: Generally speaking, you don’t have to be concerned about the quality of tenant you’re getting here.
  • Guaranteed income: Depending on our provincial rules, you may be able to collect all your rent upfront (if it’s a short-term lease) and collect a damage deposit (refer to your provincial policies regarding landlord-tenant relationships).
  • Profit: You usually only need to rent for half the year to make one.
  CONS:
  • High turn-over: Most executive rentals are short-term leases, so turn-over is constant.
  • Unpredictable: Because of the nature of executive rentals, it won’t always be rented and there’s no certainty about when it will be.
  • The bells and whistles: High-end finishes, nice furniture, linens, towels, dishes -- they all need to be included. Throw in utilities, cable, internet, and regular cleaning service, and costs really start to add up.
  • Posting, applications and screening: Because of the high turn-over, landlord of executive rentals are constantly in a cycle of posting the apartment for rent, reviewing applications and screening tenants. Some people hire a placement/management company to take care of this, but if you choose to do so, that’s another cost that eats into your bottom line.

Secondary Suites

Secondary suites are apartments that exist within your own home, and are probably the most common rentals.

PROS:

• Longest term rental scenario: Tenants are likely to stay longer and take better care of the space.
• Passive rental: Secondary suites don’t take a lot of time and energy.
• Instant rental situation: You don’t have to purchase another property to be in rental situation with a secondary suite. Have a basement you can make into a legal apartment? Great, you can be a landlord!
• Return on investment: Adding a secondary suite typically adds a lot of value to your property.
• High demand: When done legally and safely, these types properties attract tenants everywhere. You don’t have to be downtown, like an executive rental, or near a school, like a student rental.

CONS:

• Lower cash flow: You won’t bring in as much rent as you would with other types of properties.
• Learning to share: You’ll be sharing your home with other people, which can be inconvenient at times.
• Reno time: Unless there’s a secondary suite already existing, putting one into your home requires a significant renovation and may also require a zoning change.
  
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  Article available at HGTV.ca

November 2013 Stats

The REALTORS^® Association of Hamilton-Burlington (RAHB) reported 1078 properties sold through the RAHB Multiple Listing Service^® (MLS^®) system in November.  This represents an 11.1 per cent increase in sales over November of last year.

There were 1298 properties listed in November, an increase of nine per cent over the same month last year.  End-of-month listing inventory is 6.1 per cent lower than last year at the same time.

For the first time this year, the average sale price did not show an increase compared to the same month last year.  The average sale price in the residential market was virtually the same as last November; a decrease in the average sale price in the commercial market accounted for an overall decrease in average sale price compared to last year.

 “We have become so used to seeing regular increases in average sale price that the slight drop in November seems out of place,” said RAHB CEO Ross Godsoe. “And in some ways it is – the commercial market has larger swings in price that can affect the overall picture.”

Seasonally adjusted* sales of residential properties were 17.2 per cent higher than the same month last year, with the average sale price up two per cent for the month.  Seasonally adjusted numbers of new listings were 13.4 per cent higher than the same month last year.

Actual overall residential sales were 13.2 per cent higher than the previous year at the same time.  Residential freehold sales were 12.6 per cent higher than last year and the condominium market saw an increase of 15.6 per cent in sales.  The average price of freehold properties showed an increase of less than one per cent over the same month last year; the average sale price in the condominium market decreased 3.7 per cent when compared to the same period last year.

The average sale price is based on the total dollar volume of all properties sold.  Average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

The average days on market decreased from 50 to 46 days in the freehold market and increased from 47 to 48 days in the condominium market.

Year to date, listings are up 1.8 per cent compared to the same period last year, while sales are 2.7 per cent higher.  The average sale price for the period is 6.5 per cent higher than the same period last year.

“The real estate market in the Hamilton, Burlington and outlying areas continues to be a strong, stable market,” added Godsoe. “Residential sales are about seven per cent above the 10-year average for the month of November.”

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September Stats - Prices up 6.7% and Sales up 32.9%

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1207 properties sold through the RAHB Multiple Listing Service® (MLS®) system in September.  This represents a 32.9 per cent increase in the number of sales over September of last year and is only one sale shy of the September record of 1208 sales set in 2009.

