Lynn Tribbling
Award-Winning Sales Representative
Right At Home Realty Brokerage
Office: 416 383-9525 Direct: 416 252-2221
lynn tribbling
spring newsletter
Exceptional Real Estate ... Exceptional Realtor
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email:
ltribbling@sympatico.ca
phone: 416-252-2221
ANNOUNCEMENT:
Lynn Tribbling recognized for outstanding sales achievement in 2018.
Recipient of
Director's Club Award
Top 5% of 5000 Agents
2019 SPRING UPDATE :
BALANCED REAL ESTATE MARKET BLOOMS
Flash Bulletin: April statistics just released. Looks like Toronto real estate is bouncing back after a chilly start to 2019. The market has turned around. Buyers are returning after a long hibernation. Say Hallelujah!
Earlier, in March, the Globe and Mail's headline trumpeted: " Cold Weather Puts Spring Real Estate Market on Ice." Spring took forever this year, but finally popped. The sun is shining and real estate sales jumped 16.8% in April. Prices are inching up too, especially condos, with moderate overall increases of 1.9%, year over year.
Apparently, the recent downward spiral is over and a real estate Ice Age is averted. We experienced an unsustainable binge in 2015 and 2016, peaked in 2017, then took a breather in 2018. The correction is done ...
at least for now. We are pulling out of a slump and returning to a normal, balanced market. Stability is on the horizon, where the market is not too hot, not too cold. Welcome home Goldilocks!
Hey, sleepy sellers, arise! This recent statistical recovery signals that now a good time to list your home for sale.The frenzy may have fizzled since the peak, but make no mistake, there are plenty of eager buyers and bidding wars are common for well-priced homes.
Also, the current balanced market is good news for buyers. There are now increased opportunities to ferret out motivated sellers and negotiate sane and civil deals.
In today's lukewarm market, sellers need seasoned agents skilled in laser-sharp pricing, strategic marketing and home staging. Buyers need a a savvy negotiator with Sherlock Holmes instincts who can prevent over-paying.
Contact me anytime for astute advice. My middle name is Sherlock. :)
Warm Regards, Lynn
HOW TO ADAPT TO A BALANCED MARKET
TIPS FOR SELLERS
1. PRICE REALISTICALLY - Set your asking price slightly below market, hold offers on a specific date to help trigger multiple offers and boost the price.
2. INVEST IN HOME STAGING - In a fast market any dump sells, but in a balanced market your home should have star-quality to outshine the competition.
3. SELL IN SPRING - Timing is everything! The peak time to sell is in April, May and June. Realtors say: "When tulips bloom, markets boom!" Bad poetry, but good advice. Act now to capture improving values.
4. SELL BEFORE YOU BUY - Best advice in a tepid market is to play it safe. Secure a firm offer on your current home before purchasing another one. Otherwise, you may be trapped carrying two homes. Ouch!
5. HAVE A MARKETING PLAN - Get a written plan from your realtor detailing how they intend to advertise and promote your home to reach the widest number of potential buyers.
Sales Volumes Up 16.8%
Year Over Year.
Prices Show Modest 1.9% Uptick:
First Increase In Many Months
TIPS FOR BUYERS
1. GET PRE-QUALIFIED - Consult your banker or mortgage adviser in advance of going shopping to determine realistic price limits.
2. RETAIN AN EXPERT REALTOR - Find a specialist in your target area. Look for an experienced agent with glowing references as an outstanding negotiator. Ask for testimonials. Get the best.
3. DIG DEEP, DO YOUR HOMEWORK - Study your target area, Google current trends and neighbourhood features, obsess about past sales statistics. Attend open houses, study new listings. Become an annoyingly informed real estate nerd.
4. BE BOLD, TRY AN OFFER - Insert a condition on financing or inspection in your agreement which allows you to snap up a hot property, quickly but cautiously.
5. ACT NOW, STRIKE WHILE THE IRON IS HOT -
This is the best market for purchasers in several years. There may even be some bargains out there.
Buyers, this is your moment to shine.
JUST ANNOUNCED: GOOD NEWS FOR 1ST - TIME BUYERS
More Money for Eligible Buyers.
First-Time Home Buyers Incentive
(FTHBI).
In April this year, the Federal Government introduced two new programs to help besieged first-time buyers who are basically priced out of the market. While the measures are modest and limited in application, these reforms are intended to ease the buying process for some young purchasers.
RRSP ALLOWABLE WITHDRAWAL INCREASE FROM $25,000 to $35,000
The amount that first-time buyer can use as a deposit from their RRSP savings has increased by $10,000. This amount must eventually be repaid to avoid penalties, so this incentive is really a short-term loan from yourself. Also, many first-time buyers may not have accumulated larger savings in their RRSP accounts. This new policy is a welcome change, but the impact may be limited.
5% INTEREST-FREE EQUITY MORTGAGE LOAN FROM CMHC
This innovated initiative is designed to improve affordability and reduce monthly carrying costs for eligible first-time buyers. It offers qualified purchasers a 5% loan or Shared Equity Mortgage, for resale properties priced under $500,000.(10% mortgage for New Home purchases) The loan is
re-payable upon the future sale of the home, but will definitely expand available cash for first-time purchasers. Further details to be announced.
FROM THE TRENCHES: What is a Bully Offer?
Preemptive or "bully offers", are basically bold buying tactics. Who wins? Who loses?
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Listing agents often advise sellers to "hold offers" on a certain date, with the intention of sparking multiples offers. The goal is to obtain top dollar in the fastest time.
An aggressive buyer, keenly interested in the property, may want to jump the queue and make an offer ahead of the specified offer date.They, and their agent, pounce on the new listing with guns blazing. The bully offer is generally close to the asking price, or more, with few, or no conditions.
