8 things buyers and
sellers need to know
stories by Janet Lees ❧ illustration by Tara McLellan
To buy or not to buy? To sell or not to sell? Those are the questions if you’re looking to enter the local real estate market this spring or summer. Here are some of the realities you need to be aware of before you enter the fray.
1. BUYERS ARE MORE TECH SAVVY
“Buyers are more tech savvy today than ever before, with 93 per cent beginning their real estate search online before even calling a realtor,” notes Dave Loucks of Royal LePage Locations North in Meaford. “As such, realtors are utilizing new online tools and resources to provide the public direct access to good content and information including Facebook, Twitter, YouTube, etc.”
2. CONTENT IS KING
Given the new realities of online marketing, content – and the way realtors and sellers present it – has never been more important. “Consumers, at a minimum, are starting to expect integrated floor plans, 3D tours and HDR photography to best display their real estate online,” says Loucks.
3. LIFSTYLE IS PARAMOUNT
For those coming from outside our area to buy real estate, lifestyle is top of mind. “Retirees simply do not sit on the back deck with a newspaper anymore,” says Loucks. “They hike, bike, ski, golf and engage in active pursuits. There is no better area to do that in than here.” He adds the same can be said of young families moving to the area from the city, choosing the active lifestyle and finding ways to work from home or start their own businesses.
4. VALUE OPPORTUNITIES EXIST
Particularly in the Meaford area, lower home prices are seeing increased interest from prospective buyers looking to relocate from other areas in Ontario. “It appears people are recognizing the better home values and benefits the Meaford community has to offer, with very similar access to the amenities of the area,” notes Loucks.
5. SALES VOLUME AND UNIT SALES ARE UP
The Western Region of the Southern Georgian Bay Association of Realtors (SGBAR), which includes Wasaga Beach, Collingwood, Clearview Township, The Blue Mountains, Meaford and Grey Highlands, is off to a flying start in 2015, with total dollar sales for the month of January increasing 60 per cent over January 2014 and unit sales up 39.1 per cent, to 96 units.
6. BUYER ACTIVITY IS UP
Due to increased activity and low inventory at this time, realtors are encouraging prospective sellers to list ahead of the spring market. “The low inventory has left some qualified buyers still on the search,” explains Loucks. “This can create some great opportunities for sellers that we have not seen for some years.”
7. TOTAL SALES ARE UP
SGBAR (Western Region) sales for 2014 totalled almost $706 million – a 12 per cent increase over 2013. One area of particular interest is in home sales over $800,000, where the number of units sold increased 58.2 per cent, from 55 sales in 2013 to 87 in 2014, while sales under $200,000 dropped 7.4 per cent.
8. AVERAGE PRICES ARE UP
The following communities also showed significant increases in average sales price in 2014: Clearview (up 9.3 per cent, to $361,000), Collingwood (up 10.4 per cent to $350,000), Meaford (up 15.6 per cent to $297,000) and Grey Highlands (up 26.2 to $410,000).
9. HIGHER PRICED HOME SALES ARE UP
The number of residential sales over $500,000, representing the top 10 per cent of our local market, surged by 64 per cent in January and February of this year, to 41 from 25 units sold. By contrast, the number of sales in the $300,000 to $500,000 category increased by 16 per cent.
10. WINTER ACTIVITY IS UP
Following on the heels of a record-breaking January market, MLS sales in February, 2015 for Collingwood, Clearview Township, Wasaga Beach, Blue Mountains, Meaford and Grey Highlands increased by 27 per cent over January and were a full 40 per cent higher than February 2014.