The average sale price of $392,013 was an increase of 6.7 per cent over the previous September. There were 1953 properties listed in September, an increase of 5.8 per cent over September of last year.   End-of-month listing inventory is 6.8 per cent lower than last year.

 “Sales and listings for the month of September were both well above the 10-year average for the month,” said RAHB CEO Ross Godsoe.  “Even though there was an almost-six per cent increase in listings, inventory continues to be lower than last year at this same time.”

Seasonally adjusted* sales of residential properties were 21.4 per cent higher than the same month last year, with the average sale price up eight per cent for the month.  Seasonally adjusted numbers of new listings were 1.4 per cent higher than the same month last year.

Seasonally adjusted data for residential properties for the month of September, 2013:

Actual overall residential sales were 31.1 per cent higher than the previous year at the same time.  Residential freehold sales were 34.6 per cent higher than last year and the condominium market saw an increase of 16.7 per cent in sales.  The average sale price of freehold properties showed an increase of 10.1 per cent over the same month last year; the average sale price in the condominium market decreased seven per cent when compared to the same period last year.

The average sale price is based on the total dollar volume of all residential properties sold.  Average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

The average days on market remained at 44 days in the freehold market and decreased from 50 days to 42 in the condominium market.

“This is the first time since the first quarter of the year that we saw a more balanced market,” added Godsoe.  “Whether it will continue that way is a good question – we’ll have to see what the next few months bring.”

Year to date, listings are up 1.3 per cent compared to the same period last year, while sales are 1.6 per cent higher.  The average sale price for the first three quarters of the year is 7.7 per cent higher than the same period last year.

The numbers for the month of September 2013 compared to September 2012:

Every community in RAHB’s market area has their own localized residential market.  Please refer to the accompanying chart for residential market activities in select areas of RAHB’s jurisdiction.

*Seasonal adjustment removes normal seasonal variations, enabling analysis of monthly changes and fundamental trends in the data.

www.realestate-hamilton.ca
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City Living vs. The Burbs -- Which is cheaper?

There's a common perception that living in the suburbs is much cheaper than the city. This article originally posted on the Globe and Mail shows the other side to the story.

There’s no refuge in the suburbs from Canada’s housing affordability problem.

You can buy a house for less money in the suburbs than you can in a big city, but the cost of commuting may kill almost all your savings. Some number-crunching by a public-spirited mortgage broker in the Toronto area makes this point quite clearly.

David Hughes, with the Mortgage Group Ontario Inc., divides his clients into a couple of groups with respect to attitudes toward living in suburbia: One group wants to live in the suburbs and is fine with the idea of commuting, and then there are those who want to live downtown, but can’t afford the prices. “They either buy a fixer-upper, or they run screaming to the suburbs and living with the two cars.”

Now, he finds people talking more about the cost of two working parents commuting by car every day. He explains this shift as being a result of the bigger mortgages people are taking on, and the considerable cost of buying and owning a car. “Gas at $1.30 a litre will do that to you,” he said.

No question, you’ll find house prices are cheaper outside big cities. Toronto Real Estate Board numbers suggest a spread of almost $250,000 between city homes and those in the neighbouring suburbs. Suburban living loses its cost advantage if you have two adults commuting by car each day. Add the effect of stress and time spent in gridlock, and suburbia looks even more costly.

Imagine you’re part of a couple that has $50,000 for a down payment and must decide between a $500,000 house in the suburbs and a $720,000 house downtown. The suburban lifestyle comes with two cars in this example; the city dwellers get by with public transportation, taxis and car sharing or rentals. To keep things simple, we’ll assume here that your mortgage rate will be a constant 3.5 per cent and that you’ll take 25 years to pay it down.

Suburban living costs less in this example, but by only $63 per month if you add mortgage and transportation costs. And that’s with some conservative estimates by Mr. Hughes on car costs.

Using the 2013 edition of the Canadian Automobile Association as a guide, he set the annual cost of commuting at $9,500 a vehicle, or $19,000 for a pair. Included in these costs are variable factors such as fuel and maintenance, and fixed expenses such as insurance, licence and registration, depreciation and financing.

