downsizing

7 Benefits of Downsizing your home

We teamed up with Delmanor Prince Edward to provide a free information session on the benefits of downsizing and why it is important to be proactive about the process of downsizing your home. Some of our favourite clients have been those who have been downsizing from their current home to a smaller, more manageable home or condo, a family suite in a family member’s home or to a retirement residence. We love taking the time to guide these clients through this big life transition and help them to start this new chapter in their lives.

Many of these clients have been in their homes for decades and some as long as half a century. These clients endear themselves to us with their stories about how the neighbourhoods have changed, the neighbours who have come and gone, the home renovations they have undertaken and the families they have raised within the walls of these homes. We are honoured and grateful to take this journey with them and consider it a privilege to play a part in this transition.

Downsizing can be an overwhelming and emotional process, which is why it is important to be proactive and have a solid plan in place. However, there are many upsides to downsizing and here are a few of the clear benefits.

A more manageable space

Some of these clients are in their 70’s, their children have long left home and they are finding that they either don’t want to or can’t manage the responsibilities of maintaining a house any longer. These clients require special attention because most have not moved for many years, they often have accumulated decades worth of belongings that need to be sorted and organized, and it is common for them to feel overwhelmed by the process and all the decisions that need to be made. However, once they have made the move to a smaller home, condo or retirement community, they find the space to be much more manageable and they will often experience the added benefit of a wider social network as well!

financial freedom

Not everyone considers downsizing later in life, some other motivating factors can be a need to reduce household expenses or pursue a simpler lifestyle, a divorce, an empty nest or the desire to reduce responsibilities in order to enjoy more financial freedom and travel. Downsizing can free up finances to allow for more options such as travel, gifting money to loved ones or pursuing new activities and hobbies. Regardless of the reason or motivation, the process is similar for everyone and requires compassion, sensitivity and proactive planning.

minimalism

We take a very thoughtful approach to the downsizing process and are sensitive to the many emotional components that this transition can trigger. Dealing with items belonging to family members who have passed away, engaging grown children in the downsizing process, getting rid of sentimental items that no longer fit or serve and dealing with estates or the division of assets are just a few of the unique obstacles that we need to consider and navigate. Once the process is complete however, there is a certain freedom that comes with owning less ‘stuff’ which can open up possibilities that were not previously a consideration.

choices

Being proactive about downsizing provides the time to research what the next best step is and weigh the pros and cons of each option. You are in a far better position to make the best decision for you if you start the process early, as opposed to being in a situation where you are forced to make decisions quickly and without forethought. With these considerations in mind, we often suggest beginning this process far in advance of the proposed move in order to avoid undue stress and overwhelm. We sit down with our clients and map out a detailed plan of how to get them from where they are to where they want to go, and implement a timeline and provide resources to help get them there.

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the luxury of time

With less space to manage, this not only frees up finances but something equally as valuable, time. Without lawns to mow or big homes to clean, our clients find that they have more time to spend with friends and family, travel and pursue interests that they didn’t have time for previously.

Social Life

We touched on this earlier, but it is important to consider the social aspect of downsizing, particularly if you are currently living alone. If a condo or retirement community is your best next step, there are often many organized group activities, exercise classes, movie nights and outings, which provide opportunities to socialize and make new friends.

Health & Safety

The increased social interaction alone can improve quality of life, but if your current home has safety risks such as stairs, or if you find that you need some amount of care or supervision, downsizing can certainly help not only improve the quality of your life, but extend it as well.

You can find more details about how we approach the downsizing process on our downsizing services page. If downsizing is something you are considering but don’t know where to start, we would be happy to sit down with you and chat through your options. With a good plan and an experienced team behind you, downsizing doesn’t have to be overwhelming and can open you up to a world of possibilities!

