Buh Bye 2014.
Happy New Year!
Last week, as the calendar rolled into 2015 the business of real estate, like so many other industries and professions, was quiet.
And with very good reason. After weeks of channeling our energy into the consumptive engine of 'Holiday', as soon as the New Year counted down to zero and the fireworks exploded, the collective consciousness puked from all its binging and passed out in an exhausted sigh of relief. That is, if you weren't battling a cold or the flu. Regardless, most everyone returned to their shelter, pulled down the shades, and agreed to emerge one week later.
Just like Canadian bears.
In the world of Toronto real estate, most Buyers – except those propelled by urgency – pretty much put their real estate search on the back burner by the second week of December, when they realized the number of new listings had dropped dramatically. Those few 'new listings' which appeared on the Toronto MLS database were typically properties being re-listed again after the expiry of their initial MLS listing contract 60 to 120 days earlier.
Meanwhile, those Sellers who are intending to come to market 'For Sale' imminently are currently running behind on their 'to-do' lists. After all, they've only just packed away their Holiday decorations, let along tackle getting their property ready for presentation which always takes longer to accomplish than most any Seller assumes it will. In the interim, experienced realtors who understand the cycles of Buying and Selling are using this quiet lull as an opportunity to catch a break. What does this mean? It means the beaches of Florida and Mexico – and the deserts of California – are peppered in swaths of pasty, sallow realtors drinking Mai Tai's. To their credit, they're collectively getting rested in advance of the Spring market which is historically the busiest sales period all year. Did you know that? Click HERE to read our piece called 'The Seasons To Real Estate'.
Given the weather is bitter cold but devoid of much snow, barring any major winter snowstorm you can be assured we will begin to see new listings coming to market as the month progresses. However, if you're a Buyer you may need to exercise a little patience waiting for more product. And if you're a Seller, keep in mind that every Buyer who toasted the New Year with thoughts of making a purchase in 2015 is currently getting their finances and mortgage approvals in order.
Our advice? You don't need to rush to get your property on the market, but we also wouldn't wait for the crocuses to bloom, especially with the premature reports (unless you live in Alberta) that Canadians Are Turning Sour On The Housing Market as seen in this Huff Post article.
Can we help? At urbaneer.com, we're here to steer you right without pressure, or hassle. Just pop us a note for assistance!
~ Steven and the urbaneer team
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Tales From The Real Estate Trenches