Your actual car ownership costs could be lower if you drive a reliable older vehicle that has been paid off. But you may well pay more. Mr. Hughes’s CAA numbers were based on owning two Honda Civics – many families are driving at least one fancier vehicle. The estimated total number of kilometres driven each year was in the low 20,000 range – you could easily drive further in a year if you have a long commute.

The downtown household pays $6,000 annually for a pair of monthly transit passes and occasional use of taxis, car rentals or car sharing. Maybe it’s not realistic to believe a family with kids can live downtown and not own a car. But while owning a car for periodic use makes city living more expensive, it doesn’t do a thing to mitigate the high cost of commuting from the suburbs.

The case for cheaper suburban houses is undermined most when you take a long view that factors in your transportation needs both before and after your mortgage is paid off. Mr. Hughes figured on the suburban household moving to just one car after the mortgage is done, while the downtowners stay car-less.

Let’s add up what happens over 40 years – 25 with a mortgage and 15 afterward. The suburban household pays a total of $1.3-million on mortgage principal and interest and transportation. The downtown household pays just a little bit less – $33,865, to exact.

If you plan to live outside the city where you work, commuting costs must be part of your housing affordability analysis. Mr. Hughes said he delicately makes this point to clients that come in with thoughts of suburban living. “I don’t want to see anyone impoverished by their choice.”

www.realestate-hamilton.ca
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August sales up 8.8% year-over-year

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1203 properties sold through the RAHB Multiple Listing Service® (MLS®) in August.  This represents an 8.8 per cent increase in the number of sales over August of last year. The average sale price of $383,561 was an increase of five per cent over the previous August.

There were 1640 properties listed in August, an increase of eight per cent over August of last year.   End-of-month listing inventory is 2.6 per cent lower than last year.

“We saw more new listings than we did last year at the same time,” said RAHB CEO Ross Godsoe.  “yet new listings are still below average for the month.  Sales, however, are about one per cent higher than the ten-year average.”

Seasonally adjusted* sales of residential properties were 8.8 per cent higher than the same month last year, with the average sale price up three per cent for the month.  Seasonally adjusted numbers of new listings were 8.8 per cent higher than the same month last year.

Seasonally adjusted data for residential properties for the month of August, 2013:

Ontario Home Sales on Rise

A new forecast by Central 1 Credit Union indicates housing prices in Ontario are likely to rise the most in the Northwest and in the Hamilton-Niagara area this year.

“Numbers in Hamilton have been largely positive lately, especially in price,” said Helmut Pastrick, chief economist. “Certain market conditions have shown some improvement and we think that will continue.”

Pastrick says actual home sales in Hamilton haven't risen significantly, but rising prices bode well for the market in this area.

That said, the fortunes of the housing market in southern Ontario are largely tied to the U.S. economy, he points out.

“In general, the market is going to be treading water,” Pastrick said. “We need the economy to kick into high gear for significant [real estate] gains.”

He says a real upswing in area sales is all predicated on the economic conditions in the U.S. “But if there are gains there, Hamilton will benefit from that upswing.”

Federal efforts to curb household borrowing and tighten mortgage conditions will remain a drag on the market, the new forecast says.

The report says Ontario home sales have steadied at an annualized rate of 185,000 since September, following a six-month sales decline that pulled the sales pace down by more than 10 per cent.

"Fewer sales have led to softer prices, but declines have been insignificant," notes Pastrick.

The average MLS price was close to $384,000 in the fourth quarter, down less than 1 per cent from April and still about 3 per cent higher than in the same-period of 2011.

Other highlights from the report for Ontario as a whole include:

• Home sales hit bottom late in 2012 and are expected to rise in 2013
• Home prices are predicted to be flat, rising 0.8 per cent in 2013 and 2 per cent in 2014 and 2015
• The number of real estate listings will likely drop as potential sellers wait for higher prices
• Mortgage rates are expected to remain low
• Outside Toronto the supply of new homes is not excessive
• Central 1 does not expect a glut of condos in Toronto
• Housing starts are forecast to decline 10.5 per cent in 2013 and remain stable in 2014
• Rental vacancy rates will likely remain low, although the number of units will grow

As a whole, Pastrick says he's optimistic about the outlook for the housing market in Ontario.