The Importance of Staging Your Home

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The market is crazy at the moment so you may question whether it is worth staging your home before you list it for sale. Our answer is a resounding YES! Chances are, at this moment in time, your house is going to sell regardless (and most likely in competition), but wouldn’t you like to know that you received the most money that you possibly could by showcasing your home in its best possible light? There are many compelling reasons why staging is worth the investment, both in time & money.

people buy homes based on emotion

When someone walks into your home they want to be able to imagine themselves living there, they are drawn to homes that are not like the home they just left, but ones that are clean, stylish & serene. No one lives like that in real life, but staging provides buyers with a blank canvas where they can picture their future life, without the distraction of clutter and personal belongings, and by doing so it can represent a new beginning in their lives.

best use

You obviously adapt your house to suit your lifestyle, but that may not be the best way to present your home when it goes onto the market. We will likely recommend removing excess furniture so that the home feels more spacious, and we will also recommend ensuring that each room is set up to maximize functionality. Small bedroom that you use for extra storage? Let’s set that room up as a den, office or nursery (depending on the target demographic) to optimize the space and show prospective buyers how useful it can be. By staging rooms to showcase their best use, it highlights to buyers how much functional space the home has, while also answering any questions they may have about what to do with a particular space.

it is not as expensive as you think

We do all our own staging and include it in our commissions. We are big proponents of working with what you have and only doing what is necessary. We will always provide a list of suggested ‘to-dos’, which will often include de-cluttering, moving out some furniture (and perhaps renting a few missing pieces) and small repair jobs such as painting and patching, but we also want prospective buyers to get a feel for the house and the people who live there. We shy away from the ‘sanitized’ staging look and like to work with our seller’s belongings so that the home has character and is a reflection of the people who live there.

They were very effective at preparing the house for sale, only what was necessary, no over the top expectations, and what a difference it made!!
— Irene

the market will not always be like this

Just because the market is hot at the moment does not mean staging is not worth it. Staging will always maximize your sale price and, given that your home is probably your biggest investment, wouldn’t it be nice to know that your got the maximum sale price that you possibly could? Also, the real estate market ebbs and flows, so there are always going to be dips in the market, and when these dips occur, staging is going to make your house stand out above others that don’t show as well. Even in the hottest markets, for whatever reason, sometimes a house just doesn’t sell as expected, but staging will definitely lessen the chance of this happening and if there is a delay, it will be a short one.

let us take this off your plate

We have a keen eye for design and a stockpile of accessories to fit every style of home. Once your ‘to-do’ list has been completed, we come in and do a staging inventory to determine what we will need to showcase your home in its best possible light. We co-ordinate the rental and delivery of any furniture (if necessary), and arrive with carloads of items to accessorize and style your home. We will often spend days getting your house ready, so that it is picture perfect when our photographer arrives for the photo shoot. We are also not afraid to roll up our sleeves and we have been known to patch, hang, mow, weed, plant, scrub, clean, hang, move and any number of other things in order to ensure that your home stands out amongst the rest!

They have warm personalities, an artistic flair for staging and we feel blessed to have had them as our agents. Highly recommend.
— Trish

no cookie cutter solutions

No green apples and bottles of San Pellegrino here! Every homeowner and home is different so we approach every house that we stage differently. Again, we like the home to be a reflection of the style of the house and the people who live there, so we dedicate a lot of time to putting together a staging plan that achieves this. We particularly love combining our client’s belongings with our own, to create a unique and beautiful backdrop, which allows buyers to picture themselves living there while highlighting the distinctiveness of the home.

no regrets

We can’t tell you exactly what the outcome is going to be when you sell your home, but we can assure you that our staging is going to put you in the best possible position to maximize your sale price and allow you to move into the next chapter with the confidence that the outcome could not have been any better. Our ultimate goal is to ensure that you get the most out of your investment, in your home and in us!

If you are considering a move, we would love to talk to you about how we can help showcase your home and maximize your sale price. You can click here to see some of our staging before and afters and here to read testimonials from some of our many ecstatic clients!

West End Toronto Real Estate Market Update - October 2020

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Home sales in the Greater Toronto Area (GTA) were up again year-over-year for the fourth month in a row. There were 10,563 sales as reported through the Toronto Regional Real Estate Board’s MLS® System in October 2020. This was up by 25.1 per cent compared to 8,445 transactions in October 2019.

Sales and new listings reached record levels for the month of October. However, year-over-year growth rates for sales and new listings diverged in some market segments. In the detached market segment, the pace of annual sales growth far outstripped growth in new listings. Conversely, the condominium apartment market segment experienced more than double the new listings compared to October 2019, whereas sales were only up by 2.2 per cent over the same period.

“Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighbourhoods. In contrast, condo buyers have benefitted from much more choice compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend with a stall in economic growth and a halt to tourism impacting cashflows for many investors,” said Lisa Patel, TRREB’s President.

The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to $851,877 in October 2019.

“Year-to-date home sales through October were above last year’s level. The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. With this being said, we have not accounted for all of the pent-up demand that resulted from the spring downturn. Expect record or near-record home sales for the remainder of 2020,” said Jason Mercer, TRREB’s Chief Market Analyst.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

What I've Learned in 20 Years in Real Estate

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Celebrating a big career anniversary in the middle of a pandemic isn’t ideal, but it has given me the opportunity to reflect on what I’ve learned over the past 20 years, so here it goes:

Experience matters

There really is no substitute for experience and after almost 30 years of combined experience and hundreds of transactions, we haven’t seen it all, but we’ve seen A LOT. You don’t have to use us (though we’d be stoked if you did ;), but please please please don’t use your cousin’s brother-in-law who just got his real estate license, lives in Whitby and has never been west of Vic Park. Please.

Most people are lovely

We’re not going to lie, buying a new house and selling your old one is stress-ful! We tend to deal with people during times of very heightened emotions and periods of big transition. Whether it’s divorce, downsizing or upsizing, no matter which way you cut it, the process is stressful, but our experience is that with the right guidance, most clients move through it with grace and gratitude.

Some people can never be satisfied

On the flip side, there really are people who can never be satisfied. Luckily, we have gotten to a point in our careers where we can be a bit choosey about who we work with, and sometimes you just have to know when to cut your losses and move on. Like I say to my kids, as sweet and delicious at peaches are, not everyone likes peaches, so be the very best peach you can be, but even then not everyone is going to like you :).

Chemistry counts

Real estate is a bit like dating. Finding the right real estate agent can be like finding the right partner, and when the chemistry is right, the relationship is easy and fulfilling and the process can be fun. If the chemistry is off, the process can be arduous and unpleasant. My advice to you is do your due diligence, interview a few agents and then choose the one who knows your market and who feels right to you….you may be spending a lot of time together!

People who listen get the best outcome

We don’t pretend to know everything, but we’ve been doing this a long time and I can almost guarantee that we know more about real estate than your neighbour or your mother-in-law, so please take your advice from the experts. There is definitely a learning curve to real estate, but we find that clients who are open to our advice and willing to listen to our suggestions, often get the best outcome.

You might lose your mind a little

It was mentioned above, but it is worth repeating, selling your home is stressful and when you first see your home on MLS you might lose your mind a little. It’s okay, we get it and we’ve got your back.

Technology is a blessing and a curse

When I first started in real estate we had to fax listings to our clients (FAX!!) so the advent of the iPhone, email, texting and electronic signatures has certainly improved the way we do business significantly. I spend way less time sitting in my car at 1am in the middle of February than I used to, but as technology has advanced so has the pace of the real estate market. This has always been a 24/7 business and the advancement in technology has made it even more so.

There is so much more to it than you think

Weekends, evenings, on call 24/7, marketing, social media, competition. Not to mention all the different hats we have to wear - therapist, mediator, interior designer, babysitter, dog sitter, the list goes on. I think there is a perception that being a realtor is both glamorous and lucrative, and there is some truth to that, but it also involves a lot of relationship building, staying on top of marketing trends, dealing with rejection and an extremely competitive marketplace. Like any job, you have to take the good with the bad, but honestly it really isn’t all beautiful houses and big commission cheques.

Sometimes the first house is the right house

It’s like falling in love, when you find the right house, you just know. It might be the first house or it might be the 51st house, my advice - follow your gut.

Grieve a little and then move on

Sometimes that house that you fell in love with just wasn’t meant to be and, I’m not going to lie, it is devastating when you lose your dream home in competition, but it is my experience that the house that you finally end up buying is always the best one, so take heart, your dream home is waiting for you.

Location, location, location

Truth.

I still love my job

I really do, and I am extremely grateful to everyone who has invited me into their homes and entrusted me with their real estate over the last 20 years. From the bottom of my heart, thank you.

