Tan•gazine June 2011 Vol 1 Issue 11

Tan.gazine July 2011 Volume 01 Issue 11

Creator of “FOR SALE

By Owner”

FAILS

The Irony Of A Life Time

>> Page 3

MONEYMINDING >> Page 7

Secrets Savvy Househunters

of

>> Page 6

TREB President Richard Silver Says

“Substantial Over Last Summer’s Slow-Down” Rebound >> Page 7

Tan Hock

Peng

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TREB Report - 14 Days Of Increase Sales In August, 22.5% Over 2010 Comparable >> Page 8

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News

Tan.gazine Creator of “FOR SALE

By Owner” AGB News

FAILS

at selling privately, then hires a REALTOR®

August 2011

Irony like this comes along but once in a lifetime, so this is just too good to pass up.

In the attached story, which has been widely distributed, it is reported that Mr. Colby Sambrotto was the founder of “For sale By Owner.com” in 1999, a company which he sold in 2006. As the owner of a 2,000 ft apartment in New York, he attempted to save the commission by selling privately. After about 6 months, he gave up and hired a REALTOR®.

Story goes that the agent got Mr. Sambrotto a whopping $150,000 ABOVE his private selling price.

The report goes on to suggest that approx. 80% of people who initially try to go ‘commission-free’ for their private sale, end up turning to a REALTOR® in the end. The reason for this is simple: In order to get top-dollar, you need to expose your product to the largest possible market. THAT market is buyers who work with a real estate agent, NOT the private sale market.

AGBeat columnist Herman Chan said, “If people want to take a stab at For Sale By Owner (ie FSBO), go for it. But well over 80% of FSBO’s eventually have to list with an real estate agent to get their house sold. … For instance, Vulcan, one of Paul Allen’s companies which has invested heavily in Redfin, does not use Redfin to market their many condominium projects. They use traditional real estate firms such as John L. Scott, Williams Marketing and Matrix …

Why Selling Privately doesn’t work Private Sale companies are finding it fairly simple in a hot market such as Toronto. Heck, you don’t even need to advertise some of these homes, as word-of-mouth might be sufficient. But as I showed in a real-life, this very recent example, the first offer may not be the best offer, especially when dealing with a private sale.

The main reason for their success is that they have a powerful advertising message: Save the commission by selling privately. The problem is that the private seller will NEVER know how much his property is truly worth, since he has only accessed a small share of the real estate market.

Even in a hot market such as Toronto, the trick is not to just “Sell the House”… it’s to get the best and top offer for your property. Think of it as trying to catch the biggest fish in the world. If that’s your goal, wouldn’t it make sense to go fishing in the biggest lake or ocean, rather than trolling the neighbourhood puddle? Selling a home, house or condo is really no different than selling ANY product: You’ve got to advertise it “WHERE THE BUYERS ARE”.

And the majority of buyers happen to be working with REALTORS®.

If you’re thinking of selling your Toronto house or condo, and BEFORE you try to sell it on your own, call TAN for a free consultation. My clients are glad they didn’t try selling privately.

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Tan.gazineNews

Secrets Savvy of

Househunters

August 2011

Experienced home buyers know that there’s more to look for than a good neighbourhood and a sturdy foundation.

They shop with their hearts, their heads – and with the expert advice of a real estate professional. Before you get caught up in the excitement of searching for the perfect home, here are some savvy steps to follow.

1. Know how much you want to spend Don’t get caught in that trap of finding a perfect home that you can’t afford. Do your homework and define your budget. Get a pre-approved mortgage or consulting with your lender of choice, and keep your eye on the market, since any changes could impact what you can afford.

2. Scope out the neighbourhoods Before you start looking at individual homes, figure out which neighbourhoods you would prefer to live in. How close are schools? Stores? Access to highways and public transit? These all have an impact.

Also, check common areas in a community like parks and playgrounds – they can say a lot about how the residents feel about their neighbourhood, so look for tell-tale signs of neglect or proud upkeep. Your agent can also let you know how well certain neighbourhoods are selling, which is a good indicator of where people want to live.

3. Make a list Smart shoppers never head to the grocery store without a list and neither should you when you head out to an open house. Organize your thoughts on paper and come up with a master house wish list that you can refer to. Divide it up into must-haves, would-be-nice items and deal breakers.

Carry this list with you so that you can compare homes on the basis of your personal wants and needs.

4. Find a home inspector Even before you locate your ideal home, have a home inspector at the ready. He or she may even be able to offer you some pointers for things to look out for when you first see a place.

5. Take your time Don’t try to squeeze more than four viewings into a single day – it can be more confusing than convenient. Take photos and make note of the pros and cons after viewing each property so you can take a look at the next home without struggling to remember details about the one before.

6. Street sense Be sure to ask about mutual driveways, parking, zoning bylaws and upcoming construction. You may be in a neighbourhood that is about to be receiving power line upgrades or road repairs that can wreak havoc on getting from point A to point B after you move in.

7. Be a legal eagle Ask for a survey of the property and take a good look at it.

Fences may not be on actual property lines and right-ofway issues may come into play in the future with the sale of the home next door. Don’t just rely on your judgement; hire a lawyer to inspect all of the paperwork related to a prospective purchase and to advise you.