“It's not an overly robust forecast, but I think there's more upside than not.”

Sellers Market Persists: Sale prices up 12.5%

The REALTORS® Association of Hamilton-Burlington (RAHB) reported 1288 properties sold through the RAHB Multiple Listing Service® (MLS®) in July.  This represents a 3.9 per cent increase in the number of sales over July of last year. The average sale price of $387,108 was an increase of 10.7 per cent over the previous July.

There were 1852 properties listed in July, an increase of 5.4 per cent over July of last year.   End-of-month listing inventory is 3.3 per cent lower than last year.

“We are still experiencing a seller’s market in our market area,” said RAHB CEO Ross Godsoe.  “We thought earlier in the year we might see a more balanced market by this point, but that hasn’t been the case.”

Seasonally adjusted* sales of residential properties were less than one per cent lower than the same month last year, with the average sale price up 12.5 per cent for the month.  Seasonally adjusted numbers of new listings were 1.8 per cent higher than the same month last year.

Seasonally adjusted data for residential properties for the month of July, 2013:

Actual overall residential sales were 4.5 per cent higher than the previous year at the same time.  Residential freehold sales were 5.7 per cent higher than last year while the condominium market saw virtually the same number of sales.  The average sale price of freehold properties showed an increase of 11.7 per cent over the same month last year; the condominium market saw an increase of 2.9 per cent when compared to the same period last year.

The average sale price is based on the total dollar volume of all residential properties sold.  Average sale price information can be useful in establishing long term trends, but should not be used as an indicator that specific properties have increased or decreased in value.

The average days on market decreased from 45 days to 42 days in the freehold market and remained at 45 days for condominiums.

Year to date, listings are down less than one per cent compared to the same period last year, while sales are 2.4 per cent lower.  The average sale price for the first half of the year is 8.1 per cent higher than the same period last year.

www.realestate-hamilton.ca

50 Ways to Save Money off your Energy Bill

Recent power outages in North America are a reminder of how extensively we depend on electricity to function. Among other things, it provides light and heat, keeps our food cool and brings the world into our homes through our televisions and computers. As the demand for power has increased, so has the incidence of blackouts and price increases in some parts of the country. Homeowners have a strong incentive to save energy and money but often don't know where to start. The following are some simple ways to plug the 'money drains' around your home.

1. Keep your hot water thermostat set at 110-120 C (most are set at 140 C).
2. Install an automatic timer so that water is heated only during the hours needed.
3. Wash clothing in cold or warm water rather than hot water.
4. Insulate your water heater with a fire resistant water heater blanket.
5. Install an aerator on your kitchen sink faucet to save on hot water.
6. Reduce water usage by installing a low-flow showerhead.
7. "Suds savers" on washers allow you to reuse hot water for multiple loads.
8. Consider heating your pool (and your home) with solar heat.
9. Close off the attic, garage, basement, spare bedrooms, storage areas, etc.
10.Insulate floors over unheated spaces such as crawl spaces and the garage.

6 Best ways to Spend your Renovation $$$

Resale value is now always considered when a potential buyer is deciding upon a home to purchase. The ongoing debate is always - where is one’s money best spent to increase the value of the home? Budgets play a big part in a renovation and I see too many “all-in” renovations... In other words, homeowners blow their entire budget on one room and neglect the rest of the home. At “for sale” time this can leave a bad taste in a purchaser’s mouth, mainly due to the renovation of the one room having dated the rest of the home even more so. Unless you have an unlimited budget, here are some helpful do’s and don’ts that should assist you when coming to the renovation decision.

Kitchens are often a main selling point, but can be quite costly.