West End Toronto Real Estate Market Update - July 2020

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Toronto Regional Real Estate Board President Lisa Patel announces that Greater Toronto Area REALTORS® reported 11,081 sales through TRREB’s MLS® System in July 2020 – a 29.5 per cent increase over July 2019 and a new record for the month of July. On a preliminary seasonally adjusted basis, sales were up by 49.5 per cent compared to June 2020.

Year-over-year sales growth was driven by low-rise home types, particularly in the regions surrounding the City of Toronto. However, condominium apartment sales were also up on an annual basis, including in Toronto.

Total new listings were also up strongly on a year-over-year basis by 24.7 per cent, but this annual growth rate was less than that of sales, which means market conditions tightened on average compared to July 2019. In addition, active listings at the end of July were down by 16.3 per cent.

“Sales activity was extremely strong for the first full month of summer. Normally we would see sales dip in July relative to June as more households take vacation, especially with children out of school. This year, however, was different with pent-up demand from the COVID-19-related lull in April and May being satisfied in the summer, as economic recovery takes firmer hold, including the Stage 3 re-opening. In addition, fewer people are travelling, which has likely translated into more transactions and listings,” said Ms. Patel.

The July 2020 MLS® Home Price Index (HPI) Composite Benchmark was up by 10 per cent compared to July 2019. The overall average selling price was up by 16.9 per cent year-over-year to $943,710. On a preliminary seasonally adjusted basis, the average selling price was up by 5.5 per cent compared to June 2020.

Price growth was strongest for low-rise home types, notably within the City of Toronto. Despite more balanced market conditions in the condominium apartment market segment, year-over-year price growth remained in the high single digits.

“Competition between buyers continued to increase in many segments of the GTA ownership housing market in July, which fueled a further acceleration in year-over-year price growth in July compared to June. On top of this, we also experienced stronger sales growth in the more-expensive detached market segment, which helps explain why annual growth in the overall average selling price was stronger than growth for the MLS® HPI Composite benchmark,” said Jason Mercer, TRREB’s Chief Market Analyst.


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Click here if you would like to compare these numbers to last month’s numbers.

If you would like further information about current market conditions, or if you are considering a move and would like to know how much your house is worth, feel free to get in touch, we are always available for your questions!

Taking the Overwhelm out of Downsizing Your Home

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Some of our favourite recent clients have been those who have been downsizing from their current home to a smaller, more manageable home or condo, a family suite in a family member’s home or to a retirement residence. We love taking the time to guide these clients through this big life transition and help them to start this new chapter in their lives.

Many of these clients have been in their homes for decades and some as long as half a century. These clients endear themselves to us with their stories about how the neighbourhoods have changed, the neighbours who have come and gone, the home renovations they have undertaken and the families they have raised within the walls of these homes. We are honoured and grateful to take this journey with them and consider it a privilege to play a part in this transition.

Some of these clients are in their 70’s, their children have long left home and they are finding that they either don’t want to or can’t manage the responsibilities of maintaining a house any longer. These clients require special attention because most have not moved for many years, they often have accumulated decades worth of belongings that need to be sorted and organized, and it is common for them to feel overwhelmed by the process and all the decisions that need to be made.

However, not everyone considers downsizing later in life, some other motivating factors can be a need to reduce household expenses or pursue a simpler lifestyle, a divorce, an empty nest or the desire to reduce responsibilities in order to enjoy more financial freedom and travel. Regardless of the reason or motivation, the process is similar for everyone and requires compassion, sensitivity and proactive planning.

We take a very thoughtful approach to the downsizing process and are sensitive to the many emotional components that this transition can trigger. Dealing with items belonging to family members who have passed away, engaging grown children in the downsizing process, getting rid of sentimental items that no longer fit or serve and dealing with estates or the division of assets are just a few of the unique obstacles that we need to consider and navigate. With these things in mind, we often suggest beginning this process far in advance of the proposed move in order to avoid undue stress and overwhelm. We sit down with our clients and map out a detailed plan of how to get them from where they are to where they want to go, and implement a timeline and provide resources to help get them there.

real_estate_downsizing

You can find more details about how we approach the downsizing process on our downsizing services page. If downsizing is something you are considering but don’t know where to start, we would be happy to sit down with you and chat through your options. With a good plan and an experienced team behind you, downsizing doesn’t have to be overwhelming and can open you up to a world of possibilities!