8. Get a second opinion If you’ve found a home that really appeals to you, show it to someone else. like a good friend or relative. Let them do all the talking in case they see something you hadn’t noticed. Having someone who isn’t personally vested in the propertycan give you the objective opinion you need before you make your decision.

9. Think it through In a hot market, it can be hard not to make an immediate offer. While that may work in most cases, be sure to step back, pull out your list and carefully gauge if this property meets all of your must-have criteria. Savvy househunters say that when you find the right property, you can feel it down to your bones. If that’s the case for you, see if you can wait a day (or a few hours) before making an offer. The only thing worse than buyer’s remorse is letting a dream home get away.

Your ideal lifestyle must have a dollar figure attached to it. It’s not okay to say, “I want to be rich”; or “I want to be comfortable”; or “I want to own a house”; or “I want to travel,” etc.

August 2011 Tracy Piercy, CFP Founder & CEO MoneyMinding International Inc. Founder, The MoneyMinding Foundation Applied Financial Literacy and Behavioral Finance Expert

Your ideal lifestyle must have a price tag in a monthly amount. If you want to live in a certain house, how much will it cost to own and maintain? How much would you need to set aside for annual holidays; for someone to clean your house; for you to drive the car you want; to wear the clothes you like to wear; for you to give the money away you want; to do the things you like to do, etc.

How? Start shopping – not to buy – but to do research, to become informed. Go to open houses, visit travel agents, sit in cars, look in stores you wouldn’t normally shop in, research charities, go online, talk to people, go places, write notes, keep files, and do what any informed buyer would do. If you have an idea you’d like to take a year off with your family and live in a foreign land, then find out the cost.

Find out who and how you’ll have things looked after at home; where you’ll go; where you’ll live,

and all the prices if you were to do it today.

Even if you think you won’t live out your vision for five to ten years, you can find out the costs today, then update your figures later, or learn to apply financial math calculations to project likely increases. You need to know the price of your dream, of your desired lifestyle, of your life outside of your current working and income situation; otherwise you’re giving up control and working with “averages” at best. Is your life just average, or is your life unique and personal?

This is not a hard step unless you make it about lack, regret, fear, and self-pity. This is about making it happen. Without this step, even if you won a lottery, you wouldn’t know how to use the money. Enjoy this process. It’s far easier than living a life of “coulda, shoulda and woulda.”

July Sales and Average Price Up Compared to 2010 In July, the median price was $459,122, from the $418,675 recorded during July of 2010.

TORONTO - August 4, 2011 Greater Toronto REALTORS® reported 7,922 transactions through the TorontoMLS® system in July 2011, representing a 23 per cent increase over July 2010. Total sales through the first seven months of this year amounted to 55,863 – down by 1.3 per cent compared to the same period in 2010. After adjusting for seasonal fluctuations, the July figure continued to point to an annual sales result close to 90,000 – in line with results from the previous six months.

"Strong home sales continued in July, with a substantial rebound over last summer’s slow-down brought about by higher mortgage rates, new lending guidelines and misconceptions about the HST. The greatest rebound was seen in the condominium apartment segment in the

City of Toronto," said Toronto Real Estate Board President Richard Silver. "If the current pace of sales holds up, we could see the second best year on record under the current TREB market area."

The average selling price in July was $459,122 – up by almost ten per cent compared to the July 2010 average of $418,675.

“Tight market conditions have boosted the annual rate of price growth this year. However, the listings situation is starting to improve. A better supplied market later this year and into 2012 would lead to a more sustainable rate of price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis

Tan.gazineNews

MONEYMINDING® Fast Action Tip

Tan.gazineNews

June, 2011

Greater Toronto REALTORS® Report Mid-Month Resale Market Figures Toronto, August 16, 2011 –There were 3,214 sales through the TorontoMLS® system during the first 14 days of August, representing more than a 22.5 per cent increase compared to the same period in August 2010. Year-to-date sales through the 14th of August were all but caught up to last year’s total – down by half a per cent compared to 2010.

“The unsettled situation in financial markets over the past few weeks did not appear to sap the confidence of GTA home buyers during the first half of August,” said Toronto Real Estate Board President Richard Silver. “Revised forecasts for future Bank of Canada interest rate decisions coupled with the recent announcement by the US Federal Reserve, suggest that interest rate hikes in Canada are on hold at least until sometime in 2012. This is a positive for affordability and should help sustain buyer confidence moving forward.”

The average selling price was up by almost seven percent annually during the first 14 days of August to $440,150.

“The rate of price growth reported for the first two weeks of August continued to point to sellers’ market conditions in the GTA,” said Jason Mercer, TREB’s Senior Manager of Market Analysis. “However, it should be noted that new listings grew at a slightly greater pace than sales. A better supplied market in the second half of 2011 will result in prices growing at a more sustainable pace.”

Peng

Hock

Tan

Broker

Summary of July Sales & Average Price August 1st to August 14th

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The best time to list your home is NOW! Call TAN now for a free property evaluation!

Contrary to popular belief, now is the best time to list your property. Get the best bang for the buck!

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• Is the Canadi Canadian Cana d an Housing g Bubble B Forming?

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• For all Sellers, is it still possible to sell for a good price?

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