1. Never...ever...proceed with a cosmetic renovation when there are structural or plumbing/electrical issues with the home. I know these aren’t sexy fixes but they should always be a priority when doing renovations. Let’s face it, there is nothing worse than redoing your master en suite and then having a roof failure and water damage to the ceiling etc. I’m sure you have heard of the expression “good bones”...make sure you start any renovation with a solid foundation/structure.
2. The biggest mistake I see in renovations are the disconnects, an example being granite counter tops installed on 40 year old bathroom cabinets. You may consider this an upgrade but to a potential buyer they see this as putting “lipstick on a pig”. If you are trying to sell the bathroom as updated, good luck, no buyer will pay for poor renovations, especially when they have to be completely redone.
3. On a limited budget? Be smart! – consistent renovations are by far the best bang for your buck. In other words, do some mild updating in all of the rooms. You would be surprised how fresh a home looks with new paint, light fixtures/switches and modern baseboards. In most cases, for the average size home this will cost under 10K but it will most certainly add value when it comes time to re-sell.
4. Changing a traditional floor plan of a home and creating a more functional one is great for resale. Tearing a wall out can create that “open concept layout” one desires and it doesn’t have to be expensive.
5. Timeless design – when renovating, choose styles and fixtures that will remain current, what you like may not be appealing to the masses.
6. The kitchen is always the most expensive room in the house to renovate, so proceed cautiously! It can make or break the resale of the home so choose your layout, design and fixtures with care and hiring a designer for input, wouldn’t be the worst decision one could make.

So remember to always have a plan before starting a renovation. There is nothing worse than a half finished kitchen and no money left in the budget to finish it!

www.hgtv.ca

www.realestate-hamilton.ca

10 tips when Downsizing your Home

Whether you're an empty nester moving from a house into a condo, or a renter trading in a two-bedroom for a studio, you'll have to say sayonara to some of your stuff. Stressed out by the prospect? Don't be. Sarah Moyse and Jennie Davidson, Toronto-based moving planners and owners of Wren Designs, offer 10 tips designed to make downsizing a snap!

1. Write a list of all the items you love and can't live without; it will help you bid adieu to things that didn't make the list. “It's hard to persuade people they can't take everything with them,” Sarah says. “But by keeping what's on your wish list, you won't be upset about the things you can't keep.”

2. Start thinning out your belongings at least three months before the move. Take some time each day, or one morning each week, to go through that jammed coat closet or overflowing filing cabinet. "Paper is the real killer," Jennie says, so tackle it one box at a time. The same goes for photos, which require a lot of attention.

3. Get a feel for the size of your new rooms by comparing them to rooms of similar dimensions in your present home. For instance, your living-room-to-be might be roughly the same size as your current bedroom. You may think you can squeeze in two sofas, but this kind of reality check could help you realize that only one will fit comfortably.

4. Heavily edit areas with items that don't have as much sentimental value. Take the kitchen, for example; most people don't need 10 mixing bowls and won't get teary-eyed over losing a second spatula. If you're downsizing from a house to a condo, target the garage. Snow shovels, the lawn mower, ladders - you won't need any of them.

5. Don't throw anything in the garbage. Recycle, reuse, sell and donate instead. As tempting and easy as it is to pitch wire hangers, musty clothes and shabby furnishings, be environmentally responsible and find a home for everything. A can of Comet with a few shakes of powder left could make someone else's sink sparkle if you don't want it; consider giving supplies to a shelter, neighbour or cleaning lady.

6. Label three bins To Keep, To Sell and Charity (bins should be manageable when full). For the average downsize, keep only one-third to one-half of your belongings, say Sarah and Jennie.

7. Get an objective opinion. If you can't decide whether to keep or kiss that dusty '70s-era sewing machine goodbye, Sarah says, "It's good to have someone who'll say, ‘Oh, please, you never use that!'" It might just be the kick you need.

8. When selling your goods, try an auction for high-end items. Then look for reputable antique and secondhand dealers. Often, they can buy all of your wares or put you in touch with booksellers and other specialty dealers. "Some dealers will come to your home, take what you don't want and even drop off the charity stuff," Sarah says. "That way you won't be trudging all over town." If you can't sell an item, donate it to a shelter.

9. Use floor plans to prearrange your furniture before the move. This is another useful reality check. To start, draw plans if you don't have any, and sketch in a furniture layout. Then look at the plans realistically; if you've crammed in side tables, armoires and chairs, you need to edit more. Don't wait until after you move to contend with furniture you'll just end up tripping over.

