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The Power of Re-Living The Past

So I’ve been working on a fun little side project with the CRA for the past 3mos (and by fun I mean NOT AT ALL fun, lol!)

But as I’ve gone through tens of thousands of emails, text messages & files, both electronic & paper, to find the supporting documentation that I’m looking for, I’ve discovered somewhat of a silver lining to this whole miserable exercise…

And it’s that I’ve gotten to know myself better. Patterns of behaviour, both good & bad have become crystal clear. Things I couldn’t or wouldn’t see when I was in the thick of them are so obvious now that I can see the big picture. Successes, failures, decisions & consequences – they’re all there in black & white. I’m not going to lie, it’s been more than a little painful at times, to see that who I think I am is not always who I actually am. But I think I will be better for it in the end. A better REALTOR®, a better friend, a better wife. The lessons are there if I’m willing to learn…and I am. I’ve literally got a blueprint of what to do & what not to do so it would be foolish not to take advantage of it!
I know, I know, they say you’re not supposed to look backwards, but I think the key is not to unpack & live in the past, just take the lessons & move on…

January is a time of resolutions, self-improvement & goal setting for many, so that’s why I thought I’d share this story with you. You don’t have to go pedal to the metal like I have (thanks to scary deadlines, lol) but pick a year, and go through it to see what you can learn. Reflect. About yourself & about the people around you…and then pick another year, and then another and another & I bet you’ll find your own blueprint! Be bold & be brave & most of all, take action on what you find!

I’m going to make 2018 my best year yet, how about you?

Have an awesome day!

The Sold Data Saga...

So you may have heard that the Toronto Real Estate Board (TREB) has lost its appeal against the Competition Bureau regarding releasing sold data to the public. And my understanding is that they will be appealing again...sigh. It could take another year before we have a decision again & that's very frustrating for both consumers & forward thinking REALTORS®.

A few thoughts on this:
  • A REALTOR®'s value is NOT in being the gatekeeper for the sold data, our value is interpreting that data & educating consumers to help them make informed decisions. Taking the raw data & determining how it applies to a property that is to be bought or sold is the difference between success or failure for our clients. 

  • We bring additional value through our experiences in different market cycles, continuing education, knowing how & what to do to protect our clients' interests, innovative marketing strategies, our trusted network of contacts who can get done things done for you, when you need them done...guidance, counselling, mediation, helping people make their dreams come true...THIS is the value we bring to the table & the list truly goes on & on!
  • Am I concerned about the never-ending government intervention in the private sector & free market all in the name of the "common good"? Yes.
  • Am I questioning the yearly & monthly dues I pay to collect, distribute & access the data in question? Kind of...I have no problem with free public access but MY access to the same information costs BIG BUCKS & the fairness of that gives me pause in this debate.
  • TREB did not consult with its member REALTORS® regarding the first appeal or this one either. The amount of time & money spent fighting this is just mind boggling!
If we can keep our competitors focused on us while we stay focused on the customer, ultimately we'll turn out alright   -Jeff Bezos

This is by no means a comprehensive analysis of the situation, just a collection of random thoughts that have been percolating in my brain in the past week since the verdict was announced...

#educate      #empower      #athomeindurham     

Have a fabulous day!

16 Offers....A Tale from the Trenches

Online ads that say "Sold for $100+k over list" & beautiful homes selling for under market value....how do we reconcile these 2 things in the same market?

Marketing? Strategy? Luck? (or bad luck as the case may be)...

Let's tackle the "Sold for $100+k over list" property first:

Reality: There was a listing strategy in place to attract as many buyers to the property as possible with an unrealistic listing price that was $100+k below what it was expected to sell for.

Result: The property sold for roughly the same price that similar properties in the same condition sold for in the same neighbourhood in the same time-frame. It's only fair to note that this strategy can also result in a selling price OVER the expected market value & I've successfully used this strategy myself as well. Why? Because when we represent the seller, that's what's in the seller's best interest.

Winners: The sellers obviously - they can feel confident that the property sold for the highest price possible given that they had 16 offers, lol, AND the listing agent has also enhanced their reputation to future sellers by being able to advertise such a shocking statistic.

Losers: The Buyers & their agents. This strategy always brings at least a few buyers to the table who can't afford the property if their agent isn't properly advising them. This scenario also creates a ton of confusion & questions like, if it sold above market value, will it appraise? Will the "winning" buyer be able to close if it doesn't appraise? It also raises red flags for lenders when they see a property sell that far above the listing price.

This scenario can backfire as well, like in the case of a beautiful home that I showed my buyers last week which sold for less than I think it should have:

Reality: A beautifully updated home was listed for sale with a set date to review offers. The price I felt was a little under market value, but certainly nowhere near as under-priced as the property in the 1st scenario. My clients loved it!

Result: The property only got 1 offer on offer night, and it sold for the asking price. My clients decided not to make an offer because we felt the true value of the home was above their budget & they wouldn't stand a chance in multiple offers.

Winners: The buyer who bought the house for asking price. I think they got lucky & ended up with a great deal being the only offer on the table but that could easily have changed if another buyer had come forward.

Losers: The sellers. By about 3-5% in my opinion. How many other buyers were afraid to compete?Had there been more offers it may have pushed the price to where I think it should have been. Or if the sellers had listed it at actual market value they may have gotten the higher price or at least closer to it than where they ended up.

So what can we learn from each of these scenarios? Well it depends on who you are...

As a seller, strategy matters...A LOT! It's not enough to have a beautifully renovated & staged home in a great neighbourhood in order to sell for the highest price possible.

As a buyer, get educated on the market; understand the different nuances that affect the price of a home; be prepared to cut through the noise & distraction of marketing & strategies to see if a particular property is worth your time & effort. And so many more...but I'll leave it here for today!

Until next time,