The listing agent must formally advise all other interested parties that a preemptive offer has been registered. It gets complicated here. The guidance of a highly ethical and experienced listing realtor is vital. To be fair to other agents and their buyers, full and timely disclosure is paramount and should be carefully documented to prevent possible disputes and litigation.
This preemptive strategy is typically good for the seller and good for the assertive buyer, but frustrating for the meek buyers who are dutifully waiting for the offer date. Seems like you snooze, you lose.
The seller is under no obligation to accept a bully offer, but if the offer is firm, an excellent price, and there has been limited activity on the property, it might be the best solution. Remember, the bully offer does not bully the seller. It just pushes ahead of other potential buyers. It is always the seller's final decision accept, reject, or further negotiate.
A GLITZY OPTION FOR DOWNSIZING
PUTTIN' ON THE RITZ AT HEARTHSTONE:
ULTRA-LUX RETIREMENT COMMUNITY
3 Marine Parade Drive, Humber Bay, Toronto
1. POSH 5-STAR DINING ROOM - Barbecues, Lobster Nights, Gourmet Buffets, Brunches
2. FRIENDLY PUB - Wine-Tasting, Sports Nights, Games, Entertainment, Birthday Parties, Holiday Events
3. SOCIAL ACTIVITIES - Movies, Guest Speakers, Theatre Outings, Shopping Trips, Private Shuttle
4. FITNESS & WELLNESS - Classes, Personal Trainer, Pool, Gym, Nutrition Counselling, Spa Facilities
5. MEDICAL SERVICES - 24 Hour Nurse on Call, Physios, Check Ups, Dental Services, Personal Support Workers, Pharmacy on Site
HEARTHSTONE:
UNIQUE RETIREMENT CONDO BY THE LAKE
Downsizing is rightsizing. It minimizes belongings commitments and space in response to the realities of a new life-cycle phase. Downsizing is a journey to freedom. The first step is exploring alternative residential lifestyles.
Probably the best kept secret in Toronto, is a unique, first-class condominium retirement condominium in South Etobicoke which caters to seniors, retirees, empty-nesters and downsizers seeking the good life. Suites are modern, spacious, approx.700-1300 sq. ft. and many have glittering lake vistas. Prices range from roughly $350,000 to $650,000.
Residents at Hearthstone by the Bay enjoy a superb lifestyle with fun, fitness and friendship embedded in daily activities. As the gracious manager, Norma Jean Sittler summarizes: " Hearthstone feels like a luxury cruise ship without the waves!"
It's been a high honour of my career to have placed several new owners in Hearthstone. These recent residents universally report that they are having the time of their lives, enjoying elegance, refinement and limitless camaraderie.
Contact me for more first-hand details or perhaps a visit to Hearthstone. This could be your stellar home in the future or maybe the perfect place for Mom or Dad.
FEATURED LISTING
Kings Landing
480 Queens Quay W., Suite 1103 W
Harbourfront, Toronto
$2,150,000*
RARE SUB PH, TWIN TERRACES
Iconic VIP building, 5 Star resort-style amenities, approx. 2100 sq.ft., Lake, Marina, Music Garden views. (*List price shown)
Sold in 2 days. Record-breaking price!
RENOVATIONS: Cost vs Value
Which Home Improvements Create the Biggest Return on Investment?
Strategic upgrades to a house or condo can attract more buyers, accelerate the sale and increase market value. A survey of 3000 US realtors showed that the top 5 remodelling projects which add resale value are:
1. De-Cluttering and Cleaning: Cost estimate $500-$1000., return 500%. By far, the single best and least expensive home improvement is tidying and cleaning your home before listing. Sanitizing surfaces and minimizing junk have the biggest payoff.
2. Painting: Cost estimate $2000-$5000, Return 100%. A fresh coat of paint refreshes and modernizes the appearance of a home and neutral colours like, white, grey or beige, have the widest appeal. Returns are top dollar.
3. Kitchen Remodel: Cost estimate $5000-$20000., Return 80%. Basic kitchen upgrades such as cabinet refinishing, counters, back splash, lighting and appliances boost value provided that the design is classic and practical.
4. Bathroom Remodel: Cost estimate $5000-$10000., Return 75%. Replacing lighting, fixtures showers and toilets adds significant value, most of which is recaptured on the sale providing the transition is done in a tasteful neutral style.
5. Enhancing Curb Appeal and Exterior Spaces: Cost estimate $1000-$10000. Return 70%. Simple garden, lawn or balcony clean up pay big dividends on resale. New garage doors, front doors, stone veneer and driveway re-surfacing add value, most of which is recouped.
NOTE: Costs and returns are estimates only . Actual amounts will vary
HOME STAGING: 6 STEPS
In a sizzling hot market, almost all listings sell briskly. Even dreary and dilapidated properties are snapped up by eager buyers. In the current balanced market, home staging matters more than ever.
Staging works. It can increase values and accelerate the speed of the sale. Here is how to prepare your home before listing:
1. SANITIZE - clean all surfaces
2. NEUTRALIZE - colours, noise, aromas
3. FINALIZE - do small repairs, finish projects
4. MINIMIZE - remove junk, reduce contents
5. MAXIMIZE - increase light and space
6. MODERNIZE - update decor and accessories
FREE STAGING CONSULTATION
Included in Lynn's Listing Package
LYNN'S SALES
THE LIGHTER SIDE
Confessions from a Condo Diva!
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Lynn Tribbling,
Sales Representative, Right at Home Realty Brokerage
DIRECT: 416 252-2221 OFFICE: 416 391-3232
EMAIL: ltribbling@sympatico.ca
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(**DISCLAIMER: Not intended to solicit listed properties or buyers under contract. All information is approximate and subject to change. Non-proprietary photos courtesy of Google images.E.& O.E. )