10. Once you get to the packing stage, use a colour-coded system to organize all of your boxes.Choose a colour for each room and mark the boxes destined for that room with a coordinating colour sticker. You can also do the same thing numerically; for example, if room No. 1 is the kitchen, then all boxes marked No. 1 will go there. A simple and efficient organizing idea to make the move that much easier!
www.styleathome.com

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6 Ways to Earn Money in Real Estate

We are in a great market to buy real estate, and mortgage rates are at an all-time low. You might be thinking about stepping into the real estate market in Hamilton, or maybe you already own a piece of real estate. Wondering how you can get the most of it? Here are some unexpected ways you can use real estate to boost your investments.

Home Business

Real estate can open doors if you're interested in running your own business. Auto mechanics, hair dressers and even those with a green thumb growing produce in the backyard can use their home as a place of business. Just be sure to check any zoning laws before hanging out your shingles.

If you're working in an office, owning real estate can give you a chance to work from home, and even take a tax deduction. Talk to your boss; you may find telecommuting some or all of the time is your way to get the most out of your real estate dollar.

Multi-Family Dwelling

When you think of a roommate, you're probably having flashbacks to your college days - but think again. Renting a portion of your home can bring in big bucks, and may even allow you to live in your home for free once you factor in your rental income. Retirees and single professionals could benefit in a big way by splitting housing costs, but even families with unused rooms or basements could profit from having a tenant.

If you're buying a home, look for properties with finished basements, mother-in-law suites or two master baths, a common feature in many newer homes. Consider adding a kitchenette and a private entrance, which can be done with a small investment, to give your tenant their own space.

When is the best time to sell?

Talk to any real estate agent, and they will tell you that there are certain seasons that are more favorable to sell your home than others. Often, the best time to list and sell a single family detached home is in the spring, followed by early to mid fall. 

Most families want to make the purchase of their home and complete the transaction before the summer months, when the kids and family are on summer vacation. Parents are keenly aware that school registrations need to be dealt with -- and who wants to be loading a moving truck in the middle of August? 

Sensibly, spring also offers the best time of year to showcase your home. After a long winter, the first hints of cherry blossoms and crocuses seem to trigger the “moving bug” in many people. Gardens tend to look their best in fresh bloom, when the leaves are on the trees. Homes appear more appealing when the weather is warming up and buyers tend to be in high spirits. 

It’s also usually easier to get your home ready for sale at this time of year -- from painting inside or out, to the simple ability to keep the house cleaner without the winter muck being traipsed throughout every time someone walks through the front door. Just remember, when you sell at the busiest time of the year you will face more competition, so make sure your home shows at its best! 

If you’re selling anything over a certain price (and that depends on where you live -- but we’ll say anything in the top 20% price range of your community), expect the summer months to be particularly slow. Expensive homes require buyers with big pockets -- and where are they in the summer? Most likely away on vacation, not looking for a home….so that’s where the early to mid fall selling season comes in. 

Fall is considered the next best time to list your home on the market– especially if it's a nice long Indian summer. Linked to the “back to school” mentality, with the leaves turning fabulous colors and nice cool crisp temperatures, you’ll have another good shot at selling a family home -- often to someone who’s already in your neighbourhood. That being said, be prepared to keep up that curbside appeal as the weather changes. 

Some properties will sell at any time of year -- such as those aimed at first time home owners, especially condominiums and town homes. Often these buyers are not faced with the constraints of school catchments, and are much more interested in amenities like underground parking, recreation facilities and the nearest coffee shop. These buyers are happy to shop at any time of year, so sales will often be a bit steadier throughout. 

Vacation properties always do their best in the spring and summer months, because that is when buyers visit these destinations. They benefit from the fact that vacationers will actually be where these listings are, and not just looking at pictures online or in a brochure. It’s also hard to imagine water skiing when the temperature is hovering at zero and the cottage for sale has had the water and power shut off for the season. 

Having said this, there really is no wrong time to list your home, because if you price your home right, and make every effort to present it in a superior way, chances are you will sell your property in a timely manner. However, if you find that you have to list in December because of a change in career or what have you, remember to be realistic. The holidays in particular can be the hardest time to sell, when everyone’s minds are on other things. Don’t be frustrated though -- you never know. After all, one of my listings sold last year on Christmas Eve.
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